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]