In spite of the raging global depression, Sloan wines just offered a second round allocation of their 2005 Cabernet for $360/bottle. If you are a speculator, skip it.
These allocations are shooting closer and closer to the auction price each year. Many of them are already at 80% of the auction price, which to me is "fully priced" since anyone flipping their allocation is clipped for 20% by the auction house.
The current ask on 2005 Sloan is $500/bottle (winebid.com), which includes the auctioneer's premium. A seller can expect $400 -if the lot sells.
Sloan will charge for shipping on top of the $360, and by the time you pay to ship it to the auctioneer, there's no money left in this deal.
It may make you feel better to know that they offered it at $225 to their preferred customers already.
Many wine speculators will be finding their way on to the allocation lists during these difficult times. But they will be offered higher and higher prices. The only reason that I can think of to buy any of these wines now, is to be on the list for the 2007s -which are supposed to be the best vintage ever to come out of CA in 30+years. Buy carefully, if at all. I think when they hit the market in 2010-2011, most 2007s will be held by very weak hands.
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