'It's exploded'... Hong Kong meets challenge of vintage wine boom



If ever you needed confirmation that China is the boom area for wine collecting, here it is.

More than 15 new wine cellars have been established in Hong Kong in the past three years alone, reports Bloomberg.

It remains to be seen whether new premises will be sufficient to accommodate the growing number of valuable vintage wines selling to aspirational Chinese collectors.

Hong Kong removed its wine duties in 2008, sparking a formidable surge of wines heading east to the nouveau riche of China.

Proper storage of fine wines with an eye on retaining or increasing their value is especially important in a hot and humid climate such as Hong Kong.

"It's exploded, and you need logistics to support that," Robert Sleigh, from Sotheby's Asia wine department, told the publication.

"Now there are world-class wine storage facilities in Hong Kong."

The Wine Spectator Auction Index revealed that takings at Hong Kong wine auctions between April and June this year grew by 80% on the same period in 2010.

Increasing numbers of rare wines are heading to Hong Kong

At an average $8,225 a lot, it is clear that the growing prosperity of Asian countries, particularly the thriving economy of China, is having a profound impact on the world's wine auctions.

Every bottle in Sotheby's last 15 Hong Kong wine auctions has sold, while the city has also witnessed the world record for a wine lot, when three bottles of 1869 Château Lafite-Rothschild each made $230,930 at Sotheby's in October last year.

Paul Fraser Collectibles will keep you updated on all the latest wine auctions over the coming months.


Join our readers in over 200 countries around the world - sign up for your free weekly Collectibles Newsletter today 

Featured products

Elvis Presley Authentic Strand of Hair
Elvis Presley Authentic Strand of Hair
Sale price£399
In stock
Fidel Castro signed certificateFidel Castro Signed Certificate
Fidel Castro signed certificate
Sale price£2,995
In stock
King Henry VIII Autographed DocumentKing Henry VIII Autographed Document
King Henry VIII Autographed Document
Sale price£55,000
In stock