I know I flashed a brief smile as I hoisted the bottle of Georges de Latour Private Reserve, the flagship wine from Beaulieu Vineyards. The price had caught my eye. Only a few vintages back this Napa Valley Cabernet Sauvignon fetched better than $100 a bottle. Now? A smidge above $50. Markets do work, I thought. And I bought a bottle.

That got me to thinking about the high price of collectible wines, particularly from Bordeaux, but also Burgundy and the Napa Valley. I remembered foragi ...

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