Chen predicted that the growing wine trade between the two sides would create a "sophisticated development" of special logistics for distribution and storage of wine. Wine imports from the US amounted to US $ 49 million in 2009-2010, representing a five-fold increase since Hong Kong's duty exemption. The US is, apparently, eyeing Hong Kong not only as a market - Hong Kong's per capita wine consumption is very high - but also as a strategic wine distribution centre for the huge China market .. Hong Kong has, meanwhile, overtaken London as. the world's second largest wine auction centre after New York. Wine auctions in Hong Kong last year spiraled up to US $ 64 million while New York's auction value totalled US $ 72 million.