Fine wine slows down
It was only a few weeks ago we reported that fine wine auctions were holding up against a possible recession, but it's now looking like the market is slowing down with sales at US auctions starting to drop.
Normally, 80 to 100% of lots are sold, but in two recent auctions in New York at Christie's and Sotheby's only 67% and 70% of lots found buyers. Revenues and lot prices at wine auctions around the world are falling substantially, suggesting the onset of a buyer's market.
We also reported on the rise of pub closures in the UK but its good news for pub chain JD Wetherspoon who has just announced a like-for-like sales increase of 1.5% for the 13 weeks to 26 October. As they say, hard times mean good times - in Britain that means heading to the pub.