AUTHOR:  TERRY ROBARDS, FINANCIAL EDITOR NYT
PUBLICATION: NYT MAG SECT, SEPT 9, 1973, PAGE 97-99
TITLE:   HOW MUCH IS WINE REALLY WORTH

MAIN FOCUS IS HIS REACTION TO INCREASE IN CH LATOUR FROM $12 TO $125.
POINTS OUT THAT THIS WINE IS NOT WORTH 10 TIMES OTHER SIMILAR WINES
AND THAT SOMEONE IS SIMPLY PAYING FOR STATUS. AND I QUITE AGREE WITH THIS.
HE THEN ALSO DESCRIBES THE GENERAL PRICE INCREASE IN FRENCH (AND EVEN
ITALIEN, HE COMMENTS IN A SURPRISED MODE). THESE OBSERVATIONS ARE ALSO
GOOD.  THIS LEADS HIM TO THE BORDEAUX NEGOTIANTS OPINION THAT ONLY A WORLD-
WIDE DEPRESSION OF THREE SUCCESSIVE GOOD YEARS WILL BRING BACK THE 
"REASONABLE" PRICES.
       BUT THE MAIN QUESTION THAT I DISAGREE WITH IS THE STATEMENT (P 99)
THAT "THE DAY OF FINE FRENCH WINES AT POPULAR  PRICES MAY BE OVER......
.....THESE FANTASTIC PRICES HAVE A HORRIBLY INHIBITING EFFECT. EVEN THOUGH
I KNOW I PAID ONLY $3 A BOTTLE, I'M OVERCOME WITH A SENSE OF EXTRAVAGANCE
WHEN I CONSIDER SERVING ITAFTER ITS VALUE HAS INCREASED TENFOLD."
      I FEEL THAT MUCH OF THE INCREASE TODAY IS SPECULATION.  THIS IS CLEARLY
TRUE OF THE BORDEAUX CHATEAUX.  AND THERE IS THE FURTHER QUESTION OF OVER-
PRODUCTION, A PROBLEM THAT HAS PLAGUED THE WINE TRADE ON MANY OCCASIONS.
BECAUSE PEOPLE DO NOT TASTE WINE WELL, THERE IS NEVER THE VALUE GAP BETWEEN
MEDIOCRE WINES AND GOOD WINES THAT SHOULD EXIST. TRUE, SOMETIMES A 
REPUTATION WILL EXIST THAT CONFORMS TO "TRUE" QUALITY. IN FACT THIS
FREQUENTLY OCCURS. BUT THERE IS NO DIRECT RELATIONSHIP BETWEEN QUALITY AND
PRICE AND/OR REPUTATION. THIS IS PHASE ONE OF MY THESIS.
THUS THE EXISTANCE OF MANY MORE WINES, WHICH WILL SURELY FOLLOW THE INCREASE
IN GENERAL PRICE LEVEL, WILL DRIVE DOWN THE PRICES OF ALL WINES,
INCLUDING THE HIGHER QUALITY WINES.  ANYWAY, THIS IS MY PREDICTION
TODAY (OCT 73).