Scrapping wine duties was 'good tax policy' for Hong Kong, according to Timothy Forbes, chief operating officer of Forbes Inc.
'I think Hong Kong's circumstance in particular demonstrates the virtue of good tax policy - that, in eliminating that duty, Hong Kong has become a market hub,' Mr Forbes said. 'There's no question, good tax policy stimulates economic activity.'
The scion of the Forbes family, which built a publishing empire, is hoping the government's decision to do away with wine duties last year will pay off when he puts 'a fraction' of his extensive wine collection up for auction in Hong Kong for the first time at a Zachys sale on Saturday.
The selection accounts for almost a fifth of the 803 lots on offer, with an estimated value of between HK$5.7 million and HK$8.7 million.
'It's something I'd been thinking of doing for some time,' Mr Forbes said. 'In fact, if the world hadn't had the credit crisis in September, I probably would have done it in the fall. But I decided, no, that was a bad time. So I was going to wait. The market [in Hong Kong] is quite vibrant. Certainly New York, at least, is quite strong now as well after taking a severe dip at the end of last year.'
About half a dozen auction houses launched regular wine sales in Hong Kong after the abolition of wine duties.
