Naples Wine Auction Sees Lowered Results
The recession has come to one of the most lavish wine auctions. This year's Naples Winter Wine Auction event on Saturday in Naples, Florida brought in just over $5 million. That sounds like a lot until you consider that the auction to benefit Collier County children brought in around $14 million last year and close to $16 million the year before that. There were a few less lots this year but the auction was no less lavish. The top lots was a Caribbean cruise for 12 aboard a private yacht, which went for $350,000 and a trip to the finale of American Idol went for $110,000. The two top wine lots received bids of $150,000 and $110,000. Previous years have seen a $1 million lot and even a $2 million bid in 2007 for a Rolls-Royce Phantom Coupe. The 500 guests dined on the usual sumptuous fare cooked by Ritz-Carlton chefs from around the state and fine wines from around the world and bid with the usual excitement but the end result reveals that the wealthy are more cautious. There's no denying that the end total of funds raised sends a sharp message that the economic situation has caused even the top tier of the wealthy to check their spending, even when it is for a good cause.