Chinese Demand Pushes Wine Auction
The world’s oldest charity wine auction, held on behalf of a medieval hospital in the Burgundy region of France, raised a record 6.3 million euros ($8.5 million), boosted by bidding from China. Yan Hong Cao, a China-based businesswoman, paid 131,000 euros for the “President’s barrel,” containing 456 liters of Meursault-Genevrieres Premier Cru, Cuvee Philippe le Bon, at the 153rd edition of the Hospices de Beaune auction. The annual event, held in collaboration with Christie’s International, sells barrels of Burgundy’s latest…