Acker Merrall & Condit, the 190- year old family run wine seller from the US held its first auction of 2009 on Saturday in Hong Kong with over a 1000 lots of wines and champagnes- the third following the abolition of duties last February.
A bottle of rare champagne, a 1928 Krug fetched over $21,000 (over Rs. 1 million), setting a new world record for the price of any bottle of champagne sold at an auction. More than 1,000 bottles of rare champagnes from the collection of Robert Rosania, a New York based 38-year old real state investor and considered king of the collectible vintage champagnes, attracted huge interest.
A lot of 132 bottles of Domaine de la Romanee Conti (DRC) La Tache from vintages ranging from 1985 to 2003 went for about $ 240,000, in line with the previous estimates.
The auction sold wine worth around $ 4.5 million with 96 percent sold to buyers from Hong Kong, China, Taiwan, Japan, South Korea, Singapore and Indonesia etc.
The first auction by AMC had fetched $ 8.2 million last May, setting the record for any wine auction in Asia. This was followed by another successful auction last November when the global recession had already set in.
"The sale clearly underlined the continuing strong interest in Hong Kong for the finest and rarest wines. The market has stabilized in 2009," reportedly said John Kapon, president of the firm after the auction.
Hong Kong government's exemption of wine duty to zero in 2008 has given a great boost to the market and helped foster a stronger wine culture in Hong Kong, which is now well positioned to become the wine hub in the Asia region.
Sotheby’s Classic Cellar Auction
Sotheby has also swung into action with an auction of 749 lots taking place at the Hong Kong Convention and Exhibition Center on April 4 from a single American investor. ‘We are thrilled to bringing our wine auctions closed to home, providing Asian collectors a closer access to great wines from the world over,’ says Patti Wong Chairman of Sotheby’s Asia. The auction is to be lead by Serena Sutcliffe MW, Head of International Wine Department for Sotheby.
The swift change in the drinking habits of Hong Kong and several surrounding Asian nations can be gauged by the fact that the wines to be auctioned are mostly of Grand Cru variety and include mostly Bordeaux’s First and Second Growths, Burgundy, Rhone, Pomerol as well as Super Tuscans and Piemontese wines. Petrus, La Pin, DRC, La Tache, Vega Sicilia Unico, Grange, Chapoutier, Gaja, Yquem, Krug, Dom Perignon are only a few of the labels that adorn the catalogue of wines being offered.
There are several small lots and with reserve price of as low as $700 for an imperial (6 liters-8 std. bottles) would make many Indian connoisseurs salivate and want to attend this auction or the next one scheduled for October 3, 2009.
The advantage of Hong Kong being a tax free hub means that there is no tax to be paid on the wine purchased, whereas in the case of auctions in London duties and taxes would have to be paid first; they may be refunded when the wine is taken out of the country but the procedure can be cumbersome.
Hong Kong Wine Show
Hong Kong Trade Development Council (HKTDC) also got into the act after the duty waiver and organised the first Hong Kong International Wine and Spirits Fair (HKIWSF) last August. The show brought 240 exhibitors from 25 countries and regions. Over 8,500 trade visitors attended the show from 55 countries and regions. Over 10,000 public visitors frequented the show, indicating a huge interest.
Encouraged by the success, the second edition of this wine show will be held from 4th to 6th Nov 2009. HK International Wine & Spirits Competition (HKIWSC) will also be initiated at this show. Wine Tasting Sessions, Master Classes, seminars and industry conferences to educate the attendees about the wine culture should help move the Hong Kong wine lovers up another notch.
The HK Tourism Board (HKTB) has also named 2009 the year for food and wine in Hong Kong. Backed by the Government, it will cooperate with the Bordeaux Chamber of Commerce and inaugurate a Wine Festival from end Oct to mid Nov 2009. It will coincide with the period of the Wine Show. The Wine Festival will promote the wine appreciation culture in Hong Kong from Oct 2009 to the Christmas to the New Year 2010. |