Unconfidential China wine market for European wine merchants?

Now that Hong Kong has become such an important centre for fine-wine auctions, not least because American auctioneer Acker Merrall & Condit has been targeting Hong Kong so vigorously, a considerable quantity of fine wine that would once have stayed in the US and moved between American cellars can now be found in Asia, particularly Hong Kong and mainland China.

People know about the wine business, like Jancis Robinson, who is a famous writer and expert of wine, have given their opinion and comments about how come many of the fine-wine brokers, traders and merchants will have nothing to do with wine bought in the US and Asia.

For Gary Boom, the founder of Bordeaux Index, this has been an article of faith. “We only ever purchase European stock and we feel that all UK merchants should follow suit. It is our firm belief that stock that has been across the oceans and back has too many risks attached.

“Shipping and airfreight leave a lot to be desired even today and, in general, the condition of the wines is not as good as European stock. The supply chain is simply too long in most cases.”

For Adam Brett-Smith of traditional wine merchants Corney & Barrow, provenance is one of the biggest differentiating factors in the buying/selling of fine wine. “we do not source from the US; we do not source from Asia; we do not source from auction.” It is its own customers who provide much of what it trades, thereby offering the most convenient and reliable internal marketplace.

Simon Staples of Berry Bros & Rudd is in a similar position, also thinks their private clients are their biggest suppliers.

“We also buy from five or six UK merchants, perhaps four European merchants and from the négociants of course. Never from auction, rarely from private homes. We hardly ever have old wine on our list because I’m increasingly worried about fakes and ‘world traded stock’.

“I really would not buy for myself a case of anything older than 2001 from anyone unless I know where it’s been. There have been far too many experiences of badly stored older wine compared to perfect stock.”

Chris Davies of fine-wine traders Turville Valley Wines has even come across wines whose back labels had been deliberately removed because they cited a US importer. But since these back labels also carried the information on volume and alcoholic strength that is mandatory in the EU, the wine was thus rendered unsaleable in Europe.

He is far from the only one to refer to the importance of specific trusted suppliers. Stephen Browett of the biggest fine wine traders Farr Vintners says: “We don’t have so much a policy of ‘where’, more of ‘how’ wines have been stored. Provenance and good storage are the key issues rather than blanket ‘France = good’ and ‘anywhere else = bad’.

However, many of these brokers, traders and merchants, including Bordeaux Index, now have an outpost in Hong Kong. Presumably Gary Boom feels that bottles can withstand one long journey between London and Hong Kong, so long as it is in an easterly direction.