News

Pawnshops in Paris are branching out. In addition to the usual jewellery and family heirlooms, the Crédit Municipal de Paris, as reported by Decanter.com, has started offering loans against wine.

Oenophiles who find themselves in a credit crunch can be assured their vintage collection will be stored carefully in the bank's cellars, where there is a natural 80-per-cent humidity and a temperature of between 12 C and 13 C. There is space for 90,000 bottles to be kept until their owners' cash flow is back under control.

"We've been amazed by the response," said Vincent Vogt, communications director for the bank, who confirmed to the website that the most valuable bottle pawned so far is estimated to be worth $8,000: a 1985 Domaine de la Romaneé-Conti. The minimum value wine allowed for pawning is $100, with a loan value of 50 per cent. Any wine not redeemed is sold at auction.

"The idea of pawning your wine is horrifying to me," said Neil Ingram, Vancouver Playhouse International Wine Festival's sommelier of the year and co-owner of Gastown's Boneta restaurant. "It would be like pawning your kids."

Though the bank's cellars could use more humidity, Mr. Ingram said, their conditions sound "fair." He was more concerned about the veracity of the wine: "I would hope they have someone on staff to authenticate what the wine is and its value," he said. "The trade in fake wine around the world right now is rampant."

Pawnbrokers in Canada are bound by provincial liquor laws. Ken Keane of the Ontario Pawnbrokers Association said that in order to sell alcohol, he would need to have a full liquor licence. "That's not something I can imagine applying for, or getting," he noted.

The only other provincial pawnbrokers association is in British Columbia. Spokesman Michael Isman explained that, while it is against the law for him to sell alcohol in the province, it is permissible to loan money on anything.

"I am more than happy to loan money on a quality product," Mr. Isman said. "I currently have a bottle of cognac that retails at the liquor store for $2,000. If it isn't redeemed, it's true I can't sell it. But you can be sure I will be drinking it."