Bonhams holds inaugural wine auction in HK (hktdc.com)


	InvestHK's Mike Rowse (left second) with Patrick Meade, Chief Operating Officer, Bonhams (right second), Frank Martell, International Director of Fine & Rare Wines, Bonhams (right first) and Carson Chan, Managing Director, Bonhams Asia

Following the company's recent expansion in Hong Kong, UK-based auction house Bonhams held its inaugural Hong Kong fine & rare wines auction in Crown Wine Cellars. The wine auction is the first one to be held in Hong Kong in 10 years and also the first one to be held since the announcement of the exemption of wine from duty in February.

Patrick Meade, Chief Operating Officer of Bonhams, said: "Wine is the first of Bonhams' planned auction innovations in Asia, bringing to old and new wine lovers across Asia the first chance to buy fine wines close to home from one of the world's leading wine auctioneers."

Carson Chan, Managing Director of Bonhams Asia, added: "Bonhams opened its new regional headquarters in Hong Kong last year so we could develop our auction business in Asia. We believe that Hong Kong's uniquely international character, and the fast-growing cosmopolitan society of South East Asia and China, makes regional buyers ready for an exciting range and variety of auction categories."

Director-General of Investment Promotion at InvestHK, Mike Rowse, welcomed Bonhams' expansion and its inaugural Hong Kong wine auction."Wine duty was reduced from 40 per cent to zero to support Hong Kong's aspirations of becoming a wine centre in Asia. InvestHK looks forward to helping Bonhams and other overseas investors capitalise on the new business opportunities created by Hong Kong, becoming the first free wine port among major economies," he said.

International Director of Fine & Rare Wines of Bonhams, Frank Martell, said: "Hong Kong has quickly established itself as a growing market leader in the trade and collecting of the finest and rarest wines in the world. The decision to exempt wine from duty has opened up a new dimension in the trade, investment and enjoyment of wine as a culture."

He added: "I feel strongly that Hong Kong will prove to be the centre of trade for fine and rare wines in the east. Given the sophistication and advanced appreciation for the best goods in the world, it is easy to see that Hong Kong will soon join London and the United States as a major player on the global wine scene."

Bonhams, founded in 1793, is one of the world's oldest and largest auctioneers of fine art and antiques. The present company was formed by the merger in November 2001 of Bonhams & Brooks and Phillips Son and Neale UK. Bonhams has a worldwide network of offices and regional representatives in 25 countries offering sales advice and valuation services in 57 specialist areas. Source: InvestHK