Paris rare wine auctions
Published December 15th, 2007
Rare wine auctions, such as one taking place this weekend in Paris that is expected to rake in a record two million euros (2.8 million dollars), are becoming increasingly popular with wealthy international buyers, especially from China and Russia.
According to the “Conseil des Ventes”, the French auction regulator, the value of wine actions in France has more than doubled in three years, going from 9.9 million euros (14.3 million dollars) in 2003, to 23.7 million euros (34.2 million dollars) in 2006.
Buyers for the last few years have been mainly French, although for the very top wines they are falling away. “The French buyers are getting more timid because prices are often exorbitant,” said Maratier.
