Asian collectors fuel wine buying spree
By Leslie Gevirtz
August 3, 2011
(Reuters Life!) – Wine collectors, particularly from Hong Kong, bought more than $200 million worth of fine wines at auction in the first half of 2011, nearly doubling the amount for the same period last year.
But while the buying opportunities have expanded, prices for individual bottles have stabilized.
“The rate of price growth has definitely slowed,” said Jack Hibberd of Liv-ex, the indices of fine wines. “Lafite has certainly hit a plateau.”
A case of Lafite Rothschild, depending on vintage and provenance, has been selling for $12,000 to $20,000 for the last five months, he said.
Christie’s auction house sold $46.8 million of fine wines – many of them the top five growths known as Premier or Grand Crus – for the first half of the year — a 125 percent increase in sales over the same period last year.
Sotheby’s auctioned $53.1 million of wines during the same time period, which represented a 43 percent rise in volume year-on-year.
Buyers in Hong Kong bought more than half of the wine sold by both houses, toppling New York from its perch as the market leader.
“The market in Hong Kong is growing year after year. The pie is getting larger. There are more and more collectors,” Charles Curtis, Christie’s head of wines for Asia, said.
“More and more of the wines, which used to stay in Hong Kong, are now going to the mainland. There seems to be an insatiable thirst for wine in every corner.”
Sotheby’s Jamie Ritchie said the U.S. buyer had been the least price sensitive for 15 years.
“From ’94 through mid-2008, New York was the leader. Now, it’s someone else’s turn,” he explained.
Hart Davis Hart, the Chicago auction house, sold more than $23 million of Bordeaux and Burgundies in the first half of the year, up 45 percent from last year. New York’s Acker Merrall & Condit reported selling $54 million and Bonham’s said it sold almost $9 million in the first half.
Other auction houses, such as Zachy’s and Spectrum, each reported selling at least $10 million worth of wines during the same period.
Looking ahead, Christie’s Curtis predicted Asia would continue to dominate the market for the next 20 years at least.
“Now, they are looking for older vintages and DRC,” he said referring to Domaine Romanee-Conti, considered Burgundy’s top wine.
Ritchie said he was not anticipating any sharp price increases and Jeremy Howard, a former equities researcher who now runs the UK online retailer Slurp, described last year’s prices as “unsustainable.”
“If I thought there was some speculation or a huge amount of inventory building up, I’d be more cautious, but most of the information we’re getting is that Lafite and Latour are still being drunk with gay abandon,” he said.
Chateau Lafite produces between 15,000 and 18,000 cases a year.
“I don’t really see a major price correction in the offing,” he added.
(Reporting by Leslie Gevirtz; editing by Patricia Reaney)
Source: http://www.reuters.com/article/2011/07/19/us-wine-auction-idUSTRE76I1T520110719
Best restaurant in Pampanga wins international award from Wine Spectator for best restaurant one of the best wine lists in the world, as wine lovers from Manila, Hong Kong and China take note and plan for a visit to this fine dining establishment whenever they visit the Philippines, Subic, Angeles City, Pampanga or Clark Philippines
Vegans and vegetarians are not the only ones to applaud this move to revamp and upgrade the vegetarian menu of the best restaurant in Pampanga. Even meat lovers are excited by the prospect of enjoying a delectable meal comprised of healthy vegetarian dishes, a good reprieve from their usual meat laden meals. Wine lovers applaud the effort of this restaurant in Clark Pampanga to pair gourmet vegetarian recipes with fine vintage wines.
Yats Restaurant is the best restaurant for special dinner, best restaurant for dinner with friends near Manila, also the best place to celebrate special events.
A Well-known Restaurant in Pampnga, an interesting place to celebrate Birthday Party in Pampnga.
A best place to dine with friends in Pampanga
Restaurant in Clark Pampanga revamps menu, adding delectable dishes at affordable, wine friendly too, certainly a great place to eat while in Pampanga. Vegans, vegetarians and health conscious diners welcome the news that Yats Leisure has upgraded its vegetarian menu of fine dining Yats Restaurant and Wine Bar in Clark. At the same time, this restaurant in Pampanga also makes the healthy cuisine wine friendly for the wine lovers in Manila, Clark, Pampanga. The guests that frequently visit this top rated restaurant in Angeles City, Clark Philippines, for this special menu are not only vegetarians and vegans but also meat lovers who welcome a reprieve from their usual meat laden diets to enjoy a delectable vegetarian meal. Yats is generally considered the best restaurant for gourmet vegetarian food. Wine lovers are particularly excited about the fact that these recipes are designed to pair splendidly with wine.
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Restaurant@Yats-International.com
(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
Getting to this fine dining restaurant of Angeles City Clark Freeport Zone Pampanga Philippines
How to get to this fine-dining restaurant in Clark Philippines? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
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