France sells presidential wine to raise fund
Source: Agencies |
May 31, 2013, Friday
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Print Edition
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IN headier times, some of these wines were served at dinner for French presidents and their guests - kings, queens, other heads of state. In today's times of austerity, the Elysee Palace is selling off these vintage bottles.
French President Francois Hollande's palace has decided to dive into its wine cellar and sell some of its treasures, to raise money and replenish its collection with more modest vintages.
About 1,200 bottles, a 10th of the Elysee's wine collection, went on sale at Drouot auction house in Paris yesterday. The auction was expected to fetch 250,000 euros (US$325,000). Organizers say that prices may reach up to 2,200-2,500 euros for a 1990 Petrus, down to 15 euros for a more modest wine. The sale ends today.
"This is exceptional because this is the first time that the Elysee put its bottles on sale," said auctioneer Ghislaine Kapandji.
A small label mentioning the Elysee Palace and the date of the auction has been affixed on each bottle.
"I think that's a bonus for buyers, because that's a way for them to be sure that these bottles have always been stocked in the cellar of the Elysee," which means "good preservation conditions," she said. "For many people, that is also the purchase of a souvenir, of a symbol."
Wine lovers from Europe, the US, Russia or China contacted the auction house before the sale.
The funds raised from the auction will be invested in younger, more modest wines, to ensure the president has enough wine for entertaining without drawing on public resources at a time of cost-cutting to bring down France's deficit, over 87 billion euros at the end of 2012.
French President Francois Hollande's palace has decided to dive into its wine cellar and sell some of its treasures, to raise money and replenish its collection with more modest vintages.
About 1,200 bottles, a 10th of the Elysee's wine collection, went on sale at Drouot auction house in Paris yesterday. The auction was expected to fetch 250,000 euros (US$325,000). Organizers say that prices may reach up to 2,200-2,500 euros for a 1990 Petrus, down to 15 euros for a more modest wine. The sale ends today.
"This is exceptional because this is the first time that the Elysee put its bottles on sale," said auctioneer Ghislaine Kapandji.
A small label mentioning the Elysee Palace and the date of the auction has been affixed on each bottle.
"I think that's a bonus for buyers, because that's a way for them to be sure that these bottles have always been stocked in the cellar of the Elysee," which means "good preservation conditions," she said. "For many people, that is also the purchase of a souvenir, of a symbol."
Wine lovers from Europe, the US, Russia or China contacted the auction house before the sale.
The funds raised from the auction will be invested in younger, more modest wines, to ensure the president has enough wine for entertaining without drawing on public resources at a time of cost-cutting to bring down France's deficit, over 87 billion euros at the end of 2012.
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