Poly Auction Hong Kong | Spring Auctions 2019 | Vintage Moutai

VINTAGE MOUTAI 國酒茅台專場 HONG KONG 31 March 2019 香港 2019 年 3 月 31 日

LOT 1611

1990年貴州茅臺酒(飛天牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1990年茅臺總產量為1880噸，當年飛天牌外銷零售價為114元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

1990 “Flying Fairy” Kweichow Moutai for Export (with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1990, the total output of Moutai was 1880 tons, and the retail price was about 114 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 190,000 - 250,000 US$ 24,200 - 31,900 12

LOT 1612

1991年貴州茅臺酒(飛天牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1991年茅臺總產量為1959.4噸，當年飛天牌外銷零售價為180元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

1991 “Flying Fairy” Kweichow Moutai for Export (with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1991, the total output of Moutai was1959.4 tons, and the retail price was about 180 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 180,000 - 240,000 US$ 22,900 - 30,600 13

LOT 1613

1992年貴州茅臺酒(飛天牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1992年茅臺總產量為2089.3噸，當年飛天牌外銷零售價為200元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

1992 “Flying Fairy” Kweichow Moutai for Export (with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1992, the total output of Moutai was 2089.3 tons, and the retail price was about 200 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 180,000 - 240,000 US$ 22,900 - 30,600 14

LOT 1614

1993年貴州茅臺酒(飛天牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1993年茅臺總產量為2281噸，當年飛天牌外銷零售價為213.8元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

1993 “Flying Fairy” Kweichow Moutai for Export (with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1993, the total output of Moutai was 2281 tons, and the retail price was about 213.8 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 170,000 - 230,000 US$ 21,700 - 29,300 15

LOT 1615

1994年貴州茅臺酒(飛天牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1994年茅臺總產量為3390噸，當年飛天牌外銷零售價為238元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

1994 “Flying Fairy” Kweichow Moutai for Export (with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1994, the total output of Moutai was 3390 tons, and the retail price was about 238 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 170,000 - 230,000 US$ 21,700 - 29,300 16

LOT 1616

1995年貴州茅臺酒(飛天牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1995年茅臺總產量為3978噸，當年飛天牌外銷零售價為240元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

1995 “Flying Fairy” Kweichow Moutai for Export (with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1995, the total output of Moutai was 3978 tons, and the retail price was about 240 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 160,000 - 210,000 US$ 20,400 - 26,800 17

LOT 1617

1996年貴州茅臺酒(飛天牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1996年茅臺總產量為4365噸，當年飛天牌外銷零售價為280元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

1996 “Flying Fairy” Kweichow Moutai for Export (with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1996, the total output of Moutai was 4365 tons, and the retail price was about 280 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 150,000 - 200,000 US$ 19,100 - 25,500 18

LOT 1618

貴州茅臺酒生肖酒組合產品 酒精度：53% vol 規格：500ml 瓶數：共6瓶，2014年甲午馬年、2015年乙未羊年、2016年丙申猴年、2017年丁酉雞 年、2018年戊戌狗年、2019年己亥豬年，各一瓶 生肖茅臺酒集生肖文化、五行文化、國畫藝術等文化元素為一體，是中國現代白酒文化和傳 統文化的有機結合，具有特殊的藝術品味和收藏價值。由貴州茅臺酒股份有限公司調酒大師 匠心勾調，精心醅醖，經過九次蒸煮、八次發酵、七次取酒，歷時五年，釀造而成。醇厚幽 雅、醬香突出、口味綿柔、余味悠長，是茅臺文化酒中的經典之作。此組酒為馬、羊、猴、 雞、狗、豬年生肖酒各一瓶。

Kweichow Moutai Zodiac Animal Signs Alcohol: 53% vol Volume: 500ml Quantity: Six bottles in total, including one for the Year of Horse 2014, one for the Year of the Sheep 2015, one for the Year of the Monkey 2016, one for the Year of the Rooster 2017, one for the Year of the Dog 2018 and one for the Year of the Pig 2019, respectively.

In 2014, Kweichow Moutai Distillery started to produce liquors featuring the Chinese zodiac animal sign of the year. This series integrates a diverse mix of cultural elements including the zodiac animal signs, the Six Elements, and Chinese painting, representing an organic combination of China’s modern liquor culture and traditional culture, with a unique artistic appeal and boasting high collector’s value. Carefully blended by master distillers, this series was produced by a process that lasted 5 years, following 9 rounds of boiling, 8 rounds of fermentation, and 7 rounds of extracting. Featuring a delicate and mellow taste, these liquors have become a classic among Moutai’s culture-oriented liquors. This lot includes a bottle each for the Years of Horse, Sheep, Monkey, Rooster, Dog and Pig.

HK$ 40,000 - 60,000 US$ 5,100 - 7,600 19

LOT 1619

貴州茅臺酒生肖酒組合產品 酒精度：53% vol 規格：500ml 瓶數：共6瓶，2014年甲午馬年、2015年乙未羊年、2016年丙申猴年、2017年丁酉雞年、2018年戊戌 狗年、2019年己亥豬年，各一瓶 生肖茅臺酒集生肖文化、五行文化、國畫藝術等文化元素為一體，是中國現代白酒文化和傳統文化的 有機結合，具有特殊的藝術品味和收藏價值。由貴州茅臺酒股份有限公司調酒大師匠心勾調，精心醅 醖，經過九次蒸煮、八次發酵、七次取酒，歷時五年，釀造而成。醇厚幽雅、醬香突出、口味綿柔、 余味悠長，是茅臺文化酒中的經典之作。此組酒為馬、羊、猴、雞、狗、豬年生肖酒各一瓶。

Kweichow Moutai Zodiac Animal Signs Alcohol: 53% vol Volume: 500ml Quantity: Six bottles in total, including one for the Year of Horse 2014, one for the Year of the Sheep 2015, one for the Year of the Monkey 2016, one for the Year of the Rooster 2017, one for the Year of the Dog 2018 and one for the Year of the Pig 2019, respectively.

In 2014, Kweichow Moutai Distillery started to produce liquors featuring the Chinese zodiac animal sign of the year. This series integrates a diverse mix of cultural elements including the zodiac animal signs, the Six Elements, and Chinese painting, representing an organic combination of China’s modern liquor culture and traditional culture, with a unique artistic appeal and boasting high collector’s value. Carefully blended by master distillers, this series was produced by a process that lasted 5 years, following 9 rounds of boiling, 8 rounds of fermentation, and 7 rounds of extracting. Featuring a delicate and mellow taste, these liquors have become a classic among Moutai’s culture-oriented liquors. This lot includes a bottle each for the Years of Horse, Sheep, Monkey, Rooster, Dog and Pig.

HK$ 40,000 - 60,000 US$ 5,100 - 7,600 20

LOT 1621

1978年“葵花牌”外銷貴州茅臺酒 酒精度：約55% vol 規格：540ml 瓶數：1瓶 “葵花牌”為中國糧油進出口標識，在國內銷售很少。1966年文革開始後，貴州茅臺酒原 出口商標“飛天牌”(也稱“飛仙牌”)因採用敦煌壁畫的飛天圖案有“四舊”嫌疑被決定停 用，取而代之的是具有紅色寓意“朵朵葵花向太陽”的“葵花牌”。1967年“貴州省茅臺酒 廠革命委員會”宣佈“葵花牌”正式啓用。但一些國家和地區對“朵朵葵花向太陽”這樣的 紅色寓意不太接受，以至於影響了出口的銷量，於是1973年中國糧油進出口公司下文通知將 外銷茅臺由“葵花牌”恢復為“飛天牌”。 1978年，經有關部門同意，將剩餘的25.8萬張“葵花牌”商標用在當年的內銷茅臺酒上，酒 瓶背面依然是“三大革命”背標。這款酒被收藏愛好者們稱為“三大革命葵花”。外包白綿 紙，酒質和同期“金輪牌”內銷茅臺酒無異。

3.“Sunflower” Kweichow Moutai 1978 for Export Alcohol: about 55% vol Weight: 540ml Quantity: One bottle “Sunflower”, the trademark for the imported and exported products of COFCO, was a brand rarely used for domestic sales. After the Proletarian Cultural Revolution began in 1966, “Feitian” (also known as “Feixian”) - the original export trademark of Guizhou Moutai - was halted, as the pattern, which was an imitation of Dunhuang murals, suggested a connection with the “Four Olds” of Chinese culture. Instead, the “Sunflower” trademark, which signifies the prosperity of the revolutionary cause, was officially put into use by the Revolutionary Committee of Guizhou Moutai Distillery in 1967. However, the revolutionary connotation of “Sunflower” was not accepted by certain countries and regions, resulting in reduced export volume. In 1973, COFCO restored the “Feitian” trademark for export-bound Moutai liquors.

In 1978, with the consent of the relevant authorities, the remaining 258,000 “Sunflower” trademark labels were put on the bottles of Moutai liquor for domestic sales, with their back still bearing the mark of “Three Major Revolutions”, what the collectors have come to call the “Three Revolutionary Sunflowers”. Despite the white-cotton paper cover for its bottle, the liquor has no difference in quality from the “Golden Wheel” Moutai liquor for domestic sales.

HK$ 100,000 - 130,000 US$ 12,700 - 16,600 22

LOT 1622

1986年“一七〇四年”貴州茅臺酒 酒精度：53% vol 規格：500ml 瓶數：1瓶 “一七〇四年”的酒質是80年代的珍品茅臺酒珍品系列中最好的，具有很高的收藏價值。金 屬螺旋蓋，系紅色飄帶，外套紅色封膜，其飛天商標與普通飛天商標不同，“一七〇四年” 落款於酒標的左下方。平開式包裝盒，內襯深紅色絨布，內有酒爵和“金桂獎”獎簽。該酒 面世很少，有很高的收藏價值。

“Year of 1704” Kweichow Moutai 1986 Alcohol: 53% vol Volume: 500ml Quantity: One bottle Ranked top in quality among the fine collection of Moutai liquors produced in the 1980s, “Year of 1704” is highly collectible. Covered with a red envelope, the liquor bottle has a metal screw lid tied with a red ribbon. Its Feitian trademark has distinctive features, with the text “Year of 1970” inscribed at lower left of its label. The box, lined with a piece of dark-red flannel, can be opened transversely and has a goblet as well as a “Jingui Award” plaque inside. The liquor is a rarity in the market and is of great value for collection.

HK$ 36,000 - 50,000 US$ 4,600 - 6,400 23

LOT 1623

1983-1984“五星牌”特需貴州茅臺酒(黃釉瓷瓶) 酒精度：約55% vol 規格：540ml 瓶數：2瓶 黃釉茅臺是20世紀80年代茅臺酒生產的特殊產物，為當時國宴的特供酒，是早期的高檔非賣 品，也是80年代陳年茅臺酒中的極品。該組拍品保存完好，存酒飽滿，具有醬香味突出，酒 體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

Kweichow Moutai Spirit’s “Five Stars” Brand of 1983-1984 (Yellow Glaze Porcelain Bottle) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Two bottles The yellow glazed Moutai was a special product in the 1980s as it was the wine specially provided to state banquets. As a high-end product not meant for sale, it was a nonesuch in the old Moutai spirits of the 1980s. This group of auction items is in a good condition, bearing the features of an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 160,000 - 210,000 US$ 20,400 - 26,800 24

LOT 1624

1983-1984“飛天牌”特需貴州茅臺酒(黃釉瓷瓶) 酒精度：約55% vol 規格：540ml 瓶數：2瓶 黃釉茅臺是20世紀80年代茅臺酒生產的特殊產物，為當時國宴的特供酒，是早期的高檔非賣 品，也是80年代陳年茅臺酒中的極品。該組拍品保存完好，存酒飽滿，具有醬香味突出，酒 體醇厚飽滿，回味陳香悠長，空杯留香持久之特點。

Kweichow Moutai Spirit’s “Sky Flying” Brand of 1983-1984 (Yellow Glaze Porcelain Bottle) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Two bottles The yellow glazed Moutai was a special product in the 1980s as it was the wine specially provided to state banquets. As a high-end product not meant for sale, it was a nonesuch in the old Moutai spirits of the 1980s. This group of auction items is in a good condition, bearing the features of an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100 25

LOT 1625

1986年“五星牌”特需貴州茅臺酒(醬釉瓷瓶) 酒精度：約55% vol 規格：540ml 瓶數：2瓶 醬釉茅臺在當時均為人民大會堂、釣魚台國賓館特供酒，是早期的高檔非賣品，也是80年代 陳年茅臺酒中的極品。該組拍品保存完好，存酒飽滿，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Kweichow Moutai Spirit’s “Five Stars” Brand for Special Procurement in 1986 (Brown Glaze Porcelain Bottle) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Two bottles Being a high-end product not meant for sale and a nonesuch in the old Moutai spirits of 1980s, this brown glazed Moutai was specially provided to the Great Hall of the People and Diaoyutai State Guesthouse. This group of auction items is in a good condition, bearing the features of an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 120,000 - 160,000 US$ 15,300 - 20,400 26

LOT 1626

1997年貴州茅臺酒 酒精度：53% vol; 規格：500ml 數量：20瓶 1997年茅臺總產量為4468噸，當年零售價為320元。 1997年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

Kweichow Moutai Spirit of 1997 Alcohol Content: 53% vol Specifications: 500ml Quantity: Twenty bottles In 1997, the total output of Moutai was 4468 tons, and the retail price was about 320 Yuan.

The Kweichow Moutai spirit produced in 1997 have an outstanding saucy mouth feel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup. All the bottles carrying this rich spirit are in a good condition and in their original casings. This spirit is very rare and has a high collecting value.

HK$ 160,000 - 210,000 US$ 20,400 - 26,800 27

LOT 1627

1998年貴州茅臺酒 酒精度：53% vol; 規格：500ml 數量：20瓶 1998年茅臺總產量為5072噸，當年零售價為300元。 1998年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

Kweichow Moutai Spirit of 1998 Alcohol Content: 53% vol Specifications: 500ml Quantity: Twenty bottles In 1998, the total output of Moutai was 5072 tons, and the retail price was about 300 Yuan.

The Kweichow Moutai spirit produced in 1998 have an outstanding saucy mouth feel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup. All the bottles carrying this rich spirit are in a good condition and in their original casings. This spirit is very rare and has a high collecting value.

HK$ 140,000 - 190,000 US$ 17,800 - 24,200 28

LOT 1628

1999年貴州茅臺酒 酒精度：53% vol; 規格：500ml 數量：20瓶 1999年茅臺總產量為5074噸，當年零售價為260元。 1999年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

Kweichow Moutai Spirit of 1999 Alcohol Content: 53% vol Specifications: 500ml Quantity: Twenty bottles In 1999, the total output of Moutai was 5074 tons, and the retail price was about 260 Yuan.

The Kweichow Moutai spirit produced in 1999 have an outstanding saucy mouth feel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup. All the bottles carrying this rich spirit are in a good condition and in their original casings. This spirit is very rare and has a high collecting value.

HK$ 120,000 - 160,000 US$ 15,300 - 20,400 29

LOT 1629

2000年貴州茅臺酒 酒精度：53% vol; 規格：500ml 數量：20瓶 2000年茅臺總產量為5379噸，當年零售價為220元。 2000年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

Kweichow Moutai Spirit of 2000 Alcohol Content: 53% vol Specifications: 500ml Quantity: Twenty bottles In 2000 the total output of Moutai was 5379 tons, and the retail price was about 220 Yuan.

The Kweichow Moutai spirit produced in 2000 have an outstanding saucy mouth feel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup. All the bottles carrying this rich spirit are in a good condition and in their original casings. This spirit is very rare and has a high collecting value.

HK$ 100,000 - 130,000 US$ 12,700 - 16,600 30

LOT 1630

20世紀80年代初期“飛天牌”外銷貴州茅臺酒 酒精度：53% vol 規格：540ml 瓶數：20瓶 從上世紀50年代開始，飛天牌茅臺酒作為茅臺酒廠外銷專用酒，採用雙層防碎包裝紙 盒。1975—1985年上半年之前，規格為540ml，被收藏界稱為“大飛天”，採用窖存多年的 老酒精心勾兌而成，酒體優雅細膩，具有難以名狀的老熟芳香，品質極佳，是茅臺老酒中的 經典品種。

Moutai Spirit’s “Flying Fairy” Brand, export in primary of 1980s Alcohol Content: 53% vol Specifications: 540ml Quantity: Twenty bottles Since 1950s, Moutai Spirit’s “Flying Fairy” Brand adopts double layer of anti-break packing paper box as special wine for export in Moutai factory. Before first half year between 1975 to 1985, 540ml was called “Big Flying Fairy” in collection circle, it is made by blending many years’ old wine, The spirit is rich in taste, with a mellow and delicate mouthfeel and a long-lasting rich fragrance. It is a model in old Moutai spirits.

HK$ 500,000 - 650,000 US$ 63,700 - 82,800 31

LOT 1631

20世紀80年代中期“飛天牌”外銷貴州茅臺酒 酒精度：53% vol 規格：500ml 瓶數：20瓶 1975—1985年上半年之前的外銷“飛天牌”茅臺酒規格為540ml，被收藏界稱為“大飛 天”，從1985年起，茅臺酒廠開始嘗試與國際接軌，計量單位由“克”改為“ML”，該款 酒瓶比之前的“大飛天”矮一點，彩盒與正標將0.54L換成500ML。此款酒採用窖存多年的 老酒精心勾兌而成，酒體優雅細膩，具有一種難以名狀的老熟香味道，品質極佳，是茅臺 老酒中的經典品種。

Mid-1980s “Flying Fairy” Kweichow Moutai for Export Alcohol: 53% vol Specification: 500ml Quantity: Twenty bottles The “Flying Fairy” Kweichow Moutai for export left the factory during 1975 till the first half of 1985. It contains 540ml of liquor and is thus referred to as “Big Flying Fairy” in the collectors’ circle. From 1985, Moutai Distillery started following the international norms by changing the measuring unit from “g” to “ml”. This liquor bottle is a little shorter than the previous “Big Flying Fairy” and its specification “0.54 L” on the colored box and front label has been changed to “500ml”. This product has been elaborately produced with high quality liquor aged for many years. With an elegant and subtle body, indescribably aged fragrance and excellent quality, this liquor is a part of Moutai’s classical variety.

HK$ 480,000 - 630,000 US$ 61,200 - 80,300

32

LOT 1632

1980年“金輪牌”內銷貴州茅臺酒(三大革命) 酒精度：約55% vol 規格：540ml 瓶數：10瓶 1980年茅臺總產量為1152噸，當年零售價約為8.00元。 1967年至1982年期間，“金輪牌”茅臺酒背標上書“茅臺酒是全國名酒，產於貴州省仁懷 縣茅臺鎮，已有二百餘年悠久歷史。解放後在中國共產黨領導下，開展三大革命運動，不 斷地總結傳統經驗，改進技術，提高質量。具有醇和濃郁、特殊芳香、味長回甜之獨特風 格”。被稱為“三大革命”，獨具時代感。“三大革命”茅臺酒正如其背標所言“酒體醇 和濃郁，氣味特殊芳香，味長回甜”，為茅臺酒收藏者所珍愛。

Kweichow Moutai Spirit’s “Gold Wheel” Brand, Domestically Sold in 1980-19 (Three Great Revolutions) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles In 1980, the total output of Moutai was 1152 tons, and the retail price was about 8.00 yuan.

During 1967-1982, Moutai’s “Gold Wheel” spirit brand bore a note on the back of the bottle, saying, “Moutai spirit is a nationally famous wine, produced in Moutai Town of Renhuai County of Kweichow Province, with a long history of more than 200 years. After liberation, under the leadership of Communist Party of China, we carried out the ‘Three Great Revolutions Movement’.

Consolidating the traditional experience, we upgraded our technology and improved our quality.

The spirit has its unique style that is described as ‘mellow and rich, with special fragrance and a lasting sweet after-taste’”. In commemoration of the era it was produced, it was named “Three Great Revolutions”. As this spirit bears the back note reading, “Mellow and rich, with special fragrance and a lasting sweet after-taste”, it is treasured by Moutai spirit collectors.

HK$ 300,000 - 390,000 US$ 38,200 - 49,700

33

LOT 1633

1981年“金輪牌”內銷貴州茅臺酒(三大革命) 酒精度：約55% vol 規格：540ml 瓶數：10瓶 1981年茅臺總產量為1052噸，當年零售價約為11.56元。 1967年至1982年期間，“金輪牌”茅臺酒背標上書“茅臺酒是全國名酒，產於貴州省仁懷 縣茅臺鎮，已有二百餘年悠久歷史。解放後在中國共產黨領導下，開展三大革命運動，不 斷地總結傳統經驗，改進技術，提高質量。具有醇和濃郁、特殊芳香、味長回甜之獨特風 格”。被稱為“三大革命”，獨具時代感。“三大革命”茅臺酒正如其背標所言“酒體醇 和濃郁，氣味特殊芳香，味長回甜”，為茅臺酒收藏者所珍愛。

Kweichow Moutai Spirit’s “Gold Wheel” Brand, Domestically Sold in 1980-19 (Three Great Revolutions) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles In 1981, the total output of Moutai was 1052 tons, and the retail price was about 11.56 yuan.

During 1967-1982, Moutai’s “Gold Wheel” spirit brand bore a note on the back of the bottle, saying, “Moutai spirit is a nationally famous wine, produced in Moutai Town of Renhuai County of Kweichow Province, with a long history of more than 200 years. After liberation, under the leadership of Communist Party of China, we carried out the ‘Three Great Revolutions Movement’.

Consolidating the traditional experience, we upgraded our technology and improved our quality.

The spirit has its unique style that is described as ‘mellow and rich, with special fragrance and a lasting sweet after-taste’”. In commemoration of the era it was produced, it was named “Three Great Revolutions”. As this spirit bears the back note reading, “Mellow and rich, with special fragrance and a lasting sweet after-taste”, it is treasured by Moutai spirit collectors.

HK$ 290,000 - 380,000 US$ 36,900 - 48,400 34

LOT 1634

1982年“金輪牌”內銷貴州茅臺酒(三大革命) 酒精度：約55% vol 規格：540ml 瓶數：10瓶 1982年茅臺總產量為1181噸，當年零售價約為11.56元。 1967年至1982年期間，“金輪牌”茅臺酒背標上書“茅臺酒是全國名酒，產於貴州省仁懷 縣茅臺鎮，已有二百餘年悠久歷史。解放後在中國共產黨領導下，開展三大革命運動，不 斷地總結傳統經驗，改進技術，提高質量。具有醇和濃郁、特殊芳香、味長回甜之獨特風 格”。被稱為“三大革命”，獨具時代感。“三大革命”茅臺酒正如其背標所言“酒體醇 和濃郁，氣味特殊芳香，味長回甜”，為茅臺酒收藏者所珍愛。

Kweichow Moutai Spirit’s “Gold Wheel” Brand, Domestically Sold in 1980-19 (Three Great Revolutions) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles In 1982, the total output of Moutai was 1181 tons, and the retail price was about 11.56 Yuan.

During 1967-1982, Moutai’s “Gold Wheel” spirit brand bore a note on the back of the bottle, saying, “Moutai spirit is a nationally famous wine, produced in Moutai Town of Renhuai County of Kweichow Province, with a long history of more than 200 years. After liberation, under the leadership of Communist Party of China, we carried out the ‘Three Great Revolutions Movement’.

Consolidating the traditional experience, we upgraded our technology and improved our quality.

The spirit has its unique style that is described as ‘mellow and rich, with special fragrance and a lasting sweet after-taste’”. In commemoration of the era it was produced, it was named “Three Great Revolutions”. As this spirit bears the back note reading, “Mellow and rich, with special fragrance and a lasting sweet after-taste”, it is treasured by Moutai spirit collectors.

HK$ 280,000 - 370,000 US$ 35,700 - 47,100 35

LOT 1635

1980-1982“金輪牌”內銷貴州茅臺酒(三大革命)(綿紙) 酒精度：約55% vol 規格：540ml 瓶數：10瓶 1967年至1982年期間，“金輪牌”茅臺酒背標上書“茅臺酒是全國名酒，產於貴州省仁懷 縣茅臺鎮，已有二百餘年悠久歷史。解放後在中國共產黨領導下，開展三大革命運動，不 斷地總結傳統經驗，改進技術，提高質量。具有醇和濃郁、特殊芳香、味長回甜之獨特風 格”。被稱為“三大革命”，獨具時代感。“三大革命”茅臺酒正如其背標所言“酒體醇 和濃郁，氣味特殊芳香，味長回甜”，為茅臺酒收藏者所珍愛。

Kweichow Moutai Spirit’s “Gold Wheel” Brand, Domestically Sold in 1980-1982 (Cotton paper Three Great Revolutions) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles During 1967-1982, Moutai’s “Gold Wheel” spirit brand bore a note on the back of the bottle, saying, “Moutai spirit is a nationally famous wine, produced in Moutai Town of Renhuai County of Kweichow Province, with a long history of more than 200 years. After liberation, under the leadership of Communist Party of China, we carried out the ‘Three Great Revolutions Movement’.

Consolidating the traditional experience, we upgraded our technology and improved our quality.

The spirit has its unique style that is described as ‘mellow and rich, with special fragrance and a lasting sweet after-taste’”. In commemoration of the era it was produced, it was named “Three Great Revolutions”. As this spirit bears the back note reading, “Mellow and rich, with special fragrance and a lasting sweet after-taste”, it is treasured by Moutai spirit collectors.

HK$ 320,000 - 420,000 US$ 40,800 - 53,500 36

LOT 1636

1983-1986年“飛天牌”外銷貴州茅臺酒(0.27L) 酒精度：53% vol; 規格：270ml 瓶數：20瓶 從上世紀50年代開始，飛天牌茅臺酒作為茅臺酒廠外銷專用酒，採用雙層防碎包裝紙盒。此 組拍品為270ml小包裝，被收藏界稱為“小飛天”，採用窖存多年的老酒精心勾兌而成，酒 體優雅細膩，具有難以名狀的老熟芳香，品質極佳，是茅臺老酒中的經典品種，極具收藏價 值。

1983-1986 “Flying Fairy” Kweichow Moutai (270ml) Alcohol: 53% vol Specification: 270ml Quantity: Twenty bottles In production since 1950s, this product is a special liquor of Moutai Distillery meant for export.

“Flying Fairy” Kweichow Moutai has been packed in a double-layered shatterproof carton. This set of auction items comes in small packages of 270ml, so it is referred to as “Small Flying Fairy” in the collectors’ circle. This product has been elaborately produced with high quality liquor aged for many years. With an elegant and subtle body, indescribably aged fragrance and excellent quality, this liquor is a part of Moutai’s classical variety and is highly collectable.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100

37

LOT 1637

1983-1986年“五星牌”內銷貴州茅臺酒(小地方國營)(綿紙) 酒精度：約 53% vol 規格：250g 瓶數：20瓶 1983-1986年出廠的“五星牌”內銷貴州茅臺酒，因正面酒標右下角書有“地方國營茅臺酒 廠出品”的字樣，被稱為“地方國營”。此組拍品為250g小包裝，酒體口感醇和細膩，陳 香熟香，濃郁綿長，是陳年茅臺酒中的典範。

1983-1986 “Five Star” Kweichow Moutai for Domestic Sale (State-Owned and Locally-Administered, 250 g)(Cotton paper) Alcohol: About 53% vol Specification: 250g Quantity: Twenty bottles The bottom right corner of this product’s front label bears the inscription “Produced by StateOwned and Locally-Administered Moutai Distillery”. This domestically sold “Five Star” Kweichow Moutai left the factory during 1983-1986. It is deemed as “state-owned and locally-administered”. This set of auction items comes in small packages of 250g. Featuring a mellow and subtle taste with a long-lasting strong fragrance, this liquor is a part of Moutai’s classical variety.

HK$ 240,000 - 320,000 US$ 30,600 - 40,800

38

LOT 1638

1983-1986年“五星牌”內銷貴州茅臺酒(地方國營)(綿紙) 酒精度：約 55% vol 規格：540ml 瓶數：10瓶 1983-1986年出廠的“五星牌”內銷貴州茅臺酒，因正面酒標右下角書有“地方國營茅臺酒 廠出品”的字樣，被稱為“地方國營”。“地方國營”茅臺酒與1987年及以後生產的茅臺酒 在包裝上有顯著區別，“地方國營”酒的容量為540ml，以後的均為500ml，這也成為茅臺 酒斷代的重要標準。 此組拍品的品相完好，存酒飽滿，每一瓶酒包裹的棉紙都十分完整，極為難得。酒體口感醇 和細膩，陳香熟香，濃郁綿長，是陳年茅臺酒中的典範。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in 1983 -1986(Cotton paper Local State-Run) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles Kweichow Moutai’s “Five Stars” spirit brand was produced for domestic sales during 19831986. It was called “Local State-Run” because of the inscription reading, “Local State-Run”, in the lower right hand corner of the front label. “Local State-Run” Moutai spirit is clearly distinctive from the Moutai spirits produced in 1987. The volume of “Local State-Run” spirit was 540ml, but that of all the later products is 500ml, which has become a standard for Moutai spirits. This group of auction items is in a good condition. The spirit is rich in taste, with a mellow and delicate mouthfeel and a long-lasting rich fragrance. It is a model in old Moutai spirits.

HK$ 220,000 - 290,000 US$ 28,000 - 36,900

39

LOT 1639

1983年“金輪牌”內銷貴州茅臺酒(地方國營) 酒精度：約 55% vol 規格：540ml 瓶數：10瓶 1983年茅臺總產量為1189噸，當年零售價約為18.50元。 1983-1986年出廠的“五星牌”內銷貴州茅臺酒，因正面酒標右下角書有“地方國營茅臺酒 廠出品”的字樣，被稱為“地方國營”。“地方國營”茅臺酒與1987年及以後生產的茅臺酒 在包裝上有顯著區別，“地方國營”酒的容量為540ml，以後的均為500ml，這也成為茅臺 酒斷代的重要標準。 此組拍品的品相完好，存酒飽滿，酒體口感醇和細膩，陳香熟香，濃郁綿長，是陳年茅臺酒 中的典範。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in 1983 (Local State-Run) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles In 1983, the total output of Moutai was 1189 tons, and the retail price was about 18.50 yuan.

Kweichow Moutai’s “Five Stars” spirit brand was produced for domestic sales during 19831986. It was called “Local State-Run” because of the inscription reading, “Local State-Run”, in the lower right hand corner of the front label. “Local State-Run” Moutai spirit is clearly distinctive from the Moutai spirits produced in 1987. The volume of “Local State-Run” spirit was 540ml, but that of all the later products is 500ml, which has become a standard for Moutai spirits. This group of auction items is in a good condition. The spirit is rich in taste, with a mellow and delicate mouthfeel and a long-lasting rich fragrance. It is a model in old Moutai spirits.

HK$ 270,000 - 360,000 US$ 34,400 - 45,900 40

LOT 1640

1984年“金輪牌”內銷貴州茅臺酒(地方國營) 酒精度：約 55% vol 規格：540ml 瓶數：10瓶 1984年茅臺總產量為1319噸，當年零售價約為18.50元。 1983-1986年出廠的“五星牌”內銷貴州茅臺酒，因正面酒標右下角書有“地方國營茅臺酒 廠出品”的字樣，被稱為“地方國營”。“地方國營”茅臺酒與1987年及以後生產的茅臺酒 在包裝上有顯著區別，“地方國營”酒的容量為540ml，以後的均為500ml，這也成為茅臺 酒斷代的重要標準。 此組拍品的品相完好，存酒飽滿，酒體口感醇和細膩，陳香熟香，濃郁綿長，是陳年茅臺酒 中的典範。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in 1984 (Local State-Run) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles In 1984, the total output of Moutai was 1319 tons, and the retail price was about 18.50 Yuan.

Kweichow Moutai’s “Five Stars” spirit brand was produced for domestic sales during 19831986. It was called “Local State-Run” because of the inscription reading, “Local State-Run”, in the lower right hand corner of the front label. “Local State-Run” Moutai spirit is clearly distinctive from the Moutai spirits produced in 1987. The volume of “Local State-Run” spirit was 540ml, but that of all the later products is 500ml, which has become a standard for Moutai spirits. This group of auction items is in a good condition. The spirit is rich in taste, with a mellow and delicate mouthfeel and a long-lasting rich fragrance. It is a model in old Moutai spirits.

HK$ 260,000 - 340,000 US$ 33,100 - 43,300 41

LOT 1641

1985年“金輪牌”內銷貴州茅臺酒(地方國營) 酒精度：約 55% vol 規格：540ml 瓶數：10瓶 1985年茅臺總產量為1256.9噸，當年零售價約為18.50元。 1983-1986年出廠的“五星牌”內銷貴州茅臺酒，因正面酒標右下角書有“地方國營茅臺酒 廠出品”的字樣，被稱為“地方國營”。“地方國營”茅臺酒與1987年及以後生產的茅臺酒 在包裝上有顯著區別，“地方國營”酒的容量為540ml，以後的均為500ml，這也成為茅臺 酒斷代的重要標準。 此組拍品的品相完好，存酒飽滿，酒體口感醇和細膩，陳香熟香，濃郁綿長，是陳年茅臺酒 中的典範。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in 1985 (Local State-Run) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles In 1985, the total output of Moutai was 1256.9 tons, and the retail price was about 18.50 Yuan.

Kweichow Moutai’s “Five Stars” spirit brand was produced for domestic sales during 19831986. It was called “Local State-Run” because of the inscription reading, “Local State-Run”, in the lower right hand corner of the front label. “Local State-Run” Moutai spirit is clearly distinctive from the Moutai spirits produced in 1987. The volume of “Local State-Run” spirit was 540ml, but that of all the later products is 500ml, which has become a standard for Moutai spirits. This group of auction items is in a good condition. The spirit is rich in taste, with a mellow and delicate mouthfeel and a long-lasting rich fragrance. It is a model in old Moutai spirits.

HK$ 250,000 - 330,000 US$ 31,900 - 42,000 42

LOT 1642

1986年“金輪牌”內銷貴州茅臺酒(地方國營) 酒精度：約 55% vol 規格：540ml 瓶數：10瓶 1986年茅臺總產量為1266.6噸，當年零售價約為18.50元。 1983-1986年出廠的“五星牌”內銷貴州茅臺酒，因正面酒標右下角書有“地方國營茅臺酒 廠出品”的字樣，被稱為“地方國營”。“地方國營”茅臺酒與1987年及以後生產的茅臺酒 在包裝上有顯著區別，“地方國營”酒的容量為540ml，以後的均為500ml，這也成為茅臺 酒斷代的重要標準。 此組拍品的品相完好，存酒飽滿，酒體口感醇和細膩，陳香熟香，濃郁綿長，是陳年茅臺酒 中的典範。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in 1986 (Local State-Run) Alcohol Content: About 55% vol Specifications: 540ml Quantity: Ten bottles In 1986, the total output of Moutai was 1266.6 tons, and the retail price was about 18.50 Yuan.

Kweichow Moutai’s “Five Stars” spirit brand was produced for domestic sales during 19831986. It was called “Local State-Run” because of the inscription reading, “Local State-Run”, in the lower right hand corner of the front label. “Local State-Run” Moutai spirit is clearly distinctive from the Moutai spirits produced in 1987. The volume of “Local State-Run” spirit was 540ml, but that of all the later products is 500ml, which has become a standard for Moutai spirits. This group of auction items is in a good condition. The spirit is rich in taste, with a mellow and delicate mouthfeel and a long-lasting rich fragrance. It is a model in old Moutai spirits.

HK$ 240,000 - 320,000 US$ 30,600 - 40,800 43

LOT 1643

1987-1989年“飛天牌”貴州茅臺酒(鐵蓋) 酒精度：54% vol 規格：500ml 瓶數：10瓶 1987年—1989年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。又因飛天牌茅臺 酒作為茅臺酒廠外銷專用酒，採用雙層防碎包裝紙盒。因此本組拍品被收藏界稱為“鐵雙 飛”，是茅臺老酒中的經典品種，極具收藏價值。

1987-1989 “Flying Fairy” Kweichow Moutai (with Iron Covering) Alcohol Content: 54% vol Specifications: 500ml Quantity: Ten bottles This Kweichow Moutai spirit was produced in the beginning of 1987-1996 period. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. This product is a special liquor of Moutai Distillery meant for export. “Flying Fairy” Kweichow Moutai has been packed in a double-layered shatterproof carton. This set of auction items is referred to as “Iron double-layered Flying Fairy” in the collectors’ circle. With an elegant and subtle body, indescribably aged fragrance and excellent quality, this liquor is a part of Moutai’s classical variety and is highly collectable.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100 44

LOT 1644

1992年“珍品”貴州茅臺酒 酒精度：53% vol 規格：500ml 瓶數：10瓶 1992年“珍品”茅臺當年零售價約為340元。 此組拍品為1992年“珍品”貴州茅臺酒，酒標正面書“珍品貴州茅臺酒”，被稱為“珍品茅 臺”，是八十年代中期開始生產的高檔茅臺酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃 郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

1992“Treasure” Kweichow Moutai Alcohol: 53% vol Specification: 500ml Quantity: Ten bottles In 1992, the retail price of the “Treasure” Kweichow Moutai was about 340 Yuan.

The “Treasure” Kweichow Moutai left the factory in 1992. The liquor bottle bears the inscription “Treasure Kweichow Moutai” on the front label. Thus, it is referred to as “Treasure Moutai”. This liquor is a high-class Moutai that has been in production since the mid-1980s. This product is produced with high-quality liquor aged for many years. It is characterized by strong flavor, mellow body and a long-lasting sweet aftertaste. This set of auction items comes with its original box. It is indeed a well-preserved rarity.

HK$ 250,000 - 330,000 US$ 31,900 - 42,000 45

LOT 1645

1994年“珍品”貴州茅臺酒 酒精度：53% vol 規格：500ml 瓶數：10瓶 1994年“珍品”茅臺當年零售價約為476元。 此組拍品為1994年“珍品”貴州茅臺酒，酒標正面書“珍品貴州茅臺酒”，被稱為“珍品茅 臺”，是八十年代中期開始生產的高檔茅臺酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃 郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

1994“Treasure” Kweichow Moutai Alcohol: 53% vol Specification: 500ml Quantity: Ten bottles In 1994, the retail price of the “Treasure” Kweichow Moutai was about 476 Yuan.

The “Treasure” Kweichow Moutai left the factory in 1994. The liquor bottle bears the inscription “Treasure Kweichow Moutai” on the front label. Thus, it is referred to as “Treasure Moutai”. This liquor is a high-class Moutai that has been in production since the mid-1980s. This product is produced with high-quality liquor aged for many years. It is characterized by strong flavor, mellow body and a long-lasting sweet aftertaste. This set of auction items comes with its original box. It is indeed a well-preserved rarity.

HK$ 240,000 - 320,000 US$ 30,600 - 40,800 46

LOT 1646

1995年“珍品”貴州茅臺酒 酒精度：53% vol 規格：500ml 瓶數：10瓶 1995年“珍品”茅臺當年零售價約為480元。 此組拍品為1995年“珍品”貴州茅臺酒，酒標正面書“珍品貴州茅臺酒”，被稱為“珍品茅 臺”，是八十年代中期開始生產的高檔茅臺酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃 郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

1995“Treasure” Kweichow Moutai Alcohol: 53% vol Specification: 500ml Quantity: Ten bottles In 1995, the retail price of the “Treasure” Kweichow Moutai was about 480 Yuan.

The “Treasure” Kweichow Moutai left the factory in 1995. The liquor bottle bears the inscription “Treasure Kweichow Moutai” on the front label. Thus, it is referred to as “Treasure Moutai”. This liquor is a high-class Moutai that has been in production since the mid-1980s. This product is produced with high-quality liquor aged for many years. It is characterized by strong flavor, mellow body and a long-lasting sweet aftertaste. This set of auction items comes with its original box. It is indeed a well-preserved rarity.

HK$ 230,000 - 300,000 US$ 29,300 - 38,200 47

LOT 1647

1998年“珍品”貴州茅臺酒 酒精度：53% vol 規格：500ml 瓶數：10瓶 1998年“珍品”茅臺當年零售價約為560元。 此組拍品為1998年“珍品”貴州茅臺酒，酒標正面書“珍品貴州茅臺酒”，被稱為“珍品茅 臺”，是八十年代中期開始生產的高檔茅臺酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃 郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

1998“Treasure” Kweichow Moutai Alcohol: 53% vol Specification: 500ml Quantity: Ten bottles In 1998, the retail price of the “Treasure” Kweichow Moutai was about 560 Yuan.

The “Treasure” Kweichow Moutai left the factory in 1998. The liquor bottle bears the inscription “Treasure Kweichow Moutai” on the front label. Thus, it is referred to as “Treasure Moutai”. This liquor is a high-class Moutai that has been in production since the mid-1980s. This product is produced with high-quality liquor aged for many years. It is characterized by strong flavor, mellow body and a long-lasting sweet aftertaste. This set of auction items comes with its original box. It is indeed a well-preserved rarity.

HK$ 120,000 - 160,000 US$ 15,300 - 20,400 48

LOT 1648

1999年“珍品”貴州茅臺酒 酒精度：53% vol 規格：500ml 瓶數：10瓶 1999年“珍品”茅臺當年零售價約為560元。 此組拍品為1999年“珍品”貴州茅臺酒，酒標正面書“珍品貴州茅臺酒”，被稱為“珍品茅 臺”，是八十年代中期開始生產的高檔茅臺酒。採用窖藏多年的陳酒勾兌而成，具有醬香濃 郁，酒體醇厚，回味綿甜之特點。本組拍品均有原盒包裝，保存完好，存世量稀少。

1999 “Treasure” Kweichow Moutai Alcohol: 53% vol Specification: 500ml Quantity: Ten bottles In 1999, the retail price of the “Treasure” Kweichow Moutai was about 560 Yuan.

The “Treasure” Kweichow Moutai left the factory in 1999. The liquor bottle bears the inscription “Treasure Kweichow Moutai” on the front label. Thus, it is referred to as “Treasure Moutai”. This liquor is a high-class Moutai that has been in production since the mid-1980s. This product is produced with high-quality liquor aged for many years. It is characterized by strong flavor, mellow body and a long-lasting sweet aftertaste. This set of auction items comes with its original box. It is indeed a well-preserved rarity.

HK$ 110,000 - 150,000 US$ 14,000 - 19,100 49

LOT 1649

1970-1972年“金輪牌”貴州茅臺酒(土陶瓶) 酒精度：約55% vol 規格：540ml 瓶數：1瓶 此組拍品為1970-1972年矮嘴醬瓶貴州茅臺酒，使用帶有黃褐色為主的釉色瓶灌裝，瓶口以 軟木塞與紅色火龍膠套封口，其在茅臺酒收藏界非常著名。瓶身造型顏色完全區別於常見貴 州茅臺酒，還具有絕佳醇厚的酒質特徵，極具收藏價值的陳年茅臺酒。

“Golden Wheel” Guizhou Moutai 1970-1972 (In Earthenware Bottle) Alcohol: about 55% vol Volume: 540ml Quantity: One bottle This lot is a well-known Moutai liquor coming with a short-mouthed glazed bottle in a yellow-brown color. The bottle mouth is sealed with a cork stopper and a red rubber coil. The shape of the bottle is completely different from that of other Moutai bottles, and the liquor has an excellent mellow taste.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100 50

LOT 1650

1987年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：54% vol 規格：500ml 瓶數：10瓶 1987年茅臺總產量為1331.2噸，當年五星牌零售價約為58.30元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in1987 (with Iron Covering) Alcohol Content: 54% vol Specifications: 500ml Quantity: Ten bottles In 1987, the total output of Moutai was 1331.2 tons, and the retail price was about 58.30 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100 51

LOT 1651

1988年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：54% vol 規格：500ml 瓶數：10瓶 1988年茅臺總產量為1300噸，當年內銷五星牌出廠價為100.40元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in1988 (with Iron Covering) Alcohol Content: 54% vol Specifications: 500ml Quantity: Ten bottles In 1988, the total output of Moutai was 1300 tons, and the factory price was about 100.40 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100 52

LOT 1652

1989年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：54% vol 規格：500ml 瓶數：10瓶 1989年茅臺總產量為1728.8噸，當年五星牌內銷零售價為109元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically Sold in 1989(with Iron Covering) Alcohol Content: 54% vol Specifications: 500ml Quantity: Ten bottles In 1989, the total output of Moutai was 1728.8 tons, and the factory price was about 109 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 190,000 - 250,000 US$ 24,200 - 31,900 53

LOT 1653

1990年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1990年茅臺總產量為1880噸，當年五星牌內銷零售價為109元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically sold in 1990(with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1990, the total output of Moutai was 1880 tons, and the factory price was about 109 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 190,000 - 250,000 US$ 24,200 - 31,900 54

LOT 1654

1991年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1991年茅臺總產量為1959.4噸，當年五星牌內銷零售價為180元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically sold in 1991(with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1991, the total output of Moutai was 1959.4 tons, and the retail price was about 180 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 180,000 - 240,000 US$ 22,900 - 30,600 55

LOT 1655

1992年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1992年茅臺總產量為2089.3噸，當年五星牌內銷零售價為180元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically sold in 1992(with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1992, the total output of Moutai was2089.3 tons, and the retail price was about 180 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 180,000 - 240,000 US$ 22,900 - 30,600 56

LOT 1656

1993年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1993年茅臺總產量為2281噸，當年五星牌內銷零售價為213.8元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically sold in 1993(with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1993, the total output of Moutai was 2281 tons, and the retail price was about 213.8 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 170,000 - 230,000 US$ 21,700 - 29,300 57

LOT 1657

1994年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1994年茅臺總產量為3390噸，當年五星牌內銷零售價為238元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically sold in 1994(with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1994, the total output of Moutai was 3390 tons, and the retail price was about 238 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 170,000 - 230,000 US$ 21,700 - 29,300 58

LOT 1658

1995年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1995年茅臺總產量為3978噸，當年五星牌內銷零售價為240元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically sold in 1995(with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1995, the total output of Moutai was 3978 tons, and the retail price was about 240 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 160,000 - 210,000 US$ 20,400 - 26,800 59

LOT 1659

1996年貴州茅臺酒(五星牌)(鐵蓋) 酒精度：53% vol 規格：500ml 瓶數：10瓶 1996年茅臺總產量為4365噸，當年五星牌內銷零售價為280元。 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Moutai Spirit’s “Five Stars” Brand, Domestically sold in 1996(with Iron Covering) Alcohol Content: 53% vol Specifications: 500ml Quantity: Ten bottles In 1996, the total output of Moutai was 4365 tons, and the retail price was about 280 Yuan.

This Kweichow Moutai spirit was produced in the beginning of 1987-1996 periods. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 150,000 - 200,000 US$ 19,100 - 25,500 60

LOT 1660

1987-1996年貴州茅臺酒組合(五星牌)(鐵蓋) 酒精度：1987-1989年54% vol，1990-1996年53% vol 規格：500ml 瓶數：每年份 1瓶，共10瓶 此組拍品為1987-1996年貴州茅臺酒(鐵蓋組合)。1987年—1996年上半年出廠的貴州茅臺 酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒有標明度數，又稱“無度茅臺”。此組拍 品保存完好，存酒飽滿，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。

Assortment of “Moutai with Iron Covering” in 1987-1996.

Alcohol Content: 54% vol for 1987-1989 bottles and 53% vol for 1990-1996 bottles Specifications:500ml Quantity: Ten bottles in total; Each from 1987-1996 This Kweichow Moutai spirit was produced in early period of 1987-1996. Its bottle cap is made of aluminum, so it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 150,000 - 200,000 US$ 19,100 - 25,500 61

LOT 1661

80年代貴州茅臺酒組合(五星牌)(鐵蓋) 酒精度：54% vol 規格：500ml 瓶數：10瓶 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Assortment of “Moutai with Iron Covering” in Late 1980s Alcohol Content: 54% vol Specifications: 500ml Quantity: Ten bottles This Kweichow Moutai spirit was produced in early period of 1987-1996. Its bottle cap is made of aluminum, so it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 150,000 - 200,000 US$ 19,100 - 25,500 62

LOT 1662

90年代貴州茅臺酒組合(五星牌)(鐵蓋) 酒精度：53% vol 規格:500ml 瓶數：20瓶 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。該組拍品保存完好，具有醬香味突出，酒體醇厚飽滿，回 味陳香悠長，空杯留香持久之特點。

Assortment of “Moutai with Iron Covering” in Late 1990s Alcohol Content: 53% vol Specifications: 500ml Quantity: Twenty bottles This Kweichow Moutai spirit was produced in early period of 1987-1996. Its bottle cap is made of aluminum, so it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 300,000 - 390,000 US$ 38,200 - 49,700 63

LOT 1663

90年代貴州茅臺酒組合(飛天牌)(鐵蓋)(375ml) 酒精度：53% vol 規格:375ml 瓶數：20瓶 1990-1996年出廠的貴州茅臺酒，具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留 香持久之特點。該組拍品為375ml小包裝，存酒飽滿、品相上乘，極具收藏價值。

1990-1996 Kweichow Moutai (With Iron Cap, 375ml) Alcohol: 53% vol Specification: 375ml Quantity: Twenty bottles This Kweichow Moutai left the factory during 1990-1996. It is characterized by unique flavor, mellow and full body, lasting aftertaste and fragrance. This set of auction items are in small packaging of 375ml. It has been adequately preserved in a good condition and is highly collectable.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100

64

LOT 1665

1974年“葵花牌”外銷貴州茅臺酒 酒精度：約55% vol 規格：500g 瓶數：1瓶 “葵花牌”為中國糧油進出口標識，在國內銷售很少。1966年文革開始後，貴州茅臺酒原出口 商標“飛天牌”(也稱“飛仙牌”)因採用敦煌壁畫的飛天圖案有“四舊”嫌疑被決定停用，取而 代之的是具有紅色寓意“朵朵葵花向太陽”的“葵花牌”。1967年“貴州省茅臺酒廠革命委員 會”宣佈“葵花牌”正式啓用。但一些國家和地區對“朵朵葵花向太陽”這樣的紅色寓意不太 接受，以至於影響了出口的銷量，於是1973年中國糧油進出口公司下文通知將外銷茅臺由“葵 花牌”恢復為“飛天牌”。1975年“葵花牌”全面換標，算來“葵花牌”只存在了8年。 1974年“葵花牌”貴州茅臺酒無疑是“文革”這個特殊時期的產物，它歷經四十多年依然保 存完好如初，時代感極強。如今，“葵花牌”茅臺酒備受藏友追捧，就是因為它只存在了幾 年的時間，存世量極為稀少。

“Sunflower” Kweichow Moutai 1974 for Export Alcohol: about 55% vol Weight: 540ml Quantity: One bottle “Sunflower”, the trademark for the imported and exported products of COFCO, was a brand rarely used for domestic sales. After the Proletarian Cultural Revolution began in 1966, “Feitian” (also known as “Feixian”) - the original export trademark of Guizhou Moutai - was halted, as the pattern, which was an imitation of Dunhuang murals, suggested a connection with the “Four Olds” of Chinese culture. Instead, the “Sunflower” trademark, which signifies the prosperity of the revolutionary cause, was officially put into use by the Revolutionary Committee of Guizhou Moutai Distillery in 1967. However, the revolutionary connotation of “Sunflower” was not accepted by certain countries and regions, resulting in reduced export volume. In 1973, COFCO restored the “Feitian” trademark for export-bound Moutai liquors.

HK$ 180,000 - 240,000 US$ 22,900 - 30,600 66

LOT 1666

1992年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。此組拍品保存完好，存酒飽滿，具有醬香味突出，酒體醇 厚飽滿，回味陳香悠長，空杯留香持久之特點。

Kweichow Moutai Spirit of 1992 (Moutai with Iron Covering) (Original Case) Alcohol Content: 53% vol Specifications: 500ml Quantity: Twelve bottles This Kweichow Moutai spirit was produced in the beginning of 1987-1996 period. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 300,000 - 390,000 US$ 38,200 - 49,700 67

LOT 1667

1993年五星牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。此組拍品保存完好，存酒飽滿，具有醬香味突出，酒體醇 厚飽滿，回味陳香悠長，空杯留香持久之特點。

Kweichow Moutai Spirit of 1993 (Moutai with Iron Covering) (Original Case) Alcohol Content: 53% vol Specifications: 500ml Quantity: Twelve bottles This Kweichow Moutai spirit was produced in the beginning of 1987-1996 period. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 300,000 - 380,000 US$ 38,200 - 48,400 68

LOT 1668

1995年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 1987年—1996年上半年出廠的貴州茅臺酒，瓶蓋為鋁制，被稱為“鐵蓋茅臺”。因瓶身沒 有標明度數，又稱“無度茅臺”。此組拍品保存完好，存酒飽滿，具有醬香味突出，酒體醇 厚飽滿，回味陳香悠長，空杯留香持久之特點。

Kweichow Moutai Spirit of 1995 (Moutai with Iron Covering) (Original Case) Alcohol Content: 53% vol Specifications: 500ml Quantity: Twelve bottles This Kweichow Moutai spirit was produced in the beginning of 1987-1996 period. It has an aluminum bottle cap, thus it is called “Moutai with Iron Covering”. As there is no marked degree on the bottle, it is also called “Moutai without Degree”. This group of auction items is in a good condition, bearing the features of an outstanding sauce fragrance, rich and thick wine flavor, lasting aftertaste and long-lasting fragrance even in the empty cup.

HK$ 270,000 - 350,000 US$ 34,400 - 44,600 69

LOT 1669

1997年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 1997年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

Guizhou Moutai Spirit of 1997(Original Case) Alcohol Content: 53% vol Specifications: 500ml Quantity: Twelve bottles The Guizhou Moutai spirit produced in 1997 have an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup. All the bottles carrying this rich spirit are in a good condition and in their original casings. This spirit is very rare and has a high collecting value.

HK$ 180,000 - 240,000 US$ 22,900 - 30,600

70

LOT 1670

1998年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 1998年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

Guizhou Moutai Spirit of 1998(Original Case) Alcohol Content: 53% vol Specifications: 500ml Quantity: Twelve bottles The Guizhou Moutai spirit produced in 1998 have an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup. All the bottles carrying this rich spirit are in a good condition and in their original casings. This spirit is very rare and has a high collecting value.

HK$ 170,000 - 220,000 US$ 21,700 - 28,000

71

LOT 1671

1999年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 1999年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香持久之 特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。

Guizhou Moutai Spirit of 1999(Original Case) Alcohol Content: 53% vol Specifications: 500ml Quantity: Twelve bottles The Guizhou Moutai spirit produced in 1999 have an outstanding saucy mouthfeel, rich and thick wine body, lasting aftertaste and long-lasting fragrance even in the empty cup. All the bottles carrying this rich spirit are in a good condition and in their original casings. This spirit is very rare and has a high collecting value.

HK$ 160,000 - 210,000 US$ 20,400 - 26,800

72

LOT 1672

2000年五星牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2000 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 120,000 - 160,000 US$ 15,300 - 20,400

73

LOT 1673

2003年五星牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2003 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 110,000 - 150,000 US$ 14,000 - 19,100

74

LOT 1674

2004年五星牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2004 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 110,000 - 140,000 US$ 14,000 - 17,800

75

LOT 1675

2005年五星牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2005 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 100,000 - 130,000 US$ 12,700 - 16,600

76

LOT 1676

2000年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2000 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 120,000 - 160,000 US$ 15,300 - 20,400

77

LOT 1677

2001年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2001 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 110,000 - 150,000 US$ 14,000 - 19,100

78

LOT 1678

2003年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2003 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 110,000 - 150,000 US$ 14,000 - 19,100

79

LOT 1679

2004年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2004 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 110,000 - 140,000 US$ 14,000 - 17,800

80

LOT 1680

2005年飛天牌貴州茅臺酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：12瓶 2000-2009年出廠的貴州茅臺酒具有醬香味突出，酒體醇厚飽滿，回味陳香悠長，空杯留香 持久之特點。且均有原盒，品相完好，存酒飽滿，實屬不易，極具收藏價值。這一時期出廠 的茅臺酒生產工藝傳統，市場價格適中，無論是收藏還是飲用，都是非常不錯的選擇。

Guizhou Moutai Spirit of 2005 (Combination of Original Boxes) Alcohol: 53% vol Volume: 500ml Quantity: Twelve bottles Guizhou Moutai liquor produced between 2000 and 2009 features a full-bodied flavor and a powerful aftertaste. The liquor, offered in its full quantities with its original boxes and packaging intact, is highly collectable. Moutai liquor at that time made us of traditional production processes and its price is reasonable, making it a good choice for both collecting and drinking.

HK$ 100,000 - 130,000 US$ 12,700 - 16,600

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LOT 1688

2012年國酒茅臺文化研究會會員專用酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：40瓶，共五箱 國酒茅臺文化研究會會員專用酒是貴州茅臺酒股份有限公司專為研究會量身定制，專業打造 的年份陳釀，僅供會員品鑒珍藏。會員專用酒是依照茅臺年份酒工藝生產的上品佳釀，基酒 歷經多年窖藏，並佐以十幾種不同的茅臺原酒，香氣芬芳濃郁，口感醇和棉厚，回味悠長。

2012 Kweichow Moutai Special for Members (Original Box) Alcohol: 53% vol Specification: 500ml Quantity: Forty bottles in total Special Liquor for Members of National Liquor Moutai Culture Research Society is the aged liquor specially and professionally produced for the Research Society by Kweichow Moutai Co., Ltd. This liquor is meant only for members’ appreciation and collection. This product is top grade vintage liquor produced per the production process of vintage Moutai. The base liquor, which has been aged for many years, has been blended with several different kinds of crude liquor. It features a strong fragrance, mellow flavor and a lasting aftertaste.

HK$ 200,000 - 260,000 US$ 25,500 - 33,100 89

LOT 1689

(甲午馬年)茅臺紀念酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：6瓶 馬年生肖茅臺酒集生肖文化、五行文化、國畫藝術等文化元素為一體，是中國現代白酒文化 和傳統文化的有機結合，具有特殊的藝術品味和收藏價值。 馬年生肖茅臺酒以紅色瓶身代 表馬年屬火的五行屬性，以印章“甲午馬年”為干支紀年，並由中國國畫大師徐悲鴻關門弟 子--劉勃舒先生繪製《春風得意馬蹄疾》畫作。劉勃舒先生發揚其師傳技藝，以馬寫心，以 馬弘志。畫作蒼勁有力，栩栩如生，盡抒馬騰盛世、馬到成功之意。 馬年伊始馬到成功，國 畫銘國印；茅臺香醇茅塞頓開，國酒展國韻。

“Year of the Horse” Guizhou Moutai 2014 (Original Box) Alcohol: 53% vol Volume: 500ml Quantity: Six bottles The “Year of the Horse” Moutai liquor integrates a diverse mix of cultural elements including the zodiac animal signs, the Five Elements, and Chinese painting, representing an organic combination of China’s modern liquor culture and traditional culture, with a unique artistic appeal and high collector’s value . The liquor bottle features a horse painting by the famous painter Mr. Liu Boshu, who is a student of the Chinese-painting master Xu Beihong.

HK$ 60,000 - 80,000 US$ 7,600 - 10,200 90

LOT 1690

(乙未羊年)茅臺紀念酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：6瓶 乙未羊年茅臺酒融生肖、五行、國畫、國酒等文化元素為一體，是中國現代白酒文化和傳統 文化的有機結合，具有特殊的藝術品位和留存意義。“三陽交泰，日新惟良。”乙未羊年茅 臺酒取地支五行未“土”之屬性，瓶身採用“帝王黃”陶瓷釉面，彰顯產品華美、高貴、神 秘氣質。背標引中國美術家協會主席劉大為先生畫作《三羊開泰》丹青福綏，畫中羊形體美 健、端莊祥和，寓勃勃生機於萬千氣象中，飽含“吉祥、富貴”之意。

“Year of the Sheep” Guizhou Moutai 2015 (Original Box) Alcohol: 53% vol Volume: 500ml Quantity: Six bottles The “Year of the Sheep” Moutai liquor integrates a diverse mix of cultural elements including the zodiac animal signs, the Five Elements, and Chinese painting, representing an organic combination of China’s modern liquor culture and traditional culture, with a unique artistic appeal and high collector’s value . The back of the bottle features a painting of three goats (signifying auspiciousness and wealth)by Mr. Liu Dawei, president of China Artists Association.

HK$ 90,000 - 120,000 US$ 11,500 - 15,300 91

LOT 1691

(丙申猴年)茅臺紀念酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：6瓶 以土豪金色為基調，象徵高貴、尊貴。印章“丙申猴年”為干支紀年，由著名畫家李燕先生 繪製《大神州萬戶猴》畫作，配以中國書法家雷珍民先生書法作品，書以“猴年喝猴酒， 福祿連年有”的祝福。丙申猴年，天干屬火，地支屬金。火煉出的土豪真金，代表著勤 奮、好學的能人志士。由火煉出的真金-靈猴，在十二生肖中也是公義、智慧的象徵。可謂 逢“猴”見喜、舉家有福。

“Year of the Monkey” Guizhou Moutai 2016 (Original Box) Alcohol: 53% vol Volume: 500ml Quantity: Six bottles The bottle of the “Year of the Monkey” Moutai liquor features a golden tone symbolizing elegance and honor, as well as a painting of monkeys by the famous painter Mr. Li Yan and some characters written by calligrapher Mr. Lei Zhenmin. The monkey is representing righteousness and wisdom .

HK$ 24,000 - 40,000 US$ 3,100 - 5,100 92

LOT 1692

(丁酉雞年)茅臺紀念酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：6瓶 國畫大家陳永鏘先生為雞年茅臺酒特意繪製的《司晨》一圖，圖中的公雞花冠高聳、氣宇軒 揚、通身黑亮、腳步孔武有力，寓意鴻運當頭、青雲直上。孔雀藍色瓶身暗喻藍色火焰里的 鳳凰涅槃，雅致高貴，印章“丁酉雞年”標示干支紀年。金色瓶蓋上有篆書“雞”字浮雕。 司晨守令的雄雞，在中國民俗生肖文化中，蘊含著守信、準時、闢邪、去災等美好的品性， 也表達了旭日東升、國運昌盛的美好寓意。

“Year of the Rooster” Guizhou Moutai 2017 (Original Box) Alcohol: 53% vol Volume: 500ml Quantity: Six bottles The bottle of the “Year of the Rooster” Moutai liquor features a rooster painting by Chinese painting master Mr. Chen Yongqiang as well as a Chinese character for “Rooster” on its golden lid, symbolizing honesty, punctuality, auspiciousness and national prosperity.

HK$ 18,000 - 30,000 US$ 2,300 - 3,800 93

LOT 1693

(戊戌狗年)茅臺紀念酒(原箱) 酒精度：53% vol 規格：500ml 瓶數：6瓶 著名畫家紀連彬先生創作的狗年生肖國畫《義犬守福，黃耳傳祥》，圖中的黃犬神情溫順、 蓄勢待發，既有忠誠、善良，又有福報、平安之寓意。水貂灰色瓶身象徵誠懇、沈穩、考 究，與狗的文化屬性暗合，印章“戊戌狗年”標示干支紀年。“黃耳”作為狗的名典，凝聚 了義犬的種種美德，忠誠、守信、溫順、沈著。這也是狗年生肖酒想要表達的理念，用一隻 忠誠可靠的義犬帶給所有熱愛茅臺的朋友最可信賴的陪伴，為您帶來福運，傳遞吉祥。

“Year of the Dog” Guizhou Moutai 2018 (Original Box) Alcohol: 53% vol Volume: 500ml Quantity: Six bottles The “Year of the Dog” Moutai liquor comes with a bottle featuring a painting of a dog by the famous painter Mr. Lian Jibin, symbolizing loyalty, honesty, kindness and peace. It also conveys the message that this series of Moutai liquors will be a most reliable and loyal companion of the drinker.

HK$ 15,000 - 20,000 US$ 1,900 - 2,500 94

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