More people than ever seek to uncork a profit
On March 20th a wine sale held by Christie’s, a British auction house, featured so many lots that the voluble auctioneer lost count at number 36. “Thanks for keeping me on my toes,” he told the observant attendee who had noted his error. That hiccup aside, the auction was a success. Nine out of ten lots found a buyer. The most valuable—a 12-bottle case of Domaine de la Romanée-Conti 1988, from Burgundy—fetched £232,750 . The entire sale raked in £1.3m.
These arguments are not new. What has changed, however, is the way the market operates. For investors, top crus are difficult to price: they do not generate cash flows, so their intrinsic value largely comes down to taste. And until recently, the market followed the taste buds of only one man—Robert Parker, the dominant wine critic of the past three decades. His ratings on a 100-point scale would cause prices to jump or dive, distorting markets .
The need for such advice has gone up as the market has matured. To fit in the investment-grade category, specific crus must meet three criteria: they must be durable, scarce and, most important, desirable. That means a high starting price. Investors rarely consider anyretailing for less than £1,000 for a dozen bottles. Buying at least three or five cases is also advisable: merchants then find it easier to place decent volumes when it comes to sell.
At the same time consumer tastes have changed. Shunning the beefy style often associated with top Bordeaux, amateurs now favour lighter flavours and elegance. The growing importance of Asian buyers has helped. Burgundy’s pinot noirs are a good match with Japanese and Chinese cuisine. Since 2012 a Chinese government campaign against corruption and lavish spending has accelerated this trend.
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