Wine connoisseurs beware:
Newly wealthy residents of the BRIC nations (Brazil, Russia, India and China) are turning to wine in a big way and have been dramatically pushing up the prices of the world’s most prestigious products. Prices for premium wines, especially from France, have gone through the ceiling, primarily due to demand from China. Château Lafite Rothschild, Bordeaux’s most famous label, is selling at astronomical prices. A decade ago, an American consumer would pay $100 or so per bottle. Today, in New York City, a bottle of Lafite goes for $1,600.
The reason for the sharp increase in prices is simple supply and demand. Mercedes-Benz can easily increase car production to meet unexpectedly strong demand. Winemakers, though, cannot ramp up the output of wines coming from a prime vineyard whose size has not changed in years.
The Dish 