Could China empty the cellars of the western world?

Could China's thirst for fine wine, empty the cellars of the western world? That's the question being asked ever since Hong Kong has become the centre of the global wine trade, with more money raised at wine auctions there than in London or New York last year. 

Whether they are top officials who want to show off to their friends or successful entrepreneurs who want to use their money to build cellars to rival those of their business partners, the Chinese are buying up a lot of the best vintages, leaving less for collectors elsewhere. 

At a recent wine auction, in one of Hong Kong's best hotels, there was what you might call "old money" - Hong Kong grande dames clad in Chanel, and the newer type of bidder, men mostly from the mainland.

Before the bidding got under way, an announcement in English and Chinese explained the rules. For some bidders, this was still a new experience.

It's like real estate in Knightsbridge in London, or in Hong Kong on the Peak, the mainland's buying up a lot of things that Hong Kong people used to consume in Hong Kong.”

Soon the numbers were climbing fast, with many of the bids coming from just one or two individuals. They seemed to have deep pockets.