'It's exploded'… Hong Kong meets challenge of vintage wine boom
'It's exploded' Hong Kong meets challenge of vintage wine boom
Buying up the world's vintage wine stock is all very well, but where on earth do you keep it all...?
If ever you needed confirmation that China is the boom area for wine collecting, here it is.
More than 15 new wine cellars have been established in Hong Kong in the past three years alone, reports Bloomberg.
It remains to be seen whether new premises will be sufficient to accommodate the growing number of valuable vintage wines selling to aspirational Chinese collectors.
Hong Kong removed its wine duties in 2008, sparking a formidable surge of wines heading east to the nouveau riche of China.
Proper storage of fine wines with an eye on retaining or increasing their valueis especially important in a hot and humid climate such as Hong Kong.
"It's exploded, and you need logistics to support that," Robert Sleigh, from Sotheby's Asia wine department, told the publication.
"Now there are world-class wine storage facilities in Hong Kong."
The Wine Spectator Auction Index revealed that takings at Hong Kong wine auctions between April and June this year grew by 80% on the same period in 2010.
Increasing numbers of rare wines are heading to Hong Kong
At an average $8,225 a lot, it is clear that the growing prosperity of Asian countries, particularly the thriving economy of China, is having a profound impact on the world's wine auctions.
Every bottle in Sotheby's last 15 Hong Kong wine auctions has sold, while the city has also witnessed the world record for a wine lot, when three bottles of 1869 Chteau Lafite-Rothschild each made $230,930 at Sotheby's in October last year.
Paul Fraser Collectibles will keep you updated on all the latest wine auctions over the coming months.