Hong Kong wine auctions set to overtake New York
With the Asian passion for wine intensifying, Hong Kong is fast becoming the world's leading wine auction centre. London is currently placed third but New York is the biggest auction destination.
Figures published by the South China Morning Post, showed that sales could top US$100m in 2010 after the territory accumulated wine sales of more than HK$400m (US$51.4m) in the first half of the year.
According to the newspaper, US wine auction sales slumped 36% to about US$106m last year, part of a global fall which saw receipts dip 15% to US$233.3m. The change is being driven by leading wine auction houses such as Christie's and Sotheby's who are increasingly switching their sales to the Far East to secure higher prices for their customers.