US: Wine futures auction raises $3.04 million
US: Wine futures auction raises $3.04 million
Feb 23, 2013 6
(NapaValleyRegister) - Two of the top bidders at Saturday’s Premiere Napa Valley wine trade auction together bought more than two dozen lots, and each spent more than $230,000 buying futures of Napa Valley wines. The auction raised $3.04 million, slightly less than the $3.1 million it raised last year. There were 67 successful bidders.
John Wade, chairman of the Cliffewood Wine Syndicate from Little Rock, Ark., bought the first lot, 20 cases of 2011 Reynolds Family Winery Cabernet Sauvignon, for $50,000 and then bought 12 more lots during the three-hour auction.
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