Wine and prosperity flow along on the same current of joy. A recent Wall Street Journal story by Laura Santini reports that Hong Kong has become an international wine hub, thanks to the growing appreciation of wine and luxury accompanying the new Chinese economy. (Hong Kong is now Sotheby’s leading wine-auction market.) The city has seen an especially large uptick in business because of the elimination of a 40 percent tax on wine imports (it’s 43 percent on the mainland). The preferred bottle to cement and celebrate a business deal? The 1982 Chateau Lafite Rothschild, which sells for roughtly $5,000 in Hong Kong. Although local wine experts suspect a lot of it is counterfeit. 12/5/09.
According to The Wall Street Journal, the Australian wine industry is sick and tired of the international success of Yellow Tail, which is by now practically the first bottle that pops into the minds of American consumers when they think about Aussie wine—a drinkable but undistinguished mass-market bottle that has all the individuality of Coke. The Australian wine industry is also sick and tired of the dominance of Shiraz, which is practically the only grape many consumers associate with the continent. A government-affiliated promotional program called Wine Australia has begun sponsoring events and holding tasting seminars to create awareness and polish the image of regional wines. This sounds like an eminently sensible gambit when you consider that the value of Australian wine exports to the US have tumbled by nearly a quarter in the past two years. Good luck, Australia! 11/10/09.
Wine consumption in the US continued its 16 years of annual growth in 2009, although with the recession it was just a tiny uptick of little more than half a percent, according to a recent report in Wine Spectator. In general, cheaper, mass-market wines enjoyed the most growth in these days of penny-penching and anxiety. (Ah, yes, how the quiet charms of the grape are the balm of Gilead when the latest 401(k) statement arrives!) The stalled economy also has given an edge to domestically produced wines over imported. Just writing this wine has caused me such tension, I’m going to rummage up a bottle from the wine armoir and uncork it. Cheers, if you can. 11/03/09.




