Even with the smallest grape harvest since 1991 in Bordeaux, France’s biggest wine-exporting region, producers of the most-prestigious bottles will see prices fall as buyers shift to cheaper alternatives.
Twelve bottles from the 2004 vintage of Tuscan estate Ornellaia sold on Liv-ex in London for a record 1,660 pounds ($2,670) this month as investors diversified away from Bordeaux into regions such as northern Italy and the Rhone.
Thirty bottles of 2000 Chateau Latour, a Bordeaux first-growth estate, sold for the equivalent of more than $13,000 a case in four trades on Liv-ex this month, holding stable near the seven-month low it touched in September.
Harry Dean Canady will learn next month whether he’ll spend the rest of his life in prison for cheating taxpayers of more than $1 million and threatening to kill the U.S. agents who brought him to justice.
Top Burgundies including Romanee- Conti and Henri Jayer are driving investment-grade wine prices at auction this year. Demand for rarities has combined with buyers seeking value in Bordeaux following a market slide.