Does the market value of a wine u own stop you from drinking it?

[Scott_Brunson]

Nope
I bought them to drink.

let me ask you if you have any $10,000 bottles and, if not, how would you feel about opening those?

I’ll cross that bridge if I get there
I’ve had La Tache, but didn’t collect it.

[David_Glasser]

I bought to drink. But when prices went crazy I sold most of my first growths. Most but not all. Kept some for special occasions. Logic dictates that I’m opening $1,000 bottles that I wouldn’t buy today even though I may have paid less than $100 for them. Sometimes passion trumps logic.

[Justin_S1]

I could only justify keeping at most one of the $4500 bottles you have. That kind of money buys a nice trip to Europe that will be a heck of a lot more memorable than an hour with a bottle of wine. Of course if you are more time limited than cash limited, you might feel differently. Or if $20-30k makes no difference.

[RyanC]

For me it is the San Sebastián dilemma. I have written about it before but it is a good mantra.

Which would I prefer a bottle of wine, or a week in San Sebastián with she who must be obeyed, including air fares, hotel, dinner at Arzak and Rekondo, and a lot of Tapas.

There are a couple of bottles that I would want to keep, but 95% of the wines where the pricing has gone nuts, are completely expendable.

I think this much more a question for Burgundy nuts, who face this dilemma more frequently than us Bordeaux nuts.

I view the opportunity cost calculation somewhat differently: for me, it’s more of a moral than an economic dilemma. I suspect that most people with DRC/Rousseau in their cellars are taking nice vacations regardless of whether they’re selling wine or not. I’m far from wealthy compared to many/most wine collectors. But I do live a blessed life, and I suspect I share something in common with the whales: my vacation limitation is not money, but time. Selling $10,000 or $30,000 or whatever in wine would not really affect my vacations or even my month-to-month spending at all. It’s not an either-or: the real question is whether to take a vacation and drink extravagantly—or take a vacation and not drink extravagantly. But that doesn’t mean there isn’t a real dilemma with respect to trophy wines. My decision to sell wines could affect my charitable giving (and certainly would affect my retirement accounts).

I also think the economic calculus is complex. Here’s one example: there are relationships and invitations and connections and experiences that a stash of trophy wines can deliver that would otherwise be hard to come by. I’ve opened wine with CEOs with whom I could never schedule a meeting. So whereas I love this hobby because I love wine, food, and people—and I never expect any economic gain from it—if a wine-facilitated relationship brings me even one major client, that could fund almost a lifetime of wine buying.

[Howard_Cooper]

I am having it a bit different. My wines that have gone crazy in price are Truchot wines. I have decided to just drink the grand crus and premier crus. I never paid more than $100 for them (and generally less than $75), but I have met the Truchots multiple times and I want to drink these. These wines are very special and I want to drink them.

But, I have seen 2005 Bourgogne rouge selling on wine searcher for $450 (I paid $15). If I could sell these for anywhere near this price, I would be very tempted. How do I use this wine? I don’t really see this anymore as a Tuesday night wine (what I bought it for), yet how do I bring a Bourgogne rouge to a more serious tasting where others are bringing grand crus, etc.

[Greg_K]

I own a few wines that I like but don’t love that have since acquired cult status. First time I’ve ever had this issue.

[MChang]

I guess the only ones I’d sell were ones I didn’t care for, or ones I felt like were way more expensive than my perceived enjoyment from drinking them.

[Jim_F]

Fun post. My quick answer to the title question is “no”.

[Don_Brazelton]

I have donated some of those bottles to charity events that I support.

[Steve_Brickley]

Yes. If a bottle goes to $1,000 for example, I could easily find 5 at $200 to make me feel the decision was worthwhile. Or, frankly, bank the sales proceeds and move on.

[James_Billy]

That is a dilemma, but I try to look at my cost versus current value. While a bottle might have appreciated significantly over the years, my “actual cost” is what I paid, not what someone else is willing to pay. Additionally, today’s value can evaporate quickly, so I try not to get caught up in auction values. I appreciate that DRC, Roumier, Lafita, Latour, etc. tend to hold their value better than many others, but I think the experience and friendship are worth so much more than a cash value. I don’t sell wine, so I guess I can be philosophical about it.

Cheers,
Scott

Love your name! Do you have a sister called Brittany?

[Victor_Hong]

That is a dilemma, but I try to look at my cost versus current value. While a bottle might have appreciated significantly over the years, my “actual cost” is what I paid, not what someone else is willing to pay. Additionally, today’s value can evaporate quickly, so I try not to get caught up in auction values. I appreciate that DRC, Roumier, Lafita, Latour, etc. tend to hold their value better than many others, but I think the experience and friendship are worth so much more than a cash value. I don’t sell wine, so I guess I can be philosophical about it.

Cheers,
Scott

Love your name! Do you have a sister called Brittany?

…or a mother named Britney?

[Richard_T_r_i_m_p_i]

Some of the Burgs downstairs have increased in to the $400 - $800 value range. That kind of price increase causes some hesitation and promotes more focus on when and under what circumstances to drink them. If the value increase was similar to what Alan has observed, that would almost certainly remove them from drinking in favor of selling.

RT

[Howard_Cooper]

There is an aspect to this that has not been discussed. I like drinking wines with age on them. To do that, one must either buy the wine young and age it yourself or buy on the auction market. There are storage and other risks from buying older wines on the auction market. So, the less risky (although also less immediate enjoyment) way to buy these wines is buy them young and age them myself.

If I sell all the wines that I have put away and don’t drink them when they finally become mature (and are expensive), I will never get the enjoyment of drinking wines from the great vintages of my youth. For example, many people around my age (including many posting on this thread) bought 1982 Bordeaux for next to nothing. The wines obviously have gone up in value over the years. I can remember in my 20s being really excited buying these wines and looking forward to drinking them over many years. And, I have done so, and have been enjoying them. It would be hard for me, after holding many of these wines for years, to have sold them rather than enjoyed them. For me, the heart of why I have bought wines is to be able to drink wonderful wines when mature. But, if I sell everything when it becomes mature (and more valuable), all I have been is a wine investor rather than a wine lover. How could I ever drink mature wines?

[James_Billy]

There is an aspect to this that has not been discussed. I like drinking wines with age on them. To do that, one must either buy the wine young and age it yourself or buy on the auction market. There are storage and other risks from buying older wines on the auction market. So, the less risky (although also less immediate enjoyment) way to buy these wines is buy them young and age them myself.

If I sell all the wines that I have put away and don’t drink them when they finally become mature (and are expensive), I will never get the enjoyment of drinking wines from the great vintages of my youth. For example, many people around my age (including many posting on this thread) bought 1982 Bordeaux for next to nothing. The wines obviously have gone up in value over the years. I can remember in my 20s being really excited buying these wines and looking forward to drinking them over many years. And, I have done so, and have been enjoying them. It would be hard for me, after holding many of these wines for years, to have sold them rather than enjoyed them. For me, the heart of why I have bought wines is to be able to drink wonderful wines when mature. But, if I sell everything when it becomes mature (and more valuable), all I have been is a wine investor rather than a wine lover. How could I ever drink mature wines?

Not all mature wines are expensive (eg. 1990 SM.) It’s just the ridiculously expensive ones you should think about selling.

[Howard_Cooper]

There is an aspect to this that has not been discussed. I like drinking wines with age on them. To do that, one must either buy the wine young and age it yourself or buy on the auction market. There are storage and other risks from buying older wines on the auction market. So, the less risky (although also less immediate enjoyment) way to buy these wines is buy them young and age them myself.

If I sell all the wines that I have put away and don’t drink them when they finally become mature (and are expensive), I will never get the enjoyment of drinking wines from the great vintages of my youth. For example, many people around my age (including many posting on this thread) bought 1982 Bordeaux for next to nothing. The wines obviously have gone up in value over the years. I can remember in my 20s being really excited buying these wines and looking forward to drinking them over many years. And, I have done so, and have been enjoying them. It would be hard for me, after holding many of these wines for years, to have sold them rather than enjoyed them. For me, the heart of why I have bought wines is to be able to drink wonderful wines when mature. But, if I sell everything when it becomes mature (and more valuable), all I have been is a wine investor rather than a wine lover. How could I ever drink mature wines?

Not all mature wines are expensive (eg. 1990 SM.) It’s just the ridiculously expensive ones you should think about selling.

I don’t own 1990 SM so I would have to find out how to buy some and take the risk that storage has been ok. So, I would be selling wine where I know the provenance and likely would be selling it at wholesale and buying wines with a much higher fail rate - adding to my cost.

[James_Billy]

I thought you were generalising from your situation. Saying that , if you think in that way, there’s no point cellaring ANY wine as it will ALWAYS become to expensive to drink.

Now I know you weren’t…

[James_Billy]

That is a dilemma, but I try to look at my cost versus current value. While a bottle might have appreciated significantly over the years, my “actual cost” is what I paid, not what someone else is willing to pay. Additionally, today’s value can evaporate quickly, so I try not to get caught up in auction values. I appreciate that DRC, Roumier, Lafita, Latour, etc. tend to hold their value better than many others, but I think the experience and friendship are worth so much more than a cash value. I don’t sell wine, so I guess I can be philosophical about it.

Cheers,
Scott

Love your name! Do you have a sister called Brittany?

…or a mother named Britney?

Your right! Scotland is inside Britain still, so technically, Brittney (sp?) must be the mother? Where are the English and Welsh in this family?

PS hope you aren’t offended by my lame attempts at humour, Scott. No offense intended!

[Victor_Hong]

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[craig_v]

Alan,
Are you saying you don’t plan to sell the $10,000 btls but you also haven’t found the moment to justify opening them and may never open them? Not taking issue, just seeking some clarification on where you stand on those major btls.
Thanks
Craig

Hard to drink magnums of 90, 99, and 05 La Tâche when they are worth over $10,000 each and I paid little. I can’t do it. Yes, I bought it to drink, but can’t now pull trigger. And I won’t sell my house for what I paid for it, either.