GLOBAL: Hong Kong is world capital of fine wine sales - Sotheby's

By | 6 October 2009

Hong Kong has overtaken established rivals London and New York City to become the most lucrative venue for fine wine auctions, according to top auction house Sotheby's.

A weekend of wine auctions in Hong Kong saw Sotheby's sell HK61.5m of fine wine, almost double the group's estimated sales figure and including a world record price of HK726,000 for a six-litre bottle of Château Pétrus 1982.

Nearly all buyers (99%) were based in Asia, said Sotheby's.

Serena Sutcliffe MW, head of Sotheby's international wine department, said Hong Kong is becoming the most important fine wine trading centre in the world.

"In Sotheby's first year of selling wine in Asia, Hong Kong has become Sotheby's most important wine centre, ahead of very successful auctions in New York and London," she said.

"Sotheby's has exciting plans to build on this momentum to bring to the market top collections in 2010."

Last weekend's sales mean that Sotheby's has sold HK111.5m-worth of wine in Hong Kong auctions in 2009.

Hong Kong authorities last year scrapped duty tax on wine and spirits in order to become the "wine hub" of Asia.

Hong Kong is well-placed to serve growing demand for wines of all prices in China and will next year host Vinexpo Asia-Pacific, the sister show of the world's largest wine expo, Vinexpo Bordeaux.

 

Sectors: Wine

Companies: Vinexpo

There are currently no comments on this article

Be the first to comment on this article

Related articles

Focus - INDIA: The fall of Indage Vintners

India was today (1 April) given the honour of becoming the first Asian nation to join the Paris-based Organisation of Vine and Wine (OIV), which looks after the global rulebook on do's and don't's for the wine fraternity. Yet, one of the country's leading wine firms is on the verge of bankruptcy.

INDIA: Indian wine consumption growth continues - figures

India has joined the ten leading growth nations in the world for wine consumption, according to a Vinexpo/IWSR report.

UK: Wine market needs distribution overhaul - Vinexpo chief

The UK needs to find new ways of distributing wealth in the wine sector if it is to continue as a key market for the industry's major players, according to the chief of Vinexpo.

just-drinks tagline

Not a member? Join here

Decrease font sizeDecrease font sizeDecrease font size Increase font sizeIncrease font sizeIncrease font size Comment on this article Email this to a friend Print this page