John Kapon, Acker Merrall & Condit

酒 Jiuwine.com met up with Mr. John Kapon, a casual and unassuming fellow who is also the co-owner and President of Acker Merrall & Condit during his visit to Hong Kong for Asia’s largest ever auction of fine wines in Hong Kong this week, betting on Chinese consumers who over the last few years who had developed a fine taste and nose for this beverage as Hong Kong aspires to be the wine hub of the East.John from what we understand oversees the auction for the traditional New York market and Acker dates back to the 18th century, which is regarded as America’s oldest wine shop.

Above: Acker’s dynamo and wine warrior, John Kapon @ the Hyatt in Hong Kong.

酒 Jiuwine.com: Why come to Hong Kong?

The timing could not be better for us to come to the growing marketplace in Asia, which is displaying stronger interest and demand for top quality wines. The full exemption of wine duty proposed by John Tsang Chun-wah, Financial Secretary of Hong Kong, in his recent 2008-09-budget speech, will give a further boost to the local wine market.Hong Kong is ready to run on the fast track to becoming a global wine hub, alongside New York and London, and we are committed to facilitating Hong Kong’s vision in achieving this as America’s oldest and finest wine merchant.”

酒 Jiuwine.com: Could you tell us more about yourself? How and what changes or challenges have you seen at the hem?

I am a third generation wine merchant who has seen pretty much everything possible in the wine world. It has been a long, hard road to get to this point, and keeping up with all the growth has been challenging!

酒 Jiuwine.com: Describe the philosophy of fine wine collecting.

Seeking out the best producers year in and year out, aging the best years and holding wines for many years … grinning.

酒 Jiuwine.com: They say wine auctions are glamour wine sales where money, enthusiasm and craziness mix. What are your views on this?

Sometimes that is the case, but those that follow the market regularly know that there are often lots of good buys at every auction.

酒 Jiuwine.com: So are we in a bull market scenario where Asian; especially money seem to be the magnet for today’s fine wines?

The market is strong in a global sense, but the brands are limited as far as where the bull really runs free. As you can see this is our first auction in Asia. We’ll see.

酒 Jiuwine.com: How about the Russian or/and Middle East factor?

None for us so far.

酒 Jiuwine.com: How do you view the Hong Kong fine wine market?

The Hong Kong fine wine market is one that will be growing and robust for many years to come, with the potential to replace New York as the world capital for auctions much like New York replaced London … it will certainly be the hub for Asia.

酒 Jiuwine.com: With regard to fraud, which wines seem to be of greatest concern?

Wines like Petrus and older, wines of the century type, pre-1961 Bordeaux in large formats.

酒 Jiuwine.com: Are the auction houses doing enough to verify their authenticity?

I believe auction houses are doing more than ever, but there is stillroom for improvement, and even we are still looking into how we can improve our systems over the summer.

酒 Jiuwine.com: Bordeaux has traditionally been the focal point, but younger collectors today seem interested in burgundy.

All roads lead to Burgundy for those that truly love and seek the best wines in the world.

酒 Jiuwine.com: What are the most sought after wines from Burgundy?

DRC, Rousseau, Roumier, Vogue, Ponsot, Leflaive, and Coche-Dury.

酒 Jiuwine.com: Are collectors today more inclined actually to consume their wines than previous generations? In your opinion, are we more drinkers than collectors? What are your views on this matter?

I think there is also more consumption worldwide today due to the fact that there are far many more collectors than in previous generations. I have seen an enormous amount of wine drunk in the past year that might have been many years’ worth only five years ago!

酒 Jiuwine.com: What accounts for the different attitude of today’s collectors?

I think that there are more younger wine collectors with money that want to spend it and show it off in today’s market than a decade ago.

酒 Jiuwine.com: So where are the values in this market right now?

Young wines 1995-2004 from top producers from Bordeaux and Burgundy, given prices of 2005s, these are undervalued in the market now.

酒 Jiuwine.com: What are your plans for the next couple of years?

Two auctions a year in Hong Kong in addition to monthly live and internet auctions in the US.. We’ll see if we can do more than that!

Related reading:

Hong Kong’s Glamorous Wine SaleAcker Merrall & Condit Asia’s US$8.2M wine auction