Wine auction market shrinking, Lafite bubble bursts
Wine auction market shrinking, Lafite bubble bursts
Oct 23, 2012 6
(Reuters) - The global auction market for fine wines, which saw more than $500 million in sales in 2011, is expected to shrink to about $400 million this year as supplies and credit tighten and bidders back away from Bordeaux, experts said on Tuesday.
"Bordeaux accounts for 50 percent of the (auction) market, Burgundy 35 percent, which means that Italians, Californians, cults make up the rest," John Kapon, auctioneer for Acker Merrall & Condit, explained.
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