Joyce Yip speaks to representatives from Sotheby’s and Bonhams – both of which have just held eye-opening spirits sales in Hong Kong – to find out.
In May, Sotheby’s and Bonhams’ outposts in Hong Kong hosted remarkable spirits sales: the former saw a 95% sell-through rate for its first-ever cognac sale hosted online from May 20 to June 3, 2026; while Bonhams set a new world auction record for a bottle of Japanese whisky, the Yamazaki 50‑Year‑Old created exclusively for Club Natsume, during an live auction on May 30, 2026.
So, are premium spirits finally making their much-anticipated comeback in the region’s secondary markets? Sort of.
Paul Wong, Head of Wines & Spirits, China at Sotheby’s Asia, says Hong Kong has always braved the storm “despite broader cooling in global spirits markets”, thanks to the city’s position as a regional hub for collectors across Greater China and Southeast Asia as well as slashed taxes since 2024.
Sotheby’s earlier cognac auction, which totalled HK$2.2 million in aggregated sale, saw close to three-quarters of buyers from Mainland China and Hong Kong, with remaining interest coming from the U.S. and Southeast Asia.
Top end whiskies triumph
Despite a near-50% drop in high-ticketed whiskies in the auction house’s 2025 whisky and Moutai online sale compared to prices in 2014 – according to an interview last March with Freeman Ho, Sotheby’s Hong Kong deputy director and spirits specialist – Wong is confident in the “resurgence of interest in blue-chip Japanese whiskies, particularly single malts and blended malts from leading distilleries such as Yamazaki, Hakushu and Karuizawa”, though emphasising that the increased momentum in spirits “since the second half of 2025… remains highly focused at the top end of the category”.
Such concentrated interest is also evident in Bonhams’ fine and rare spirits online auction titled “A Dialogue of Time” – which took place alongside its record-breaking sale of the Yamazaki 50-Year-Old, featuring labels like Karuizawa, Rémy Martin and The Macallan to name but a few.
The 1975 Karuizawa Cask, which sold for HK$100,000 (including premium) at “A Dialogue of Time”, was sold for HK$225,000 at a 2023 auction hosted by Sotheby’s. Similarly, the Rosebank 25 Year Old Cask Strength, 1981 (1x 700ml), which Bonhams most recently auctioned for HK$9,375 (including premium), fetched almost double the price in a sale it hosted back in 2018.
Comparatively, the Hibiki 30 Year Old Ceramic Aritayaki, which sold for HK$62,500 in May, only got HK$49,600 in another Bonhams auction back in 2020.
Evolving buyer base
“Four to five years in our category is like a generation, especially for spirits,” says Amayès Aouli, Bonhams’ Global Head of Wine and Spirits. “The spirits market remains a relatively young category…the buyer base continues to evolve, and price benchmarks are still forming. At the top end, the market is sensitive to any single movement. Price variation is natural.”
While Aouli agrees with Wong that ultra-rare Japanese whiskies are still the sought-after unicorns of the region, he says Hong Kong’s tax reduction may only benefit the fine spirits market – a segment that’s “exposed to consumption trends and broader economic cycles like real estate, currencies and overall market sentiment,” he says.
“At the top of the pyramid is the ultra-rare segment, driven by connoisseurship and knowledge. In this tier, the more collectors know, the more confidently they bid — and that ultimately drives prices. This top-end market is very specific, closely linked to global wealth, and it’s the one where we excel.”
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