Winemakers To Continue Looking East In 2011
Industry observers expect the Asian boom for wine to continue, after fine wines enjoyed a record year in 2010 – as wine investors are banking returns as high as 32 percent. As the economy continued to be an factor, Barry Schuler, a proprietor of Meteor Vineyard in Napa Valley, sees the global market as coming back, with “people looking at Asia, where all of a sudden there’s an interest in fine wine and high-end wine, both from collectors and young entrepreneurs who are acquiring some wealth for the first time.” While many are simply turning to wine as yet another status symbol, China is in the midst of a lengthy education process, as many high-end consumers become more interested in appreciating wine.
Bordeaux Index, a European wine merchant and trader with an office in Hong Kong, recently published their monthly report for December, with key findings pointing to a booming market. While prices only climbed an additional 1%, wines, for the second year, outperformed rival assets such as gold or oil. Bordeaux Index is entering 2011 with confidence, as order books are “groaning” with purchase orders. Additionally, Gary Boom, Managing Director of Bordeaux Index in Hong Kong, is optimistic about vintage wines, expecting that with next month’s Chinese New Year, “prices will continue to climb through the first quarter.”