58 March 2012

Bargain Burgundy

W ine lovers in Hong Kong and China are famously fond of the big names of Bordeaux –

or at least they were until recently. It is probably too soon to proclaim the end

of the affair, but people are now aware that a large number of highly priced bottles don’t contain what they say on the label, and that the Bordelais have been very greedy in the prices they have demanded for the last two vintages en primeur.

After a long run in Hong Kong of “white glove auctions” – meaning those in which every lot sells – cases and bottles of Bordeaux with ambitiously high reserve prices have started going back to the sellers’ cellars.

World-record prices for auction lots of wine are still being achieved in Hong Kong – but now they are being realized by Burgundy. In January, American wine merchant Acker Merrall & Condit conducted a Hong Kong auction at which the top lot was a case of 1985 Domaine de la Romanée-Conti for which the hammer came down at HK$1,464,000.

At the same session, a world record was set for magnums of 1999 Domaine de la Romanée-Conti – three of which sold for HK$634,400. Another world record was set for a case of 1993 Leroy Chambertin, which sold for HK$268,400.

Jasper Morris, a buyer at Berry Bros. & Rudd for the region, first started coming to Hong Kong to bang the drum for his favourite wines seven years ago. Then, he says, beyond being aware of Domaine de la Romanée-Conti and perhaps two or three other big names, nobody seemed to know what Bur-gundy was.

“People had really only heard of that top strand, and over the past two to three years

Savvy wine lovers in China, burned by dodgy Bordeaux, are turning to another fine French product, says Robin Lynam

I’ve seen a huge increase in interest in the whole range,” he says.

It isn’t only Hong Kong and China that are catch-ing on. According to the Burgundy Wine Board’s figures during the first nine months of 2011, every Burgundy market outside Europe grew in volumes shipped, and most of those within Europe grew as well.

There is a problem with this, however. Unlike Bor-deaux, Burgundy doesn’t do mass production and there may not be enough of the good stuff to meet the growing demand.

The average annual production of Bor-deaux’s Château Lafite is 15,000 to 20,000 cases. Burgundy’s Domaine de la Romanée-Conti produces about 450.

According to Morris, however, those prepared to do a little homework can take heart. In Burgundy, the biggest names do not have a monopoly on making truly fine wine. “You can get very interesting Burgundies to taste and drink at prices between HK$250 and way up to the strato-spheric level,” he points out.

While Bordeaux tends to sell on brand-ing, he argues, Burgundy appeals to true connoisseurs who are prepared to study the region and identify producers who make the kind of wines that really appeal to their individual tastes – a more complex and personal relationship between the

drinker and the region.Another attractive dimension of Bur-

gundy is that it produces some of the world’s greatest white wines – unlike Bor-deaux, which is making better dry whites than it used to but still few of real quality.

Connections are important in sourcing Burgundy, and wine merchants who can offer a good selection have generally built up relationships in the region over many years.

There are bargains to be had from Bur-gundy but, Morris cautions, not below about HK$200 for reds or HK$150 for whites. “You are never going to get really cheap wines from Burgundy. The econo-mies of scale aren’t there, and the Pinot Noir grape [Burgundy’s principal black grape] in particular is a small producer. You should distrust the bottle that is being sold too cheaply.”

Domaine de la Romanée-Conti is one of the most famous Burgundy wines.

PHOTO

: AFP

After hours

March 2012 59

Feminine fancy and functionality

In the world of men’s watches, prestige and pricing are largely determined by technological hallmarks. Adding a

tourbillon or two, a moon-phase indicator, a perpetual calendar or other complications is a sure-fire way to boost the value and col-lectibility of a timepiece.

Case in point: Patek Philippe’s 5950A, a cushion-shaped grand complication, fea-tures a relatively simple aesthetic and a steel case. However, because the watch boasts a rare split-seconds monopusher chrono-graph, it commands a steep price and is highly regarded by collectors.

On the other hand, watchmakers have largely had to approach women’s watches in two ways, neither of which incorporates a great deal of horological sophistication.

The first of these aims at day-to-day use, and as such is popular among executives and professionals. These watches are typi-cally aesthetically simple, and the layout and interface are to the point. If precious metals or stones are used as components, they are uti-lized in such a way that does not interfere with core functionality.

The second approach treats watches as accessories rather than just functional objects, so the configurations may be novel and their operations, somewhat different. These time-pieces are meant to be used during formal occasions or to be collected, as the inclusion of precious stones and high level of craftsman-ship can mean astronomical prices.

Luxury watchmakers, most of which made their names in jewellery design, have thus developed their product lines around these two main segments.

Italy’s Bulgari, for instance, offers a wide array of timepieces, including the classic Bul-

Women’s watches rarely feature a great deal of horological sophistication, but make up for it with artistry, says Reno Ong

gari line of watches, which features the iconic logo on the case, for everyday use. The set is available in steel and gold varieties, with chain bands or leather straps, and exudes a low-key styling effort. At most, one can expect a few diamond accents, but nothing too visu-ally overwhelming.

At the other end of the spectrum is Bul-gari’s Mediterranean Eden, a line of quartz timepieces with decorated covers that conceal the watch face. With cases made of pink or white gold, and adorned with a variety of dia-monds, coloured precious stones and pearls,

the range evokes fine jewellery more than per-formance horology. What’s more, satin straps in place of chain or leather bands add to its charm as an item meant for episodic use.

The French luxury house of Van Cleef & Arpels approaches women’s watches simi-larly. The PA49 Steel is a study in simplicity with black-line accents against a white lacquer dial and an alligator strap. Understated and monochromatic, it has emerged as a foremost selection for those looking for an everyday, no-frills timekeeper.

Like Bulgari, Van Cleef & Arpels channels its jewellery-making heritage in its watch-making enterprise. The Vintage Alhambra Bracelet, for example, applies the company’s celebrated Alhambra design, a chain link of four-leaf clover pieces made of onyx and gold. The watch component is made to look like one of the clover pieces, a feature that blurs the boundary between function and fancy.

Switzerland’s Piaget, yet another big name in luxury, has been known primarily as a watchmaking pioneer. The company holds different trademarks, including one for the thinnest automatic movement in the world. But in terms of jewellery watches, few other retailers can match the artistry and extrava-gance of Piaget.

The Limelight Secret Watch Leaves Inspi-ration, an exceptional piece, has a white gold case set with two marquise-cut diamonds, 33 pear-cut diamonds and 32 baguette-cut diamonds. Its bracelet, also in white gold, features 109 pear-cut diamonds, 34 baguette-cut diamonds and 98 brilliant-cut diamonds. Underneath are two quartz movements devel-oped by Piaget, although considering the opulent exterior, the horological functions become largely peripheral.

From top to bottom: the classic Bulgari women’s watch; Piaget Limelight Secret Watch Leaves Inspiration; Van Cleef & Arpels Alhambra Bracelet

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