The bottom is falling out of the top of the wine market, and it’s probably about time.
Total U.S. wine sales rose about 5% in terms of volume in the first quarter from a year earlier, but wines priced at $25 a bottle and up fell about 12%, estimates Jon Fredrikson, an industry consultant with Gomberg, Frederikson & Associates in Woodside, Calif.
One sign of the times: Auction Napa Valley — the premier charity and social event of the year — raised just $5.7 million last month, down sharply from the $10.4 million raised last year.
The upshot: Bargains a-plenty, especially if you’re willing to comparison shop. Markdowns of 30% on premium-priced wines are becoming common.
Clue us in on any big deals you find!