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17th of January 2018

Economy



Wine collectors turn teetotal as value of vintages soars

By City & Finance Reporter for the Daily Mail

Published: 17:27 EST, 19 December 2017 | Updated: 07:44 EST, 20 December 2017

Collectors of fine wines have seen the value of their vintages surge so much they are afraid to drink them, according to a London-based merchant.

BI, which was once called Bordeaux Index and is chaired by City grandee Michael Spencer, said the top 20 wines sold on its trading platform had risen by an average of 20.54 per cent. 

The biggest riser was Champagne Salon 2002, which was up 24 per cent to £3,965 a bottle.

It coincided with a surge in trading on BI's recently-launched market platform, Livetrade.

Gary Boom, BI's managing director, added: 'Many wines have risen in value to such an extent that clients do not feel they can justify drinking them. 

'In other cases, collectors have realised that their tastes have changed over the years so they are taking advantage of our platform's live buying prices in order to execute a quick sale and instantly turn their unwanted wines into cash.'

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