Monday, March 12, 2007

Counterfeit Wines

The FBI have uncorked a criminal investigation into sales of counterfeit wines at some of the most prestigious auction houses. Christie's Auction House alone sold $58 million dollars of rare wines last year from 44 different events sales from locations such as London, Paris, New York and Los Angeles. Both Christie's and rival auction house Zachy's have been served with subpoenas requesting information on wine sales. Counterfeit wine is a rare but growing problem. It has been estimated by industry insiders that as much as 5 percent of rare vintages sold privately or at auction are fake. So when it comes to high-end rare wine auctions [especially those with almost no traceability], buyer beware.

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