by Tim York » Thu Oct 16, 2008 7:18 am
I don't believe that the prices of trophy wines would be immune from the effects of a deep worldwide recession. Some currently wealthy wine-lovers would go bankrupt and have to unload their assets, including their cellars. It all depends on the depth, length and geographical extent of the recession. I believe that those who pile into the trophy wine market now could well regret it bitterly in a year or two (particularly if ease of pronunciation is an important consideration in choice).
What I describe happened in the 70s. The present Asian interest in wine could provide a cushion to wine prices this time, if Asia is not too badly affected by the downturn.
Tim York