If even a tiny fragment of China's population acquires the means and desire to regularly drink the likes of Haut-Brion and Romanée-Conti, the effect on (already high) prices and (already tight) supplies will be profound.
And, in fact, the balance of wine-buying power is already shifting eastward: Chinese collectors have furiously sought out one first-growth Bordeaux, Château Lafite; and Hong Kong, which recently lifted all duties on wine, is now poised to rival London and New York as a hub of the global wine trade.
. . . China has a long viticultural heritage, and on the back of the country's economic gains, the local wine industry is booming: China is now the world's sixth-largest wine producer.
. . . it was an Internet entrepreneur from Shanghai named David Li, who ponied up $500,000 for six magnums of 1992 Screaming Eagle, California's most sought-after cult cabernet sauvignon. "I love Screaming Eagle," Li gushed to the Wine Spectator. "Napa Valley wines are the best in the world.
Wednesday, August 20, 2008
The Chinese Obsession With Wine
In this article, Slate's Mike Steinberger writes of China's "newfound obsession" with wine. Here is an excerpt: