In the art world it is common to see auction items such as paintings, ceramic works, sculptures, jewelry, furniture etc. Along with fine art, many auction houses also host a few auction of fine wine throughout the year. Wine has been traded in the art world for decades. The increase and popularity of wine even seems to be growing steadily with no stop in site.
Earlier this month there was a phenomenal sale of wine at the Lafite auction in Chicago of high quality Bordeaux for $4.9 million. And later that same day, in New York, Acker Merrall & Condit sold $2.3 million worth of fine wines.
To understand the wine market, there is a Liv-ex Fine Wine 100 index, which tracks the growth of the market and collectors. From the numbers of the index, everything is going up with the index rising 41 percent at the end of February. In the first three months of 2011 saw sales totaling $46 million.
With cases of 1982 Chateau Lafite being sold at various auctions pricing from $51,425 to $71,700 the wine market seems to really be soaring. So store your bottle of wine for another few years and maybe one day your wine could sell for thousands of dollars!
Do you agree that wine is going to continue to do well in the market?