Further Evidence That It’s a Buyer’s Market
The Credit Municipal de Paris, a kind of government-run pawn shop that takes fine wine as collateral, is dumping premier crus as borrowers default.
The city-run lender and pawnbroker of sorts has seen demand for new loans soar in recent months. To help meet that growing need, it auctioned off about 2,500 bottles Tuesday, bringing in nearly euro200,000 ($273,000) in fresh funds.
All over France, beautifully-aged wines are coming out of cellars, heading for auction.
“In the wine cellars of Paris, and even in the wine cellars of the provinces, there are veritable treasures,” says Credit Municipal’s wine expert. At the same time, the wine auction market continues to slide, which means buyers with cash can walk away with some real bargains.