Sotheby’s Fine Wine Auctions Sell $8 Million Over The Weekend As Chinese Collectors Dominate In Hong Kong
Hong Kong is now the world's top wine auction market, having surpassed London and New York
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.
Posted in auction, Business, China, Investment, Luxury
Tagged auction, chateau lafite, China, chinese collector, CITIC, fine wine, hong kong, hong kong auction, Investment, joint venture, mainland, mainland china, new chinese collector, petrus, sotheby's, wine
Chinese Consumer Trends Following, Expanding On, Western Trends
Domestic sophisticates may turn their noses at Great Wall and other local brands, but they're increasingly buying from foreign wineries
Wine and spirits companies have exponentially increased their outreach efforts in the lucrative Chinese consumer market over the last five to 10 years, with western companies finding varying degrees of success — for scotch producer Chivas, success beyond their wildest dreams; for beer companies, more muted success. In the Chinese market, as the more insightful branding experts have noted, it’s not enough anymore for imported consumer goods to simply be expensive. As the Chinese middle and upper class becomes increasingly sophisticated and develops more focused tastes, companies need to appeal to potential buyers on a personal, visceral level (much as they try to do in developed markets).
Posted in Business, China, Luxury
Tagged China, chinese, fine wine, france, Luxury, sino-french relations, sotheby's, vineyards, vintners, wine