Hong Kong has in recent years become a prime hub for the Asian wine trade. Increased demand from China has also meant the wine auction trade has grown along with the commercial sector. Sotheby’s Asia head of wine Adam Bilbey talks about recent trends in the sector and the skills required to get into the field.
What trends have you seen shaping the global wine auction business in recent years and what factors are driving these trends?
Nowadays it is a far more global market where collectors from around the world are willing to buy at auctions across every region – rather than just from their own. Clients are also now looking beyond wines from Bordeaux, at products such as Burgundies and Japanese whiskies and so on.
How about Hong Kong? What are the main challenges facing the sector here?
It is a very competitive market and we challenge ourselves to make the auction market more consumer-friendly than it has ever been before, so we can attract a new generation of wine buyers to auction.
While we offer authentic wines in top condition with impeccable provenance, we understand that our clients and wine collectors are also looking for quality wine for everyday drinking; that’s why we set up our wine retail services in both New York and Hong Kong, where quality wine is guaranteed.
What sort of recruitment opportunities or challenges is this creating?
This is giving the opportunity to individuals who are dynamic, open-minded and willing to share ideas. In terms of challenges, it is always difficult to find people who have real wine knowledge that goes beyond the superficial and who also have good language skills.
Apart from a deep knowledge of wine, what other skills are required to get into the field?
The auction market is deadline-driven and you need a keen attention to detail, which can be a tough learning curve for some. Our work here at Sotheby’s requires a lot of logistic matters, so organisational skills and attention to detail are key to this role. And of course, just as important is not just a deep knowledge of wine – a passion for wine is needed.
Sotheby’s runs wine auctions in Hong Kong, London and New York, and in order to triumph in our role we have to work very closely with our overseas offices, and constantly work with our clients and team to come up with creative ideas to give wine collectors the chance to acquire truly rare and fine wine.
For example, last year in New York we established a record for a wine collection sold at auction. Wines from the cellar of William Koch brought a total of US$21.9 million with 100 per cent of lots sold. Also last year, in Hong Kong we presented the first wine auction dedicated to Chateau Palmer in June, where a 225-litre barrel of Chateau Palmer 2016 (En Primeur) was sold.
What was your own career path? Did you ever think that one day you would work in this role?
I learned very early in life that I wanted to work in the fine wine business and made a conscious decision to pursue it rather than go to university, joining Berry Bros & Rudd at the age of 20. I have been incredibly lucky to work for and learn from some of very best in the business and that has culminated in this current role – my dream job.
What are the main differences between working, say, as a sommelier or as a commercial wine trader, and working in the wine auction business?
These are all very different roles. Trading is very much consistent business, selling on a daily basis and reacting to consumer demand. Auctions are seasonal, where you are multitasking – managing deadlines, deals and making sales all at the same time. And this all leads to that one big day – the day of the sale. As a dealer or retailer, you order some more and sell it. As an auctioneer you need a seller and a buyer.
The key similarity of all of these jobs is being outfacing and managing client relationships. Wine is a very social thing and people get very passionate on this subject – being able to clearly and passionately talk about and promote wine is vital.
Are there any formal qualifications that are useful to doing your job?
The Wine & Spirit Education Trust offers great qualifications and, depending what area of the industry you want to specialise in, Level 3 and Diploma are great platforms.
What is the hardest part of your job? And the most rewarding?
The inspection side can be physically gruelling. Being stuck in a cold cellar for a few weeks takes its toll! Without doubt seeing all the team’s hard work rewarded at the end of a successful sale is a great feeling.
Are there any particular features of your job that people might find surprising?
I think there is a view that the fine wine auction market is monotonous – which could not be further from the truth. We are always busy and work in so many different areas such as inspection, valuations, logistics, deal-making, tastings and of course wine dinners! We reject considerable amounts of wines every year for sale due to either problems of authenticity or condition.
Is it a 9-6 job? What is work-life balance like in the industry?
We have our set hours. However, we have to be flexible as most of our client liaising is done at the dinner table.
Fortunately first and foremost we are wine lovers so going to dinner and talking to clients is a perk of the job and not a task.
This article appeared in the Classified Post print edition as A corker of a career.
