Cheval Blanc 1947 Double Magnum Fetches $105,000 at Sotheby's

(Bloomberg) -- A three-liter double magnum of Chateau Cheval Blanc 1947 from the Saint-Emilion region of Bordeaux sold for 84,600 pounds ($105,000) at a Sotheby's sale in London March 29, above the top estimate, while a 4.5 liter jeroboam of Pauillac first growth Chateau Latour 1961 fetched 30,550 pounds, according to the auction house.

The sale also featured 12 bottles of Cros Parantoux 1995 Henri Jayer Burgundy, which fetched 58,750 pounds, and five bottles of Romanee Conti 2001 Domaine de la Romanee-Conti, which sold for 47,000 pounds.

Fine wine prices are rising after a 40 percent drop in many top Bordeaux wines since 2011, hurt by slower demand from China and a run of difficult harvests. Following improved quality in the 2014 and particularly 2015 vintages, a recent survey by the London-based Liv-ex market showed members expect the benchmark Liv-ex 100 Index to extend last year's 25 percent rally.

“Bidding saw prices soar for rare Bordeaux” and also top-label Burgundy, “with bottles through to large formats all hitting the heights,” Stephen Mould, Head of Wine, Sotheby's Europe, said in a statement.

The sale also included four bottles of Chateau Lafleur 1961 Pomerol, which sold for 30,550 pounds, and six bottles of Echezeaux 1990 Jayer Burgundy, which fetched 28,200 pounds, according to Sotheby's. Five magnums of Chateau Haut Brion 1961 fetched 22,325 pounds.

The London sale was the second in a three-part series of wine auctions which started in New York on March 25 and finishes in Hong Kong Saturday. The New York sale totaled $1.89 million and the London sale a similar amount of 1.66 million pounds.

To contact the reporter on this story: Guy Collins in London at guycollins@bloomberg.net.

To contact the editors responsible for this story: James Amott at jamott@bloomberg.net, Thomas Mulier, Anthony Aarons