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1788 cognac fetches $37,000 at Paris auction

It better be good to the last drop: A bottle of 1788 Vieux Cognac has gone for $37,000 at a Paris auction of wine and spirits, with proceeds going to charity.
France Wine Auction
This bottle of Vieux Cognac sold Monday for $37,000 at an auction in Paris. Francois Mori / AP
/ Source: The Associated Press

A bottle of Vieux Cognac dating back to 1788 — the year before the French Revolution — sold at a Paris auction of wine and spirits for $37,000.

Paris' landmark Tour d'Argent restaurant has cleaned out its cellar, considered one of the best and biggest in the world, putting 18,000 bottles up for auction. The two-day sale, which ended Tuesday, brought in more than $2.2 million, the Piasa auction house said.

Wine-lovers from China to Russia to the United States bid for a chance at rare treasures. To put things in perspective, the pricey Vieux Cognac Le Clos Griffier dates back to 1788, when Louis XVI and Marie Antoinette were still living at the royal palace at Versailles and would not be guillotined for another five years.

Wines can't withstand the passing years as well as spirits like cognac, and the reds and whites on sale were younger and netted more modest prices. Twelve half-bottles of 1989 Chateau Haut-Brion went for a total of $8,900. A lot of six bottles of Vosne-Romanee from 1988 netted nearly $9,300.

The 427-year-old restaurant donated proceeds from the $37,000 bottle of 1788 cognac to the Association Petits Princes, a French charity that grants the wishes of ailing children. The Tour d'Argent, which means "Tower of Silver," is keeping the rest of the money from the sale, which may be used later for renovations. Two additional bottles of the historic 1788 cognac sold for $31,000 and $27,300.

Prices 'through the roof'For Helena Puolakka and her husband Tuukka, who had visited from London for the day in the hope of picking up a bottle or two, it was a great disappointment.

"We have been going to the Tour d'Argent to eat for many years and we know they have wines there that you cannot find anywhere else in the world," Helena, a chef from Finland, told the U.K.'s Guardian newspaper. "But, at these prices, it's cheaper to buy the wine in the restaurant."

Her husband said: "To be honest, the prices have gone through the roof. They are ridiculous."

Despite the sale of thousands of bottles, there are still about 432,000 bottles stacked floor to ceiling under the restaurant in a succession of caverns. The auction's goal was to cut down on wines the restaurant has in multiple so it can vary and modernize its selection.

The Left Bank restaurant, known for pressed duck and views of Notre Dame, dates back to 1582. It was once the summit of French gastronomy, attracting royalty, politicians and film stars.

But recent years have brought tougher times. Longtime owner Claude Terrail died in 2006, and his 29-year-old son Andre now runs it. The restaurant, where a prix fixe lunch menu costs more than $95 and a tasting menu at dinner goes for $235, long held three Michelin stars but is now down to one.