Alasdair Nicol takes a look at the money- and adrenaline-filled world of wine auctions

Since the Hong Kong government suspended the tax levy on wine imports in February 2008, auction fever has swept through the local wine industry. Big name auction houses have been queuing up to get into the Hong Kong wine market and, subsequently, find an inlet into Mainland China with its abundance of “new money.” Sotheby’s, Bonhams and Christie’s from the United Kingdom, as well as Zachy’s and Acker, Merrall and Condit from the United States, have all held auctions recently and there are several big events being organised for the near future.

The primary focus of most, if not all, of the auctions has been on fine wine from Bordeaux. This is where the money is – both now and in terms of future investment – and buyers are jumping onto the auction bandwagon to get a piece of the action. There is also the occasional focus on Spanish wines such as Vega Sicilia and top-end American wines such as Sine Que Non, Screaming Eagle and Harlan Estate.

In the last Acker auction held in late March, the highlight was a single lot of Chateau Lafite, some of which dated back over four centuries. The oldest bottle of wine was from 1799 and the lot consisted of 69 other bottles ranging right through to a 2003 vintage. In the end, this lot saw $2.56 million change hands, a world record for a single lot of Chateau Lafite at any auction in history.

Sotheby’s hold their next auction on May 20 and 21 in The Mandarin Oriental hotel. This time they will feature Chateau Cheval Blanc. Under the hammer are exquisite vintages from 1947, 1959, 1961 and 1982. Also included in the auction, not unexpectedly, will be a range of first growth Bordeaux wines from the iconic 1982 vintage.

Acker, Merrall and Condit will also host the largest ever wine auction in Asia (and the third largest in history) on May 28 and 29, with an estimated value of over $125 million. Highlights will include a case of 1982 Chateau Lafite, a case of 1928 Chateau Latour and 12 bottles of 1971 DRC Romanee Conti.

Buying wine from auction is a great day out. Not only can it turn into an excellent investment, but it’s also a great chance to sample some of the wines on offer. Prior to the most recent Acker, Merrall and Condit auction, they opened (to name but a few) bottles of Chateau Petrus 1979, Chateau Cos d’Estournel 1961, Chateau Haut Brion 1985 and, from Napa Valley, Harlan Estate 1995. It was a great opportunity to see how the wines fared over time, and it was a chance for tasters to make up their own minds about whether there is cellaring potential, or whether the wine was past its best.

So why not join the next auction in our city. Get online to find the next one, and with a bit of research you may find yourself picking up a real bargain for future investment – or just for your drinking pleasure.