Upscale Wine Market Succumbs to Recession
Rich people drink just like us! Wine collectors are still buying wine, they're just buying crappier bottles for less money. The Times blog Economix examined trading patterns on the Live-ex 100 Fine Wine Index in London and learned that nearly twice as many bottles were traded in December 2008 as in December 2007. Wine collectors in a pinch are emptying their cellars, but so many bottles are on the market that prices (in dollars) have fallen 40 percent since September. Keep watching the auctions you might be able to replace that Chateaux Le Box with a little something special in 2009's discount-wine market.
Wine as an Economic Indicator [Economix/NYT]