Hong Kong's chief secretary Henry Tang Ying-yen has claimed that Hong Kong will soon be the world's number one auction market for fine Bordeaux and Burgundy.

Mr Ying-yen told assembled wine industry officials at the third Hong Kong International Wine & Spirits Fair that it has already passed as the second-largest wine auction centre behind New York, the Drinks Business reports.

He went on to say that with wine import values in the first nine months of 2010 reaching US$600 million (£310 million) - more than the whole of 2009 - Hong Kong has its sights firmly on the top spot.

"The business potential has been unlocked, or perhaps it would be more appropriate for me to say uncorked," the publication reports Mr Ying-yen as saying.

A recent record-breaking auction conducted by Sotheby's in Hong Kong was said by Decanter magazine to have "redefined wine prices" with high-value sales of Chateau Lafite Rothschild.