This is good news for consumers, as long as the winemakers can continue to operate.
The most prestigious winemaking regions in France are slashing prices amid a slump in exports and signs that Gallic consumers are following President Sarkozy’s teetotal example. Champagne and Bordeaux are leading the drive to win back custom after a study showed that wine exports had fallen 29 per cent in the first quarter against with the same period last year. Bordeaux’s finest châteaux have cut the price of their 2008 vintage to about €150 (£130) a bottle, compared with more than €300 for their 2007 wines, according to merchants. Lafite-Rothschild, Latour, Margaux, Mouton Rothschild, Angélus and Yquem are among the hallowed names to have accepted a cut of 50 per cent in an attempt to stimulate a fine wine market worth €500 million a year. – from TimesOnline
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.