Wine market experts have dubbed the latest prices paid for Chateau Lafite Rothschild in Hong Kong auctions "crazy".

A Sotheby's auction in Hong Kong recently set a new world record when it sold a three-bottle parcel of 1869 Chateau Lafite for HK$5.4 million (£437,900), while the sale as a whole took more than HK$65.5 million (£5.2 million).

John Kapon of auction house Acker Merrall & Condit told Decanter magazine that these prices are not reflective of the market, and his firm's Bordeaux sale is not likely to produce the same results.

"There is a lot of money out here, and a lot of demand for good cellars. But even taking that into consideration, those prices were crazy," he said.

Hong Kong-based wine consultant and educator Simon Tam told the publication that prices may be higher in the East as Asian buyers purchase wines to be consumed and then replaced, rather than kept in cellars.

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