Tim James: Is wine expensive?

Clearly, the expensiveness of something (which can sometimes be different from whether it costs a lot of money or not) is relative and depends on perspective. At a totally other-life level I was reminded of this when browsing though a past edition of the always entertaining, well-written pink pages of the FT Weekend. A columnist wrote that he had recently given a talk in New York on “luxury residential markets”. A fellow panellist commented on the cheapness of real estate (and he wasn’t talking about the likes of my modest suburban house). He explained: “You buy an apartment for $35mn and think it’s expensive, but what about the S100mn artworks on the walls, or the $50mn you’ve just dropped on a yacht that begins depreciating the moment it touches the water.”

Yes, well. I’m sure that’s valid (and disappointing news about the yacht). It doesn’t, though, much help answer the question about whether wine is expensive for the likes of me – and by that I would actually include people somewhat richer than I am, because I tend to spend on the stuff a larger part of my income than do most (sensible) people. I remember my sadly late brother, a patent lawyer, telling me that he couldn’t afford to drink the sort of wine that I did. As I recall, at the time he had his arm resting on the door of his BMW 7 Series car, which would doubtless have cost more than I’d spent on wine in my lifetime. Perspective, you see.

The other day, however, I was thinking about wine being expensive (or not) from an opposite point of view, which is why that bizarre FT Weekend column struck me. I suddenly became conscious that in fact I’m vastly more willing to spend money on wine than on food. I was opening a bottle of a modest Bordeaux, Ch.Bernadotte 2015, for supper. At something north of R400, it had cost at least the upper limit I am willing to, at least sometimes, spend on wine for an ordinary meal by myself (it would probably last for two evenings, eked out by a glass or two of brandy).

I can’t now, frankly, remember what it was that I was eating, but it would certainly have cost much less than the wine I was to drink. And I realised that, although I much enjoy eating (as is getting increasingly obvious to anyone who sees me), perhaps I should balance the food:wine ratio expense a bit differently. I can’t think when last I bought for myself, say, a good slice of salmon, because I have felt that in the last year or two it’s just become too expensive.Or, in a lazy mood, a prepared meal from Woolworths (which look increasingly impressive). Duck breast is ok. True, I’d also felt that about some wines – decent burgundy, and about Sadie Mev Kirsten, and the top Alheit wines – all of which I’d bought regularly before they started spiralling up rather too fast. But the money needed for top chenin, let alone top pinot noir, is vastly more than the money needed for scallops and smoked salmon (I’m not much of a meat eater,so am less tempted by fancy cuts or fancy butchers). As with yachts and Renoirs vs Manhattan apartments. Perspective again. I have a good friend who’s a fine cook, much better than I am. She spends more on food than I do and, although she and her partner drink wine virtually every day and enjoy it, would have an upper limit of about R80 per bottle – while I seldom go down there, except for Wolftrap White.

Taking wine as a whole, clearly the world is finding it a bit too expensive. The OIV State of the world vine and wine sector in 2024 (some of its major findings noted on this website last week), reports that global wine consumption is “down 3.3% from 2023’s already low level. Declining demand across major markets, coupled with high average prices – driven by low production volumes and the lingering effects of past inflation – made for a challenging year.” Rising prices – at all quality levels – are widely credited as affecting sales at all levels. It’s hard to think that higher prices affect those stocking up for their yachts (or the investment vaults), but international fine wine prices – including at the very top level – have largely been falling in recent years. And if current US tariff plans are implemented, the effects are going to be felt everywhere, though perhaps in lower prices especially in the middle and at the bottom end (and fewer exports from South Africa), as Europe struggles to sell its vast volumes. Troubling times for all sectors of the worried wine trade.

Back to the concerns of the likes of us. I have a worrying suspicion that I’ve said nothing new, and little of wine relevance. As to answering my own question… Is wine expensive? Not really. But perhaps yes? Though I’m not planning on a shift to cider to get the alcoholic bang for my buck. And the BMW and the yacht must wait.

• Tim James is one of South Africa’s leading wine commentators, contributing to various local and international wine publications. His book Wines of South Africa – Tradition and Revolution appeared in 2013.