For novices like me, it’s sometimes hard to understand the notion of buying a bottle of wine and not opening it the second you get home.
Oh sure, I get that some wines taste better with age, but there are many wine lovers out there that buy and sell wine strictly to hold--much akin to a share of stock. That means they don’t take the cork out!
And it’s a hot trend. More valuable wines are being offered these days and as more wine lovers come to the scene, the prices of those rarer bottles are actually increasing.
But Jason Boland, president of Spectrum Wine Auctions, credits much of his company's growth to clients from Asia.
The California-based auction house of fine and rare wine has been able to find success in a rough market by tapping into the global market--China in particular. Chinese wine consumption has doubled in the last five years and is expected to grow 20% between 2010 and 2014.
And Spectrum Wine Auctions has capitalized on that. It offers two types of auctions: live and online. The live one take place each quarter in Hong Kong and average around $50,000 a sale and go up to well over a $1 million, according to Boland.
The bi-weekly Internet sales average around $500 a sale and go upwards of $10,000 for certain customers, he says.
So if you happen to have an old bottle lying around, go check out the auction and see what how much money you can get for it.
Just like the stock market, there’s a buyer for every seller.
Questions for Our Wine Pro
What is your death row wine?
I would either go with a wine I’ve always coveted, but never tried, or toast my impending doom with the most memorable wine I’ve ever had the pleasure of experiencing.
If I were to go with the former, I would choose the 1947 Cheval Blanc (delivered to me in jail directly from the Chateau, of course) which is supposedly one of the most iconic wines ever made.
Or I could indulge in my all-time favorite: a 1921 Chateau d’Yquem. Or given the circumstances, perhaps a bottle of Del Maguey Mezcal would be more appropriate…
What region produces the best wine?
Every region in the world produces interesting wines. I’ve even tasted impressive Rieslings from Michigan. That being said, no region in the world matches the fascinating history, diversity ofterrior, engaging personality, charm and quality of the Cote d’Or in Burgundy. Even though the region primarily works with only two grapes, when both red and white wines from the Cote d’Or reach their peak, the range of expression, style and substance is dramatic.
What is the best wine and food pairing you’ve ever had?
Give me a plate of oysters and a crisp Muscadet and I’m in heaven. It is the epitome of a great pairing. It is simple and intuitive and a distinct “third” flavor not present in the food or wine emerges. They both complement one another perfectly.
What will the U.S. wine industry look like in 10 years?
The wine industry, like all business, will continue to grow internationally. I think buying, selling, shipping and wine storage will become easier and more transparent. U.S. consumption of wine is on track to outpace all of the other countries in the world, and with this educated base you will find more emphasis on the quality of wine being produced. I think it’s a really exciting time for the fine and rare wine market, as more emphasis will be placed on consumer and merchant palettes rather than critics’ scores and ratings
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Tracy Byrnes joined FOX Business Network (FBN) in October 2007 as a reporter.