Word: heublein
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Dates: during 1970-1979
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...lawyer with a hunger for riches ran into a courtly old gent with a recipe for fried chicken. The rest is history: John Y. Brown Jr. built an $830 million empire around Colonel Harland Sanders' Kentucky Fried Chicken. Having made his fortune, Brown sold out last year to Heublein Inc., a food and liquor distributor, and went into semi-retirement at age 37. But then he met Ollie Gleichenhaus, who runs a seven-stool hamburger joint in Miami Beach. Now Brown is determined to make him the Colonel Sanders of hamburgers...
Spirited Selling. Heublein, which in recent years has bought several wineries in California's Napa Valley, stages its auctions to promote the expanding U.S. wine market (TIME, March 1), which has grown by 60% in total sales during the past decade. The price of rare wines, both foreign and domestic, is apparently rising even faster. Last week's auction grossed more than $230,000 (v. $55,000 and $106,000 in 1969 and 1970), and many lots fetched four to five times the price that Heublein's experts had expected. Broadbent, wine director of London...
Wine Future. Heublein reserved about 2% of the stock, part of which was assembled from the private cellars of French château owners, for open tasting, a practice unheard of among European sellers. The samples included several bottles of 79-year-old California Pinot Noir and some Château Mouton Rothschild a year younger...
According to Heublein's international wine manager, Alexander McNally, the tasting sessions effectively dispelled several popular oenological myths, including the notions that great wine does not travel well, that very old wine fades almost immediately upon opening (some proved better several hours after being uncorked), and that white wine does not last more than seven years (one case of 1928 white Bordeaux brought more than $1,300 at the auction...
...hope that when the wine is finally aged it will be declared a superior vintage and gain in value. Prices on many varieties of stored wine have doubled in the past year, giving rise to a market in what aficionados call "wine futures." The association with finance offends Heublein's McNally. "It's a more personal investment than stocks or commodities," he says. "It's more like adopting children...