The Financial Times really likes the Sotheby’s wine story even though they admit that NY and London have another shot at surpassing the HK total. Nonetheless, is the wine market a harbinger of the broader market for luxury items. Gems and Jewelry are the next category to watch.

Sotheby’s said the price fetched in the two-day sale was nearly 30 per cent ahead of its highest estimate, taking the total sold in Hong Kong this year to $14.3m. In New York and London, the two leading trading centres for fine wine, $10.5m and $8m worth of wine have been sold through Sotheby’s so far this year, although both cities could still surpass sales in Hong Kong as more auctions will be held later this year while none is planned for Hong Kong. […]

“Asian buyers represented 99 per cent of buyers in this two-day sale. In Sotheby’s first year of selling wine in Asia, Hong Kong has become Sotheby’s most important wine centre, ahead of very successful auctions in New York and London,” said Serena Sutcliffe, head of Sotheby’s International Wine.

Sotheby’s and rival Christie’s began holding regular wine auctions in Hong Kong after the city abolished wine duties in February 2008. Sales have been strong as Asian collectors snap up cases despite the global financial crisis.

HK Becomes Sotheby’s Largest Fine Wine Market (Financial Times)