Anyone used to buying Two-Buck Chuck or similar inexpensive wines may choke on their goblets over this news.
A 6-liter bottle of Chateau Lafite 1982 went for the equivalent of US$46,700 at a sold-out wine auction in Hong Kong.
The sale came during a 10-hour event Thursday covering more than 800 lots. The total sales were $6.8 million, nearly twice the pre-auction estimate by host Sotheby’s.
Despite frequent news reports of economic woes in China, mainland Chinese bidders won about a quarter of the lots.
Hong Kong eliminated wine duties in February 2008, which has sharply increased interest in wines and wine collecting. The city held 14 wine auctions last year which pulled in an estimated $64.3 million.
Sotheby’s says Hong Kong has surpassed London as its second largest market, and it now ranks behind only New York.
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