Chinese buyer wins at auction
€131,000 winning bid for cask of Burgundy symbolises the rise of China as a market for French wine
A CHINESE woman won the bidding for a coveted barrel of Burgundy wine at a Christie's-run charity auction in France, paying €131,000 for her cask.
It was the first time a Chinese buyer had landed the top item at the 153rd annual auction for the Hospices de Beaune charity, where around 443 wines went under the hammer.
Successful young bidder Yan Hong Cao, who bought the 456 litres of Meursault-Genevrieres premier cru, is from Yunan in southeastern China and owns a chain of shops, jade mines and tea plantations.
Michael Ganne, a representative from Christie's, which has run the auction since 2005, said a significant number of Asians had attended the event and that it generated "a lot of interest, with a small volume of vintage" available.
The auction raised a record €6.3 million which will be distributed among various linked to the Hospices de Beaune.
France is a major exporter of wine to China, which has become a key, fast-growing market.
Wine consumption in the world's most populous country more than doubled in the four years to 2011. It is set to rise another 40% by 2016, according to Vinexpo, the industry's top trade-fair organiser.
Photo: Afp/Relaxnews/Jefrf Pachoud
