US: Snapping up vineyards
US: Snapping up vineyards
Jun 26, 2012 6
(PressDemocrat) - As the wine industry heads into a projected grape shortage and grape prices continue to rise, North Coast wineries are buying up vineyards to protect their supply.
In the past few weeks, hundreds of acres of prime vineyards in Sonoma County have changed hands as wineries sought to control costs in a market where scarce grapes are fetching top dollar.
"There is a little bit of a flocking to buying land," said Robert Nicholson, principal at International Wine Associates, a winery and vineyard brokerage. "This need for vineyards, this desire for vineyards, has come up in every single conversation with principals, with multinational and privately held small business. I'd say it's the beginning of a gentle roar."
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