Emily Fougere, Erin K. Kaplan, Courtney A. Collins
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Pricing uncertainty in wine markets following the Rudy Kurniawan scandal
ABSTRACT This paper examines the impact of the Rudy Kurniawan fraudulent wine scandal on the market for wine sold at auction. Using data gathered from Wine Spectator’s Auction Highlights reports, we estimate the difference in average price per lot of wine sold at auctions before and after Mr Kurniawan’s arrest. We find a large statistically significant decrease (25–30%) in average price per lot following the arrest, with some evidence of even larger declines at Acker Merrall and Condit, the auction house most associated with the scandal.
期刊介绍:
The Journal of Wine Research is an international and multidisciplinary refereed journal publishing the results of recent research on all aspects of viticulture, oenology and the international wine trade. It was founded by the Institute of Masters of Wine to enhance and encourage scholarly and scientific interdisciplinary research in these fields. The main areas covered by the journal include biochemistry, botany, economics, geography, geology, history, medicine, microbiology, oenology, psychology, sociology, marketing, business studies, management, wine tasting and viticulture.