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Christie’s: inside the HK$72.8m sale of Joseph Lau’s wine collection
What does the sale of Joseph Lau's wine collection in Hong Kong tell us about who is bidding for fine wine, and how they are doing it? Eloise Feilden speaks to the team at Christie's to find out. The post Christie’s: inside the HK$72.8m sale of Joseph Lau’s wine collection appeared first on The Drinks Business.
What does the sale of Joseph Lau's wine collection in Hong Kong tell us about who is bidding for fine wine, and how they are doing it? Eloise Feilden speaks to the team at Christie's to find out.
Auction house Christie's completed its sale of the third part of iconic collector Joseph Lau's wine collection last week, bringing in HK$72.8m with 100% of lots sold.
The hammer came down at 159% over the sale's low estimate.
Parts I and II of Lau's private collection were sold by Christie's in 2022, and the combined total across the three sales now sits at HK$198m, 185% over the low estimate.
The sale, which included more than 200 lots of fine wine, opened Luxury Week for Christie's at The Henderson in Hong Kong, the auction house's new home.
Victoria Chang, head of communications and content, Asia Pacific at Christie's, said the aim of Luxury Week was to turn the new Hong Kong HQ into a "mini maison" for collectors across all categories, to provide a "better experience and a more luxury one".
This is the auction house's second season in The Henderson. Sales were previously carried out in the city's convention centre.
The sale drew highly competitive bidding, with nearly 70% of lots sold above high estimate.
Bottles available in Part III of Lau's private collection included rarities from Henri Jayer, featuring celebrated vintages of Cros Parantoux from the 1980s to 2001; offerings from Domaine de la Romanée-Conti including Romanée-Conti and Montrachet from the 1990s to the 2010s; and bottlings of Échezeaux, La Tâche and Richebourg. White Burgundies included Leflaive Montrachet and rare d’Auvenay Batard-Montrachet.
There has been a significant gap since parts I and II were completed in 2022. Michelle Chan, head of wine, Asia-Pacific at Christie's, told db: "Both us and the client have been reviewing the situation to see when the best time is, and this year we feel very comfortable doing the Part III."
She said that after last year, when "prices came down a little bit", this year the auction house is seeing buyers being "more active" again.
Millennials accounted for 55% of new buyers, and more than 40% of buyers bought online, reflecting Christie’s evolving digital presence and strategy to engage new and younger collectors.
Indeed, Chan said collectors are "very comfortable bidding online, asking specialists different kinds of questions, or asking for photos" — all signs that they are becoming more discerning. "People are getting more and more sophisticated and experienced," she said.
And they are doing so from an earlier age. "Buyers are getting younger," Chan stated.
She observed that perceptions of auctions are changing, and consumers are realising that "some lots are a good deal".
"We don't just sell Bordeaux first growths and equivalent; there are some lesser-known wines, and we sell some mixed lots," she said. "In the past people misunderstood and thought it had to be super expensive wine, but now we have a very broad price range."
Chang argues that Christie's digital presence has helped push this forward. "Our presence in particular on social media platforms helps bring us to the consumer." Indeed, collectors in Mainland China can bid for lots on Christie's via WeChat. Christie's is the only major auction house to offer its sales on the channel, which Chang called a "unicorn app" for Chinese consumers, who rely on WeChat for a variety of services, from virtual payments to social media and e-commerce.
Auction house Christie's completed its sale of the third part of iconic collector Joseph Lau's wine collection last week, bringing in HK$72.8m with 100% of lots sold.
The hammer came down at 159% over the sale's low estimate.
Parts I and II of Lau's private collection were sold by Christie's in 2022, and the combined total across the three sales now sits at HK$198m, 185% over the low estimate.
The sale, which included more than 200 lots of fine wine, opened Luxury Week for Christie's at The Henderson in Hong Kong, the auction house's new home.
Victoria Chang, head of communications and content, Asia Pacific at Christie's, said the aim of Luxury Week was to turn the new Hong Kong HQ into a "mini maison" for collectors across all categories, to provide a "better experience and a more luxury one".
This is the auction house's second season in The Henderson. Sales were previously carried out in the city's convention centre.
The sale drew highly competitive bidding, with nearly 70% of lots sold above high estimate.
Bottles available in Part III of Lau's private collection included rarities from Henri Jayer, featuring celebrated vintages of Cros Parantoux from the 1980s to 2001; offerings from Domaine de la Romanée-Conti including Romanée-Conti and Montrachet from the 1990s to the 2010s; and bottlings of Échezeaux, La Tâche and Richebourg. White Burgundies included Leflaive Montrachet and rare d’Auvenay Batard-Montrachet.
There has been a significant gap since parts I and II were completed in 2022. Michelle Chan, head of wine, Asia-Pacific at Christie's, told db: "Both us and the client have been reviewing the situation to see when the best time is, and this year we feel very comfortable doing the Part III."
She said that after last year, when "prices came down a little bit", this year the auction house is seeing buyers being "more active" again.
Millennials accounted for 55% of new buyers, and more than 40% of buyers bought online, reflecting Christie’s evolving digital presence and strategy to engage new and younger collectors.
Indeed, Chan said collectors are "very comfortable bidding online, asking specialists different kinds of questions, or asking for photos" — all signs that they are becoming more discerning. "People are getting more and more sophisticated and experienced," she said.
And they are doing so from an earlier age. "Buyers are getting younger," Chan stated.
She observed that perceptions of auctions are changing, and consumers are realising that "some lots are a good deal".
"We don't just sell Bordeaux first growths and equivalent; there are some lesser-known wines, and we sell some mixed lots," she said. "In the past people misunderstood and thought it had to be super expensive wine, but now we have a very broad price range."
Chang argues that Christie's digital presence has helped push this forward. "Our presence in particular on social media platforms helps bring us to the consumer." Indeed, collectors in Mainland China can bid for lots on Christie's via WeChat. Christie's is the only major auction house to offer its sales on the channel, which Chang called a "unicorn app" for Chinese consumers, who rely on WeChat for a variety of services, from virtual payments to social media and e-commerce.
