Seems that QE2 is really driving up the price of everything. I'm not complaining. In my previous wine news, see Fantastic Wine News - Lafite Rothschild 2008, I said I was nervous yet excited about the new high that Lafite Rothschild 2008 made due to its announcement of the placement of the Chinese symbol for the figure eight on its bottles. But to add another 25% gain in five days...wow! That's unbelievable.
I'm crossing my fingers in hope that I get the receipt of acknowledgement that the warehouse received my wine by early next year so that I'll know I'm not dreaming, and of course, more importantly, that it's all not a scam.
Wish me luck!
~K
Fine-wine prices hit new high in October; Lafite 2008 jumps 25% in five days
by Kelvin Tan
Prices of the world's finest wines surged to a new high last month, according to the latest monthly market report of London-based online wine exchange Liv-ex.com. The Liv-ex 100 Fine Wine Index, which represents the price movement of 100 the most sought-after wines, rose 2.5% in October, spurring year-to-date gains to 32%. Over a one-year period, the index was up 33.5% (as at end-October).
Wines of Bordeaux first growth estate Château Lafite Rothschild from the 2008 and 2009 vintages saw the biggest gains last month. Buying sentiment in these clarets was lifted on the back of strong buying at the Oct 29 Lafite ex-cellars auction in Hong Kong as well as the recent announcement made by the first growth estate that a Chinese numeric eight figure would be featured on its 2008 bottles.
"The Chinese symbol for the figure eight, said to bring eternal blessing and good luck, caused a large spike in demand for the wine," according to the report, which highlighted that the value of Lafite 2008 jumped 25% in five days towards end-October, after the announcement was made.
Indeed a case of Lafite 2008 (12x750ml), which was trading at £8,800 (S$18,260) prior to the announcement, skyrocketed to £11,000 in five days by end-October. For the whole month, the price of this highly sought-after vintage increased 28.3%. At current levels, Lafite 2008 is trading at a "premium" to the 2005 and 2009 vintages, observes Liv-ex.
Source:
The Edge Singapore
Week of Nov 22 - Nov 28, 2010
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