Ideal Wine Company has discovered this week that despite the economic slowdown, the Chinese middle-class’s taste for fine wine has only grown.
China, the Emerging Global Wine Power
Through our role as a supplier of fine wines at bank balance friendly prices from around the world, we have witnessed the rise of China as a global wine power. Not only is demand growing by astronomical margins in the People’s Republic, but Chinese wines are slowly but surely gaining a reputation for excellence.
And of course, with its increasing population of millionaires, billionaires, entrepreneurs, tycoons etc., China has had a thriving fine wine trade. Yet many have thought in recent months that the economic slowdown the country is currently suffering would slash demand for luxury vintages.
Fine Wine Goes to Very Wealthy Bidders
However, an article recently featured by CNBC has dispelled this notion this week. It highlighted the staggering fact that over 120 world records were set for lots of wine sold in Hong Kong over the past weekend by Acker Merrall and Condit, an auctioneer.
According to the auctioneer’s CEO, John Kaplon, sales accrued from the auction equalled $5.8 million USD, being led by buyers from mainland China who accounted for four of the top ten buys, with the largest collectively paying an eye watering $400,000. USD.
Meanwhile the top selling single item at the auction; a 65 vintage ’vertical’ comprised entirely of Chateau Latour bottles, was also clinched by a buyer from the mainland, who paid $70,000 USD.
The Exclusivity of Fine Wine
So why was fine wine so popular in a market where people are tightening their belts at the moment, due to fears of an economic slowdown? Well, commenting to CNBC, John Kaplon shed some light on the matter, explaining why this particular market has been so resilient.
Kaplon noted that when it comes to fine wine, “supply of the best stuff is constantly dwindling,” This means that “there’s probably more strength in the wine market during times of adversity.”
Fine Wine is Always in Demand
At the Ideal Wine Company, we understand what Kaplon means, and it really explains why the fine wine market is thriving in China right now. People always want luxury, especially in times of adversity. Therefore the truly luxury nature of fine wine, along with its exclusivity means that it’s always in demand.