In a not-so-surprising turn of events, according to Decanter Hong Kong is on pace to become the premiere wine auction hub in the world. The United States previously held this coveted spot, but with so many American winos unwilling to shell out top-dollar for wine during a recession (wine sales in America dipped almost 40% in 2009), the US is sure to concede their title this year.
In the beginning of 2010, Hong Kong had already purchased $51 million USD in wine sales, setting the pace to exceed sales of $100 million by December. Because of Hong Kong’s growing wine auction market, powerhouses such as Sotheby’s and Christie’s are moving to the Far East to ensure the best prices for their customers.
In May, Acker, Merrall & Condit’s auction of Eric Greenberg’s collection sold in Hong Kong for about $19.2 million USD, making it the second most lucrative wine auction ever.
This is big news for wine aficionados who normally travel to the United States for wine auctions, because as the industry switches to Hong Kong so will travelers. Hey, at least, we still have Wine Country!