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

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