Wine auction prices continue to fall but the US overtakes Hong Kong
For the first time since 2010 US Wine Auctions have overtaken Hong Kong sales volume according to a report in The Wine Spectator. Wine auctions have been going in Hong Kong since 2008 and have experienced incredible growth, seeing them emerge as the worlds largest wine auction market. But total sales in Hong Kong have been halved since last year dropping from more than $62.7m in Q2 2011 to just under $35m in the same period in 2012. Meanwhile US totals rose from $41.2m to $45.3m in the same time period.
In terms of average price per lot though, Hong Kong still reigns supreme with a huge margin, selling fewer lots for more money. So what has caused this shift in fortunes? The current European market, a spluttering 2011 Bordeaux futures campaign and high profile counterfeiting cases have all been contributing factors.
The biggest emerging trend in Hong Kong and US is the resurgence of the middle market - consumption grade rather than investment grade wines including California Blue Chips and super-second and third-growth Bordeaux.