Art News

For Auction Houses All that Glitters isn’t Gold, Some of It is Wine

NEW YORK (REUTERS).- Like gold, top wines are highly prized, represent wealth and are selling near their historical highs. Prices of the five premier cru Bordeaux — Chateaux Lafite Rothschild, Haut-Brion, Margaux, Latour and Mouton-Rothschild, and the grand crus of Burgundy, particularly Romanee-Conti, are at or above 2007 levels. “During times of economic stress and worry, buyers look to safe investments and gold is seen as a defensive strategy. It’s tangible, has intrinsic value and is a good diversifier … The same can be said for the top growth Bordeaux and for the same reasons,” said Jennifer Simonetti-Bryan, an independent wine consultant. “With markets such as China coming on board with eyes only for the top growths, it is a promising outlook for them.” Promising for the auction houses, too. Sotheby’s four Hong Kong wine