As the rich get richer, they have more money to spend. From mega yachts, planes, art to super cars and wine, expensive purchases are de rigueur today, if you have the money. Those who want quality and have the disposable funds to finance their taste in wine are willing to pay the offering price; although the more extreme the price, the more limited is the number of willing buyers. This indicates that even when people are exceedingly wealthy, they cap what they are willing to spend on certain items.
Astronomical Price is a Measure of the scarcity Value of the wine
In 2009, a single bottle of one of the finest vintages of Chateau Margaux bottled in a rare Balthazar bottle size for the first time sold for $195,000 at a sale in Dubai. The phenomenal price of the wine was a reflection of a rare bottling of a great wine by a top producer. Only six 12-litre Balthazar bottles of this vintage were produced; and three of these went on sale in Dubai. The value of the wine and its scarcity value were the reason anyone was willing to pay this amount.
It is not surprising that expensive Chateau Margaux is a red wine producer, as certain red wines have commanded headline-dominating prices over the years. For instance, Malcolm Forbes bought a 1787 vintage of Chateau Lafite, formerly owned by Thomas Jefferson, in 1985 for a record-breaking price at the time of $160,000. In 1997, a 1945 Chateau Mouton-Rothschild Jeroboam sold for $114,614 at a Christie’s auction. Wine enthusiasts consider this vintage among the finest 20th century vintages.
In the past, an iconic label, a highly prized rare vintage, a famous owner, or an unusual history have resulted in some of the most expensive purchases. Fine wine prices have risen as more people have discovered the pleasures of drinking wine in Asia. As a growing number of rich Asian collectors compete for a must-have wine we have seen how prices of expensive wines continue to climb.
The link between wine Quality and high Prices
In October 2014, an auction in Hong Kong broke the world record for the most expensive lot of wine when 114 bottles of Romanee-Conti wine sold for the equivalent of $14,121 per bottle.
The trend continues in 2015 as wine-searcher.com revealed that burgundy has also produced a New York auction renaissance. However, the New York prices were generally less stratospheric than those offered for sale elsewhere. For instance, twelve 1996 Bonnes Mares Domaine G. Roumier sold for $19,520. Nevertheless, a rare original cardboard box of the 1999 Henri Jayer Cros Parantoux did sell for $148,200. Only passionate wine lovers who have money are willing to buy really expensive wines.
less Expensive Pricey wines still sell For a Pretty Penny
When it comes to expensive wines according to the wine price database wine-searcher.com, red wine from Burgundy rules and in particular Pinot Noir dominates the most expensive wines list. What is even more impressive is that most of the wines in the 50 most expensive wines list come from a small patch of land in the Burgundy (Burgogne) region of France! This area is so prized it was even protected during the French Revolution!
The reason for the high price as explained in a New York Times article by Jonathan Reeve, content manager of wine-searcher.com is because “pinot is a notoriously fussy grape. It’s hard to really nail it. But when it’s perfect, it becomes a kind of unicorn wine. Actually finding one is such an obsession for some people they’ll spend anything.” According to New