The Wine Market Sobers Up -- Jordan Weissmann, The AtlanticThese are lush years for luxury industries, like $5,000 handbags and pricey art. But one billionaire friendly market appears to have lost its legs: fine wine. That could be a sign of trouble for all of us, even you've never paid more than $9.99 for a bottle of Cabernet.
Auction prices for high end wines have taken a 23 percent dip since peaking a year ago, according to the Liv-ex Fine Wine 100 Index, which tracks a collection of the the world's most sought after bottles. The market had previously been on a tear, rising 264 percent since December 2003. And according to today's Wall Street Journal, recent pre-sales for top bottles have been noticeably weak.
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My Comment: I personally believe that this is temporary. The market for good wine is still there .... but the steep rise in prices over the past 7 years has given everyone pause. If the economy improves within the year, the market will start to go up and price increases will be more moderate.
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