LIQUID INVESTMENTS
MICHAEL FRIDJHON: Paying more for narrative than quality
Just because a wine has perfect fruit intensity does not mean it is not a winemaker’s con job
A recent article by Frances Percival in the UK publication The World of Fine Wine identifies two types of luxury items. One he calls the "checklist or filet mignon" version: high-profile brands or items with features that conjure up sensations or tastes traditionally associated with wealth and comfort — such as soft leather or tender meat. The other he identifies as the "luxury of expertise", where the curated narrative counts for more than the experience. "Checklist luxury" is dominated by the big brands, whose objects of "craft" (once so rare) can now be made in high volumes. Accordingly, the super-rich who seek something more exclusive find themselves drawn towards the expertise or narrative version. In Percival’s example, it is not the tenderness of the meat that conveys the sense of luxury, "but rather the manner of its growth and preparation. In London, New York or Copenhagen, dropping several hundred dollars a head on dinner will quite likely yield a meal composed almost enti...
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