Skip to: Content
Skip to: Site Navigation
Skip to: Search

May 17, 2008 1:27:33 AM CDT

Learn about Newser Points »

Back to the grid

Billionaire Pays $500K for 27 Bottles of Wine  

Posted Apr 19, 08 2:14 PM CDT in Arts & Living    Editor's Choice

(newser) – As the global economy falters, many people are fighting to make ends meet. And then there’s the Chinese billionaire who spent $500,000 for 27 bottles of wine today. The sale set a record for a single lot. “I don’t think he has bought this as an investment,” said an executive from the selling company. “He has bought it to drink.”

Before this, the anonymous connoisseur had never spent more than $59,880. The lot comprised bottles of Romanee Conti, a Burgundy among the world’s most exclusive wine, with just 450 cases produced each year. The vintages ranged between 1961 and 2003. “The fine-wine industry is completely immune from the global credit crunch," said a company official.

Source Reuters

open commentscomments (0)

Editor Recommended

Fine wine becomes a cult phenomenon
New Zealand Herald | Apr 6, 08

Wine not a bad investment, either, says wine hedge fund
HedgeWeek | Apr 4, 08

Related News

  • Recession Not Slowing Ultrarich

    Apr 14, 08 10:02 AM CDT
    Recession Not Slowing Ultrarich As many Americans batten down the hatches, the über-rich are still living it up, the New York Times reports. Already this year, 71 New York apartments have sold for more than $10 million—compared to just 17 in 2007. The good times were so good, many say, they haven’t had to cut back on impulse purchases like yachts, Bentleys and dream celebrations.
    More »

Billionaire Pays $500K for 27 Bottles of Wine
The $500,000 purchase was the most ever paid for a wine lot. The buyer had never before paid more than $59,880.   (Shutterstock)
Billionaire Pays $500K for 27 Bottles of Wine
A Christie's employee displays a rare bottle of French 1945 vintage of Romanee Conti in this file photo.   (Getty Images)
Billionaire Pays $500K for 27 Bottles of Wine
Malcolm Forbes, the late publisher of Forbes' magazine, set a record in 1985 for buying the most expensive bottle of wine, a 1787 bottle of Bordeaux.   (Archive Photos)
Billionaire Pays $500K for 27 Bottles of Wine
"I don't think he has bought this as an investment -- he has bought it to drink," said a wine executive. "The fine wine industry is completely immune from the global credit crunch."   (Shutterstock)
prev   next
play

Threads (1 of 2)

Tags

recession  • wine  • globalization  • luxury goods  • luxury  • ultra rich


Loading...

Loading...

Related Threads: In Vino Veritas, Luxe Living

Next story from this section »

Today's Most Popular

Loading...

Other Arts & Living Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »