Second quarter Hong Kong wine sales are up 80% on 2010

paulfrasercollectibles

2015-06-26 12:29:06

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Second quarter Hong Kong wine sales are up 80% on 2010

The growing wealth of Asian countries continues to shape vintage wine sales

The desire for vintage wine among high-net worth individuals in Asia continued to grow during the second quarter of 2011, according to new figures.

The Wine Spectator Auction Index has revealed that takings at Hong Kong wine auctions between April and June grew by 80% on the same period in 2010.

The $70.2m figure was also 28% up on the previous quarter.

At an average $8,225 a lot, it is clear that the growing prosperity of Asian countries, particularly the booming economy of China, is having a profound impact on the world's wine auctions.

Increasing numbers of individuals have money to spend on desirable collectibles such as wine, which is seen as something of a status symbol in China.

"Asian buyers continue to expand their purchasing habits, and we are seeing more of them participate in our US and UK sales," Jamie Ritchie, head of Sotheby's wine department in North America, told Wine Spectator.

Asian Champagne collectors are admirers of Veuve Clicquot

As we regularly inform you at Paul Fraser Collectibles, desire for the leading wines has gone global in recent years, which can only be good news for collectors looking to sell their stock.

"The New York sales are also witnessing increased bidding from both Brazilian and Mexican buyers, who represent an increasingly important part of the market," added Ritchie.

Among the standout results of the quarter was the May sale of six magnums of Chteau Latour 1961 at Christie's Hong Kong, which achieved $231,300; doubling its high estimate.

A Singapore restaurant owner set a new auction world record for a bottle of Champagne in June, when he successfully bid $43,630 for a 19th century Veuve Clicquot, salvaged from a Finnish shipwreck, at an Acker Merrall & Condit sale.

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