The economy of wine is a complicated issue. As it turns out, though there are certainly great and awful wines, much of the value of wine is in our perception of its prestige. Given a blind taste test many experts choose the less expensive wine. Only after knowing that wine is from a far away exotic destination do the mild flavors of leather become apparent. Ultimately unless prestige is on the line, choose what you enjoy, it’s unlikely that the $10 bottle is all that different from the $1000.
- Karl Storchmann has always loved wine—so much so that he even tried his hand at making his own.
- In a roundabout way, what started as a hobby would come to influence the course of his career
- There’s supply and demand, of course: Wine that’s scarce will be more expensive
“NYU economist Karl Storchmann has always loved wine—so much so that, years ago, before he moved to the U.S. from Germany, he even tried his hand at making his own.”