Property tycoon sells $9.3m at Christie’s wine auction

Nearly 70% of the lots exceeded their high estimates.

Hong Kong tycoon Joseph Lau’s collection of wines sold for $72.9m (US$9.35m) at Christie’s Iconic Wines Part III auction during Luxury Week in Hong Kong.

The auction, held at The Henderson, saw highly competitive bidding, with nearly 70% of lots selling above their high estimates. The sale was a complete success, achieving a 100% sell-through rate.

A highlight of the sale was the performance of Henri Jayer wines, which sold for 200% above their low estimates. The standout lot was a case of 10 bottles of Henri Jayer, Vosne-Romanée Cros Parantoux 1999, which fetched $3.25m (US$416,865)—more than triple its low estimate.

Millennials accounted for 55% of new buyers, and over 40% of buyers purchased online, reflecting Christie’s digital growth and appeal to younger collectors.

A highlight of the sale was the performance of Henri Jayer wines, which sold for 200% above their low estimates. The standout lot was a case of 10 bottles of Henri Jayer, Vosne-Romanée Cros Parantoux 1999, which fetched $3.25m (US$416,865)—more than triple its low estimate.

This third sale brings the total for Joseph Lau’s collection to $198.23m (US$25.43m), with a 98% sell-through rate and hammer prices 185% above the low estimate. Parts IV and V will be announced soon.