Bonhams to Hold Inaugural Hong Kong Wine Auction in April 2008

Bonhams announces today that it will hold its inaugural wine auction in Hong Kong in April 2008. The Bonhams wine auction in April is believed to be the first wine auction to be held in Hong Kong after a hiatus of 10 years.

red-wine.jpgCommenting on the inaugural wine auction, Colin Sheaf, Chairman of Bonhams Asia, says: “When Bonhams announced that we were opening an auction house in Hong Kong last year, we said we wanted to expand the range of categories auctioned in Asia. The Hong Kong auction market has been stuck in an unimaginative time warp for over thirty years. This means auctioneers have principally presented only Chinese and Asian art, watch and jewellery. 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 a more exciting range of auction categories. Wine becomes 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.”

In a timely response to the 2008-09 Budget Speech delivered by Financial Secretary John Tsang Chun-wah this morning announcing the proposed exemption of wine from duty with immediate effect, Bonhams is committed to putting Hong Kong back on the international wine-auction map with its April inaugural wine auction.

“Hong Kong has quickly established itself as a growing market leader in the trade and collecting of the finest and rarest wines on the planet. The proposed exemption of wine from duty with immediate effect 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,” states Frank Martell, Bonhams’ International Director of Fine & Rare Wines.

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