Napa Wine Gains 49% From `Abyss' as Auction Raises $8.5 Million
Napa Wine Gains 49% From `Abyss' as Auction Raises $8.5 Million
Jun 20, 2010 6
Napa Valley vintners who saw prices plunge in the past year raised $8.5 million at their annual charity auction as bidding returned for super-premium wine. The total rose 49 percent from last year, according to Napa Valley Vintners, a St. Helena, California-based trade group. Still, the tally was 19 percent less than the peak $10.5 million raised in 2005 and down from $10.35 million in 2008. “Last year everything was depressed, but this year the spirits are higher,” said Jose Luis Nazar, 62, founder of Lexicon Marketing in Los Angeles. Nazar spent $105,000 on two lots, a quarter of what he spent in previous years.
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