Bonhams: the Middle East will ‘define the next chapter’ for fine wine

Amayès Aouli, Bonhams’ global head of wine and spirits, has pinpointed the Middle East as “one of the most promising growth markets for fine wine and spirits” as the auction house debuts its first wine collection from the region.

The Oasis collection, the first-ever Middle Eastern wine collection to appear at an international auction, is a “landmark moment that underscores the region’s evolution from emerging buyer to tastemaker”, Aouli said.

Bonhams debuts the collection in Hong Kong this month with a live auction on 24 May alongside a parallel online sale running on 14-27 May.

The auction house’s decision to launch the first Middle Eastern wine and spirits collection “isn’t just symbolic”, but “strategic”, Aouli said. “According to Knight Frank’s 2024 Wealth Report, the Middle East saw a 17% increase in ultra-high-net-worth individuals (UHNWIs) in 2023, one of the highest growth rates globally. These individuals are increasingly turning to tangible, passion-driven assets, including fine wine, as a store of value and cultural expression. Also, the region is becoming one of the global centres of gravity, attracting many citizens from all the countries in the world.”

Markets in the region are maturing fast, and Aouli argued that buying habits have shifted from “acquiring for consumption” to “curating”.

He described the region as “one of the most promising growth markets for fine wine and spirits”, led by an increase in premium wine and spirits consumption in the UAE and Saudi Arabia through to 2027 “driven by expanding access, changing social norms, and a young, affluent population”.

Spirits are leading the charge among collectors in the Middle East, with the momentum “already visible”. Aouli said: “Bonhams has seen an increase in whisky lots purchased by Middle Eastern collectors since 2022, especially for Japanese and collectible Scotch releases. Spirits align with both gifting culture and luxury asset investing—two key drivers in the region.”

Wine is now “catching up” with a “new wave of private cellaring projects — especially in the UAE and Qatar”.

“The Oasis Collection is just the beginning; we anticipate the Middle East will become both a major source and destination for the world’s most exceptional cellars within the next 5-10 years.”

Aouli added: “In short, the Middle East is not just participating — it is beginning to define the next chapter of global wine connoisseurship.”

About the sale

The Middle Eastern collection will feature in a live auction, The Oasis Collection & The Vault of Legacies, on 24 May alongside rare Burgundies and Italian wines from another Asian cellar. Highlights of the Oasis Collection include 10 vintages of Petrus and 37 lots from Domaine de la Romanée-Conti.

The Vault of Legacies collection features ultra-rare bottles including a parcel of 43 lots from Domaine de la Romanée-Conti and full original cases of d’Auvenay Mazis-Chambertin 1996, Leroy Chambertin 2001, and Armand Rousseau Clos St. Jacques 1999. The collection also features one of the most comprehensive arrays of Gianfranco Soldera and Masseto.

A parallel online sale, The Oasis Collection & Grand Cru Collective (14–27 May), offers additional highlights. An additional online sale Spirits of Distinction: Whisky & Cognac Rarities, running simultaneously (16-27 May), will feature rare Japanese whiskies, high age-statement Scotch, and iconic Cognacs including the Rémy Martin Louis XIII Black Pearl. Leading the Japanese whisky offerings is Hanyu Ichiro’s Malt “Four Aces”—Ace of Spades, Ace of Hearts, Ace of Clubs, and Ace of Diamonds, estimated at HK$360,000 – 550,000.

Why Hong Kong?

“Hong Kong is the epicentre of Asian wine collecting, accounting for roughly 40% of global fine wine auction turnover,” Aouli said.

Critically, its 0% import duties on wine, along with a well-educated collector base, give Hong Kong a “continued edge despite global market headwinds”, Aouli said.

More broadly, Bonhams Asia saw 18% year-on-year growth in auction sales across all categories in 2024, bolstered by new regional headquarters.

“The Hong Kong buyer base is both international and interconnected, drawing interest from Greater China, Singapore, SEA, South Korea, and increasingly, the Middle East itself,” Aouli said. He noted that the timing is “strategic”, with Asia seeing a resurgence in demand following a more muted 2023, “with top-tier collectors returning to the market looking for pristine, one owner cellars. The Oasis Collection ticks every box.”

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