Society

Chinese liquor sold for record 1.03 million yuan

(chinadaily.com.cn)
Updated: 2010-06-21 19:38

How expensive can a bottle of Maotai liquor be? The answer is 1.03 million yuan ($151,448).

At least for now.

According to Beijing Evening News, the liquor, produced in 1959 and with the trademark “wheel,” became the center of attention at the wine auction held in Beijing on June 19, as bidding on the 400-gram bottle soared from 120,000 yuan to a record high of 1.03 million yuan (includes 110,000 yuan commission). That is more than four times its value in March, as another 1959 Maotai fetched “just” 250,000 yuan at a spring auction.

A wine collector speculated that the appreciation of Chinese wine is influenced by the Western wine craze, with the value of upscale wines increasing at a rate of 5 percent to 25 percent.

But economists warned investors to keep calm as danger of an abrupt fall exists.