WINE AUCTIONS PREVAIL IN WEAKENED ECONOMY

Despite the slowing economy and weak US dollar, wine auctions haven’t skipped a beat. According to a report in Bloomberg, auction houses are breathing a sigh of relief, while some say they were always convinced the subprime panic wouldn't touch them.

“The market seemed to pick up where it left off last spring,” said auction director Michael Jessen of Zachys to Bloomberg after two weekends of very strong sales. “But maybe it's too early to tell.”

The weak dollar reportedly helped increase global demand, turning US auctions into “a buyers market.”

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