Fine wine defies City gloom - London
Fionnuala Synnott 24/09/08 - The Drinks Business
Finally, a ray of light among the financial gloom. While the financial markets continue their rollercoaster ride, fine wine sales are doing better than ever, at least, according to Berry Brothers. In a statement, the independent wine merchant said that over £2.5 million worth of fine wine had been sold by Berry Bros and Christie’s Fine Wine Auction in the past few weeks.
Berry Bros sold 1,000 cases of 2006 Château Lynch Bages and 1,000 cases of 2000 Dom Pérignon Champagne worth a combined total of £1m. Meanwhile, at Christie’s Bordeaux 2000 auction this week, Château Lafite Rothschild 2000 was one of the star performers fetching £10,925 per case, while Latour went for £9,200.
As well as enabling investors to diversify their portfolio away from more volatile assets, wine has extra appeal as an asset class as investors are not required to pay capital gains tax on it.
