Wine auction toasts success

The wine auctioned had been stored in a private cellar for over half a century

LONDON, England (CNN) -- A collection of fine French wines auctioned in London fetched prices up to six times their estimated value.

Hundreds of bottles of wine, owned by a French aristocrat, were expected to sell for around $500 at Christie's auction house, but prices soared to more than $3,000 per bottle.

Thomas Hudson of Christie's Wine Department said: "This is certainly the most impressive tasting wine we have had at Christie's for quite a while."

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The wine, which had been stored in a private cellar for over half a century, included some of the finest Bordeaux range owned exclusively by the Parisian aristocrat, whose name has not been made public.

Prices ranged depending on the name and age of the wine.

A dozen bottles of vintage Chateau Haut-Brion (1959) received a final price of $10,797 (£7,480) -- some $4,330 (£3,000) more than originally estimated, while four bottles of Magnum Chateau Latour (1959) sold for $13,497 (£9,350).

More than 140 lots exceeded their estimated value by almost a third.

Hudson said wines were usually bought for investment but it was not known whether the buyers were direct traders or private consumers.

Christie's has sold French wine for over 30 years and are now introducing new world wines -- no longer considered a cheap alternative either for the table or as an investment.

Established in 1766, Christie's has grown into an international auction house dedicated to the selling of antiquities, art, books, jewellery and even motorcars.

Christie's wine auctioning is an annual event that takes place across the world, including the Rockefeller Plaza in New York and the Grand Hyatt in Singapore.

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Christie's

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