If anyone doubts that fine wine prices aren't set based on global demand and supply, read the following two stories:
- Asia dominates Sotheby's sale - This was a NYC auction but also held live on the Internet. "The top five most-expensive lots were bought from Asia. Nine of the top 10 revenue-grossing lots were claimed by Asians."
- Counting China's millionaires - A few key points: 825,000 mainland Chinese - or one in 1,700 - have a personal net worth of at least US$1 million. "82% of China's richest have not made any lifestyle changes since the financial crisis hit. The underlying reason is that their confidence remains high."
Bottom line: It seems that fine wine prices have a serious underpinning of demand that will only grow over time with Chinese economic growth.
