Fine Wine Investment-driven auction market in Asia
However, it has been found in the past that there may be a lack of consistency when is clearly defined so the reserve price set, ie the auction site has consisted mainly of collectors and enthusiasts in search of an agreement potentially good. For example, those seeking a business may have been willing to walk the path of the auction with hopes of getting favorable prices on wines that have not yet reached maturity and drinking normally only in this environment due to lack of market knowledge or poor advice.
However, as result of the seismic changes to the taxation of wine and spirits last year in Hong Kong, we are seeing a new trend begins to emerge. No disguise the love relationship between the Asian market and in particular the wines of Bordeaux Classified as this interest is substantial and continuing behind the market, leading to a relatively rapid recovery from the recession in late 2008. The auction houses were quick to note with Sotheby € ™ s, Christieâ € ™ s, and Acker Merrill being the most important to ensure his presence was felt in this new market shows very different characteristics to auction more established capitals € ~ â € ™ in London, New York and Paris.
Those responsible for the â € ~ waving paddlesâ € ™ in Hong Kong, (and then in mainland China) have, until now, with a different intention, namely to drink wine, as found when a number of winning bidders in an interview that there are intentions. With the rich want to be seen to be rich, bargain hunting is not necessarily in the order of the day As we have seen, these positions can lead to fabulous sums in the tender for the same wines that have not yet reached the window of their consumption.
One could argue that reducing the tax to zero, the Chinese may feel that they are actually saving huge sums of money, even taking into account the premiums paid. An example I recently saw a case of Cap. Lafite Rothschild 1996 with a degree Parker perfect, achieve the equivalent of £ 9889.00 pounds compared with the sub a figure £ 8000.00 pays for many merchants in the UK. It seems that, regardless of geography, wines at this level are and will remain desirable, both for those who can afford to take them as well as those interested in benefiting from the supply and demand equation that governs this market, maintains balance and ensures their resistance against even catastrophic economic factors.
About the Author
With a wealth of collective experience within the fine wine industry, Wilson Douglas was established to provide our private clients with a dedicated and bespoke wine portfolio management service.
http://www.wilsondouglas.co.uk – Tel: +44 (0) 208 567 3654 – enquiries@WilsonDouglas.co.uk
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