Hong Kong takes over as top slot among world's wine markets

HONG KONG: Hong Kong took the top slot among the world's major wine markets at weekend auctions where Sotheby's sold $8 million worth of fine wine.

Hong Kong has grown as a wine hub, taking over from London and New York, after the city abolished wine duties. And auction houses such as Sotheby's and Christie's have been pushing Asian buyers for new business as prices drop in the wake of the global economic downturn and as luxury spending dwindles.

Sotheby's said two Hong Kong sales over the weekend of wines from the cellars of two unnamed American collectors fetched $7.9 million, around 28 percent above the pre-sale high estimate.