I'm hearing reports from some wine agents that "Consignment" product sales to licensees are dropping, and that expensive wine sales are down. There are even requests being made of some restaurants to pay their invoices as they order, so the agent won't be stuck with the bills after the restaurant inevitably closes or declares bankruptcy in January or February of 2009...
Distressing. Unstable economic conditions are causing havoc throughout the wine world, with top cru wines selling for half their September values.
Does anybody have hard figures from the recent Vintages auction? I saw a display advert in the Globe announcing a SECOND auction of presumably unsold product: Dec 6 and 7 are the dates. Will they sell?
Two recent art auctions crashed. Sotheby's Canada-Ritchies only had 60 % of its lots sold, and sold 66% by value. The Joyner Waddington sale of Nov 25 was less than half the sale of November 2007; they said 36% of their lots went unsold.
Chimo! www.deantudor.com
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Pretty good time to make homemade wine, huh?
Maybe we'd better rent-a-truck and go down and pick some of those grapes that we paid to leave on the ground??
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