Prometheus Worley's Blog

As one whose palette can appreciate the decadent taste of a well-aged Bordeaux or a somewhat nuanced unpredictable Pinot Noir, The New Sotheby's Wine Encyclopedia comes as a much-welcomed addition to our family's growing wine literature collection. Updated since its first release some 10 years ago, TNSWE (The New Sotheby's Wine Encyclopedia) does an exemplary job exploring the very essence of the world of wine from A to Z. As If to delve into the very "terroir", if you will, of this phenomenal $364 billion global market, Sotheby's via Tom Stevenson, divides his exploration into 3 parts:

1) Taste and Quality

2) Wine Through The Ages

3) A World of Wine

Beginning with Understanding the Fine Wine Market, TNSWE brilliantly provides a comprehensive yet succinct snapshot of the current wine landscape. Brief discussions ranging from the growing diversification within the secondary market, and generational change within winemaking (leaning towards a younger vibrant demographic), to the powerful impact various factors like online wine retailers and popular social media influencers are having on the industry itself, are presented. Its elegant description of the legendary auction house's most memorable wine auctions leaves one somewhat jealous, of those who were privileged to have been physically present to witness such exciting historical auction house moments.

Photographically a masterpiece with its full-colored detailed rich engaging images, this 800-page wine educative juggernaut would rank high amongst most sommeliers, oenophiles (a person who enjoys wine), and wine enthusiasts alike. Leaving no stone unturned, beautiful charts and graphs listing the top wine producers, most valuable single-owner sales, and tips for buying, collecting, and investing in fine wine are also brilliantly included, to further seduce and incite the wine-loving passions of the insatiable reader.

Sotheby's Wine: Top Producers By Value 2016 - 2019

Producer Aggregate Sales

Domaine de la Romanne-Conti $74 million Petrus $21 million Chateau Mouton Rothschild $19 million Chateau Lafite $18 million Domaine & Maison Leroy $13 million Domaine Coche-Dury $10 million Domaine Armand Rousseau $10 million Chateau Latour $9 million Chateau Haut Brion $8 million Chateau Margaux $7 millionThe Journey of a thousand miles begins with the first step

Taking the reader further down the rabbit hole on a fascinating "vino-licious" aromatic journey, TNSWE skillfully elucidates the various fundamental factors (Climate, Location, Aspect, Soil, Vitrification, Vinification, and Grape Variety) which affect the quality and style of numerous wines produced from specific areas and regions all around the world. Old world

staples like France, Italy, Portugal, Spain, Germany, etc. are, of course thoroughly covered, but new world contenders like Africa, The Americas, The United States, Australia, Asia, and New Zealand are equally highlighted and reviewed as well.

[SIDE NOTE]: A great documentary to watch regarding New Zealand's rapid ascent to the top of the wine world titled: "A Seat at the Table"...is now available on Amazon Prime. https://www.amazon.com/Seat-at-Table-Jancis-Robinson/dp/B08B1KGMQV/ref=sr_1_1?dchild=1&keywords=a+seat+at+the+table&qid=1624113996&s=instant-video&sr=1-1

In total, more than 14,000 wines from more than 100 wine-growing regions are covered, including detailed discussions regarding topics like, top vintages, the wine making process, top wine producers, tasting notes, recommended pairings, wine storage and serving, as well as a thorough chronological time section, mapping the very origins of this alluring liquid we have all come to love and adore so well, for so long, over the centuries.

Overall, I have to say, this is a title I'd highly recommend. Reading this hefty encyclopedic volume has been the highlight of this topsy-turvy pandemic year for myself as well as my wife, who just happens to be a huge fan of the 2017 Sotheby's: Bourgogne Rouge https://www.sothebyswine.com/ny/shop/sothebys-bourgogne-rouge-2017 . To quote her..."There are very few wines which I've come across that have left a lasting pleasant tasting memory....this is one of them. This wine is delicious!!..Honey, the next time we're visiting in New York, make sure to remind me to pick some up.

#Sothebys #TheNewSothebysWineEncyclopedia #bookreview #PrometheusWorley #theVoiceOfLuxury #2017SothebysBourgogneRouge #WineLovers #WineCollectors #WineEnthusiast #WinesOfTheWorld #HamptonCourtPress #Google #MaisondePillars #PassionateAboutPinot #DRC #ChateauLafite #ChateauLatour #ChateauMargaux #FineWine #FineW .

Lessons from "Charles Darwin" for an Industry in need of a transformation.

Darwin's brilliant observation

One of the key characteristics that define a successful species is its ability to adapt and change in accordance to the dictates and demands of an ever-changing environment. For the luxury industry, like so many others, this proverbial observation, in laymen's terms, "adapt or die", you would think, would have been standard business practice continuously adhered to before the emergence of the global pandemic.....but you'd be wrong.

Even within the glamourous world of spectacular Fashion Week as well as within the cutting edge realm of innovative handcrafted product offerings made by exclusive brands, it is well known throughout the luxury industry that the adoption of comprehensive "digitally focused consumer strategies" have been somewhat sluggish and not really forthcoming. For many of them (luxury retailers), historically, the focus has mainly been concentrated within the areas of enhancing the "in-person shopping experience" as well as promoting the aura of exclusivity and premium pricing, but the prevailing winds of "Pandemic-driven" change has challenged this "Pre-Corona" paradigm.

Some analysts believe that consolidation is the way to go, and that independent firms like Hermes or Prada should join big groups. The latest argument for doing so, as The Economist notes, is "the imperative to go digital". Luxury firms have been slow to adopt digital strategies; after all, they were doing fine without them. Also the nature of luxury goods, including the shopping experience, is such that far fewer are purchased online. But inevitably, that is changing. Michele Norsa, former CEO of Italian shoemaker Salvatore Ferragamo, says that new online shopping habits within the luxury sector are being led by young consumers.

(source: www.boyden.com)

This recalibration of shopping habits, discretionary spending priorities, and adaptive purchasing behaviors has evolved directly as a result of "Corona-related" social isolation. Former Pre-Covid "in-person" luxury shoppers have metamorphosed into "Post-Covid" stay-at-home, pajama-wearing, full-time "frugal" online digital consumers. (With "frugal" being the keyword.) For them, shopping "for fun" has now evolved into shopping with meaning and financially prudent purpose. No longer willing to be taken for granted, their expectations, shifting economic uncertainties, and keen sense of values, have lifted the illusionary veil of premium-priced exclusivity to expose the lacking inefficiencies behind the curtain of the coveted "in-person Luxury Shopping experience".

For this new breed of luxury shopper a more transcendent "connective" value proposition as well as premium pricing justification is needed, dare I say demanded, to answer the most basic fundamental question all shoppers have regardless if they are luxury shoppers or not.."Why should we buy YOUR product?"

The answer to this question has now become an essential ingredient within the psychological decision-making matrix of many luxury shoppers who are now acclimated to; not only making numerous purchases online but are also demanding a "real" rationale behind a luxury brand's exaggerated price tag. Cute marketing terms like, Exclusive, Exceptional, Prestigious, Precious, Refined, Quality, Elegant, Superior Craftsmanship, Tailored, Unique, Heritage, Hand-Crafted, Signature, and Timeless, simply won't justify it anymore. For many shoppers, now its more about successfully staying afloat amid a COVID-driven lifestyle change. Shifting economic realities dictate adaptive lifestyle choices and luxury brands need to be cognizant of that. Luxury shoppers love to shop and that factor is not likely to change. However, If luxury brands wish to remain to be seen as relevant in any way shape, or form, they need to get with the times and begin to try to understand this "new normal". They need to adhere to the lessons learned from Darwin's observations and organically evolve to meet BOTH, the needs of their adaptive digitally-focused younger growing clientele as well as the "Post-Covid" digital shopping preferences of their existing customer base.

A few high-end retailers are beginning to take notice and have begun to implement campaigns and corrective measures to try to address this rapidly growing digitally preferred shopping experience. Some have even begun to try to make more meaningful connections with their customer base by fostering a more personalized authentic brand experience.

The future outlook for these retailers (who have grasped this new normal) is sure to be paved with a progressively growing roster of loyal clientele. For all the others, this "new normal" means they are going to need to be more transparent, open, understanding, and willing to engage with their customer in ways that "speak" directly to this "new adaptive lifestyle".

#luxuryindustry #luxurylifestyle #thevoiceofluxury #prometheusworley #covid #charlesdarwin #newnormal #google #globalpandemic #luxurybrands #voiceactor #hamptoncourtpress #luxuryshopping #luxurious #lifestyle #fashion #style #luxuriouslife #maisondepillars