Last week I came across a thought that really got me motivated. The concept stemmed from a blog post by James Suckling on WineSpectator.com.
What Suckling did in his blog was break down what he would purchase with the $3,200 he had allotted himself for wine for the remainder of the year. He discussed going all out on a single bottle of the $3,200 Chateau Le Pin, from Bordeaux’s Right Bank region of Pomerol, or going about things more practically.
When faced with a similar decision, I thought I would shoot a little lower and base mine off of a $1,200 bottle of Chateau Haut-Brion ($1,200 is its current price, offered by widely known and trust retailer, Zachys).
What would I do if I had $1,200 allotted for wine for the remainder of the year?
To see what I would do, check out The $1,200 Wine Question written for Cork’d.
It is amazing what the hype-machine out of Bordeaux can achieve. The 2009 Bordeaux Futures are without a doubt, a success. The demand for this vintage has exceeded my expectations! I thought that the stagnation of our economy would put downward pressure on the futures. However, it turns out that Asia, Hong Kong to be more precise, is playing their trump card (in conjunction with strong demand from US Venture Capitalists). To this, I say “let them!”…
To find out how you can approach this in a responsible manner and capitalize on some favorable pricing, read 2009 Bordeaux Pricing is Set: Now What?
Over the past few years, anybody with a pulse realizes that China’s prominence on the world stage is quickly rivaling U.S. superiority. Manufacturing, commerce, technology, finance and now wine!
Peter Meltzer, author of Keys to the Cellar and contributor to Wine Spectator has been following the evolution of the Hong Kong wine market quite closely.
One would think that their market has been thriving for some time but it wasn’t until February of 2008 that a real move of significance was made. That is when the import duty on fine wine was taken down to zero from a staggering 80% in 2007.
“By abolishing import duties, Hong Kong has positioned itself to become the world hub of fine and rare wine sales”, said Meltzer.
Since this has taken place, the Hong Kong wine auction market has since passed the U.S., as of Q1, 2010 ($28.5M vs. $24.3M).
What does this potentially mean for the 2009 Bordeaux Futures?
In a word, DISASTER, for now!
The poor economic conditions of late 2007-early 2010 have created more patient buyers of Bordeaux futures. No longer is the demand so high that collectors will shell out huge sums for what are clearly inferior wines.
Now, the 2008s have to compete with the newly canonized “legendary” 2009 vintage for a place in your cellars.
Did the 2008s ever stand a chance? Is there a bright side to this?