Hong Kong world's 2nd biggest wine auction centre
Hong Kong has overtaken London as the second-biggest wine-auction market after New York. Sales in 2009 totalled HK$543m (US$70m) accounting for about 25% of wine sales in Hong Kong. In London wine auction sales totalled US$34m but New York is by far the biggest market at US$135m, according to estimates by Gil Lempert Schwarz, executive consultant to auction house Acker Merrall & Condit.
In Hong Kong the lifting all wine taxes in February 2008 spurred demand for wine and created an auction market from nothing. In 2007, no wine auctions had been held in Hong Kong and the only auction houses present were Christie's and Sotheby's, dealing in fine art.
Since then wine auctions have been held by both these houses and new companies entering the market have included Zachys, Acker Merrall & Condit, and Bonhams.