Fine wine prices drop again

by S. C.

The price of fine wines declined by 1.2 percent in March, according to the Liv-Ex 100, the index that tracks 100 collectable wines.

The news comes in the middle of the fine wine auction season with Sotheby's, Acker-Merrill, Christie's and Zachys' holding sales in the next two weeks.

The flood of fine Bordeaux, vintage Champagnes, and an unusual bounty of Burgundy comes as Liv-Ex had more bad news for wine sellers.

For the year, the index was up 1.3 percent, but remains down 18.2 percent from a year ago. By comparison, the S&P 500 was down 3.1 percent for the first quarter of '09, and off 34.7 percent from a year ago.

Sotheby's is estimating that its April 18 New York sale of 1,500 lots will fetch up to $2.6 million. The sale includes selections that can be had for as little as $3 to as much as $7,000 a bottle.