British composer Andrew Lloyd Webber’s wine collection surpassed estimates at a Hong Kong auction Saturday, raking in €4.1 million, one of several weekend sales in the fast-growing auction hub.
Every one of 746 lots found a buyer during the sale at the Mandarin Oriental hotel, with a dozen bottles of Chateau Petrus 1982 fetching €57.042, Sotheby’s said.
Most of the collection beat previous price expectations, it said, adding that one lot had been withdrawn prior to the sale.
The high estimate for the whole collection had been about €3.02 million, said the auction giant, which sold about €38.2 million worth of fine wine in the former British colony last year – more than twice as much as their wine sales in London and three times as much as New York.
After deciding to sell off part of his vast wine collection himself, the Cats and Phantom of the Opera composer targeted Asia’s ever-growing army of ultra-wealthy connoisseurs.
“I hope the new owners enjoy my wines as much as I have and look forward to reacquainting myself with them in restaurants all over China when Cats starts its national tour in Mandarin,” Mr Lloyd Webber said in a statement following the six-hour sale.
His collection featured a large supply of top-end French wines, which are popular among Asian and particularly Chinese collectors due to their “proven reputation”, said Serena Sutcliffe, Sotheby’s worldwide head of wine.
“It’s a great collection and an obvious one for Hong Kong because there is a great love of French wines such as Bordeaux and Burgundy” she said.
“It happens to be a category appreciated so much in this region.”
Hong Kong has emerged as the world’s third-largest auction centre after New York and London, thanks in large part to China’s rapidly growing number of millionaires.
Mainland Chinese are regular buyers of the top lots at sales of art, jewellery and wine and Hong Kong has positioned itself as a wine hub for Asia as well as the gateway to China’s vast market.
Collectors come from across the region, including Taiwan, Singapore and Indonesia, “although at the top end there are some really heavy hitters from mainland China,” Ms Sutcliffe said.
“People are buying all sorts of luxury brands here”, she added.