Red obsession : the ascent of fine wine in China

Masset, Philippe (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Weisskopf, Jean-Philippe (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Faye, Benoît (INS IGNIS, LAREFI and Bordeaux Wine Economics) ; Le Fur, Eric (INS IGNIS, LAREFI and Bordeaux Wine Economics)

This article uses hammer prices from five global auction houses to analyse the price premium Bordeaux fine wine yielded at Hong Kong wine auctions over the period 2007 to 2014 . We find that fine wine was on average sold at a 19% premium on the Hong Kong market . The strong latent demand by Chinese customers coupled to wine market characteristics are put forward as an explanation for this premium . We further observe that the Hong Kong premium is not uniform and most pronounced for wines with perfect Parker scores or for the most powerful brands . The premium has declin ed through out the sample period from 60% in 2008 to establish itself at a level of 15% since 2012. This can be attributed to the increase in knowledge on fine wine by Chinese customers.


Note: Présenté également à l'Emerging Markets Review Special Issue Conference on Alternative Investments, 23-24 April 2015, Chapel Hill, NC, USA et à l'European Financial Management Association Annual Meeting EFMA, 24-27 June 2015, Amsterdam, The Netherlands.


Mots-clés:
Type de conférence:
full paper
Faculté:
Economie et Services
Ecole:
EHL Ecole hôtelière de Lausanne
Classification:
Économie/gestion
Adresse bibliogr.:
Mendoza, Argentina, 26-30 May 2015
Date:
Mendoza, Argentina
26-30 May 2015
2015
Pagination:
38 p.
Publié dans
Proceedings of American Association of Wine Economics Annual Meeting (AAWE) 2015
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 Notice créée le 2015-10-23, modifiée le 2018-08-31

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