Christie's has high hopes for the future of fine wine auctions in Mainland China after selling several lots of Domaine de la Romanee-Conti at its second Shanghai sale.
China may be importing fewer bottles of top Bordeaux, but its wealthy individuals were among the most prominent buyers of rare Burgundy wines at a recent Sotheby's auction in London.
Weakening demand for wine in China and an unusual import restriction have taught Australian wineries to tread cautiously in the country.
Sotheby's has sold a 114-bottle 'super lot' of DRC Romanee-Conti wines for more than US$1.5m in Hong Kong, reinforcing collectors' thirst for top Burgundy and setting a new auction record.
Weaker consumer demand in Mainland China has damaged French wines and spirits exports in the first half of 2014, with Bordeaux chateaux hit hardest.
Tuscany is the latest wine region to see rising interest from Chinese investors keen to acquire overseas vineyards, according to the Chianti Classico trade body.
Global auction house Sotheby's is expanding its wine retail business to Hong Kong, shrugging off concerns about slower demand for top Bordeaux in Mainland China.
Hungarian barrel maker Trust Hungary is to build a cooperage in the Huailai area in China's Hebei Province after signing a joint venture deal with a local wine producer.
Sotheby's hopes to break its auction record by selling a single lot of 114 bottles of DRC Romanee-Conti wines in a Burgundy-dominated auction in Hong Kong.
Chinese winemaker Dynasty Fine Wines significantly cut distribution costs in the first half of 2014 in order to reduce the group's losses as it continued to suffer from weaker consumer demand in the country.