Christie's Shifts Wine Auction Strategy

In a sign of the grim times for the wine auction world, Christie's has announced that it is closing the South Kensington wine department after 30 years as part of its restructuring of its London wine department.David Elswood, head of Christie's International Wine Department told Decanter that Christie's new strategy will focus on the Asian market where the collecting market is still strong. While European wine sales were up 10% year on year in 2008, the forecast for 2009 remians guarded. The Christie's London King Street wine department will carry on with its usual schedule and Christie's Hong Kong will expand.