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Burgundy Vineyards Continued Ascent as France’s Priciest
Jun 16, 2014
(Bloomberg) - Dreams of a life growing wine grapes in Burgundy are getting more expensive every year.
The average cost of buying Burgundy grand cru vineyards, France’s most-expensive wine property, rose 5.3 percent in 2013, the Agriculture Ministry wrote in an online report today. Prices advanced for a 17th year, reaching an average 4 million euros ($5.4 million) for a plot the size of a rugby field.
Of the world’s 50 most expensive wines, 32 are a grand cru from Burgundy and another six are first growths from the region, according to a ranking by Wine-Searcher drawn from a database of 6.3 million prices. The list is headed by Domaine de la Romanee-Conti in Burgundy’s Cote-d’Or region, with an average price tag of $13,659 a bottle for the estate’s Romanee-Conti Grand Cru as of June 1.
“In Cote-d’Or, the prices continue to climb, no matter the appellation,” the Agriculture Ministry wrote in a report on agricultural property in Burgundy. “Vineyard transactions are sharply down, which doesn’t stop prices from rising again.”
Burgundy grand cru wine property changed owner for between 2 million and 9.5 million euros a hectare (2.47 acres) last year, the ministry wrote. The average price rose from 3.8 million euros a hectare in 2012, and has climbed every year from 1.22 million euros in 1996, data show.
As a comparison, in Bordeaux’s Pauillac wine region, home to Chateau Latour and Lafite Rothschild, average vineyard prices were 2 million euros a hectare in 2012. In Champagne’s most-expensive Cote de Blancs appellation, wine-property prices averaged 1.56 million euros a hectare.
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