Lloyd Webber’s fine wines sell for £3.5m in Hong Kong

Lloyd Webber decided to sell his fine wine in Hong Kong at Sotheby’s January 22 auction. The auction raised HK$43.3m (£3.5m*); it had been estimated to raise as much as HK$32m (£2.6m). Sothby’s confirmed that about 97 per cent of the lots sold at prices in excess of their high estimates.

12 bottles of Chateau Lafite’s 1982 vintage sold for HK$459,800 (£36,990), 15 per cent above the highest estimate.

Why Hong Kong? Figures speak for themselves. The city repesents an great opportunity for wine owners to sell their fine wine at the highest price possible.

Sotheby also confirmed that wine sales in Hong Kong by the auction house’s raised HK$410.4m (£33m) in 2010, 60 per cent of its global total and more than New York and London combined.

*1 HK$ = 0.0804492 GB£; 1 GB£ = 12.4302 HK$

Source: Bloomberg.com, Boltons Wine Investment, January 2011.