Hong Kong tycoon Albert Yeung fetches HK$17.7 million in wine auction
The collection includes selections from Domaine de la Romanee-Conti, Petrus and Chateau Palmer
[HONG KONG] Hong Kong businessman Albert Yeung sold a collection of fine wine for HK$17.7 million (S$2.9 million) in a Sotheby’s auction, almost 77 per cent higher than pre-sale estimates.
All of the 161 wine lots sold, and the amount raised exceeded Sotheby’s US$1.3 million estimate, according to a statement on Wednesday (Sep 10) from the auction house. The collection, titled The Majestic Cellar of Dr Albert Yeung, includes selections from Domaine de la Romanee-Conti, Petrus and Chateau Palmer.
The most expensive lot went for HK$625,000 – three Magnum-sized bottles of Romanee Conti 1997, versus its low estimate of HK$480,000. That was followed by 12 bottles of Petrus 2005, which sold for HK$437,500.
Burgundy led auction sales last year, accounting for more than a third of Sotheby’s global wine auction turnover. Domaine de la Romanee Conti (DRC) alone represented about 20 per cent of global wine sales, according to the international auction house.
Hong Kong is an important wine hub in Asia, with zero duties attracting the global wealthy to store their collections in the city. Billionaire Joseph Lau also sold several collections of wine at Christie’s over the past few years, fetching more than US$25 million in total.
Yeung, 82, chairs Hong Kong-based Emperor Group, a conglomerate with businesses ranging from real estate to watches and jewellery, entertainment and financial services, according to its website.
Emperor International Holdings, its listed property unit, said in June that it had more than HK$16.6 billion overdue loans as at Mar 31. The developer has sent debt restructuring proposals to lenders and won the backing of a key group of banks, Bloomberg News reported last month. BLOOMBERG
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