“Why pay nearly £100 for a magnum of claret?”

“What is it that makes a person pay nearly £100 for a magnum of claret?” Richard Whitmore of BBC news asked Michael Broadbent, referring to a sale of Lafite 1870 in this short clip. These magnums of Lafite 1870 sold for under £100 in 1978. With inflation, that’s £550 in today’s money. The same wine is on sale now for £21,000 and, by that same token, the 41 magnums of Lafite 1870 that sold in that auction for £3000 almost 30 years ago would be worth £940,000 today.

However, caveat emptor, as Master of Wine Susie Barrie explained in this fascinating Radio 4 programme on counterfeit wine.