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Reply to "Lafite goes where no wine has gone before"

Jorge, my point is the prices are at the point where the "next 1,000 extremely wealthy people standing a line right behind them who were just outbid" are no longer there. The prices are going up to the point where there are no buyers, like housing. The fact that houses were purchased with leveraged funds was irrelevant until they ran out of buyers to flip to. At some point the same thing will happen here. The cellars will fill up and there wont be any more buyers at that price point.

There is no rationalization in auction prices any longer. If that spreads to retail a collapse will soon follow.

Here is an example from last weekend in Chicago. I went to the HDH live auction. I had my eye on a couple of lots. I did my researcher before hand and had extensive notes on avg auction prices, what they were going for at retail, ect. A 2 bottle lot of 1985 Krug went for $950, not including the 20% buyers premium. There are bottles on wine searcher for well under $350. I was sitting at the table next to the guy who won and every time he raised his paddle I had to resist the urge to reach over and slap it out of his hand.

I buy some really expensive wine. Im not bragging, but I do. I buy more expensive wine than anyone I know except some of people on this board. I am now priced out of Lafite and the rest of the first growths arent far behind. Eventually the Asian market will find the next cool thing and prices will plummet.
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