While the average person turns to platforms like Vinted to offload items they no longer use, the ultra-wealthy turn to Christie's.
One of the latest to do so is Hong Kong billionaire Joseph Lau. At 73, Lau—whose fortune of around USD 5 billion stems largely from commercial real estate and his stake in Chinese Estates Holdings Ltd.—has once again made waves in the world of luxury auctions.
Lau’s third installment of his private wine collection, titled “Iconic Wines From Joseph Lau Part III,” was auctioned during Christie's prestigious “Luxury Week” at The Henderson in Hong Kong. The results were nothing short of spectacular: over 200 lots sold for a total of USD 9.3 million, achieving a 100% sell-through rate. This follows two previous record-breaking auctions in 2022, which collectively raised USD 16 million.
What made this sale stand out? Rare and prized vintages of Petrus and Romanée-Conti, alongside bottles from the legendary Henri Jayer, whose Vosne-Romanée Cros-Parantoux 1999 fetched the auction’s highest bid at USD 415,000—more than three times the low estimate. Additional highlights included Montrachet, Échezeaux, La Tâche, Richebourg, and Leflaive Montrachet wines, as well as large-format Lafite bottles.
Each bottle came adorned with a custom sticker, marking its provenance from the Joseph Lau collection, a touch that speaks volumes about both the prestige and collectability of the offering.
Beyond the record-setting prices, the auction revealed significant trends in the fine wine market. Nearly 70% of lots sold above their high estimate, underscoring the increasing demand and scarcity of top-tier wines with impeccable provenance. Notably, millennials made up 55% of first-time buyers and over 40% of buyers purchased online, showcasing Christie's growing success in appealing to a younger, digitally savvy collector base.
Christie's isn’t finished yet. With Parts IV and V of Lau’s “Iconic Wines” collection slated for upcoming sales in Hong Kong, the global wine auction market continues to ride a wave of enthusiasm—and competition.
Meanwhile, Lau is not alone. Another major event is scheduled for June in New York: “The Cellar of William I. Koch: The Great American Collector”. Like Lau, Koch will auction a trove of rare and highly collectible wines, reinforcing a larger trend among billionaires to cash in on their prestigious cellars.
From Vosne-Romanée to Montrachet, the billionaires’ wine game is as much about taste as it is about timing—and the market has never been more ripe.
Source: WineNews