Government could auction Chateau Latour 1961 to finance $3.2m wine cellar

paulfrasercollectibles

2015-06-26 12:23:40

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Government could auction Chateau Latour 1961 to finance $3.2m wine cellar

The British government will sell its top wines as its cellar attempts to become 'self-financing'

Wine investors could soon be fighting over bottles from the British government's own cellar.

The government has announced it is to sell a number of its most valuable wines to help make funds available to buy more, less expensive bottles.

The announcement has come following criticism of the 45,000 replenishment of the government's stock since last April's general election.

Wines and spirits from the 39,000-strong hoard, which lies near St James's Palace in London, are used at many state functions throughout the year.

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Robin Alexander, the government's head of hospitality, told the BBC that a 10,000 valued Chateau Latour 1961 and a 1931 Quinto Do Noval port were among the bottles that could be auctioned to help make the cellar "self-financing".

In an interview with BBC Radio 4, Foreign Office Minister Henry Bellingham explained he expects around 50,000 worth of wine will be sold each year.

Roughly 900,000 was spent amassing the collection, which is now thought to be worth in the region of 2m.

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