David Elswood, the international head of Christie’s wine department, says that despite the economic conditions, the company’s expectations for the sale are high.
“The big advantage for fine wine, as for other art, is that it is a tangible commodity-based asset and a far safer haven for investors than paper stocks and shares,” he says.
“I would recommend buying gold, fine art and of course, the finest and rarest wines, if the stock market looks a bit risky.”
Wine magazine Decanter has reported a dramatic fall-off in interest at US auctions, with 67 percent of lots selling at a recent Christie’s wine auction in New York.
Nonetheless, the wine sellers appear optimistic.
“It’s too early to say, but the wine market seems to have held up better than others,” Zacharia said.
“That’s the beauty of wine — you can’t drink your stock portfolio,” he said.
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