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From Kirsten Bischoff, Opalesque New York:
China is driving much of the current growth in wine investing. According to a recent article in the Telegraph, "Of Sotheby's 2010 total worldwide wine sales, 60pc occurred in Hong Kong. The auction house sold wine worth $88.3m (GBP56.8m) this year, of which $52.6m was in Hong Kong, $21m in London and $14.7m in New York." While this is likely due to Hong Kong's repeal of tax duty on wine sales, the growing upper class in China is focused on wine investing as part of their portfolio.
Jean-Philippe Weisskopf, who along with co-author Philippe Masset, published their report studying trends in wine investing over the 14 year period between 1996 and 2009 says that it is likely Bordeaux wines will keep their performance advantage even with the shift in consumer from America to Asia.
"The Bordeaux region has such a strong brand, it will take the others a long time to catch up," he tells Opalesque's Sona Blessing in a new interview on Opalesque Radio. The brand may be especially important when being considered by China investors, as the Bordeaux wines represent achieving the ability to buy the best. "We saw the same thing in Russia before the crisis, Burgundy is the wine that can deliver this 'magic touch'," says Weisskopf.
Wine investing as a whole, has ...................... To view our full article Click here
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