US wine auction market faces pressure from Hong Kong
The US wine auction market has been outdone by Hong Kong for the second quarter running.
Average prices for collectible vintages have fallen by three per cent compared with the previous three months according to the Wine Spectator auction Index, while the Dow Jones Industrial Average fell by ten per cent.
Among the notable US sales of recent months were a magnum of chateau Cheval Blanc 1982, which sold for $3,630 (£2,370) at Zachys, and two six-bottle lots of Romanee-Conti 1990 for an impressive $156,000 (£102,000) at Christie's.
According to the Wine Spectator, many US auctioneers expect the Bordeaux en primeur 2009 campaign will have an effect on older vintages under the hammer.
"Supporting categories such as California Cabernets and wine from Italy, Spain and the Rhone should also trend up, but not at the same rate as the best of Bordeaux and Burgundy," Christie's' Charles Curtis told the website.
Hong Kong was notable for playing host to two record-breaking wine auctions this year, including what was reportedly the world's second-largest ever sale of fine wine.