Hong Kong has this year underlined its rapid rise to the top of the global heap in fine wine auctions by capturing more than half of global revenues for the first time.
In the five months to the end of May, its wine auctions brought in US$123.5m. Add a very small contribution from Singapore, and Asia represents 55 per cent of the global total. European auctions totalled $30m, and the US more than double that.
Hong Kong generated revenues of $160m last year, equal to 40 per cent of the global total, not only eclipsing New York’s 23 per cent, but also the US as a whole (36 per cent).
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