Wine Auctions and the Flinging of Poo
Everybody’s favorite Gagillionaire William Koch recently declared, “The business of selling rare old wine is basically over because of the preponderance of fakes.”
Meanwhile that same, lovable Mr. Koch also reported he has spent between $30 million and $40 million pursuing lawsuits against those who he accused of selling him fake wines.
Let me try to put this in perspective. The fine wine auction houses appear to be doing just fine. Mr. Koch, where wine is concerned, isn’t. He’s bitter and trying to scare a few people by picking at his bitterness and flinging it all about. What’s more, Mr. Koch’s perspective on this issue of fake wine is inconsequential at most. The number of people who move in his world of wine can probably be counted on two hands. Meanwhile, those folks who are heading to auction houses to pick up hard to find wines, small production wines, collectible wines they want to drink probably don’t have much to worry about where fakes are concerned.