Bonhams Curated Treasures Digest: Record-Setting Leroy and Market Pulse

Market Pulse

Bonhams sale realized HK$4,389,438. Analysis covers 287 of 402 offered lots. Whole-sale sell-through was 95.0%. The analyzed lots account for HK$3,786,062 of realized value. Average equivalent bottle price across analyzed lots was HK$6,625.56. Whole-sale realized value per offered lot was HK$10,919.00 including unsold lots in the denominator. The median sale total across 6 prior auctions from this provider in HKD was HK$3,070,406. 15 analyzed lots exceeded their observed comparable-price highs in the preceding 360-day history window.

Estimate Performance

Of 287 analyzed lots with hammer prices and both estimates, 13 (4.5%) finished above estimates, 195 (67.9%) within, and 79 (27.5%) below. All percentages use this same sample. Hammer prices exclude buyer premium.

Record and Breakout Lots

Burgundy continues to show strength at the top end of the market. A bottle of Domaine Leroy Latricières Chambertin 1998 achieved a hammer price of HKD 27,500, setting a new record for this specific vintage. This result was 16.4% above the median of the last five comparable sales. In the Bordeaux sector, a bottle of Château Lafite Rothschild 1972 also reached a new high of HKD 4,000, surpassing its previous maximum of HKD 3,967. Other notable overperformers included a magnum of Dom Pérignon 1975, which realized HKD 7,500, approximately 44.7% above its recent median.

Soft Spots and Bargains

Conversely, several categories experienced softer demand. Spanish icons and certain Bordeaux second growths were available at prices significantly below recent benchmarks. For example, La Rioja Alta Gran Reserva 904 2010 sold for HKD 458.33 per bottle, a 66.4% deviation below the median of the last five transactions. Similarly, the 2010 and 2006 vintages of Château Musar Red saw multiple lots sell below their recent ranges. Château de Fargues 2001 also hit a record low, with 12-bottle lots realizing HKD 312.50 per bottle, nearly 60% below the recent median.

Spotlight: Domaine Leroy Latricières Chambertin 1998

The price evolution for Domaine Leroy Latricières Chambertin 1998 has shown an upward trajectory over the last 365 days. Based on equivalent bottle prices from major auction houses, this wine moved from HKD 3,107 in March 2025 to its current high of HKD 27,500 at this Bonhams event. This latest result represents a significant jump from the HKD 3,250 realized in December 2025 at a different house, though the small sample size of single-bottle transactions should be noted when evaluating this as a broader trend.

Spotlight: Château Cheval Blanc 1995

Château Cheval Blanc 1995 realized HKD 3,333.33 per bottle in a three-bottle lot, sitting within its recent market range. Historical data from the past year shows prices for this vintage have fluctuated between HKD 173 and HKD 781 in smaller formats or different contexts, but the current result remains well below the previous year's high of HKD 7,334. The volatility in pricing for this 1995 vintage reflects varying lot sizes and storage histories across the global auction landscape.

Spotlight: Château Musar Red 1981

Château Musar Red 1981 realized HKD 875 at this sale, which is 53.5% above its recent median. Looking at the one-year series, equivalent bottle prices have varied significantly, with results as low as HKD 35.66 and as high as HKD 330 recorded in late 2025 and early 2026. This specific bottle's performance highlights the premium placed on provenance and individual bottle condition for older Lebanese vintages.

Spotlight: Château d'Yquem 2009

Château d'Yquem 2009 realized HKD 2,375 at this auction. This performance sits 47.4% below the median of the last five transactions, despite the wine's critical acclaim. Price history over the last 360 days indicates a peak of HKD 10,791, with several late-2025 transactions occurring in the HKD 300 to HKD 500 range for different formats. The current result suggests a stabilization in the mid-range for standard 750ml bottles.

Outlook

The results from Bonhams suggest a bifurcated market. Rare, blue-chip Burgundy like Domaine Leroy maintains its capacity for record-breaking results, while high-volume vintages from Spain and Bordeaux are currently experiencing price corrections. Investors should focus on high-provenance assets in the Burgundy sector while looking for value opportunities in mature Bordeaux and Spanish Gran Reservas where prices have dipped below long-term medians.