With record totals and jaw-dropping prices achieved at auctions, the fine wine market was apparently in rude health in 2011. But the secondary market away from the auction rooms of Kowloon told a different story.
After the global economic downturn of 2009, 2010 was a year that saw fine wine prices continue to rise against a still-turbulent economic background.
Each year the leading UK importers and retailers of Burgundy show their wines to the press, the trade and – increasingly often these days – to private clients. This year there were nearly 20 tastings spread over two weeks in mid-January, sometimes with five tastings in a single day.
In the European and USA wine world, there is a lot of talk about Hong Kong and the Chinese wine market. Here is a view from London by an author who has worked for an American wine business and worked in Hong Kong.
There has been a fundamental change in the market worldwide over the last ten years, with growing numbers of people beginning to take an interest in wine and continuing dynamic economies and new emerging markets in Brazil, Russia, India and China – the so-called BRIC nations.