Hong Kong auctions overtake London

Hong Kong has overtaken London as the second-biggest wine-auction market after New York.

The region’s wine auctions totalled HK$543m (US$70m) – about 25% of wine sales in Hong Kong.Hong Kong’s sales in 2009 surpassed the US$34m taken in London but did not knock New York out of first place, where some US$135m was taken in wine auctions, as estimated by Gil Lempert Schwarz, executive consultant to auction house Acker Merrall & Condit.

Lifting all wine taxes in February 2008 spurred demand for wine, creating an auction market that was ‘zero’ before the tax exclusion, Boris de Vroomen, chairman of the Hong Kong Wine & Spirits Industry Coalition told decanter.com.

> Read the full article at Decanter.com