This New York Times article provides a good summary of the state of the Chinese appetite for wines. Though it offers little new information, it broadcasts (in a way that only the New York Times can) to the world how large and sophisticated the Chinese wine market is becoming. In fact, China is now the largest red wine market in the world, with 1.9 billion bottles sold in 2013, eclipsing both France and Italy. As importantly, the breadth of Chinese interest has grown significantly from the appetite for just Bordeaux wines of yesteryear. Whereas in 2010, the average lot price for wines sold at Christie’s auctions in Hong Kong were between US$20,000 to US$25,000, they are now US$4,000 to $8,000. Therefore, while prestige is still a strong motivator for buying wine, genuine interest and curiosity are also key drivers. Wine regions such as Languedoc, Rioja and Central Otago are drawing more attention. This diversification is good news for lovers of wine everywhere… well almost everywhere. It seems the folks at wine auction house Acker Merrall & Condit are still pining for the crazy old days of 2010. Well, hopefully, they have a few bottles of unsold wine with which they can drown their sorrows for good times past.
