Friday, September 26, 2008

Economic uncertainty can't stop the wine collector

Posted By on 09.26.08 at 04:03 PM

Chicago wine auction house Hart Davis Hart is touting its record-breaking sale last weekend at Tru of one of the largest single-owner wine collections ever to go on the block, heavy on first-growth vintage Bordeaux such as Haut-Brion, Margaux, and Latour. According to the company, the auction brought in $11,160,583, the fourth largest take for a wine auction in history.

The first lot up for bid, 12 bottles of 1982 ChaÌ‚teau Lafite-Rothschild broke a world record for the wine, selling to a Chinese bidder for $54,970. The number one bid? $179,250 for one case of 1990 Romanée-Conti Domaine de la Romanée-Conti. 

I ran this by wine economist Tyler Colman, aka Dr. Vino who was impressed, noting that half the Lafite-Rothschild lots sold to an unidentified Asian buyer who was bidding remotely.

"Maybe some creative financial type will set up derivatives to be able to short Lafite," he wrote.

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