Will there be a sell-off of trophy wine?

Maybe not immediately. But if the dominoes of high finance continue to fall and world-wide recession deepens....

It happened in the 70s.

Hard to say, but I think wine would be one of the last things to go. Maybe that's just me speaking from a monopoly area that makes selling wine a difficult and clandestine undertaking, but it is always a fussy affair anywhere dealing in many small units of low to medium value and having to take special shipping measures.

We see people selling off when they lose interest or their doctor tells them they have to stop drinking (I'd find another doctor), but not normally for economic reasons, although the other end - acquisition - is one of the first areas hit by economic stress.

It'll be interesting to see what happens at the HDH Fox auction this weekend.

While I wouldn't expect sell-offs immediately, I actually did see one offer from someone covering a Lehman position.

We see people selling off when they lose interest or their doctor tells them they have to stop drinking

I forgot perhaps the most painful one (I've been involved a coupe of times). The judge says your wife gets half the wine collection.

You wouldn't believe the mental agony that goes into that one, with her trying to choose the ones that would cause the most anguish to the ex and him trying not to let on when she scores a 'hit'. These sessions are usually carried out in the board room of one of the lawyers with lists of wines, with the combatants alternating choices.

The spouse not interested in wine (other than as an entertaining way to twist her husband's nads) often sells it off for less than market price. Unfortunately, I have only been involved on behalf of the husband, so don't get the chance to grab some good bottles.

I actually did see one offer from someone covering a Lehman position.

According to CNN this morning, some of Lehman's ex employees in London are offering newly new Ferraris for £ 35,000 (approx. $ 60,000).

I have a wine buddy who is (was?) at Lehman. Even if the Barclays move saved his job, he's lost considerable assets (firm was 40% employee owned). Not a Ferrari type, a house in suburbs, kids. Nice guy even if he likes Mouton. Besides the super-high rollers there are a lot of folks out of work in finance already.

I get the impression (here at least) that there are plenty very high earners than in previous recessions - i.e. that the very top end of the luxury goods market might be surprisingly unaffected - however many many others will be really badly hit and probably scariest of all, potentially an awful lot of homeless people in a short space of time.

Nice guy even if he likes Mouton.

Most magnanimous of you, Dale.

Mark Lipton

[James Roscoe]

Nice guy even if he likes Mouton.

Most magnanimous of you, Dale.

Mark Lipton

Isn't that why we like Dale?

Who'd be buying? the people who can't afford to hold onto it? By your hypothesis, they're the same people.

Who'd be buying? the people who can't afford to hold onto it? By your hypothesis, they're the same people.

Like in all market panics, those with liquidity. The prices would need to come down far enough to convince the liquid that they have a bargain or to find a new class of buyers, also liquid.

[David M. Bueker]

Arrr....we're takin' this here thread down to Davey Jones' locker...arrr

Happy Talk Like A Pirate Day!

Hope springs eternal, of course, but if I were an investment banker who'd been wiped out, I'd be headin' to the cellar for a little consolation. (Singing "No, They Can't Take That Away From Me.")

I saw on tv today a real estate broker who has lost 75% of her customary commissions due to the mortgage mess. She has MS and spends $2500 a month of medication to enable her to continue working. If she can't afford to keep up the meds, she will be unable to work and will lose health insurance and income. If she continues to pay for meds, she may not be able to meet her own mortgage payments. What a mess we are in!

Arrr....we're takin' this here thread down to Davey Jones' locker...arrr

Haaarrrr...I'm with ye on this one matie.

Arrr....we're takin' this here thread down to Davey Jones' locker...arrr

At this time (6:00 EST) it looks like: Arrr, we ain't sellin nothin matie'...arrrr.

Happy Talk Like A Pirate Day!

???

It'll be interesting to see what happens at the HDH Fox auction this weekend. .

I guess no softening yet. Got this from HDH last night:

Hart Davis Hart is pleased to announce that the Fox Cellar realized $11.2 million against a pre-sale auction estimate of $6.8-10.2 million. The sale was 100% sold. Our press release will follow on Monday


Heard the Zachys sale saw reasonably strong prices, too

It'll be interesting to see what happens at the HDH Fox auction this weekend. .

I guess no softening yet. Got this from HDH last night:

Hart Davis Hart is pleased to announce that the Fox Cellar realized $11.2 million against a pre-sale auction estimate of $6.8-10.2 million. The sale was 100% sold. Our press release will follow on Monday


Heard the Zachys sale saw reasonably strong prices, too

Interesting. I wonder if last week's Great Rescue generated some euphoria amongst potential purchasers.

I actually did see one offer from someone covering a Lehman position.

According to CNN this morning, some of Lehman's ex employees in London are offering newly new Ferraris for £ 35,000 (approx. $ 60,000).

My brother was at Canary Wharf (in London) when all this happenned. A chap who had bought a £75,000 sports car with his Christmas Bonus (sorry don't know the model) was offering it for £50,000 cash - but no takers.

They were mostly drowning their sorrows with £250 bottles of Crystal Champagne - no doubt before their business Credit Cards were blocked!

Cheers, Dave C