A 6-liter bottle of Chateau Lafite 1982 fetched HK$363,000 ($46,700), nearly twice its presale high estimate, at a sold-out wine auction in Hong Kong as the quest for rarity and inflation concerns drove prices higher.

The 10-hour sale yesterday of more than 800 lots tallied HK$52.9 million, beating host Sotheby’s own forecast of HK$40 million. Bidders at the Mandarin Oriental Hotel drank glasses of Louis Roederer Blanc de Blanc 2003 and Haut Brion 1998 as they competed with online bidders for choice items, such as twin 1.5- liter bottles of Chateau Petrus 1982 that fetched HK$435,600, against the lot’s top estimate of HK$130,000. Estimates don’t include commission.

As economies such as China show signs of inflation while the government increases spending to sustain growth... Read more...