The First Tranche of Wines from the Legendary Cellar of Visionary Epicurean and Aesthete Pierre Chen Totals HK$131M / US$16.8M

HONG KONG, 27 November 2023 – Sotheby’s two-day sale of the first tranche of wines from the legendary cellar of visionary epicurean and aesthete Pierre Chen concluded this weekend in Hong Kong, having realised HK$131 million / US$16.8 million. The sale was the first in a series of offerings from Mr Chen’s legendary collection, with further sales to be staged in various cities around the globe. The remarkable quality, breadth and rarity of this extraordinary cellar drew a response from collectors from around the world, with the results already ranking high among the top records for any wine offering at auction.

The strong results for The Epicurean’s Atlas mark the end of a week global Wines and Spirits sales at Sotheby’s which have together totaled HK$392 million / US$50 million – the highest total ever achieved for a single week of sales of wines and spirits at any auction house. (See below.)

Pierre Chen said: “When I first decided to offer wines from my collection, it was with the aim of sharing them with the widest possible community of wine collectors and enthusiasts around the world – something this sale has admirably achieved – in order that they too could share and enjoy them as I do. I truly believe in the exceptional value of these wines, which I know will endure – and continue to grow over time.”

Nick Pegna, Global Head of Sotheby’s Wine & Spirits, said: “What an honour to bring to the market this first offering of very special wines from the most outstanding of private cellars, and what a thrill to see both established and new collectors out in force, their enthusiasm for the offering evident in the strength of their bids.”

George Lacey, Head of Sotheby’s Wine, Asia, said: “The first in our global series of sales showcasing Pierre Chen’s magnificent wine collection attracted collectors worldwide, from across Asia to the US and the UK. Pierre’s decision to part with these wines was driven by his desire to share – that is, for others to have access to, and enjoy in good company, these extraordinarily rare and delicious wines, just as he continues to do. With this sale, that goal was fully accomplished, attracting hundreds of bidders and buyers, all eager to capitalise on this once-in-a-lifetime opportunity. This first sale really was a top-to-bottom roll call of the greatest wines that have ever been made. The highlights are too many to mention, but reigning supreme among the red Burgundies were Domaine de la Romanée-Conti and Henri Jayer, with white Burgundies of extraordinary maturity in close proximity to the top spot.” 

SALE OVERVIEW

The Epicurean’s Atlas: The Encyclopaedic Cellar (24-25 November)

• Sale total: HK$131m / US$16.8m – among the highest totals ever achieved for a single wine sale.
• Widespread excitement and appreciation:

• • The comprehensive breadth, quality and rarity of the cellar garnered attention from collectors around the globe. Whilst Asian bidders led the way, this auction saw a higher proportion of bidders from the U.S than any previous wine sale in Asia, a reflection of the worldwide appeal of these extraordinary wines.
• • Hundreds of collectors – new and established – participated in the sales, with more than double the average number of registered participants across the two days and the highest ever number of visitors to the online sale pages for any wine sale globally.
• Top 3 lots:

• • 10 bottles of Vosne Romanée, Cros Parantoux 1999 Henri Jayer, sold for HK$1,875,000 / US$240,488 (est. HK$1.5-2m / US$190,000-260,000, Lot 6471) – among the highest prices ever achieved for this mythical wine at auction. Wines produced by Henri Jayer, the ‘Godfather of Burgundy’ have passed into the realm of myth and the Cros Parantoux vineyard is universally acknowledged as one of Côte d’Or’s finest.

• • 12 bottles of Chevalier Montrachet 2007 Domaine d’Auvenay sold for HK$1,875,000 / US$240,412 (est. HK$1.4-1.9m / US$170,000-240,000, Lot 7311).

• • Three Magnums of La Tâche 1971 Domaine de la Romanée-Conti sold for HK$1,250,000 / US$160,275 (est. HK$1-1.2m / US$128,220-153,864, Lot 6990), a new auction record for a case of magnums of 1971 La Tâche.

Other highlights:

• Five Magnums of Faiveley Musigny in vintages spanning 2015 to 2019, produced from Chen’s very own vineyard in Burgundy, and brought a combined total of HK$787,500 / US$101,004 (est. HK$455,000-640,000 / US$58,000-82,000, Lots 7072-7076)
• One of the most iconic wines ever made, six bottles of Cheval Blanc 1947 sold for HK$375,000 / US$48,402 (est. HK$300,000-500,000 / US$38,000-60,000, Lot 7718).

While the first offering of wines from Pierre Chen’s cellar was designed as an overview of the comprehensive breadth, quality and rarity of the cellar, future sales will celebrate specific wines and wine-producing regions, and different aspects of this extraordinary opportunity.

An Exceptional Week for Great Wines and Spirits at Sotheby’s

This past week has seen extraordinary results for Sotheby’s Wine and Spirits sales around the globe. Last weekend in Beaune, the 163rd Hospices de Beaune charity wine auction brought HK$217 million / US$27.4 million, the second highest total ever achieved for the annual auction established in 1859. In London, a new auction record for any bottle of spirit or wine was set when The Macallan 1926, featuring the Valerio Adami label, sold for HK$21.2 million / US$2.7 million – almost three times the pre-sale low estimate. An auction record for a collection of Japanese whisky was also achieved when the Kodawari Collection realised HK$17 million / US$2.2 million. The combined result across all three regions of HK$392 million / US$50 million establishes the largest global sales total for wine and spirits ever achieved in one week for any auction house.