Tempted To Sell

Well I pulled the trigger. All kinds of different opinions out there from high profile folks who advise selling Lafite now, to those who feel it will continue to escalate. Having spoken to several well known auction houses, all of whom told me that the really crazy #'s that appeared as "highs" last fall were gotten for direct from the Chateau wines, I decided to just lock in my profits and forgo both the uncertainty and any upside potential involved in the auction process and/or holding the wine.

I've been burnt more in the past from not locking in a "paper profit" than by taking one when it offered a tantalizing return! Good-Bye my little Lafites, may you be happy in your new homes!

Congratulations. Now it's time to do some wine shopping!

Congratulations. Now it's time to do some wine shopping!

Yeah, for sure Dale. You know, for a fairly average guy there's just so many things that kind of cabbage can buy. What finally made up my mind for me was an article I was reading in my dentist's office on Tuesday in Car & Driver Magazine. The article was on track testing various sporty cars. One of them was a Mustang GT and the price was about $34,000. I pictured my three cases of wine sitting next to the car realizing that the Mustang would only set me back a few extra grand and I thought to myself "this is nuts, I have to sell this stuff, I'm satistied".

Tom,

I think that you made the right decision. Let us know what the hammer price turns out to be on your Lafite.

-Paul W.

Well I pulled the trigger.

Congratulations, Tom!

Hey thanks for the well wishes guys!

As for the hammer price Paul, I actually sold them outright through a wine store in NYC. Seems a Chinese fellow had been in touch with them looking for some Chinese New Year Lafite. Maybe I am too conservative, but I didn't want to go through that whole auction process and possibly have the market change in the interim. So, I gave up any further upside and just sold them. I thought the price was nice at 10K a case. Tom

It also depends on your state's liquor laws. In New Hampshire and Massachusetts wine merchants cannot buy wine from consumers, only from licensed wholesalers.

-Paul W.

It also depends on your state's liquor laws. In New Hampshire and Massachusetts wine merchants cannot buy wine from consumers, only from licensed wholesalers.

-Paul W.

For sure Paul, to tell you the truth I don't know what the laws are in NY. Liquor laws can be so asinine, the wife and I went to a new restaurant in my neighborhood last weekend, they didn't yet have their liquor license. I figured that might be the case, so I brought along a bottle of wine. As we sat down I mentioned to the ( how do you spell maitre de anyway? ) that I had a bottle of wine in case they were still waiting for their license and I was quickly advised that I wouldn't be able to drink my wine because the law had changed and until they had a license they were not allowed to give away wine or allow anyone to bring their own wine to drink! Can you imagine such absurdity? Who's interests exactly does such a regulation serve? We looked around and there were all these tables with all these constricted people sitting at them. The table seated after us was a group of about 8 twenty somethings, the first thing one of the guys said when the waiter came over was " give us a bottle of the softest red wine you have". He was then read his rights upon which he said "oh I'll go get a bottle", upon which he was read his further rights. Friday night, you really want to unwind with a glass of vino but some stupid senseless law says no.
Asinine, the restaurant will suffer, the patrons will suffer, and I suppose some well healed and consequently well protected group will benefit.

Maitre d'hotel, often shortened to maitre d'.

So Tom, you didn't even keep one bottle for yourself? Apparently I'm the only one here that feels sorry for you. I can't imagine not coming to regret it, but that's just me.

But maybe I should explain my feelings: a few years ago I bought a bottle of the 1945 Cheval Blanc, with the intention of selling it for a profit. It turned out being a painfull experience, and the profit was barely worth it. But the kicker is that the guy I sold it to openned it along side a few other 1945 Bdx, and on that occasion it bested a '45 Mouton. I could not have justified keeping it, but if I could go back now, I would have found a way. I think that will forever be my greatest wine regret.

Obviously, any of the Lafite's you had were not quite in the same league as a '45, but still . . . . you will never be able to afford the experience again. I hope at least that you made the right decision for youself.

Best Wishes,
Ryan

So Tom, you didn't even keep one bottle for yourself? Apparently I'm the only one here that feels sorry for you. I can't imagine not coming to regret it, but that's just me.

But maybe I should explain my feelings: a few years ago I bought a bottle of the 1945 Cheval Blanc, with the intention of selling it for a profit. It turned out being a painfull experience, and the profit was barely worth it. But the kicker is that the guy I sold it to openned it along side a few other 1945 Bdx, and on that occasion it bested a '45 Mouton. I could not have justified keeping it, but if I could go back now, I would have found a way. I think that will forever be my greatest wine regret.

Obviously, any of the Lafite's you had were not quite in the same league as a '45, but still . . . . you will never be able to afford the experience again. I hope at least that you made the right decision for youself.

Best Wishes,
Ryan

A small part of me feels that way Ryan, but the deal was for full cases and I just decided to go with it. You know, I have a 11 bottles of '93 Latour and a couple of Christmases ago I opened a bottle to have with the prime rib. To say I was underwhelmed would be an understatement and while I know the Lafites I sold are rated 93 to 95 with stellar reviews by Parker, to be honest I just don't think I am gifted with sufficient natural abilities to make a bottle of wine really worth $833. I have a ton of highly rated wines, numerous ones with even higher scores, that I am certain will deliver as much pleasure as these bottles would have.

I know I took a chance, they may well be worth much more in the future. At the same time, it is possible they will be worth less, or that they will leak, or the labels will get damaged, or perhaps they might have even been stolen or switched out in my storage facility, after all having $30K worth of perishable goods sitting on the floor in a warehouse isn't really the ideal situation! Not to mention that they are not insured and even if they were, what figure might an insurance co place on them?

In the final analysis, being that none of my wines were from one of the many "vintages of the century" if I ever really felt an irresistible need to try a bottle I could probably secure one without taking a second mortgage. Who knows, maybe next week a high profile Chinese wine journalist will come out with an article ridiculing those who buy Lafite to chug before it's time with scary food pairings. He might point out that it is better to do business with a source that possesses a higher degree of acuity and can impress with stellar wines while at the same time not blindly following the herd and getting fleeced. Maybe, or maybe I'll be regretting this decision when the wine is worth $2,000. a bottle. Who knows, sometimes you just decide to do something and make your best guess. Tom

A small part of me feels that way Ryan, but the deal was for full cases and I just decided to go with it. You know, I have a 11 bottles of '93 Latour and a couple of Christmases ago I opened a bottle to have with the prime rib. To say I was underwhelmed would be an understatement and while I know the Lafites I sold are rated 93 to 95 with stellar reviews by Parker, to be honest I just don't think I am gifted with sufficient natural abilities to make a bottle of wine really worth $833. I have a ton of highly rated wines, numerous ones with even higher scores, that I am certain will deliver as much pleasure as these bottles would have.

I know I took a chance, they may well be worth much more in the future. At the same time, it is possible they will be worth less, or that they will leak, or the labels will get damaged, or perhaps they might have even been stolen or switched out in my storage facility, after all having $30K worth of perishable goods sitting on the floor in a warehouse isn't really the ideal situation! Not to mention that they are not insured and even if they were, what figure might an insurance co place on them?

In the final analysis, being that none of my wines were from one of the many "vintages of the century" if I ever really felt an irresistible need to try a bottle I could probably secure one without taking a second mortgage. Who knows, maybe next week a high profile Chinese wine journalist will come out with an article ridiculing those who buy Lafite to chug before it's time with scary food pairings. He might point out that it is better to do business with a source that possesses a higher degree of acuity and can impress with stellar wines while at the same time not blindly following the herd and getting fleeced. Maybe, or maybe I'll be regretting this decision when the wine is worth $2,000. a bottle. Who knows, sometimes you just decide to do something and make your best guess. Tom

Fair enough Tom. In all honesty, I guess I'm not 100% sure what I'd do in the same situation.

BTW, if you have a mind to unload any of that '93 Latour, I'd certainly be interested . . . . may I ask what you paid for it?

breaking an OWC would have meant substantially lower prices, so keeping one bottle might have meant it "cost" Tom $1500-3000.

Tom, I'd suggest being happy with your decision, and if possible avoid reading any auction results from HK!

breaking an OWC would have meant substantially lower prices, so keeping one bottle might have meant it "cost" Tom $1500-3000.

Tom, I'd suggest being happy with your decision, and if possible avoid reading any auction results from HK!

Exactly what I plan on doing Dale. No sense following a stock once you've sold it. In some ways the better call might have been to send it to auction, but you really don't know what you'll get there. My understanding of it is that it depends entirely upon who's in the room on that day. The selling fees can be impressive too. I was quoted anywhere from 8% to 20%. The price I got was net to me, and again, everyone I spoke to told me that the really spectacular prices that showed up last fall in some auctions were for "direct from the chateau" wines that caused a furor among bidders. Tom

BTW, if you have a mind to unload any of that '93 Latour, I'd certainly be interested . . . . may I ask what you paid for it?

I bought them back in the mid 90's after release for $50. per. When I think of that, and the case of 1981 Penfolds Grange that I purchased around 1987 for $50. a bottle, I grow nostalgic. That's the big difference to me in what today's wine landscape is. Back then, mere mortals could buy the absolute top wines. Sure they were expensive, but not absurd. Maybe I'm just getting too damn old. Next thing you know I'll start blathering about 15 cent slices of pizza!

Gotta try that Latour again. If I should decide to sell it I'll be sure to let you know Ryan. Tom

...Well, as they say "it ain't over 'till the fat lady sings"! Turns out my '99 Lafites are not in the original wood. The buyer demanded a discount, I refused, and he pulled out. Maybe it's fate, maybe I was meant to drink the "99's and get $2,000. a bottle for the '02's & '04's in some future Hong Kong Auction!

Tom,

Well, that bites, doesn't it? But with all the counterfeit Bordeaux out there in the high-end market, I can't really blame the potential buyer for being cautious.

Oh, well. Don't despair. There are other Chinese out there with a lot of money to spend on top Bordeaux, and the wine isn't about to spoil, so time is on your side. Wait for a good deal. YOU are in complete control of this situation.

And what's the worst that happens? You have to drink the great wine yourself. How terrible is that?

If you just can't possibly bear to drink the stuff yourself, and you're about to pour it down the drain, contact me and I'll pay for the shipping for you to send the wine to me.

Salut,

-Paul W.

Tom,

Well, that bites, doesn't it? But with all the counterfeit Bordeaux out there in the high-end market, I can't really blame the potential buyer for being cautious.

Oh, well. Don't despair. There are other Chinese out there with a lot of money to spend on top Bordeaux, and the wine isn't about to spoil, so time is on your side. Wait for a good deal. YOU are in complete control of this situation.

And what's the worst that happens? You have to drink the great wine yourself. How terrible is that?

If you just can't possibly bear to drink the stuff yourself, and you're about to pour it down the drain, contact me and I'll pay for the shipping for you to send the wine to me.

Salut,

-Paul W.

You know Paul, I had my storage place pull the cases on Monday and was all set to deliver them when the deal bombed. I had them pull a few other cases at the same time for drinking purposes and when I went over on Wednesday to pick those up, I checked out the Lafite cases before they were put back. The OWCs of '02 & '04 are pristine and I didn't mess with them, but I did open the non wood case of '99 to check it out and I was suddenly relieved that I hadn't sold it. The bottles are a thing of beauty with a gold and silver eclipse emblem having been painted onto each one in celebration of that event in '99.

Haven't decided what I'll do with them now. My son thinks I'm nuts if I don't sell them right away. He keeps telling me what a great boat I could buy with the cash! Of course he's not a wine obsessive person like I am!

I wonder what these wines will be worth in 10 years when they are more properly mature, assuming that by then the"Chinese Bubble" has long since since burst; Remy Martin having once more become the drink of choice with Asian Cuisine in HK.

But if the pressure gets to me Paul, and the drain beckons, I will of course reach out to you.