Joseph Lau makes HK$63m from wine auction

Billionaire Joseph Lau Luen-hung fetched HK$63.5 million from a Christie’s wine auction on Wednesday after 414 bottles of his collectibles went under the hammer.   

The former chairman of property developer Chinese Estates has been purchasing fine wines for four decades and bought the auctioned wines at the cost of HK$10 million. It was understood that he has made a profit of more than four times.   

All of the 89 lots were sold in the auction Iconic Wines from Joseph Lau, with an earlier estimate of over HK$24 million.   

The top lot was 12 bottles of Vosne-Romanée Cros Parantoux 1991 by Henri Jayer, which sold for almost HK$3.88 million compared to the estimate of HK$1.2 million to HK$1.8 million.   

Christie’s said collectors showed a strong appetite for Henri Jayer vintages, with all lots selling at prices multiple times above their pre-sale low estimates.   

DRC Romanée-Conti continued to draw fans. A lot of six bottles of DRC Romanée-Conti 1999 fetched HK$1.63 million, nearly double its low estimate.  

It is understood that half of the buyers came from the mainland, while 40 percent were from Hong Kong and Taiwan.   

“I am satisfied with the enthusiasm for my collection. I am also delighted that wine enthusiasts worldwide resonate with my aptitude and interest in collecting only the rarest and best wines,” Lau said.  

“With all of my favorites which I assembled over the years finding new homes today, I hope their new owners will enjoy these bottles immensely.”   

Lau said he started bidding for fine wines in London and New York when he was around 27 years old.   

At that time, there were no wine auctions in Hong Kong yet. Lau also knew little about the liquid gold and bought wines for treating American business partners.   

There was a time when he threw frequent parties, where he would have 40 to 50 bottles of fine wines ready. Some friends had keen noses and went for the priciest bottles, downing them like water. It prompted him to buy multiple batches in auctions and store them in cellars.   

Over the years, he has become a collector and well-versed in the types of wines, the chateaus, and the years of production. He became addicted to bidding for fine wines, although he no longer threw parties.   

Now his cellar is full of red wine, white wine, brandy, and whiskey. Knowing full well their investment value, Lau decided to auction a small part of his collectibles.