Rachael Cozad, AAA sent me an interesting article from the LA Times on a stolen wine collection from the French Laundry restaurant in Yountiville, CA. The wine collection was said to be valued at +$300,000.00. As wine collecting and investing continue to grow (along with other luxury items) interest from thieves and forgers typically increase.
Generalist appraisers need to be aware of the potential value of wine collections, especially when dealing with estates, and should know when to call in experts to evaluate and value the collection.
The LA Times reports on the wine robbery
Source: LA TimesA Christmas Day robbery at Yountville’s storied French Laundry restaurant netted a king’s collection of fabulous wines worth at least $300,000.
The thieves, who jimmied a door at the wine room on the property, obviously knew exactly what they were going for. Most of the 76 bottles taken were from the Domaine de la Romanée Conti, including bottles from the fabled Burgundy estate’s Romanée Conti vineyard that are worth at least $15,000 each.
French Laundry chef and proprietor Thomas Keller took to Twitter, asking for help from the wine community in finding the thieves.
The splintered door to the wine room at the French Laundry. (The French Laundry)
“On Christmas day, The French Laundry was the victim of a robbery. Specific wines of specific value were stolen (DRC & Screaming Eagle). We have complete trust in the authorities leading the investigation, and we welcome any information our community may have regarding the event.
“We are confident that if and when any of the stolen bottles appear in public, they will immediately raise questions and red flags among the wine knowledgeable.
“The French Laundry wine program is, as many of you know, singular and distinct. We look forward to rebuilding our cellar in the meantime and plan to get to the bottom of this disheartening act immediately.
“Please contact media@tkrg.com with any information.”
The French Laundry, which just celebrated its 20th birthday this summer, is acknowledged to be one of the greatest restaurants in the world. It's one of only 13 in the United States that have earned three stars from the Michelin restaurant guide. Another is its East Coast sibling, Per Se.
In a statement Tuesday morning, Keller added: “We are working with local law enforcement in this ongoing investigation and appreciate any information the community may have that could help us identify the offenders. We look forward to rebuilding our cellar and moving forward with The French Laundry’s kitchen remodel.”
Most of the wines taken were highly collectible and trade mostly on the private and auction markets. Prices fluctuate, but a rough value can be estimated from an analysis of similar bottles listed for sale at retail on the Wine Searcher website.
Retail prices, of course, are only a fraction of what the wines would sell for on a restaurant wine list. Typical restaurant mark-ups are two to three times retail, and with rare wines can be even higher.
Among the most valuable wines taken were bottles of DRC Romanée Conti from the vintages spanning 2004-2010, which range in price at retail from $11,000 to $15,000 per bottle. There were bottles of DRC’s La Tache from 1993 to 2010, which range in price from to $2,100 to $4,500 each.
The thieves also took several bottles of California cult Cabernet Sauvignon Screaming Eagle, with prices ranging from $2,100 to $7,500.
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