Sotheby’s Fine Wine Auctions Sell $8 Million Over The Weekend As Chinese Collectors Dominate In Hong Kong
This weekend, Sotheby’s began a five-day string of auctions in Hong Kong — continuing until October 8 — with auctions of fine wine from the cellars of two anonymous American collectors. Though one of the world’s newest hubs for wine, due to a combination of ending wine duties, encouraging mainland buyers to take part in wine auctions, and growing demand both in Hong Kong and in mainland China, Hong Kong has within a few short years become the world’s #1 auction market for wine, overtaking traditional leaders London and New York. From James Pomfret in Reuters:
“Asian buyers represented 99 percent of buyers in this two-day sale,” said the head of Sotheby’s international wine department Serena Sutcliffe. “Hong Kong has become Sotheby’s most important wine center, ahead of very successful auctions in New York and London,” she added in a statement.