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Following the company's recent expansion in Hong Kong, Bonhams today (April 24) held its inaugural Hong Kong fine & rare wines auction in Crown Wine Cellars. The wine auction is the first one to be held in Hong Kong in 10 years and also the first one to be held since the announcement of the exemption of wine from duty by the Financial Secretary, Mr John C Tsang in the Budget Speech announced in February.
Commenting on the inaugural wine auction, Mr Patrick Meade, Chief Operating Officer of Bonhams, said, ¡°Wine is the first of Bonhams' planned auction innovations in Asia, bringing to old and new wine lovers across Asia the first chance to buy fine wines close to home from one of the world's leading wine auctioneers.¡± Carson Chan, Managing Director of Bonhams Asia, added, ¡°Bonhams opened its new regional headquarters in Hong Kong last year, with the support of InvestHK, so we could develop our auction business in Asia. We believe that Hong Kong's uniquely international character, and the fast-growing cosmopolitan society of South East Asia and China, makes regional buyers ready for an exciting range and variety of auction categories.¡±
Director-General of Investment Promotion at InvestHK, Mr Mike Rowse, welcomed Bonhams' expansion and its inaugural Hong Kong wine auction. He said, ¡°Wine duty was reduced from 40% to zero to support Hong Kong's aspirations of becoming a wine centre in Asia. InvestHK looks forward to helping Bonhams and other overseas investors capitalise on the new business opportunities created by Hong Kong, becoming the first free wine port among major economies.¡±
International Director of Fine & Rare Wines of Bonhams, Mr Frank Martell, said, ¡°Hong Kong has quickly established itself as a growing market leader in the trade and collecting of the finest and rarest wines in the world. The decision to exempt wine from duty has opened up a new dimension in the trade, investment and enjoyment of wine as a culture. It is in this historical event that we recognise the immense potential for this great marketplace and hold our inaugural wine action. Our auction features 246 lots of the very top wines for drinking and collecting or investing that have been carefully selected for the Hong Kong consumers. Among the top lots are 1982 Chateau Lafite Rothschild, 1985 La Tache and an extremely rare magnum of 1992 Screaming Eagle. Our expectation for the auction is US$1.5 million (HK$11.7 million).¡±
Mr Martell of Bonhams concluded by saying, ¡°Hong Kong has long been recognised as the wine industry leader in the east, but in recent years participation has skyrocketed. Hong Kong has clearly demonstrated the ability to move the marketplace as more and more people begin or continue to explore wine. The thirst for top-level wines of the world is growing at an exponential rate. Now wine is exempt from duty in Hong Kong it will further encourage the expansion of wine culture throughout all of China as more people have greater access to the highest quality wines. I feel strongly that Hong Kong will prove to be the centre of trade for fine and rare wines in the east. Given the sophistication and advanced appreciation for the best goods in the world, it is easy to see that Hong Kong will soon join London and the United States as a major player on the global wine scene.¡±
Bonhams, founded in 1793, is one of the world's oldest and largest auctioneers of fine art and antiques. The present company was formed by the merger in November 2001 of Bonhams & Brooks and Phillips Son and Neale UK. In August 2002, the company acquired Butterfields, the principal firm of auctioneers on the West Coast of America and in August 2003, Goodmans, a leading Australian fine art and antiques auctioneer with salerooms in Sydney, joined the Bonhams Group of Companies. Today, Bonhams offers sales through two major salerooms in London: New Bond Street, and Knightsbridge, and a further seven throughout the UK. Sales are also held in San Francisco, Los Angeles, New York and Boston in the USA; and Switzerland, France, Monaco, Australia, Hong Kong and Dubai. Bonhams has a worldwide network of offices and regional representatives in 25 countries offering sales advice and valuation services in 57 specialist areas. For more information about Bonhams, please visit the website at www.bonhams.com.
InvestHK is the Hong Kong Special Administrative Region Government department charged with encouraging and facilitating inward investment into the city by providing free and effective support for overseas companies establishing or expanding a business presence here. For more information, please visit the website at www.InvestHK.gov.hk
Ends/Thursday, April 24, 2008
Issued at HKT 20:01
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