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Posts Tagged ‘Wine auction’

The Billionaire’s Vinegar: A Captivating Story About The High End Wine Auction Market

Wednesday, March 17th, 2010

On My MindThomas Jefferson, our third President, framer of the Declaration of Independence, scientist and historian, was also an enthusiastic wine connoisseur, resourcing the best of French wines for the enjoyment of himself and those around him and later advising Adams, Madison and Monroe on wine affairs.  His compulsively organized and detailed account of his daily life and records indicates that he had a penchant for what we know as first growths, such as Haut Brion and Lafite.  Not only did he savor their wines, but in the true spirit of one thirsty for knowledge, scrutinized every element of wine production from the composition of the soils, to the vines and winemaking. 

Before departing France in 1789 as the Minister of France, Jefferson shipped Sauternes, Burgundy and Champagne to New York for the newly elected first president of the United States, George Washington.  Then as Secretary of State, he placed another large order for the first President and himself.  Jefferson, well known to be quite compulsive in affairs of his life, even attempted to grow wine grapes at Monticello but without success.  Still, he was convinced that the newborn United States had the capability to produce top quality grapes and wine……quite prescient, I would say.

When Jefferson was appointed as Secretary of State under the newly elected George Washington, he left France for the United States with a large stash of wine but left behind a significant collection, which it’s presumed he would return for at some point.  That point never materialized and all of his possessions were sold off.  It’s alleged that a few of his holdings were stolen or misplaced, including wines, some of which simply seemed to disappear.    That, in essence, is where The Billionaire’s Vinegar begins.

Wine Chemistry in a Bottle: The Role of Oxygen

Monday, February 22nd, 2010

I’ve been reading The Billionaire’s Vinegar recently, the story about wine unearthed allegedly owned by our third President, Thomas Jefferson.  While I’m only half way through, this “mystery” revolves around the discovery and authenticity of wine bottles with the inscription “Th J” and the intense bidding wars for these prizes unleashed at auction.  You can read my review on the book by clicking here.   What caught my eye was a discussion about the roll that oxygen plays in the maturation or spoiling of wine, in this case, a wine allegedly two hundred year old.  It caused me to pause, reminding me that basic chemistry is so vital to the quality of the end product that we enjoy.

Oxygen was discovered by Joseph Priestly in 1774 when upon burning Mercury Oxide, noted that an odorless gas allowed a candle flame to burn far longer than anticipated.  In 1775, Priestly placed a mouse in a closed jar with oxygen and to his astonishment, it survived 30 minutes and was revived without incident.  Oxygen is the third most abundant element in the universe after hydrogen and helium and constitutes just short of 21% of our atmosphere.  There are two forms of the element that make life possible for all of us.  One is diatomic oxygen (two atoms combined to form O2) and the other O3 or Ozone, a layer high up in the atmosphere that protects us down here from the hazards of ultra violet radiation.  Ironically, Ozone is a pollutant at the surface and can be a component of smog. 

Hong Kong Wine Auction Pops My Collectible Wine Balloon

Tuesday, September 22nd, 2009

Yes…….you read the headline correctly.  The “fever” seems to have returned.  But this time, it seems to be finding a home in Hong Kong.  The most recent wine auction yielded $6.4 million with all lots sold on offer. Auctionable wine usually has an expected low, high and offered price.  The fact the wines did not go for the low bid says that bidders are shedding their armor and beginning to find comfort again.

It’s interesting that since Hong Kong allowed these auctions to commence over the last year, the region has caught on fire.  First London owned the rights as the world wine auction capital, subsequently passing it on the U.S (New York).  At present, it sure appears as if Hong Kong and its aspiring wine collectors are in the process of taking the torch.  It’s estimated that with the year three quarters in the bank, the U.S. will raise “only” about one half of the wine auction revenues as compared with Hong Kong.

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