Record $8.2M Vintage Wine Auction In Hong Kong

June 1, 2008 11:40 a.m. EST

New York, NY (AHN)- U.S. auction house Acker Merrall & Condit announced Sunday a record sale of US$8.2 million in its just-concluded vintage wine auction in Hong Kong.

In a statement, New York-based Acker Merrall & Condit said it sold more than HK$64 million or US$8.2 million in an all-day auction concluded late Saturday.

The sale exceeded pre-auction estimates and set a new record for wine auctions held in Asia.

"We are thrilled with the result, which is a testament to the strength of the wine market in Asia and Hong Kong's leading role as a regional hub of fine and rare wines," AFP carried the company statement.

Acker Merrall & Condit noted that a case of Domaine de la Romanee-Conti 1990 sold for HK$1.89 million (US$242,186) - a new world auction record.

This is the second major vintage wine auction in Hong Kong this year. Earlier, its government removed taxes on imported wines in the hope of making Hong Kong Asia's biggest wine hub.