A wine merchant friend of mine from Hong Kong sent me a startling photo of all the auction catalogues he had on his desk just for this month. I counted 14 in all and I am sure he might have missed a few. And it’s only September. Many more sales are coming in October, November, and December.
I have to ask a few questions. Do enough wine buyers in the world – primarily Asia – exist to absorb all this? What about the volatile economy? Are people still happy to spend loads of money on expensive bottles?
I know that many people are selling wines from their cellars at the moment – especially the United States.
Global wine auctions sales in 2010 hit an estimated $408.1 million in 2010, according to a story in The Wine Spectator. Hong Kong alone accounted for $165 million of that – outpacing the United States by about $11 million. Figures so far this year look similar to 2010 despite the downturn in the economy.
Fourth quarter, however, is going to tell the story. And it’s all about Asia.
As one friend recently noted, “The only markets that are strong are the Chinese markets and wine investment funds. Other wine collectors around the world are not willing to pay such high prices as those in Hong Kong auctions. So many top wine cellars are going to Hong Kong sales.”
I'm pretty much in the same proverbial boat as DNOONE, only buying a bottle here and there.