Chinese are buying fine wines ‘like never before’, says US auction house Acker Merrall
Chinese people are increasingly snapping up fine wines from around the globe, especially in Hong Kong which has become an import sourcing hub for mainland consumers, according to American wine auction house Acker Merrall & Condit.
“The Chinese buyers are now the most important segment of clients for us,” said Acker Merrall’s chairman, John Kapon, during an interview in Hong Kong ahead of one of the company’s wine auctions.
The city has in recent years become one of the two most important wine auction markets in the world, along with New York, according to the company. Acker Merrall has sold almost half a million bottles of fine wine in Hong Kong over the years, of which around 90,000 bottles went to mainland customers.
Starting out as a package store in 1820 in the US, the Manhattan-based company offers a deep inventory of fine and rare wines for immediate sale, most of which can only be found at wine auctions.
China is winning the war of wine; buyers from China are collecting and buying the best wines like never before
In terms of proportion, Chinese buyers – defined as those who live in the Greater China region including Taiwan, Hong Kong, Macau and the mainland – have already surpassed those living in the US. They account for over half of all Acker Merrall’s revenue from clients, while the number is 40 per cent for American bidders.
