Wine connoisseurs in Asia make large currency transfers
Wine connoisseurs from Asia may soon be making foreign money transfers to Europe as more people are collecting the region's products, according to the Circle of Wine Writers.
The association of wine authors, broadcasters, journalists, photographers and lecturers says that the growing wine appreciation in Asia will be the "biggest story" of the next few years.
Chairman Stuart Walton said there has been a "massive increase" in recognition among East Asian collectors concerning the quality of European wines as investments.
"China is emerging as a huge and dynamic market for European wine," he commented.
"Indeed it is possible to say [that] in the last couple of years the demand is beginning to outstrip what European wine is able to produce."
He explained that that the Chinese have discovered that European wine is a sound investment; much like the Japanese did a couple of generations ago.
In terms of its measure as a dynamic investment potential in 2010, fine wines outstripped gold and crude oil, according to Mr Walton.
There is "no limit" to what Asian investors are prepared to pay for the produce of the wines estate of Europe.
He added: "China is now the leading export market for Bordeaux wines."
There is now an annual international wine trade fair in Shanghai which is in its sixth year, which may mean that the market is stable.
"You might wonder whether that bubble will burst and all bubbles do eventually, but at the moment, what is interesting about this is that the wine market in China is booming despite the global economy suffering as a whole," Mr Walton explained.
He concluded: "I think [this] will continue for some time to come."