Chinese buyers swoop on presidential wines

Chinese collectors have been quick to pounce on the first batch of wines to go on sale from the Elysée Palace .

Over 1,000 wines from the cellars of the French government have been put up for sale as part of a bid to cut the national debt.

The first part of the sale held last night (it concludes this afternoon) apparently exceeded expectations, with two bottles of 1990 Pétrus exceeding their €2,200 and €2,500 estimates by over €3,000 each.

One of the buyers was Fan Dongxing, an importer of French wines in Shanghai. He said that some of the wines he bought that evening were for him and others for selling on to clients.

Other strong performers included a bottle of 1961 Angélus, valued at €220 it sold for €1,100, and the 1936 Latour went for €3,500.

All wines have a label that declares, “Palais de l’Élysée” but the auction house, Drouot, said it had not added a premium for the wines’ provenance.