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Hong Kong’s thirst for fine wine belies its size: last year it imported more than a billion dollars’ worth, and as the only duty-free market for wine, it’s become one of the world’s largest auction hubs, reexporting a substantial proportion of its imports to mainland China and throughout Asia. Daniel Lam brought his deep knowledge of wine and his experience at five-star Hong Kong hotels such as the Grand Hyatt and the Conrad to the Bonhams team in 2008—and pioneered Hong Kong’s first whiskey and cognac auctions. We talked to the Bonhams wine specialist about the best of the Japanese whiskeys and about the only thing you need to start a great wine collection.
Wine and spirits auctions are still relatively new in Hong Kong. Do you see differences in collectors’ tastes and attitudes relative to the West?
Compared to Europe’s traditional wine auction history, Hong Kong is still considered a youthful market, with less than 10 years since the exemption of wine duty in 2008. However, in terms of collectors’ preferences and knowledge, Hong Kong wine collectors have dramatically improved their knowledge and their acceptance of various wine types, and I find them to be not much different from U.S. or U.K. wine collectors. Hong Kong collectors are very much in line with current global trends toward quality Burgundy, highly drinkable vintages of Bordeaux, and top-notch Rhône producers who produce subtle, classy wines like Raya or Guigal. Needless to mention, with strong demand on U.S. cult wines, I’ve also sensed the increasing popularity of German off-dry Riesling.
What’s essential to building a great wine collection?
Prerequisite for a great wine collection is to have a proper storage facility with the temperature ranging from 13 to 15 degrees Celsius and a humidity-controlled environment. Wine collecting can be a lifelong process; often collectors may shift their wine preferences over time. I don’t think there are fixed rules for a great wine collection, as long as you’re enjoying it.
Japanese whiskey has increasingly had a large place in auctions. What makes it unique? What are your own favorite brands and releases?
Top names among Japanese whiskey distilleries are Karuizawa and Hanyu, both of which ceased production, in 2001 and 2000, respectively. That’s simply the point that makes them unique. I enjoy sherry-oak-influenced characters in Karuizawa; as for Hanyu, especially the Playing Cards Series, each bottle represents a single cask whiskey. The Hanyu Playing Cards series’ style is driven by the use of different types of casks—sherry, bourbon, orwine casks, or Japanese Mizunara oak.
You’ve said that Chinese collectors are more likely to drink wine they’ve just won at auction than put it away, because they want to educate their palates.Is this also true of whiskey? Is there any bottle you’d advise a collector not to drink?
Wine, whiskey, and cognac are meant to be consumed, and the best way to consume them, in my opinion, is by sharing. I have no advice for my clients on a single bottle not to drink; I would suggest drinking on a special occasion, instead.
Cognac and scotch, although increasingly in demand, are still more affordable than wine. Do you see any other spirits poised for a renaissance? How does bourbon do?
I absolutely agree; especially handcrafted single malts or bourbon are making their way up. Bonhams has demonstrated the demand for single malt whiskey since it launched its specialized department globally in 2008. Bourbon performs very well, with top names being Van Winkle, A.H. Hirsch, or Old Blowhard.
