27 Jul 2011

It has been a cold, wet and very winter-like winter so far. Misty mornings, poor visibility until the sun breaks through around noon on the good days while the bad days are gloomy and continually overcast.
This photo was taken near Yarra Glen this morning. The rather spooky graveyard feel seemed somehow appropriate for the chilly morning and the continuing bad news in the wine sector. Wineries and vineyards for sale, far too much cheap wine on the market and a decline in consumption in Australia mean a pretty dismal outlook. 
But over in Bordeaux, the 2010 en-primeur campaign look set to reach record price heights. $1200 a bottle? No problem, can't get enough of it. Meanwhile, Chateau Lascombes, a second growth property, has sold for 200 million euros. If we take the 50 million euros worth of stock out of the equation, that works out at about $A 1.7 million per hectare. I guess the chateau and grounds is worth a bit too so let's call it $1.5 million per hectare. Here in Australia, real estate agents will tell you that having a vineyard on land for sale actually reduces its value!