UK: Credit crunch bites fine wine prices
The fine wine market has failed to escape the discounting rush this Christmas, with prices for top Bordeaux down by nearly 40% on some cases, just-drinks understands.
UK fine wine merchant Berry Bros & Rudd (BBR) is preparing to launch a Christmas deal this week, offering GBP50 (US$74) off to anyone who spends more than GBP250, just-drinks has learnt.
BBR's Simon Staples told just-drinks today (8 December) that the move was "unprecedented" for the company. He said that the current environment was about "getting bums on seats".
The BBR move comes as the wave of discounting enveloping alcoholic drinks retailing in the UK spills over into the fine wine market.
Staples said that prices for top wines from Bordeaux's iconic 2005 vintage were down by between 20 and 40%, compared to the summer, before the full force of the financial crisis hit.
He said that could mean significant profit for investors able to buy now, with a view to selling the wine on in five years' time.
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