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Friday, October 9, 2009

The latest Asian bubble: fine wine

Move over New York & London. After abolishing all of its duties on wine (hint, hint Washington, DC), Hong Kong has now become the most lucrative global market for auctioneers Christie’s & Sotheby’s. Asian buyers have decided to buy their fine wines right at home, rather than going halfway across the world to do so.

Asian buyers now account for 61% of Christie’s wine sales so far in 2009 (from 7% in 2005). Buyers from China alone doubled from last fall to this spring. However, David Elswood, Christie’s international head of wine, cautions that the Asian wine market was in danger of overheating after “18 months of hyperactivity.”

The Great Reflation lives on.

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