Hong Kong Active with Wine Auctions and Shows(1)
By 2009-4-1 9:29:56
Abolition of duties in Hong Kong has seen an increasing wine
activity with auctions and wine shows bringing it closer to being
the wine hub in South Asia and indicating a boom in the market where
the latest auction brought in a record successful bid of over a
million rupees for an 80-year old Krug champagne.
Acker Merrall & Condit, the 190- year old family run wine seller
from the US held its first auction of 2009 on Saturday in Hong Kong
with over a 1000 lots of wines and champagnes- the third following
the abolition of duties last February.
A bottle of rare champagne, a 1928 Krug fetched over $21,000 (over
Rs. 1 million), setting a new world record for the price of any
bottle of champagne sold at an auction. More than 1,000 bottles of
rare champagnes from the collection of Robert Rosania, a New York
based 38-year old real state investor and considered king of the
collectible vintage champagnes, attracted huge interest.
A lot of 132 bottles of Domaine de la Romanee Conti (DRC) La Tache
from vintages ranging from 1985 to 2003 went for about $ 240,000, in
line with the previous estimates.
The auction sold wine worth around $ 4.5 million with 96 percent
sold to buyers from Hong Kong, China, Taiwan, Japan, South Korea,
Singapore and Indonesia etc.
The first auction by AMC had fetched $ 8.2 million last May, setting
the record for any wine auction in Asia. This was followed by
another successful auction last November when the global recession
had already set in.
"The sale clearly underlined the continuing strong interest in Hong
Kong for the finest and rarest wines. The market has stabilized in
2009," reportedly said John Kapon, president of the firm after the
auction.
Hong Kong government's exemption of wine duty to zero in 2008 has
given a great boost to the market and helped foster a stronger wine
culture in Hong Kong, which is now well positioned to become the
wine hub in the Asia region.
Sotheby's Classic Cellar Auction
Sotheby has also swung into action with an auction of 749 lots
taking place at the Hong Kong Convention and Exhibition Center on
April 4 from a single American investor. 'We are thrilled to
bringing our wine auctions closed to home, providing Asian
collectors a closer access to great wines from the world over,' says
Patti Wong Chairman of Sotheby's Asia. The auction is to be lead by
Serena Sutcliffe MW, Head of International Wine Department for
Sotheby.
The swift change in the drinking habits of Hong Kong and several
surrounding Asian nations can be gauged by the fact that the wines
to be auctioned are mostly of Grand Cru variety and include mostly
Bordeaux's First and Second Growths, Burgundy, Rhone, Pomerol as
well as Super Tuscans and Piemontese wines. Petrus, La Pin, DRC, La
Tache, Vega Sicilia Unico, Grange, Chapoutier, Gaja, Yquem, Krug,
Dom Perignon are only a few of the labels that adorn the catalogue
of wines being offered.
activity with auctions and wine shows bringing it closer to being
the wine hub in South Asia and indicating a boom in the market where
the latest auction brought in a record successful bid of over a
million rupees for an 80-year old Krug champagne.
Acker Merrall & Condit, the 190- year old family run wine seller
from the US held its first auction of 2009 on Saturday in Hong Kong
with over a 1000 lots of wines and champagnes- the third following
the abolition of duties last February.
A bottle of rare champagne, a 1928 Krug fetched over $21,000 (over
Rs. 1 million), setting a new world record for the price of any
bottle of champagne sold at an auction. More than 1,000 bottles of
rare champagnes from the collection of Robert Rosania, a New York
based 38-year old real state investor and considered king of the
collectible vintage champagnes, attracted huge interest.
A lot of 132 bottles of Domaine de la Romanee Conti (DRC) La Tache
from vintages ranging from 1985 to 2003 went for about $ 240,000, in
line with the previous estimates.
The auction sold wine worth around $ 4.5 million with 96 percent
sold to buyers from Hong Kong, China, Taiwan, Japan, South Korea,
Singapore and Indonesia etc.
The first auction by AMC had fetched $ 8.2 million last May, setting
the record for any wine auction in Asia. This was followed by
another successful auction last November when the global recession
had already set in.
"The sale clearly underlined the continuing strong interest in Hong
Kong for the finest and rarest wines. The market has stabilized in
2009," reportedly said John Kapon, president of the firm after the
auction.
Hong Kong government's exemption of wine duty to zero in 2008 has
given a great boost to the market and helped foster a stronger wine
culture in Hong Kong, which is now well positioned to become the
wine hub in the Asia region.
Sotheby's Classic Cellar Auction
Sotheby has also swung into action with an auction of 749 lots
taking place at the Hong Kong Convention and Exhibition Center on
April 4 from a single American investor. 'We are thrilled to
bringing our wine auctions closed to home, providing Asian
collectors a closer access to great wines from the world over,' says
Patti Wong Chairman of Sotheby's Asia. The auction is to be lead by
Serena Sutcliffe MW, Head of International Wine Department for
Sotheby.
The swift change in the drinking habits of Hong Kong and several
surrounding Asian nations can be gauged by the fact that the wines
to be auctioned are mostly of Grand Cru variety and include mostly
Bordeaux's First and Second Growths, Burgundy, Rhone, Pomerol as
well as Super Tuscans and Piemontese wines. Petrus, La Pin, DRC, La
Tache, Vega Sicilia Unico, Grange, Chapoutier, Gaja, Yquem, Krug,
Dom Perignon are only a few of the labels that adorn the catalogue
of wines being offered.
From indianwineacademy.