The Surprises of the Investment Wine Market in Hong Kong
Hong Kong auction winners drinking the wine instead of saving them.
The auctions have always been a place for exciting happenings but the fine wine market has been extremely tantalizing as a place to buy and sell Investment Grade Wines which are a bit reluctant to show up to Hong Kong’s glimmering shores.
This reluctance helps the wines catch a premium price at auctions which may disappoint those who were hoping to take advantage of inaccurate pricing as a result of poor overseas knowledge on wines which have yet to mature. In fact, we are seeing quite the opposite with wine companies like Sotheby’s, Christie’s and Acker Merrill specifically tailoring to the emerging, feverish market.
In fact, a new breed of buyers is emerging that is quite different from those in the past. No longer are buyers purchasing wines for investment purposes or collections. According to Official Spin who interviewed several of the winning bidders, it was found that several buys were actually looking to wait and drink the wines. With the rich and savvy coming to bid on these wines, it is a way to flaunt their wealth and status by posturing the lack of regard for price and as a result the prices are going up rather than down despite what must be several investors’ wishes.
Another reason for this could be because of the new reduction of tax to zero, most Chinese believe that they are saving money instead, and will be prone to bid higher in light of this savings.
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