Fine wine market hit by financial gloom

Fears of a Greek default unsettling the world's markets and stubbornly high U.S. unemployment rates in the US are having a negative impact on fine wine auctions. Unlike last season none of the houses sold 100 percent of their lots and the Liv-Ex 100, the benchmark indices for fine wine, was down 4% in August.

Despite the economic woes, Christie's set a record earlier this month when it sold 300 bottles of Chateau Lafite-Rothschild for $539,280 to a Chinese bidder, but the price was below the auction house's high estimate of $580,000. So the Asian clients are still fervently buying fine and rare wines and their interest seems to suggest their continued buying will transcend fluctuations in the world economy.