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Department of Economics, Aarhus School of Business, University of Aarhus Working Papers, Department of Economics, Aarhus School of Business, University of Aarhus

No 03-22:
A Comparative Study of Wine Auction Prices: Mouton Rothschild Premier Cru Classé

Jan Bentzen () and Valdemar Smith ()

Abstract: Auctions of selected wines have regularly taken place internationally and from natural reasons they

have mostly involved the finest wines as e.g. the top wines from Bordeaux. In order to analyse

specific auction wine prices, the Mouton Rothschild (Medoc Premier Cru Classé) has been selected

for investigation, where auction data have been collected from the USA (The Chicago Wine

Company), Denmark (Bruun Rasmussen, Selected Wines Auctions) and from other sources as well.

The price development of this specific icon wine is expected to be influenced by a lot of factors,

although theoretically investment decisions concerning e.g. icon wines ought not to be highly

sensitive to short-run business conditions. The empirical findings exhibit that the auction prices of

the Mouton Rothschild differ relatively much between the auction houses, and the time series

analysis reveals only weak evidence of co-movements between wine prices and selected business

cycle indicators.

Keywords: Wine auction prices; Mouton Rothschild; business cycles; (follow links to similar papers)

JEL-Codes: D44; E32; (follow links to similar papers)

23 pages, January 28, 2003

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