American auctioneer Sotheby’s wine and spirits sales maintained an upward trend in 2023. This growth is largely attributable to vigorous demand in Asia, which played a key role in this market. The year was marked by notable achievements, including the historic sale of the most valuable wine collection ever auctioned in Hong Kong.
Sotheby’s wine and spirits auctions hit new heights for the fourth year running. The renowned auction house even doubled pre-pandemic levels in 2023, with a 17% year-on-year increase in lots offered.
According to Sotheby’s market report for 2023, published last week, Asian buyers were indeed the main contributors to wine sales, accounting for a predominant share of transactions.
Although the United States was the leading bidder in wine auctions, Asia remains the dominant market, accounting for 42% of buyers. By region, $22 million of sales came from Hong Kong, $9 million from mainland China, $8 million from Taiwan, $6 million from Singapore and $8 million from the rest of Asia.
50 years of Sotheby’s Asia
The year 2023 was a remarkable one for Sotheby’s in Asia, marking the 50th anniversary of the company’s presence in Hong Kong.
The anniversary was celebrated with the sale of the most valuable wine collection ever auctioned – The Epicurean’s Atlas: The Encyclopaedic Cellar, fetching $16.8 million, one of the highest amounts ever achieved for a single wine sale.
Spirits courted in Asia
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Read also>SOTHEBY’S ANNOUNCES A SLIGHT DROP IN SALES IN 2023 IN THE FACE OF A DEMANDING MARKET
Featured photo : © Sotheby’s
