MARKET VALUES
I
f the truth is indeed in wine, then we were given a very fine taste of this in what was undoubtedly the wine sale of the year. The truth being, wine has
proved to be a rich investment area over the last four or five years in particular—and the sale referred to is Sotheby’s Lafite Ex-cellars sale that took place in Hong Kong on October 29, 2010. Château Lafite is one of the greatest names in winemaking, having produced vintage wines of brilliance for many generations, so much so that many are extremely rare and valuable. Therefore, when a sale is announced of wines that come directly from the cellars of Château Lafite, a thrill of anticipation is felt by all who collect wine, and all who appreciate great vintages. In her introduction to the wine sale, held at the Mandarin Oriental Hotel, Sotheby’s Head of International Wine Department, Serena Sutcliffe, MW, said: ‘This opportunity to buy the greatest bottles from the Domaines Barons de Rothschild will not come again. It is entirely appropriate that this sale is held in Asia, whose connoisseurs have recognised the fabulous quality and longevity of these wines. Hong Kong is the hub of Lafite’s latest zone of influence, after conquering first Europe, then America and now Asia. But wine lovers worldwide can, through this auction, experience Lafite and its wine brothers and sisters, in all their direct-from-the-cellar perfect provenance. Connoisseurs can feel they have themselves walked into the legendary cellars and found paradise.’ Lafite is owned by the Barons de Rothschild, and
has 107 hectares of vineyards. Over the past decade the Château has produced an average of 45,000 cases a year, including both the Château Lafite Rothschild flagship wine and its second wine, Carruades de Lafite. Château Lafite-Rothschild is the largest of Bordeaux’s
first-growth wine estates, and it is currently outpacing rivals as prices rebound from the recent credit-crunch lows, driven by signs of economic recovery and accelerating demand from China. Even in recent years (recent in wine terms),
outstanding vintages from the last 10-15 years are accruing in value at an amazing rate. Take the three cases of Lafite Rothschild from the 2000 vintage that sold for HK$266,200 ($34,300) each at Sotheby’s in Hong Kong (see ‘Wine Cellar notes’, p.32). This is about three times the $11,749 for 12 bottles of the same wine sold at a New York auction at the height of the financial crisis in October 2008, just after Lehman Brothers filed for bankruptcy. If you needed verification of this dramatic upward trend,
a glance at the Liv-ex Fine Wine Index shows (per case) that Lafite Rothschild is the market’s major mover, with
When Château Lafite-Rothschild opens its cellar doors, the wine world takes notice
www.artsandcollections.com
COLLECTIONS INTERNATIONAL 29
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