The global financial crisis isn't sparing private collections any more than it is your 401(k). From Wall Street to Colorado to California, suddenly-strapped wine aficionados are liquidating their cellars for a quick infusion of cash. According to Reuters, "Wine Collectors Eye Cellars for Liquidity," to pay down debt, stay afloat or to use as self-funded "bridge loans." Or so writes Reuters Reporter Lisa Baertlein:
"LOS ANGELES (Reuters) - Wine cellars have been taking a hit from the global credit crisis and it isn't because the owners of rare bottles are drinking more -- it's because they have been selling to raise cash.
"The selling started with mortgage brokers and has moved to Wall Street as owners turn their collections of coveted vintages into liquid assets.
"'People need money. Even richer people need money sometimes,' Vinfolio.com founder and Chief Executive Stephen Bachmann told Reuters on Monday.
"In the last few weeks, private collectors submitted offers to sell $10 million worth of wine to Vinfolio, a San Francisco-based company that buys and sells wine online. Normally the company has about $6 million offered to it.
"Among the wines that that recently have come into Vinfolio's possession are a 6-liter Imperiale of 2003 Chateau Margaux that retails for almost $15,000 and a bottle of 1990 Romanee-Conti that lists for around $11,000.
"One Aspen (Colorado) collector is looking to sell $750,000 worth of wine and another individual from the private equity world is offering up wine worth about $500,000 from his collection, he said."
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