Opportunity Uncorked Amid Record Setting Wine Auction in Hong Kong
Hong Kong (PRWEB) August 22, 2008 -- Hundreds of collectors thronged to Hong Kong for Asia's largest wine auction, as more than US$8.2 million worth of fine vintages changed hands in May, says financial consultancy Zetland.
Carrying a report on the wine extravaganza on its comprehensive website, Zetland Fiduciary Group (http://www.zetland.biz/newsletter/0808newsletter/0808newsletter.html) noted world-record prices were set at U.S. auction house Acker Merrall & Condit's inaugural Hong Kong auction, which saw more than 900 lots put on the block.
The highlight of the day-long event was a 12-bottle case of Domaine de la Romanee-Conti 1990, which went to a Singaporean buyer for US$242,000, setting a new world auction record for that particular wine.
Acker Merrall & Condit is America's biggest wine auctioneer with a record total of more than US$60 million in 2007, and more than US$35 million already auctioned in 2008. Acker will hold another auction in November in Hong Kong.
Last April, auction house Bonhams netted US$1.5 million in Hong Kong's first wine auction in a decade.
At the May Hong Kong auction (http://www.zetland.biz/newsletter/0808newsletter/news-in-brief3.html), three magnums of Dom Perignon champagne - vintages 1966, 1973 and 1976 - also set a record going under the hammer for US$93,000, the highest price ever paid for a champagne lot.
Since the abolition of wine duties in February, wine imports to Hong Kong have jumped more than 120 per cent, year-on-year, rising more than 200 per cent in value.
Asia has the fastest growing markets for wine consumption, currently worth about US$7 billion, according to the Hong Kong Trade Development Council. Analysts estimate the region's wine market will grow by up to 20 per cent a year over the next five years, with the Chinese mainland, Hong Kong, Singapore, South Korea and Taiwan leading the charge.
Chief Secretary for Administration Henry Tang said he envisions the city-state as a major wine-trading hub. "We already have the world-class infrastructure, logistics, financial and communication systems required and, more importantly, the discerning palate and ample appetite to become a wine trading and distribution centre in Asia," Tang said.
Organized by the Hong Kong Trade Development Council, more than 130 exhibitors are expected to take part in territory's first wine expo in August. The Hong Kong International Wine Fair will be held at the Hong Kong Convention and Exhibition Centre, with wine dealers, producers and suppliers attending.
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This press release has been reprinted from PRWEB per the terms and conditions of the copyright notice.
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