Latest news with #finewine
Telegraph
4 days ago
- Business
- Telegraph
Exodus of ultra-wealthy from UK triggers fine wine boom in Dubai
An exodus of wealthy Britons to the Middle East has triggered a boom in Dubai's fine wine market, Bonhams has said. The United Arab Emirates (UAE) has benefited from a rapid influx of rich Westerners in recent years, bringing with them their demand for expensive drinks – despite tight rules on consuming alcohol in the region. Amayès Aouli, head of wine and spirits at Bonhams, said: 'Dubai and the wider Middle East are rapidly becoming important players in the global fine wine ecosystem – not simply in terms of bulk consumption, but as centres for high-value storage, investment, and private collecting.' Soaring taxes have been blamed for accelerating an exodus of the ultra-rich from Britain, as well as Rachel Reeves's recent clampdown on non-dom residents that stripped thousands of UK residents of tax benefits. Among those to have left are the billionaire property investor brothers Ian and Richard Livingstone, who moved their official residence to Monaco, and Goldman Sachs banker Richard Gnodde, who relocated to Milan. The billionaire media mogul Richard Desmond, meanwhile, secured a 'golden visa' for Dubai last year. The Adam Smith Institute has suggested Ms Reeves's crackdown could cost Britain upwards of £10bn per year as the decline of billionaires drags on the Treasury's revenues. The UK was expected to lose almost 10,000 millionaires in 2024, while the UAE was expected to gain almost 7,000, according to the private wealth firm Henley & Partners. Inquiries about moving abroad from the UK jumped by 183pc in the first three months of 2025, the firm has also estimated. Dubai, conversely, has become increasingly appealing to the wealthy because it does not charge income tax. Mr Aouli added: 'This influx brings with it an appetite for global luxury, including fine wine, whether for personal enjoyment, entertaining, hospitality or long-term investment.' Alcohol sales to reach $1bn Sales of alcohol in Dubai, Abu Dhabi and Oman have nearly doubled in value since the pandemic and are on course to reach more than $1bn (£742m) in 2025, according to industry experts at IWSR. The UAE is also a hub for duty-free sales of wine and spirits, which were just shy of $600m (£446m) last year. Cru Wines, a London-headquartered fine wine and spirits firm, recently opened an outpost in Dubai to cater to its expat community. Gregory Swartberg, the company's chief executive, said: 'Huge numbers have come over and they obviously want to get together to drink nice wines. It's a lot of non-doms, who obviously do not qualify [for some UK tax benefits] any more.' The company does not retail wines direct to customers in the UAE, but works with clients to manage their collections and source wines for them. Only two companies are officially allowed to distribute alcohol. Alcohol consumption is legal in the UAE, which is governed under Sharia law, but is heavily regulated. Non-Muslim residents over the age of 21 are allowed to drink in their homes, but they have to apply for a licence to be able to do so. Alcohol can be sold in licensed restaurants, bars and hotels – but drinking in public is strictly prohibited and can result in severe fines and even imprisonment. Mr Aouli said: 'Licensing procedures, restrictions on marketing, and cultural sensitivities mean that success here requires patience, local relationships, and absolute regulatory compliance.' However, while demand is growing, Dubai this year reimposed a 30pc import tariff on alcohol that had previously been suspended for two years – raising the prospect of higher prices for consumers. Mr Swartberg said: 'I think people from London are a little bit annoyed at the prices of wines in restaurants here. That's definitely a strong negative.' Last week, officials in Saudi Arabia were forced to deny that the Kingdom was planning to lift a 73-year ban on sales of alcohol, after reports emerged suggesting that it would do so to boost tourism ahead of the 2034 World Cup.
Bloomberg
23-05-2025
- Business
- Bloomberg
Hong Kong Property Tycoon Fetches $9.3 Million in Wine Auction
Hong Kong businessman Joseph Lau sold a collection of fine wine for HK$72.9 million ($9.3 million) in an auction, fetching more than $41,000 a bottle for some rare French vintages. All of the wine lots sold, and the amount raised exceeded the $4.5 million estimate from Christie's, according to a statement Thursday from the auction house.
Globe and Mail
16-05-2025
- Business
- Globe and Mail
Symposium Capital Announces Yule Georgieva as COO and General Partner
New York, New York--(Newsfile Corp. - May 16, 2025) - Symposium Capital, a notable new fund based in New York City, has announced Yule Georgieva as Chief Operating Officer (COO) and General Partner. Symposium Capital distinguishes itself in the alternative investment space by focusing exclusively on tangible assets that combine cultural significance with financial appreciation. The firm's three key asset classes-fine wine, fine art, and rare comic books-have historically shown resilience against market volatility, offering investors a diversified approach to wealth preservation and growth. Yule Georgieva, COO of Symposium Capital. Yule Georgieva is an experienced business executive whose career has spanned across multiple industries including government, aviation, technology, and wine. Georgieva dove deeper into her passion for wine while honing her financial acumen with a finance-focused MBA from the University of Toronto, where she developed a model to track the financialization trajectory of different wines while pursuing her Wine & Spirit Education Trust Diploma in Wine. From there, Georgieva spent the next four years building a wine cellar management startup as COO, developing the company's business model, establishing internal processes, and managing a wide portfolio, including marketing, partnerships, and finance. Georgieva also currently serves as COO of Académie du Vin, a renowned wine education and events company founded by acclaimed wine expert and merchant Steven Spurrier. With an expert team and a growing network of collectors, partners, and investors, Symposium Capital is well-positioned to redefine how tangible assets are integrated into modern investment portfolios. Symposium Capital specializes in Wine, Fine Arts, and Comic Books. The announcement of Georgieva as COO ensures Symposium Capital has the financial and operational bench-strength to execute its unique acquisition strategy. Her deep understanding of the fine wine market, coupled with her broad experience and strong relationships will be instrumental in expanding Symposium Capital's presence in the high-end collectibles sector. More information about Symposium Capital can be found on their website
Times
16-05-2025
- Climate
- Times
The best picnic wines to drink alfresco
The great outdoors, with insects and fluctuating temperatures, rain one minute and brilliant sunshine the next, is no place for fine wine. Whether you are heading to the beach or your back garden, serving anything priced more than £15 a bottle is a complete waste of money. Frankly, most of the time I stick to £10 and below for alfresco bottles, whether it's a swanky picnic or a simple barbecue. That's principally because getting the temperature right with bottles drunk outside is hard. Serve your chosen wine too cold and the fruit and flavour is damped down; too hot, however, and whites and reds will taste flabby and aggressively alcoholic. Stick wines that cost less than £10 in the fridge overnight, wrap them in wet
Bloomberg
14-05-2025
- Business
- Bloomberg
Hong Kong Tycoon Lau Selling $4.5 Million Wine Collection
Hong Kong billionaire Joseph Lau is selling another wine collection with an estimated value exceeding HK$35 million ($4.5 million) in an auction by Christie's next week. Lau is offering more than 200 lots of fine wine, including rarities from revered producer Henri Jayer, vintages from Petrus and selections from Domaine de la Romanee-Conti, as part of Christie's Hong Kong Luxury Week.
