Growing hong kong demand prompts first ever advisory service for vineyard investors
The program was prompted by growing demand from Hong Kong buyers request advice about buying vineyard properties.
Domestic thirst for fine foreign wine has grown exponentially in recent years, reports Christie’s, with the auction house reporting an outstanding total of HK$286.5 million (US$36.9 million) from nine wine sales in Hong Kong last year.
Similarly, demand from affluent Chinese investors for foreign wine has extended to a growing interest in foreign wine-producing estates. According to SAFER, (Sociétés d’Aménagement Foncier et d’Etablissement Rural), a quasi-governmental entity partly funded by the private sector, in 2011 there were 35 chateaux with vineyards sold in the whole region of Bordeaux—60 percent were sold to Chinese buyers. Of the 37 vineyard-chateaux sold in 2012, 62 percent went to Chinese buyers.
“This project brings together the knowledge and networks of the world’s leading auction house for wine and Christie’s International Real Estate, the only global luxury real estate network wholly owned by a fine art auction house. We are uniquely positioned to offer this highly specialized vineyard advisory acquisition service and we look forward to this exciting venture,” says David Elswood, Christie’s International Director of Wine in Europe and Asia.
“Vineyards by Christie’s International Real Estate showcases the unparalleled synergy between art and real estate at Christie’s,” says Bonnie Stone Sellers, Chief Executive Officer of Christie’s International Real Estate. “With the fine and rare wine expertise of Christie’s and the experienced local partners in Christie’s International Real Estate’s network of affiliates, clients have a unique opportunity that only Christie’s can provide.”
“It is essential that buyers work with experts who know the industry, operate in the local market, are well connected with local vineyard owners, and are immersed in a region’s wine industry network,” says vineyard property specialist Michael Baynes of Christie’s International Real Estate exclusive Affiliate Maxwell-Storrie Baynes in Bordeaux. “Vineyard markets in sought-after locations are often small and discrete, and without expert guidance, buyers never even know they are on the market. It is not uncommon for more than half of our vineyards to be privately listed – never advertised and never placed on websites.”