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Economy

French presidential palace to sell parts of its wine collection

media French president François Hollande celebrates in style just after winning … Reuters

The French President’s official residence will sell 1,200 bottles of wine to raise money for a collection of cheaper wines, with any money left over going back into the state's coffers.

The auction house Drouot said the wines, representing 10 percent of the palace cellar collection, will be sold at auction at the end of May.

It's the first time in history that the Elysée Palace is selling bottles from its wine collection.

The estimated value of the wines, said to be a small example of France’s rich wine-making history, ranges from a modest 15 euros to 2,200 euros for a bottle of Petrus 1990.

But the auction house said the majority of the wines should be available for under 100 euros.

The offer ranges from champagnes to rich reds, with a heavy emphasis on wines from Burgundy and Bordeaux, as well as selections from the Loire Valley and Alsace.

“All the wines have been served at the table of the president of the Republic, and some have accompanied great moments of the Fifth Republic,” Drouot said.

The sale is expected to raise around 250,000 euros, which will be used to buy less pricey wines, the auction house said, adding that “the money left over will be returned to the state budget.”

The Elysée Palace said the wines on sale were either isolated bottles, or there are too few bottles to be served at official functions.

The Elysée Palace’s wine cellar was created in 1947 and renovated in 1995.

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