Record Auction Prices for Napa & Sonoma Cult Wines

on 10/01/11 at 12:14 pm

Wine

Source: Live-ex/Bloomberg

Number of the day

$7,170

That was the winning bid for six bottles of Harlan Estate‘s 1997 Napa Valley Cabernet at a wine auction last fall in Chicago. California “cult” wines like Harlan and Screaming Eagle are drawing record prices, helping drive up the Liv-ex fine-wine index 36 percent in 2010. This is attracting more investors to ultra-premium wineries. William Price, a co-founder of buyout firm TPG Capital, has taken a majority stake in Sonoma County cult winery Kosta Browne, which shuns retail stores and developed a following through word of mouth.

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