Over the past few years, anybody with a pulse realizes that China’s prominence on the world stage is quickly rivaling U.S. superiority. Manufacturing, commerce, technology, finance and now wine!
Peter Meltzer, author of Keys to the Cellar and contributor to Wine Spectator has been following the evolution of the Hong Kong wine market quite closely.
One would think that their market has been thriving for some time but it wasn’t until February of 2008 that a real move of significance was made. That is when the import duty on fine wine was taken down to zero from a staggering 80% in 2007.
“By abolishing import duties, Hong Kong has positioned itself to become the world hub of fine and rare wine sales”, said Meltzer.
Since this has taken place, the Hong Kong wine auction market has since passed the U.S., as of Q1, 2010 ($28.5M vs. $24.3M).
What does this potentially mean for the 2009 Bordeaux Futures?
To find out, read Hong Kong to Hold-Up the 2009 Bordeaux Futures Release? written exclusively for Cork’d.