A case of Domaine de la Romanee-Conti 1990, sold to a Singaporean buyer for a world record US$242,000.

New records have been set at Asia's largest wine auction, held in Hong Kong by US auction house Acker Merrall and Condit.

More than US$8.2 million worth of fine vintages changed hands in May, as hundreds of collectors from Hong Kong, the Chinese mainland and elsewhere in Asia attended the city's second major wine auction since the Hong Kong SAR Government scrapped wine duties in February.

Acker Merrall and Condit's President and Auction Director John Kapon called the sale a "landmark event" for Asia's wine market. "We are thrilled with the result, which is a testament to the strength of the wine market in Asia and Hong Kong's leading role as a regional hub of fine and rare wines," he said.

Acker has reason to cheer. World-record prices were set at the company's inaugural Hong Kong auction, which saw more than 900 lots put on the block. The highlight of the day-long event was a 12-bottle case of Domaine de la Romanee-Conti 1990, which went to a Singaporean buyer for US$242,000, setting a new world auction record for that particular wine.

The sale of three magnums of Dom Perignon champagne, vintages 1966, 1973 and 1976, also set a record. They went under the hammer for US$93,000, the highest price ever paid for a champagne lot. Meanwhile, there was fierce bidding for a case of 1945 Chateau Mouton Rothschild, which sold for US$155,000.

Acker will hold another auction in November. In April, auction house Bonhams netted US$1.5 million in Hong Kong's first wine auction in a decade.

Imports boom

Since the abolition of wine duties in February, wine imports to the city have jumped more than 120 per cent, year-on-year, rising more than 200 per cent in value. The French wine industry plans to lend a helping hand to Hong Kong's budding industry.

At the launch of this year's French wine exhibition Vinexpo in May, Chief Secretary for Administration Henry Tang disclosed that France has agreed to share its experience in promoting wine-related trade and tourism, including providing wine-tasting training.

"We already have the world-class infrastructure, logistics, financial and communication systems required and, more importantly, the discerning palate and ample appetite to become a wine trading and distribution centre in Asia," Mr Tang said.

International winemakers are eager to tap into the region's growing thirst for fine vintage. Asia has the fastest growing markets for wine consumption, currently worth about US$7 billion, according to the Hong Kong Trade Development Council ( HKTDC ).

Analysts estimate the region's wine market will grow by up to 20 per cent a year over the next five years, with the Chinese mainland, Hong Kong, Singapore, Korea and Taiwan leading the charge. "Hong Kong is a springboard to the Chinese market; it's a priority for French business to develop in Asia," French Secretary for Foreign Trade Anne-Marie Idrac told The Standard during a recent visit to the city.

August wine expo

Wine importers are also keen to use Hong Kong to develop their client base. ASC Fine Wines, the largest importer-distributor of quality wines in the mainland, opened a Hong Kong office in May.

"The move into Hong Kong will expand our network outside mainland China into a vibrant and important market for building brands," said Don St Pierre Jr, Managing Partner of ASC Fine Wines. He added that the scrapping of wine duties will help ensure that ASC remains the exclusive agent for its brands in Hong Kong and the mainland.

More than 130 exhibitors are expected to take part in Hong Kong's first wine expo. Organised by the HKTDC, the Hong Kong International Wine Fair will be held 14-16 August, at the Hong Kong Convention and Exhibition Centre.

The expo will host wine dealers, cellars, producers and suppliers of wine and related services from Hong Kong, Asia and the rest of the world. Exhibit categories will include liquor and beverage products, equipment and services required for wine production, and wine accessories.