On 22 May, Hong Kong property tycoon Joseph Lau sold a collection of fine and rare wines for HK$72.9 million (US$9.3 million) at Christie’s, delivering a white-glove result as part of the house’s Hong Kong Luxury Week. All 213 lots found buyers, with nearly 70% selling above their high estimates – well exceeding the presale total estimate of HK$35 million.
Titled Iconic Wines from Joseph Lau Part III, the sale featured highlights from Lau’s renowned cellar, including coveted bottles from Henri Jayer, prized vintages from Petrus, and selections from Domaine de la Romanée-Conti.
The top lot was a 10-bottle case of Henri Jayer, Vosne-Romanée Cros Parantoux 1999, which sold for HK$3.25 million (US$416,900) – more than triple its low estimate. Wines from Jayer performed particularly well, achieving 200% hammer above low estimates.
Henri Jayer, Vosne-Romanée Cros Parantoux 1999 became the top lot of the sale
Joseph Lau and his wife, Kimbee Chan
At 73, Lau’s net worth is estimated at US$13.6 billion, according to Forbes. Much of his fortune comes from his and his family’s real estate holdings in Hong Kong and a controlling stake in Chinese Estates Holdings Ltd. Amid a broader property downturn, however, the business has faced headwinds, reporting a loss of around US$500 million last year, mainly due to a decline in the value of its investment properties.
A well-known collector, Lau’s interests span everything from Western art and Chinese antiquities to diamonds, handbags, and wine. In 2015, he famously purchased a 12-carat blue diamond for a record-breaking US$49 million and renamed it the Blue Moon of Josephine after his daughter.
His art holdings reportedly include works by Warhol, Gauguin, and Hockney – together worth more than US$1 billion. In 2022, Lau sold more than 70 Hermès bags through Sotheby’s for HK$25.2 million, alongside a notable offering of imperial Chinese porcelains.
The Blue Moon of Josephine, 12.03 carats | Fancy Vivid Blue diamond | Sold to Joseph Lau for US$48.5 million at Sotheby's New York in 2015
This is the third time Lau has consigned wines from his cellar to Christie’s. The first two sales, both held in 2022, brought in a combined US$16 million. With Part III, the total now stands at HK$198.2 million (US$25.4 million), with an exceptional sell-through rate of 98%. Christie’s has confirmed that Parts IV and V will follow in future Hong Kong auctions, with dates to be announced.
Notably, all three sales were led by bottles of Henri Jayer’s Cros Parantoux – a consistent favorite among Burgundy collectors. Many of Lau’s bottles from the 1990s through 2001 were originally acquired at Christie’s 2012 landmark sale Fine and Rare Wines From the Private Cellar of Henri Jayer, including several examples of Cros Parantoux.
Lot 151 | Henri Jayer, Vosne-Romanée Cros Parantoux 1999, 10 Bottles (75cl) per lot - (cc)
Estimate: HK$950,000 - 1,400,000
Sold: HK$3,250,000
Lot 152 | Henri Jayer, Vosne-Romanée Cros Parantoux 1999, 1 Magnum (150cl) per lot - (owc)
Estimate: HK$300,000 - 420,000
Sold: HK$1,000,000
Henri Jayer is one of the most revered names in the world of Burgundy, known for wines with remarkable intensity and complexity. Starting his career in 1945, the winemaker developed an extraordinary sensitivity to Pinot Noir, crafting wines that rival even the most celebrated Grand Crus from Domaine de la Romanée-Conti.
Among his most iconic cuvées is Cros Parantoux, alongside Richebourg and Échezeaux. The vineyard itself is tiny – just 1.01 hectares – tucked into the village of Vosne-Romanée. Its high elevation and east-facing exposure create a cooler microclimate, resulting in slower ripening and better retention of acidity – qualities that give the wine both structure and longevity.
Legendary winemaker Henri Jayer
The revival of Cros Parantoux after the war is largely credited to Jayer. Beginning in the 1950s, he painstakingly acquired small parcels from local owners and replanted them with Pinot Noir. He believed great wine began in the vineyard – so much so that he was known to remove stones from the soil by hand.
He applied the same meticulous care in the cellar. To maximize the fruit's concentration and flavour, Jayer insisted on 100% destemming, followed by a cold soak at 15°C for four to five days before fermentation. He relied entirely on wild yeasts and avoided filtration, preserving each vintage's layered texture and complexity.
Cros Parantoux
What set his wines apart, however, was his uncanny ability to pinpoint the perfect harvest moment, ensuring each vintage struck the ideal balance between ripeness and freshness.
He also deliberately limited yields by reducing grape clusters per vine, often producing only half the output of neighbouring plots. With Jayer’s passing in 2006 at the age of 84, and with such small production, every bottle consumed today is one fewer in existence – further contributing to the wines’ value.
Beyond the 1999 vintage that topped the sale, five other vintages – 1993, 1995, 1997, 2000, and 2001 – of Henri Jayer’s Vosne-Romanée Cros Parantoux also sold above their estimates.
Lot 140 | Henri Jayer, Vosne-Romanée Cros Parantoux 1993, 6 Bottles (75cl) per lot - (owc)
Estimate: HK$480,000 - 650,000
Sold: HK$2,500,000
Lot 161 | Henri Jayer, Vosne-Romanée Cros Parantoux 2001, 9 Bottles (75cl) per lot - (cc)
Estimate: HK$900,000 - 1,300,000
Sold: HK$1,375,000
Lot 160 | Henri Jayer, Vosne-Romanée Cros Parantoux 2001, 5 Bottles (75cl) per lot - (cc)
Estimate: HK$500,000 - 700,000
Sold: HK$1,062,500
Lot 144 | Henri Jayer, Vosne-Romanée Cros Parantoux 1995, 8 Bottles (75cl) per lot - (cc)
Estimate: HK$650,000 - 850,000
Sold: HK$937,500
Lot 149 | Henri Jayer, Vosne-Romanée Cros Parantoux 1997, 6 Bottles (75cl) per lot - (cc)
Estimate: HK$420,000 - 600,000
Sold: HK$937,500
Lot 155 | Henri Jayer, Vosne-Romanée Cros Parantoux 2000, 6 Bottles (75cl) per lot - (cc)
Estimate: HK$420,000 - 600,000
Sold: HK$937,500
Lot 148 | Henri Jayer, Vosne-Romanée Cros Parantoux 1997, 6 Bottles (75cl) per lot - (cc)
Estimate: HK$420,000 - 600,000
Sold: HK$875,000
Lot 157 | Henri Jayer, Vosne-Romanée Cros Parantoux 2000, 1 Magnum (150cl) per lot - (owc)
Estimate: HK$160,000 - 220,000
Sold: HK$812,500
Lot 162 | Henri Jayer, Vosne-Romanée Cros Parantoux 2001, 1 Magnum (150cl) per lot - (owc)
Estimate: HK$300,000 - 420,000
Sold: HK$812,500
Auction Details:
Auction House: Christie's Hong Kong
Sale: Iconic Wines from Joseph Lau Part III
Date: 22 May 2025
Number of Lots: 213
Sold: 213
Sale Rate: 100%
Sale Total: HK$72,890,000 (US$9.3 million)