Wine Accepted as Loan Collateral
The next time you need a loan, consider throwing in the vintage you’ve been saving for a special occasion.
According to Bloomberg News, Goldman Sachs accepted nearly 15,000 wine bottles as loan collateral from Andrew Cader, a former senior director of the bank’s specialist-trading unit. Loans are typically secured by assets like real estate, yachts, and artwork, but because of the low-seven-digit dollar market value of the wines, Goldman accepted the collection. Included in the mix of bottles, mostly from the Burgundy and Bordeaux regions of France, is a 1929 bottle of Domaine de la Romaine Conti that would normally sell for nearly $4,000.
Though Goldman Sachs does not comment on individual loans to preserve client confidentiality, the bank said in a statement, “We take great care to apply high standards of risk management and appropriately value any form of collateral on all loans.” So, continue to invest in those vintages you’ve been thinking over. They may be put to use in more ways than you think.