The 2020 Sotheby’s Wine Market Report
Sotheby‘s Auction House has released its 2020 Wine & Spirits Market Report for an overview of its market during an unusual year owing to the COVID-19 pandemic.
According to the report, Sotheby’s auctioned a total of $92 million in wine and spirits last year, of which $35 million came from 20 online auctions.
65% of the buyers came from Asia in 2020.
It also indicates transactions in Asia remained strong in 2020 with 65% of the buyers coming from this region. What is more, 73% of the total bid amount across Wine and Spirits sales came from collectors in the region.
As a result of COVID-19 travel restrictions, Hong Kong reclaimed a historic position in the Asian market with a 59% tranche, followed by the market of Taiwan, mainland China, Singapore, Indonesia, and Vietnam.
Meanwhile, demand from the U.S. dropped from 23% in 2019 to 17% in 2020.
