NEWS
ASIAN BUYERS CONTINUED TO DOMINATE GLOBAL WINE & SPIRITS AUCTIONS IN 2020
By Susan Lewis
8-4-2021
Source: Sotheby's
Asian buyers continued to drive wine and spirits auction sales in 2020 despite the pandemic. Leading auction house Sotheby’s said 73% of the total amount bid at their wine and spirits auctions last year came from Asia.
Buyers from Hong Kong were particularly active, with USD31million in sales came from Hong Kong, while only USD9mn were from the USA and USD7mn were from the U.K.
Among all the Asian buyers, buyers from Hong Kong accounted for 59% of all Asian buyers, ahead of Taiwan, Mainland China, Singapore, Indonesia and Vietnam.
Bottles from the legendary Burgundy estate Domaine de la Romanée-Conti (DRC) remained Asian collectors’ favourite items, Sotheby’s DRC sales in 2020 topped USD19.4mn.
The dominance of Asian buyers in spirits auctions was more obvious in 2020, buyers from Asia represented 80% of buyers in Sotheby’s spirits auctions, compared to 4% came from the Americas.
It was also said that Asia buyers are the least price sensitive, meaning that they are prepared to bid high price for their favourite items.
Scots brand The Macallan was their item, followed by the Dalmore, while popularity of Japanese Whisky is firmly on the rise.
A bottle of Japanese Whisky, Karuizawa 52 Year Old Zodiac Rat Cask, was sold in London for USD435,273 last year, setting a new world record.
(the writer can be contacted at: info@thewinechronicle.com)
ALL RIGHTS RESERVED
**IF YOU THINK THE WINE CHRONICLE IS WORTH SUPPORTING, PLEASE MAKE A DONATION TO HELP US IMPROVE AND CONTINUE OUR WORK**
TRENDING│ FOCUS│ MISSION│ ABOUT US│ CONTACT
| 