Wine Auctions

18 June 2010 - Who would have thought that wine would become so popular in Hong Kong? It is reported that Hong Kong is likely to overtake the United States as the world's biggest wine auction center this year with sales of about USD 100 million. This comes two years after duty on wine was scrapped in the city and will help cement its position as a global player for wine auctions. Given the robust demand for fine wines in Asia - in particular the mainland - it is expected that Hong Kong will lead the global wine auction market for years to come. The world record for one day wine auctions stands at a revenue of USD 24.7 million at an auction in New York in 2006. The Hong Kong's record is held by Christie's with a daily income of HKD 40.3 million for a wine sale. Wow!