My new book Extreme Wine is now officially available and Wine-Searcher.com has just published an excerpt, so you can get a sense of the book’s style and content, both of which will be familiar to regular Wine Economist readers.
The editors at Wine-Searcher picked part of Chapter 4, which is titled “The Invisible Wine” and deals with wines that are for various reasons so scarce (or in some cases so ubiquitous) that they are nearly invisible. I probe a number of extremes in this chapter, but the editors asked to reprint the section on “Twenty Dollar Bill Wines.” Here’s how the piece begins …
Twenty-dollar-bill wines don’t really cost twenty dollars, so you can put your wallet away. The name comes from a joke that is popular among economists and therefore essentially unknown to the rest of the world. The joke goes like this.
A non-economist walks into a bar and says excitedly to the bartender (who is an economist). ‘Wow, this is my lucky day! I just found a twenty-dollar bill on the sidewalk in front of your bar!’ The bartender takes a long look at the fellow, who is waving the bill in the air. ‘No, you didn’t,’ he says. ‘Yes, I did!’ replies the customer. ‘See, it’s right here!’ ‘Can’t be—you’re wrong,’ the economist-bartender coolly replies. ‘You’re ignoring rational economic theory. If there had been a twenty-dollar bill on the sidewalk, someone would have already picked it up. So it is logically impossible that you could have found one.’
‘But look—here it is!’ the customer exclaims. ‘Look, buddy,’ the bartender says, turning away, ‘What do you think I’m going to believe—your bill or my theory?’
The joke of course (sorry, but economists always explain jokes, even the obvious ones) is that economists tend to believe their theories even when they can clearly see refuting evidence with their own eyes. You would think that this makes economists different from regular folks, but in the case of rare wines, we are all pretty much the same.
There are many ‘cult’ wines that are famous for being impossible to buy. They are so scarce, the story goes, that they are all invisibly absorbed by the lucky few folks who years ago gained access to the wine-club distribution list. No one else ever gets a shot. They are as rare as rare can be. I call these the twenty-dollar-bill wines because if you saw one (at a wine shop or on a restaurant wine list), you would probably rub your eyes. Impossible! How could that be? Must be a mistake (or maybe a fake!). If they really had that wine for sale, they would already have sold it.
Now the dirty little secret of these wines is that they are sometimes quite reasonably available, but the myth of impossible scarcity is maintained because that’s how myths work and because no one can believe their eyes. …
Click here to go to Wine-Searcher.com to read the rest of the selection.
By the way, if you still think of Wine-Searcher only as a website that provides information on particular wines, their ratings, prices and availability (see this search for Opus One, for example), then you need to think again because the editors have created a really exciting website with news, features and a wide range of other wine enthusiast information.
There’s more to Wine-Searcher than the searcher part, so you should check it out. (And, yes, they do also publish my column on wine investment, so I have filed this post under “Shameless Self-Promotion.)
Thanks to Wine-Searcher for publishing the Twenty Dollar Bill wine excerpt. Enjoy!