Hong Kong investment group Rare Whiskey Holdings is planning to set up an auction center in Asia to help owners resell their collections.
The hub, which could be based in Hong Kong, Singapore, China or Taiwan, would provide the impetus for more businesses to do business online and “promote opportunities for Asian consumers to access investment in whiskey, ”said Rickesh, co-founder of Rare Whiskey. Kishnani via South China Morning Post.
An expansion in Asia could help his company attract more interest from investors in the region, according to Kishnani, who pointed out that setting up in Asia would mean that field work related to authentication, storage and security. shipping would be closer to the growing customer base. in Asia.
According to To post60% of Asian buyers in high-end spirits auctions conducted by Sotheby’s last year were buyers from Hong Kong and Asia would have generated 80% of those sales in 2020 for the auction house.
The planned hub would complement Rare Whiskey’s recent expansion plan after the company bought a 49% stake in online auction site Whiskey Hammer from its two founders for an undisclosed sum. The online site holds monthly auctions of whiskey and other fine spirits.
“Spending half a million pounds on a bottle of whiskey would have been impossible five years ago,” Kishnani said, but added, “It’s not uncommon today given an increase in demand in Hong Kong and mainland China. “