Sotheby's auction house (NYC office above) has released its US auction market review for the 2007-2008 season under the headline: 'As demand for high value wines shifts to Asia, supply remains in the United Sates & Europe.'

The report provides interesting reading, although as it only covers the period until Spring 2008 it doesn't take into account the wobbles that hit the market from September onwards. Perhaps the most interesting data provided is that on the increase in demand from Asian buyers, who accounted for 35% of total sales by value this season, compared to 21% last. Somewhat more tellingly, 4 out 5 lots that realised more than $100,000 went to Asia, as opposed  to 2 in 5 in the previous period.

Download the full report