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New York - Auction houses sold more than $350m worth of wine worldwide in 2010, an amount roughly in line with or exceeding pre-recession levels of 2007.
And all of them credited their sales in Hong Kong or Asian buyers for the spike in sales figures.
Sales in Asia were "particularly robust", said John Kapon, president and auction director of Acker Merrall & Condit, which reported total sales of $98.5m for 2010.
"Hong Kong has now overtaken New York as the world's largest wine auction centre," Kapon said.
Acker Merrall was the latest house to report, following Sotheby's (which auctioned off more than $88m worth of fine wines) and Christie's (which said it had sold $71m).
Christie's head of wine sales in North America, Charles Curtis, is surrendering that title to take over Hong Kong operations beginning in January.
"In Asia one must have a nuanced view of the market. Taiwan, Hong Kong, Singapore there are relatively mature buyers. But in mainland China, there are the characteristics of a newer market," he explained.
"In newer markets, they tend to focus on the topline stuff first," Curtis said, which explains why sales of premier cru Bordeaux, such as Lafite-Rothschild and Haut Brion, have skyrocketed.
Serena Sutcliffe, head of Sotheby's international wine department, echoed Curtis' observation, noting that many of Asia's buyers "are starting from scratch".
Said Sutcliffe: "They're drawn to the Western lifestyle. They're building big houses and want a cellar. It's an important part of business and social life."
Christie's wine sales were right around those of 2007, before the global recession took hold.
Acker Merrall's Kapon said his company's Asia sales of $63.5m represented a 206% growth over 2009. The remaining $28m sold in New York represented a 55% increase from 2009.
Sotheby's total of $88m represented twice the amount of wine it sold in 2009.
Chicago-based Hart Davis Hart reported its yearly wine auction sales totalled $39.2m, a 63% increase over 2009 while New York-based Zachy's Wine Auctions, which also holds sales in Hong Kong, said it sold $56.6m of wines.
Kapon expected that 2011 would be a banner year for sales overall and in Asia in particular, and Curtis predicted "2011 will go through the roof" for auction prices of the top growths and big names.
And all of them credited their sales in Hong Kong or Asian buyers for the spike in sales figures.
Sales in Asia were "particularly robust", said John Kapon, president and auction director of Acker Merrall & Condit, which reported total sales of $98.5m for 2010.
"Hong Kong has now overtaken New York as the world's largest wine auction centre," Kapon said.
Acker Merrall was the latest house to report, following Sotheby's (which auctioned off more than $88m worth of fine wines) and Christie's (which said it had sold $71m).
Christie's head of wine sales in North America, Charles Curtis, is surrendering that title to take over Hong Kong operations beginning in January.
"In Asia one must have a nuanced view of the market. Taiwan, Hong Kong, Singapore there are relatively mature buyers. But in mainland China, there are the characteristics of a newer market," he explained.
"In newer markets, they tend to focus on the topline stuff first," Curtis said, which explains why sales of premier cru Bordeaux, such as Lafite-Rothschild and Haut Brion, have skyrocketed.
Serena Sutcliffe, head of Sotheby's international wine department, echoed Curtis' observation, noting that many of Asia's buyers "are starting from scratch".
Said Sutcliffe: "They're drawn to the Western lifestyle. They're building big houses and want a cellar. It's an important part of business and social life."
Christie's wine sales were right around those of 2007, before the global recession took hold.
Acker Merrall's Kapon said his company's Asia sales of $63.5m represented a 206% growth over 2009. The remaining $28m sold in New York represented a 55% increase from 2009.
Sotheby's total of $88m represented twice the amount of wine it sold in 2009.
Chicago-based Hart Davis Hart reported its yearly wine auction sales totalled $39.2m, a 63% increase over 2009 while New York-based Zachy's Wine Auctions, which also holds sales in Hong Kong, said it sold $56.6m of wines.
Kapon expected that 2011 would be a banner year for sales overall and in Asia in particular, and Curtis predicted "2011 will go through the roof" for auction prices of the top growths and big names.
