Quote:
Originally Posted by mineistaken
Sounds fair, but for example:
When exactly the price goes up?
Wouldn't they know from the beginning that the wine was good and that it would spike up in price over years? And then they could say to the buyers: This wine is great, buy ALL the bottles and earn huge profit by reselling them years later.
This is what I am not sure about... There must be certain point when they "draw a conclusion" that certain year was good and should be more expensive.
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In that case, when you are buying the current year's vintage upon release, 88 and 89 both great vintages, but at the time, everyone was still raving about the 82 and 83 vintages which have been among the greatest ever for that century. Now, some of the exceptional" vintages over the years, have waned. They are perhaps beyond drinking and are fading, or those prices have increased as well. In those cases, people start turning the the later vintages that are starting to become more accessible (not everyone wants to buy wine on release that might not be ready to drink for another 15-20 years, and you have to have a decent place to store it, vibration free, specific temperatures, and humidity levels) In this specific case, its about timing, supply and demand.
Edit: I should add that in the early 90's there was a wine "Boom" like no other, new money from Japan, drove up pricing exponentially. I remember stories about people mixing Chateau Margaux with Coke, just because they could. Sacrilege!