About ten years ago I visited Chateau Margaux in Bordeaux. Paul Pontallier, the chief winemaker there, told me that prices for the most sought-after red Bordeauxs had already reached such stratospheric levels that it had become almost embarrassing. “My friends can’t afford to buy Margaux,” he lamented. Since then, it’s got even worse. Now it seems that even the president of France cannot afford to drink the top clarets. The Elysée has just announced that it will sell off about 10% of the presidential wine collection – and restock the cellars with cheaper wines.
It is an understandable decision. I don’t know if there will be any Margaux sold at auction, but I see that a bottle of Margaux 2000 now goes for about £700 (€825). The auction will also apparently include some Petrus 1990, which the FT this morning reckoned would go for €2,200 a bottle. (Actually my research suggests that would be a bargain and that the market price is now closer to €3,000).
But it is important that the restocking exercise should be carried out carefully. That is because a stellar cellar can be a genuine diplomatic asset. There are diplomats who attribute Britain’s success, in persuading France to make the fatal decision to reverse its opposition to British membership of the European Economic Community (now the EU), back in the 1970s, to the magnificence of the wines that Sir Christopher Soames – the then British ambassador to Paris – poured down the throats of key French decision-makers.