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  • Government could auction Chateau Latour 1961 to finance $3.2m wine cellar
  • Post author
    Paul Fraser
  • auctionChateaucouldGovernment

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

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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  • Post author
    Paul Fraser
  • auctionChateaucouldGovernment