Economic gloom weighs on fine wine auctions
Economic gloom weighs on fine wine auctions
Sep 13, 2011 6
(Reuters Life!) - Global economic woes dented sales of fine wines at auctions in Hong Kong, New York and London, but some lots fetched record prices or exceeded presale estimates.
Fears of a Greek default roiling the world's markets and stubbornly high U.S. unemployment rates impacted the auctions. Unlike last season none of the houses sold 100 percent of their lots.
Despite the economic woes, Christie's set a record earlier this month when it sold 300 bottles of Chateau Lafite-Rothschild for $539,280 to a Chinese bidder, but the price was below the auction house's high estimate of $580,000.
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