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Henry Tang Sells $6.2 Million of Burgundies in Hong Kong Auction

Henry Tang Sells $6.2 Million of Burgundies in Hong Kong Auction

Bloomberg:

Henry Tang, who lost a bid to become Hong Kong’s chief executive after the discovery of an illegal wine cellar at his house, sold HK$48 million ($6.2 million) from his collection.

The auction of more than 800 lots of Burgundy during the two-day Christie’s International Hong Kong wine auction beat a pre-sale estimate of HK$29 million. The top lot of six magnums of Romanee Conti Domaine de la Romanee Conti 1995 sold for HK$1.2 million, Christies said in a press release.


“This single-owned collection was comprised of 71 Burgundy producers, many of which were unsung heroes,” Christie’s said of the two-day auction that ended March 16.

Tang, who, according to the book “Billionaire’s Vinegar,” attended a seven-day wine tasting marathon in Munich in 1998, has amassed one of Hong Kong’s most extensive collections. The city’s former chief secretary pushed for the dropping of wine import duties in 2008, helping to turn Hong Kong into the world’s largest rare and fine-wine auction market.

Investor appetite in China that drove Bordeaux prices to record levels in mid-2011 before a price slump has now switched increasingly to rarer Burgundies.

Tang lost a bid to become the city’s chief executive last year amid a controversy over an illegal basement built in his home in the upmarket Kowloon Tong district. Apple Daily and the South China Morning Post said the basement contained a wine cellar, a movie theater and gym.

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18-3-2013 12:15

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