Sotheby's is famous for being an international purveyor of fine art, jewelry, and real estate; but they are less known for their dealings in rare and vintage wines.
And while I may not know a lot about vintage wines, I do know a bit about economics– that is, as supply decreases, demand increases... and as demand goes up, prices go up. (Especially at Sotheby's.)
For example, at their current "Finest and Rarest Wines" auction in London, a Montrachet 1996 Domaine de la Romanee Conti Chardonnay has been estimated at a value of $32,500 - $45,500.
What?!
Once I saw the price, I immediately went online to research why the wine was estimated at such a high value. After all, the vintage is only 1996. It's not like they found this bottle floating around on the sunken Titanic (which actually happened a while back).
The only thing that would designate its quality as a wine on its label would be its title of "grand cru", which denotes its superior appellation in Burgundy, France (under AOC guidelines).
Once I saw the price, I immediately went online to research why the wine was estimated at such a high value. After all, the vintage is only 1996. It's not like they found this bottle floating around on the sunken Titanic (which actually happened a while back).
The only thing that would designate its quality as a wine on its label would be its title of "grand cru", which denotes its superior appellation in Burgundy, France (under AOC guidelines).
So I googled the wine, and found a specific article on wine-searcher.com. Apparently, the average price for this exact wine is $4,999. (I wonder if the potential buyers at the Sotheby's auction know that....)
In any case, I'll be interested to see how much this bottle actually goes for. Undoubtedly there comes a certain prestige from buying through such an illustrious forum as Sotheby's, which would easily add a premium to the price.
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