It’s a tough market for wine collectors. Disposable income is still at a premium, and there is already plenty of competition. There are plenty of brick-and-mortar and online stores catering to wine enthusiasts … not to mention the likes of auction houses such as Sotheby’s, which dominate the auction scene for liquid bliss. Nonetheless, Vinfolio, which has been around since 2003, found a way to reach into the pocket of former AOL top dog Steve Case.
The amount Case plunked down for a piece of Vinfolio hasn’t been disclosed, but it is known that he put $10 million into another luxury business, Exclusive Resorts. Whatever he’s put into the business comes on top of $10 million already raised.
Does this mean the upscale wine market is coming back? The economic recovery may still be delicate, but this seems like a smart move for down the road. After all, money in a wine collector’s pocket is always looking for a home.
By Tom Johansmeyer | Source :: www.luxist.com