Raymond Ting, Chairman of Madison Holdings Group (HK: 8057) announced the launch of Madison Fine Wine Auction in September 2018. MFWA is the first fine wine auction house established by a Hong Kong listed company, the Madison Group.
The inaugural auction of MFWA took place on 15 December 2018 at the French Window in Hong Kong, realizing sales in excess of HK$23 million against pre-sale estimates of HK$17,000,000- HK$22,000,000.
Along with providing clients access to fine and rare wines from Burgundy, Bordeaux, Napa, Italy, Spain and more, MFWA provides an industry low buyer’s premium of 16.5%, hassle-free consignments with 0% seller’s commission, and guarantees consigners 100% sell through rate, as well as innovative technological solutions across all aspects of our business that create the world’s most efficient and client friendly auction platform.
“As a long-time wine collector as well as owner of one of Hong Kong’s largest fine wine retail businesses, I have long dreamed of opening a wine auction house offering collectors access to world-class fine and rare wines along with excellent customer service that includes full transparency, lower costs and equal treatment of all clients,” said Raymond Ting. “With industry-wide buyer’s premiums verging near 25% and a generally opaque consignment deal structure, I feel strongly that collectors like myself would be drawn to a simple industry low buyer’s premium and 0% commission for sellers.”
MFWA has appointed industry veteran Gabriel Suk as CEO. Mr. Suk, who has been working in the wine industry in Asia since 2004, is one of the most respected and experienced fine wine experts in Asia.
“We are creating an auction platform for the 21st century,” said MFWA CEO, Gabriel Suk. “Hong Kong is the world’s leading market for fine and rare wines. We offer our global clientele access to world-class wines of impeccable provenance without the need to navigate complicated shipping, tax, bond and regulatory environments in the US and UK that inflate costs to collectors.”
MFWA is focused on bringing clients access to world-class collections of Domaine de la Romanée Conti, Domaine Leroy, Château Lafite as well as other Grand Cru Burgundy, First Growth Bordeaux and collectible rare wines from around the world.