Price of 2009 en primeur Chateau Lafite in New York, per case: $17,000
Price of shipping a case of Chateau Lafite from New York to Hong Kong: $40
Price of 2009 en primeur Chateau Lafite in Hong Kong, per case: $70,000
What is Charles Smith thinking? He’s the winemaker at K Vintners, where he makes very expensive wines, and occasionally shares them with bloggers such as Blake Gray. One blog entry on Smith and his wines produced some comments saying that he is more of a wine promoter than an actual winemaker. Smith’s assistant, Andrew Latta, responded in the comments with simplicity and anger:
Andy Xie on the market for fine wine in China:
Some analysts estimate that 70 percent of China’s Lafite consumption is counterfeit. I personally experienced this on a few occasions. The people who served me fake Lafite didn’t know it, because at the very least, the prices seemed genuine. And the fakes were probably decent wines, possibly some good second growth poured into a Lafite bottle. They just weren’t the real thing. The forgers have targeted the legendary 1982 vintage in particular. Many rich Chinese have bought large stocks of 1982 Lafite. The odds are that these are all fakes. There are very few bottles of the vintage left. It is highly unlikely that one can get several cases of the real thing.
Patrick LaForge was underwhelmed by his visit to McNulty’s Tea & Coffee:
I inquired about the roaster and was told with a shrug that the shop used an unnamed roaster in Long Island City, Queens. Presumably the beans had been roasted recently.
My second wine column for Reuters is out, and in it I talk a little bit about my wine contests; previous installments can be found here, here, and here, and I should definitely thank Tamara Lover for the original idea. If you want the price-quality graph and scatter graphs for the Beaujolais contest, here they are; they look much more like Merlot than Pinot. For the real nerds among you, the spreadsheet is here.
Spencer Bailey has a piece on old-school wine journalists vs new-school bloggers, in which he essentially says that the former are qualified to do their jobs, while the latter have freshness and an appealing voice. The oddest part of the column, for me, was the emphasis on the qualifications of the old guard:
The problem of executive pay did not admit to an easy fix. Well into the crisis period, when banks such as Citigroup were operating on federal investment and when Citi’s stock was in single digits, Vikram Pandit, the CEO, was observed with a lunch guest at Le Bernardin, one of the top-rated restaurants in New York. Pandit looked discerningly at the wine list, saw nothing by the glass that appealed, and ordered a $350 bottle so that, as he explained, he could savor “a glass of wine worth drinking.” Pandit drank just one glass; his friend had none.
Swiss researchers Philippe Masset and Jean-Philippe Weisskopf have a new paper out claiming to demonstrate that if you add wine to a portfolio of financial assets, that decreases your risk, increases your returns, and helps you out (if you care about such things) on the skewness and kurtosis fronts as well. Leslie Gevirtz writes up the results here, and Reuters graphics supremo Silvio DaSilva has even put together some pretty charts from the paper here.