China and the Wine Industry 11/12/2010

china wine auction chateau lafite rothschild 1869As an avid wine enthusiast, I think it is necessary to write a post about China’s growing position in the wine world. It may be surprising for some of us to hear that Hong Kong is now the world’s 2nd largest center for Wine Auctions in the world. It has surpassed London and is second only to New York. In fact, a world record was set this year at an auction in Hong Kong with the most expensive bottles of wine ever sold on record. Three bottles of 1869 Château Lafite-Rothschild (world famous French wine from the Bordeaux region) were sold for an astounding, $232,692 USD…each! The one auction sold $8.4 million worth of wine!

As more and more Chinese have started to enjoy the wonderful world of wine and wine collecting, entrepreneurs have been finding ways to capitalize. A number of abandoned factories in Hong Kong have been converted into wine storage units complete with motion detectors, chiller rooms, humidity monitors and automated temperature controls: all the necessary precautions for storing world class wine. If only I could have a wine cellar that big!

You can only imagine the importance for the different wine makers of the world to take advantage of the already huge, and growing market for wine consumption and sales in China. As for producing wine? I think that will be left  to the professionals.

Want to attend a huge food and wine expo? The China International Foodstuff Exposition (CIFE). The 7th annual expo held in Guangzhou, in the same facility as the Canton fair, is going to be held from June 2-June 4th, 2011. The expo this past year had over 25,000 visitors , 523 exhibitors from 23 countries/regions. CIFE is known to be the largest trade fair for the food and beverage industry in South China.

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World Record china Wine Auction

Photo: Reuters