(chrismar)

Needy Oenophiles Pawning Prize Bottles Of Wine For Cash

Eight years ago, it seemed like everyone in New York City was operating a hedge fund, and many of those suddenly rich folks splurged on necessities like rare bottles of wine. Then things went sour and these briefly wealthy types had to relocate the contents of their wine cellars to a storage unit. Realizing that cash-in-hand may be more helpful than bottles of wine they may never drink, some are using their prize wine collections as collateral on short-term loans. [More]