Fine wine just the tonic (hktdc.com)


	Nearly 90 per cent of the lots were cleared at Acker Merrall & Condit's November wine auction in Hong Kong

	Rita Lau, Secretary for Commerce and Economic Development, signs an MOU on wine-related business with Spain's Minister for Industry, Tourism and Trade, Miguel Sebastián

When the market gets tough, the tough get buying. This was how Acker Merrall & Condit Auction Director John Kapon summed up the results of its second wine auction, last month, in Hong Kong.

Rivalling its inaugural "magic" sale earlier this year, when the company netted a record US$8.2 in sales, Acker Merrall's latest event pulled in US$6.7 million, achieving the second-highest total for any wine auction in Asia. Sales at Acker Merrall's first wine auction, in May, set a record for Asia.

"We are very pleased with the excellent results, which achieved strong prices at all levels, in view of the current economic climate," said Mr Kapon, who is also company President. "The sale was a clear indication that the wine market in Asia, and specifically Hong Kong, is still seeing very strong demand for the finest and rarest wines in the world."

Vintage record

About 300 collectors and traders attended the November auction, with nearly 90 per cent of the 950 lots of fine vintages snapped up. The top lot of the sale consisted of 12 original wood cases of Domaine de la Romanee Conti "Assortments" from 1990 to 2001, which sold for nearly US$275,000. A full cage of Krug Grande Cuvee set a world auction record at US$76,171.

A special 30-lot consignment from the famed cellars of Swiss collector Wolfgang Grunewald, described as the "Who's Who" of the top Chateaux and Romanne Conti, sold out completely. Highlights from the collection included a case of 12 bottles of 1990 DRC Romanée Conti, in its original wooden case, which went for US$137,359, and six magnums of 1990 DRC La Tache that fetched US$59,314. Three double magnums of 1989 Château Pétrus, also in their original wooden case, sold for US$53,070.

The company plans to hold two auctions in the spring, with the next one scheduled for March 2009.

Last month, Christie's held its first wine sale in Hong Kong in seven years. A selection from the reserve cellars of Chateau Latour were among the 245 lots on offer. "We chose to offer those wines in Hong Kong because, since the removal of the wine tax, it's been a fantastically energised new market," David Elswood, International Head of Christie's Wine Department, told the International Herald Tribune.

The wine in Spain

The government, in February,scrapped wine duties as a way of developing Hong Kong as the wine hub of Asia. The government has since signed a number of deals with wine-producing countries to help promote Hong Kong's wine trade. In October, it signed a Memorandum of Understanding on Cooperation in Wine-Related businesses with Spain, the world's third-largest wine-producing country, and a main wine exporter to Hong Kong. Wine imports from Spain in Hong Kong increased in value by 49 per cent in the first five months since the abolition of the duty. Under the agreement, both sides pledge to strengthen cooperation in promoting wine trade, holding international wine-related events in Hong Kong, investment promotion and education, as well as promoting wine-related tourism and wine culture.

"The two sides will also encourage the Great Wine Capitals Global Network, a network of eight internationally renowned wine-producing regions, including Bilbao-Rioja of Spain, to hold its annual meeting or wine-related events in Hong Kong," Hong Kong Secretary for Commerce and Economic Development Rita Lau said at the MOU signing, which was attended by the Spanish Minister for Industry, Tourism and Trade Miguel Sebastián.

"This MOU will help boost our bilateral wine trade with Spain, bringing economic benefits to Hong Kong," Ms Lau added.

French connection

The government signed a similar pact with France and its Bordeaux region in August and October respectively, and is now in discussions with a number of other countries on similar arrangements.