Liquid gold just the goods in the east

Subject: Liquid gold just the goods in the east Mon Dec 20, 2010 5:44 pm

THE price of fine wines, like many commodities, is being determined by China - and demand from the country's new millionaires remains insatiable.

But it is not only rising wealth that has caused a rise in Asian wine sales. Two years ago Hong Kong scrapped all duty on wine and beer and became the centre of the world's fine-wine sales.

The figures speak for themselves. Data published yesterday shows that of Sotheby's total worldwide wine sales this year, 60 per cent occurred in Hong Kong. The auction house sold wine worth about $88 million this year, of which $53 million was in Hong Kong, $21 million in London and $14 million in New York.
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In fact, the price of Lafite Rothschild 1982 has shot up by more than 60 per cent this year, according to the wine blog Liv-ex. That compares with a rise of just 25 per cent for gold. Over the past 10 years the price is up 1000 per cent.

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Liquid gold just the goods in the east

Liquid gold just the goods in the east

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