Brexit: As the pound to dollar exchange rate dropped fine wine demand rocketed

Fine-wine buyers jumped in to buy the best vintages as the pound collapsed against the dollar after last week’s Brexit vote.

BI, the fine wine merchant chaired by City grandee Michael Spencer, said buying by Asian customers last Friday was eight times the level of the polling day on Thursday. And the interest continued with BI doing almost two-and-half times its normal business in the week since the Brexit result.

Chief executive Gary Boom founded BI in 1997 after working for Spencer. He said that the surge in demand reflected the fact that prices had effectively dropped 10% for Asian buyers who mainly bought great wines to drink rather than as an investment.

Their taste was for Bordeaux — the 2006, 2007 and 2008 vintages as well as the 1989 and 1990 Haut Brion, and 1996 and 2000 Margaux.

Boom owns the majority of BI and Spencer’s family has a significant stake.