U.S. surpasses Hong Kong in Wine Auction TotalsPosted: July 23, 2012
Surpassing Hong Kong in Wine Auction has been a challenge, but US has done it. The Wine Spectator has reported that the US beat out Hong Kong in the 2nd Quarter of 2012. The volume of Hong Kong’s sales fell, and its totals for this period subsequently fell from $62.7 million to under $35 million. US auction totals rose from $41.2 million in the 2nd quarter of 2011 to $45.3 million in the same time period this year.
The Wine Spectator noted that Hong Kong emerged as the largest Wine Auction market in 2010, but has been on the decline since late 2011. This has been mainly do to the Chinese over paying for Bordeaux and Burgundy and price falling sharply because of it.
Top 3 Auction House Totals in the U.S. (in millions)
Acker Merrall & Condit $12.1
Hart Davis Hart $7.9
Top 3 Auction House Totals in Hong Kong (in millions)
Acker Merrall & Condit $9.1