Magnum force takes wine auction at bunker by storm

A former British army underground bunker system in Shouson Hill, now housing Crown Wine Cellars, was packed to capacity with wine lovers yesterday.

They were there to fight over bottles, cases, magnums and double magnums in an auction organized by Bonhams the auctioneers.

The centerpiece was a single magnum of Screaming Eagle Cabernet Sauvignon 1992, valued at HK$273,000.

"Hong Kong is the first major economy anywhere to reduce wine duty to zero, and it has caused a huge amount of excitement," said Invest HK director-general Mike Rowse.

"In just a few weeks since the announcement, we have had four serious investment inquiries from companies talking about coming to Hong Kong for the first time, purely because of the move."

Frank Martell, international director of fine and rare wines at Bonhams, said: "The thirst for top-level wines of the world is growing at an exponential rate.

"I feel strongly that Hong Kong will prove to be the center of trade for fine and rare wines in the East."

Anticipating the territory's rise to rival traditional wine trade centers such as London and the United States, Martell said Bonhams would be holding two auctions a year - or quarterly - if demand proved strong.

Hong Kong Wine and Spirits Industry Coalition chairman Boris de Vroomen said as much as HK$5 billion worth of vintage wine could be sold annually in the territory.

Regarding the magnum of Screaming Eagle 1992, Martell said older vintages such as that would appreciate at a higher curve, especially since the transfer of ownership over the Californian vineyard where the magnum is produced.

Also featured at the auction was a double magnum of Chateau La Mission Haut-Brion 1955 valued at HK$202,000; a double magnum of Chateau Lafite Rothschild 1982, HK$101,000; and 12 bottles of Chateau Petrus 1990 valued at HK$505,000.

2008-04-26

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