steve case revolution money

Vinfolio Gets Big Bucks for Wine Collecting Play

Filed under: Spirits

It's a tough market for wine collectors. Disposable income is still at a premium, and there is already plenty of competition. There are plenty of brick-and-mortar and online stores catering to wine maniacs ... not to mention the likes of auction houses such as Sotheby's, which dominate the auction scene for liquid bliss. Nonetheless, Vinfolio, which has been around since 2003, found a way to reach into the pocket of former AOL top dog Steve Case (btw: Luxist is owned by AOL).

The amount Case plunked down for a piece of Vinfolio hasn't been disclosed, but it is known that he put $10 million into another luxury business, Exclusive Resorts. Whatever he's put into the business comes on top of $10 million already raised.

Does this mean the upscale wine market is coming back? The economic recovery may still be delicate, but this seems like a smart move for down the road. After all, money in a wine collector's pocket is always looking for a home.

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Tags: AOL, auction, auction-house, AuctionHouse, auctions, sotheby, sothebys, Steve Case, steve case revolution money, wine, wine auction, wine collection, wines