A rare wine collection belonging to Hong Kong tycoon Joseph Lau fetched an impressive HK$72.9 million at auction, with some bottles selling for over $41,000 each. The event, hosted by Christie’s during its Hong Kong Luxury Week, surpassed expectations as every lot found buyers, including coveted vintages from Domaine de la Romanee-Conti and Henri Jayer. Notably, a set of 10 bottles from Henri Jayer sold for HK$3.25 million—three times the initial estimate.
This marked Lau’s third major wine auction with Christie’s, following two successful sales in 2022 that totaled $16 million. The auction house has already announced plans for two additional sessions featuring Lau’s prized collection. Known for his extravagant tastes, the billionaire has previously sold luxury handbags and antiques through Sotheby’s, further cementing his reputation as a high-profile collector.
Beyond his passion for rare wines and luxury goods, Lau’s financial standing remains formidable, with an estimated net worth of $5 billion. However, his property empire, Chinese Estates Holdings, has faced challenges amid Hong Kong’s real estate slump. The company reported a HK$2.1 billion loss last year, partly due to declining property valuations and its exposure to troubled developer China Evergrande Group.
Despite these setbacks, Lau’s ability to command top dollar for his collections highlights the enduring demand for ultra-premium assets. His auctions not only reflect personal wealth but also serve as a barometer for the luxury market’s resilience in uncertain economic times.