Hong Kong Overtakes NYC As The Wine Auction Capital

CWSA SothebyMore China Wine Market News…

Hong Kong’s fine wine buyers, spent $200 million at auctions in the first half of 2011.  The numbers of 2011 nearly double the amount for the same period last year, which is leaving auction houses such as Christie’s and Sotheby’s more than pleased.  Collectors are buying vintages from such wineries as Chateau Lafite Rothschild founded in 1815.  In recent months the bottles have ranged from $12,000 to $20,000 depending on vintage and provenance. Christie’s has sold 46.8 million worth of wine while Sotheby’s is soaring towards 53.1 million.  Buyers in Hong Kong are responsible for purchasing half of the fine wines from the houses, knocking New York out of the lead. Jack Hibberd of Liv-ex said. Christie’s predicts Asia will continue to dominate the market for the next 20 years at least.  Move over New Yorkers.

 

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