September 16, 2010 3:49 PM
In a personal finance article at the end of August, U.S. News & World Report senior editor Kimberly Palmer argued that collecting expensive bottles of wine is a waste of money. She points to a study done by Stanford Graduate School of Business and California Institute of Technology researchers, in which people offered a taste of the same wine in two different glasses insisted that the one labeled with the more expensive price tasted better. Serious wine collectors, though, would disagree. This fall’s wine auctions at Christie’s and Sotheby’s in Hong Kong will cater to the most serious wine collectors in the world -- most of whom will not actually taste the wines they buy at auction, but will instead store them as an investment, in climate-controlled storage units that have their temperature and humidity recorded every few seconds. [More]
April 26, 2010 1:45 PM
Christie's, the internationally famous art auction house, is expanding into the storage business. A Christie's subsidiary, Christie's Fine Art Storage Services (CFASS), has bought a 100-year-old Brooklyn, New York factory that it will convert into a high-security, climate-controlled fine art storage facility. The new fine arts storage facility, located in Brooklyn's Red Hook waterfront neighborhood, will open in June.
In addition to fine art, the new facility will be used to store antiques and other special high-end collectible items. The former factory has about 235,000 square feet of storage space. The space can be custom-designed to accommodate any size collectible, from a small photograph up to a vintage car. [More]