DOCSLIB.ORG

High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications J. Martin and F. Mayneris Discussion Paper 2013-27 High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz October 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. These facts are explained by a lower sensitivity to distance of high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables, the within-product specialization of a country in the production of high-end varieties is likely to affect its export growth and volatility. We show that a higher sensitivity to per capita income tends to increase the volatility of high-end variety exports. However, a lower sensitivity to distance reduces volatility through a greater geographic diversification. Furthermore, we point out that a lower sensitivity to distance allows high-end varieties to benefit more from growth in more distant markets. JEL classification: F14, F43, L15, Keywords: Gravity, Distance, Firm-level data, Growth, Volatility ∗We thank Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, Thierry Mayer, Mathieu Par- enti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski for useful discussions. We also thank confer- ence and seminar participants of the ETSG conference (Leuven), the Higher School of Economics (Saint- Petersburg), Erasmus University (Rotterdam), Universit´ecatholique de Louvain, IMF (Washington DC), CEPII (Paris), Midwest international economics conference (East Lansing), Danish international economics workshop (Aarhus), the Belgian trade economists workshop (Antwerp), Howard University (Washington DC) and the International Trade workshop (Georges Washington University, DC) for useful comments. This paper has benefited from the financial support of the group \Mondialisation et D´eveloppement" (GMonD) from the Paris School of Economics (PSE), and of the Belgian French-speaking Community (Convention ARC 09/14- 019 on \Geographical mobility of factors"). Julien Martin is thankful for financial support to the FSR Marie Curie fellowship. The views expressed in this paper are those of the authors and should not be attributed to GMonD or its financial partners. yDepartment of Economics, Universit´edu Qu´ebec `aMontr´[email protected] zCORE, Universit´ecatholique de Louvain, IRES, CORE. fl[email protected] 1 Introduction Developed countries are specializing, within products, in the production of high-end varieties (the most expensive varieties of a product).1 Both academics and policy makers encourage this trend, with the view that it is likely to insulate developed countries from the competition from low-wage countries.2. While the specialization of developed countries in high-end varieties is increasingly documented (Schott, 2004; Fontagn´e,Gaulier, and Zignago, 2008; Martin and M´ejean, 2011), its implications are not.3 In this paper, we develop a new methodology to identify high-end variety exporters in French firm-level data. We study the specific features of high-end variety exports, and the macroeconomic implications of a specialization in the production of high-end varieties. We compare the characteristics of high- and low-end variety exporters and document that, along many dimensions, they are not so different (number of destinations, number of products, productivity). Hence, specializing in high-end varieties is not likely to change the anatomy of our economies in terms of firm-level size and TFP distributions. Actually, as for low-end variety exporters, the data show the coexistence among high-end variety firms of many small niche firms and a few large multinational groups. A key difference between high- and low-end varieties is the geography of their exports. Conditional on the number of countries they serve, high-end variety exporters are more likely to ship goods to more distant markets. This goes together with a wider geographic diver- sification of aggregate exports, which are significantly less concentrated toward European countries.4 To understand the roots of this peculiar geography, we investigate the differences in the sensitivity of high- and low-end variety exports to gravity variables both at the firm and at the product level. High-end variety trade flows are one third more sensitive to the per capita income of the destination country. They are also ten times less sensitive to distance. This lower sensitivity to distance explains the greater geographic diversification of exports entirely. Based on these new results, we examine how specializing in this type of production affects the volatility and growth of trade flows. We find that the higher sensitivity of high-end variety exports to per capita income tends to increase their volatility within a market relatively to low-end variety exports. By contrast, their lower sensitivity to distance induces a greater geographic diversification, which smoothes the aggregate volatility of their sales. Between 2000 and 2006, the two effects counterbalanced each other, and the aggregate volatility of 1High prices might be the consequence of a greater sophistication, quality, reputation, brand etc. 2For instance, Peter Schott states that \vertical specialization within product markets can also help insulate workers in developed countries from the low wages of workers in developing economies.". The EU commission shares the same point of view: \Europe needs to develop and consolidate areas of comparative advantage in high value and high-tech design and production" 3Regarding its implications, only the direct effect on the labor market has been studied (e.g. Verhoogen, 2008; Mion and Zhu, 2011). 4More than 70 percent of low-end variety exports are concentrated toward European countries. By contrast, less than 50 percent of high-end variety exports are directed to Europe. 1 high- and low-end variety exports was the same. What is more, we show that the lower sensitivity of high-end varieties to distance allowed them to reshuffle their sales toward fast- growing countries, in particular toward Eastern Asia after 2005. High-end variety exporters were thus better able to reap the gains from globalization. Our contribution to the literature is twofold. First, we show that a crucial difference between high- and low-end variety exporters is not their size or their productivity, but the geography of their exports. In this paper, we focus on high-end variety exporters, i.e. firms which produce high-priced varieties and still meet an important demand abroad, due to the quality, the image and more generally the appeal of their products. A few papers have already looked at the characteristics of high-quality exporters, emphasizing their bigger size, scope and/or productivity (Crozet, Head, and Mayer, 2012; Gervais, 2013). However, the geography of their exports has not been emphasized. The second contribution of this paper is to analyze some macroeconomic consequences of the specialization of developed countries in high-end varieties. By doing this, we provide new insights into why the types of varieties produced by a country matters, and we show how macroeconomic outcomes are partly shaped by the microstructure of an economy. To our knowledge, we are the first to consider the macro implications of this specialization in high-end varieties for the growth and volatility of countries.5 A key challenge for our analysis is to identify high- and low-end variety exporters within product categories. We build a new data set based on firm-level export data for the 2000-2011 period. We identify high-end variety exporters as follows. First, we use the list of members of the Comit´eColbert, an organization composed of the main brands of the French luxury industry.6 There are 76 members, including brands as famous and expensive as Baccarat, Cartier, Champagne Bollinger, Chanel, Christian Dior, Herm`es,Louis Vuitton or Yves Saint- Laurent. We merge this list with firm-level French customs data. We then use Colbert firms as a benchmark and define as high-end variety exporters French firms that export the same product categories and charge a unit value (we interchangeably use the words price and unit value) at least as high as the one charged by the members of the Comit´eColbert. We show that the high-end variety exporters we identify sell high-priced varieties in the same quantity as low-end variety exporters, confirming the specific appeal of their products for consumers.7 The use of the prices set by Colbert firms is crucial. Indeed, the price threshold above which a firm can be said to sell high-end varieties depends on consumer preferences and on the composition of the industry in terms of variety type. It is thus likely to vary from one product to the other. Our method allows us to ground the level of this price threshold and 5Kraay and Ventura(2001) argue that developed countries specialize in countries with inelastic product demands , which affects their volatility. 6The Comit´eColbert organizes shows and exhibitions and develops lobbying activities for the luxury in- dustry. See http://www.comitecolbert.com/. 7We compared our data set with the exogenous rating of champagnes used in Crozet, Head, and Mayer (2012). We found that most of the top-quality producers in their data set were identified as high-end producers of champagne in ours. 2 to make it product specific. Hence, while most papers on trade in vertically differentiated varieties focus on one specific product/industry or apply a “one-size-fits-all” threshold to identify top quality varieties in all sectors/products, we propose a product-specific measure for a wide range of final products (around 200 products). We are not the only one to use information from the Comit´eColbert to study high-end variety exports.
Load more

Recommended publications
  • Luxury Goods and the Equity Premium
    Luxury Goods and the Equity Premium YACINE AÏT-SAHALIA, JONATHAN A. PARKER, and MOTOHIRO YOGO∗ ABSTRACT This paper evaluates the equity premium using novel data on the consumption of luxury goods. Specifying utility as a nonhomothetic function of both luxury and basic consumption goods, we derive pricing equations and evaluate the risk of holding equity. Household survey and national accounts data mostly reflect basic consumption and therefore overstate the risk aversion necessary to match the observed equity premium. The risk aversion implied by the consumption of luxury goods is more than an order of magnitude less than that implied by national accounts data. For the very rich, the equity premium is much less of a puzzle. ∗Aït-Sahalia is with the Department of Economics and the Bendheim Center for Finance, Princeton University, and the NBER. Parker is with the Department of Economics and the Woodrow Wilson School of Public and International Affairs and the Bendheim Center for Finance, Princeton University, and the NBER. Yogo is with the Department of Economics, Harvard University. We thank the editor and an anonymous referee, Christopher Carroll, Angus Deaton, Karen Dynan, Gregory Mankiw, Masao Ogaki, Annette Vissing-Jørgensen, and participants at the NBER ME Meeting (November 2001) and the Wharton Conference on Household Portfolio-Choice and Financial Decision- Making (March 2002) for helpful comments and discussions. We thank Jonathan Miller at Miller Samuel Inc. for data on Manhattan real estate prices and Orley Ashenfelter and David Ashmore at Liquid Assets for data on wine prices. Aït-Sahalia and Parker thank the National Science Foundation (grants SBR-9996023 and SES-0096076, respectively) for financial support.
    [Show full text]
  • Champagne Krug Non Vintage 0145
    Bin No: 0145 Wine: Champagne Krug Non Vintage Country: France Region: Champagne Producer: Maison Krug Vintage: Non Vintage Colour: White Grape Variety: 33% Pinot Noir - 34% Chardonnay - 33% Pinot Meunier Status: Sparkling, Vegetarian - Vegan Allergens: contains sulphites Dry/Sweet: 2 (1 is dry, 7 is very sweet) abv: 12.0% - bottle size: 75cl Tasting Note: This famous Champagne has an intense bouquet with full round aromas and a superbly rich flavour of roasted hazelnuts ending on a flowery and fresh note. It has an intense bouquet with full round aromas and a superbly rich flavour. Winery information: Joseph Krug wanted to offer his clients the ultimate pleasure experience in Champagne every year, regardless of the vintage. His philosophy was to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. Krug wines show the character and the contrast between the grapes from different plots. Their Krug Grande Cuvée is the archetype of Krugs philosophy of craftsmanship. A blend of around 120 wines from ten or more different vintages, some of which may reach 15 years of age. It is this blending so many vintages that gives Krug Grande Cuvée its unique fullness of flavours and aromas, its incredible generosity and its absolute elegance - something impossible to express with the wines of just a single year. The philosophy is to select grapes from individual plots which will each express their distinctive features, their nuances and their uniqueness. There is no hierarchy in our selection, no plot is favoured over another. A plot may sometimes be smaller than a garden.
    [Show full text]
  • High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications
    High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications Julien MARTIN Florian MAYNERIS Université du Québec à Université Catholique Montréal de Louvain October 2013 G-MonD Working Paper n°35 For sustainable and inclusive world development High-End Variety Exporters Defying Distance: Micro Facts and Macroeconomic Implications∗ Julien Martiny Florian Maynerisz December 2013 Abstract We develop a new methodology to identify high-end variety exporters in French firm- level data. We show that they do not export to many more countries, but they export to more distant ones. This comes with a greater geographic diversification of their aggregate exports. In contrast to low-end export(er)s, we find that distance has almost no effect on high-end variety export(er)s. We also show that high-end export(er)s are more sensitive to the average income of the destination country. Because of this different sensitivity to gravity variables at the micro-level, specializing in the production of high-end varieties has two macroeconomic implications for countries. First, the sources of a country's aggregate exports volatility are modified. The higher sensitivity to per capita income increases the sensitivity of high-end variety exports to destination-specific demand shocks, and thus their volatility on a given market. However, their lower sensitivity to distance allows for a greater geographic diversification of their exports, which in turn reduces aggregate volatility through a portfolio effect. Second, the lower sensitivity to distance allows high- end varieties to benefit more from demand growth, especially when it arises in distant markets. JEL classification: F14, F43, L15, Keywords: Vertical differentiation, Gravity, Distance, Volatility ∗We thank Nicolas Berman, Andrew Bernard, Lionel Fontagn´e,Jean Imbs, S´ebastienJean, H´el`eneLatzer, Thierry Mayer, Isabelle M´ejean,Mathieu Parenti, Val´erieSmeets, Jacques Thisse and Fr´ed´ericWarzynski for useful discussions.
    [Show full text]
  • Royal Tokaji Overview
    ROYAL TOKAJI OVERVIEW TOKAJI’S ROYAL CONNECTION AND RENAISSANCE The first Tokaji aszú wine was created in the 1600s perhaps by accident — a harvest delayed by threat of enemy invasion. In 1700, Tokaj became the first European region to have its vineyards classified — its uniquely varied terroirs and climates rated “primae classis, secundae classis, tertius classis,” or “first growth, second growth, third growth,” by Prince Rakoczi II of Transylvania. This classification system is still used in Hungary today. Quality production ended with the Communist Party takeover of Hungarian winemaking. Aszú grapes were used for mass production in factories, with vineyard distinctions lost in giant tanks. Tokaj’s renaissance began after the collapse of communism with the establishment of Royal Tokaji in 1990 by well- known author Hugh Johnson and a small group of investors, who were inspired to restore and preserve Hungary’s precious wine legacy. THE TOKAJ REGION Situated along the southern slopes of the Zemplén Mountains, Tokaj is characterized by late springs and short growing seasons. The average temperatures are generally cool, with long, sunny summers and dry autumns. Tokaj’s soil is largely clay or loess with a volcanic substratum. The meeting of the Tisza and Bodrog rivers in Tokaj creates a mist similar to that of the fog in Sauternes. The mist encourages “botrytis cinerea,” or “noble rot,” which dries and shrivels the grapes that comprise Tokaji wines, and concentrates the sugars. Grapes that are infected with botrytis are commonly referred to by the Hungarian term aszú. GRAPE VARIETIES By law, only white grape varieties are allowed to be planted in Tokaj.
    [Show full text]
  • Give Me More! the New Marketing Mantra in Hair Care
    AN ISSUE OF WOMEN’S WEAR DAILY THE BUSINESS OF BEAUTY HOLLYWOOD’S RED CARPET WHIZ KIDS INFOMERCIAL-MANIA DOLLAR STORES CASH IN GIVE ME MORE! THE NEW MARKETING MANTRA IN HAIR CARE %%3*;&29(5DLQGG 30 $QQSPWFEXJUIXBSOJOHT WWD BEAUTY INC 3 FEATURES 26 Small Screen Dreams The infomercial channel is booming as established players look to solidify their CONTENTS position amidst an onslaught of new entrants. 30 Maximum Volume Hair-care marketers are aiming to transform the way women approach hair-care regimens—and pump up sales to boot. 36 Penny Press As one of the fastest-growing channels in retail, the value-oriented dollar stores are now also the most competitive. 40 Red Carpet Whiz Kids Hollywood’s hottest young hair stylists and makeup artists. DEPARTMENTS CORNER OFFICE 8 The Laugh Master Under Aurelian Lis, Benefit’s humorous ethos has flourished, but the brand’s explosive growth in North America is no joke. 10 Black Book: Brooke Wall The super-chic founder of The Wall Group shares her favorite L.A. haunts. 11 My First Job: Jerrod Blandino Getting creative at Chuck E. Cheese. BEAUTY BULLETIN 14 Pop Rocks Spring’s bright color palette. 16 Launch Window Key products hitting stores now. 18 Singular Sensations Inspired looks from the European runways. CONSUMER CHRONICLES 20 Tinseltown’s Newest Beauty Destination Testing the waters at Hollywood’s swanky new Walgreens. 24 Shopper Stalker Who’s buying what—and why– on Manhattan’s Upper West Side. MISC 6 Pete Unplugged Pete Born, WWD’s executive editor of beauty, surveys the global indie beauty scene.
    [Show full text]
  • June 2015 Portfolio
    June 2015 Portfolio Tel: 020 7359 1608 [email protected] Discussion and plans began back in April 2014 and we launched TFB a few months later in September, with a tasting of some of the first wines to make it on to our website. Since then we have been on Our Team a fast and exciting journey of discovery. The range has developed considerably and I now feel we have a core of great champagnes to Nick offer something for everyone. Managing Director [email protected] Our business model is to keep our overheads at an absolute min- 07973 654097 imum, so we can bring you great value, especially if you take ad- vantage of tiered pricing. We are also trying to encourage people to Carol try new champagnes, so don’t forget you can mix up the bottles in PR and Marketing Manager a case and if we can help you choose we are just a phone call away. [email protected] 07866 693453 In the last 20 years we have had a couple of vintages in Champagne that are widely acclaimed as outstanding, these being 1996 and Chris 2002, which is why we have sourced as much as we can of these Office Manager now rare finds. The 1996s are increasingly scarce and so are some [email protected] of the 2002’s so we encourage you to cellar some of these before 07957 027337 they are gone or before I drink them! There are many other vintag- es rated a little less than a perfect 100, but just as delicious, check Denis out the website for more detailed vintage information.
    [Show full text]
  • The Comité Colbert in 2014 Le Comité the 60 Th Colbert Anniversary of 1954-2014 a 60 Ans the Comité Colbert
    Créé en 1954, le Comité Colbert rassemble les Founded in 1954, the Comité Colbert gathers 20 maisons françaises du luxe et des institutions French luxury houses and several cultural culturelles. Elles œuvrent ensemble au rayon- institutions. They work together to promote 14 nement international de l’art de vivre français. French art de vivre at international level. COMITÉ COLBERT 2014 COMITÉ COLBERT LE COMITÉ COLBERT EN 2014 THE COMITÉ COLBERT IN 2014 LE COMITÉ THE 60 TH COLBERT ANNIVERSARY OF 1954-2014 A 60 ANS THE COMITÉ COLBERT Michel Bernardaud Créé en 1954, le Comité Colbert fête Created in 1954, the Comité Colbert is — cette année son soixantième anniversaire. celebrating its 60 th anniversary this year. Président du Que de chemin parcouru depuis que Jean- Our association has come a long way since Comité Colbert Jacques Guerlain réunissait autour de Jean-Jacques Guerlain first got some fifteen Chairman of the board lui 15 maisons familiales, mais en même family-held luxury businesses to join this Comité Colbert temps quelle puissance visionnaire dans unprecedented, visionary group. ce regroupement inédit. The founding values – the dignity of hand Les valeurs affirmées au départ – crafts, respect, high standards, innovation, dignité des métiers manuels, respect et transmission and export-led growth – exigence, innovation et transmission, continue to be upheld today, in theory croissance par l’export – n’ont cessé d’être and in practice. revendiquées et mises en pratique. The founders’ bold initiative has led to Le succès est au rendez-vous : les maisons success. Today, our luxury houses help drive françaises du luxe participent pleinement economic growth in France.
    [Show full text]
  • Champagne's Best Buy
    WINE TRENDS Champagne’s Best Buy: Non-Vintage Bruts by Ed McCarthy and Mary Ewing-Mulligan MW rue Champagne, the unique sparkling wine from the Champagne region in north- T eastern France, will never be inexpensive. It just costs too much to make. But some Champagnes are relatively well-priced and, in view of their quality, can be very good values. These wines are the non- vintage Bruts. The Champagne region is so northerly that its climate is marginal for grape grow- ing. On average, only four or five vintages each decade are warm enough for making vintage Champagne—providing grapes so ripe that they can stand alone without being blended with wines from other years (although the local weather clearly has been warmer than usual since 1989). The Champenois concluded long ago that if they wanted to stay in business, they had to combine wines from several years to com- pensate for all those vintages when the climate is poor. In the 19th century, these so- called “non-vintage” Champagnes were the only type sold. Today, 85 to 90 percent of all Champagne is still non-vintage. Most Champenois find the term “non-vintage” distasteful because they believe that vintage-conscious consumers, especially Americans, might think something is wrong with non-vintage wines. Rémi Krug of Champagne Krug insists on calling his Krug Grande Cuvée a “multi-vintage” Champagne; “non-vintage” is a misnomer, he argues, since there are several vintages in his Champagne. Nonetheless, the cumber- some term “multi-vintage” has not caught on. But you will never see the words “non- vintage” on a non-vintage Champagne, either; what you’ll sometimes see is the word “Classic,” such as in “Deutz Classic Brut.” Champagne producers themselves invariably refer to their non-vintage Bruts as “classic Bruts.” Their rationale for the term is that this type of Champagne was the orig- inal—and for many years the only— type of Champagne produced.
    [Show full text]
  • The 156Th Edition of the Fullest Expression of Champagne
    THE 156TH EDITION OF THE FULLEST EXPRESSION OF CHAMPAGNE Krug Grande Cuvée is born from the dream of one man, Joseph Krug, to offer the very best Champagne every year, regardless of annual variations in climate. Since 1843, the House of Krug has honoured this vision with each new Édition of Krug Grande Cuvée: the fullest expression of Champagne. It is a blend of 118 wines from 10 different years, the youngest of which is from 2000, while the oldest dates back to 1990. Its final composition is 46% Pinot Noir, 35% Chardonnay and 19% Meunier. Krug Grande Cuvée 156ème Édition spent at least 15 years in Krug's cellars, further developing its particular expression and elegance. Krug Grande Cuvée 156ème Édition was composed around the harvest of 2000, a particularly challenging year that followed a brutal winter in 1999 and ended with a bright, mild summer and large grapes with intense flavour. ème . A limited number of Krug Grande Cuvée 156 Édition bottles . A light golden colour and fine, vivacious have been specially kept in the House's cellars, waiting for the right bubbles, holding a promise of pleasure. moment to be rediscovered. Aromas of flowers in bloom, ripe, dried and . In all, reserve wines from the House’s extensive library made up 34% citrus fruits, as well as marzipan and of the final blend, bringing the breadth and roundness so essential to gingerbread. each Édition of Krug Grande Cuvée. Flavours of hazelnut, nougat, barley sugar, jellied and citrus fruits, almonds, brioche and honey. Krug Grande Cuvée is the first and unique Prestige Champagne re-created every year, beyond the notion of vintage.
    [Show full text]
  • Online Appendix
    Online Appendix High-End Variety Exporters Defying Gravity: Micro Facts and Aggregate Implications Julien Martin∗ Florian Maynerisy January 2015 1 Price dispersion We expect the price dispersion to be higher among Comit´eColbert (vertically differentiated) products than among homogenous products. We identify homogenous goods using the Rauch nomenclature. We consider both homogenous and reference-priced goods. To assess the level of price dispersion, we plot the kernel density of the logarithm of the ratio of individual unit values over the median product-level unit value. The formula is given by: uvfk dispfk = log medk(uvfk) with uvfk the unit value of product k sold by firm f, and medk(uvfk) the median unit value of product k. Considering these log-ratios allows us to compare the dispersion across product categories. To be consistent with our paper, we consider products at the 6-digit level. To avoid bias driven by geographic or temporal composition, we focus on the price dispersion of French exports to Germany in 2005. Our results are robust if one considers other years or other destination countries. The kernel density is presented in Figure1. We see that high-end ∗Department of Economics, Universit´edu Qu´ebec `aMontr´[email protected] yUniversit´ecatholique de Louvain, IRES, CORE. fl[email protected] 1 Figure 1: Dispersion of high-end vs homogenous products 1.5 1 .5 kdensity of price dispersion (product−level) 0 −5 0 5 10 High−end products Homogenous products export prices deviate substantially more from the median price than homogenous export prices. We have also computed the mean absolute dispersion for high-end products and homogenous products (Mean (jdispfkj)).
    [Show full text]
  • FROM the KITCHEN FIZZ FRIES All Fries Served with Housemade Champagne Aoili
    FROM THE KITCHEN FIZZ FRIES All fries served with housemade champagne aoili. Additional orders will incur a charge of $1.00. DUCK FAT FRIES Tossed with truffe salt and served with champagneP aioli Regular | $8 A M A G H N E Large | $15 C PESTO FRIES Tossed with housemade pesto, balsamic reduction drizzle, and topped with shaved parmigiano reggiano Family Size | $18 BALLER FRIES These take our regular duck fat fries to a whole other level! Duck fat truffe fries drizzled with champagne aioli and creme fraiche, topped with a soft boiled egg, fresh chopped avocado, chives, fried prosciutto, and a dollop of caviar. Family Size | $25 OYSTERS IN THE HALF SHELL* Served with champagne mignonette sauce and lemon wedge Half Dozen | $20 Dozen | $36 B R CHEESE BOARDSH U A Served with baguette, almond nutsB &B fg jam B 3 Cheeses | $15 - 5 Cheeses | $19L -E 7S Cheeses | $24 RUSTIC WHITE BEAN CROSTINI | $14 Seasoned white beans tossed with a blend of carrots, cellary, and onions topped fried sage on house made crostini OLIVES | $8 Pitted olives, marinated with herbs & red wine CHARCUTERIE & CHEESE BOARD | $21 CROQUE MONSIEUR | $13 French sandwich of grilled french ham, gruyere cheese, with champagne apple honey sauce - Add a sunnyside up egg for + $2 CAVIAR* 30g 50g Sterling - Classic Sturgeon $40 $60 Sterling - Supreme Sturgeon $65 $95 Served with choice of gluten free crackers or chips, or crème fraiche with chives WILD MUSHROOM & ARUGULA SALAD | $12 With shaved fennel, parmigiano reggiano, crushed almond nuts, tossed with champagne vinaigrette AVOCADO TOAST WITH SOFT BOILED EGG* | $12 With Caviar | $12 Seasoned with truffe salt & fresh ground pepper FIZZ FLOAT | $13 Berry sorbet topped with a foater of sparkling rose! CHOCOLATE PAIRING | $15 Enjoy three different artisan small batch chcolates to accompany your fzz *CONTAIN (or may contain) raw or undercooked ingredients.
    [Show full text]
  • Fine Wine, Spirits & Vintage Port
    Fine Wine, Spirits & Vintage Port Amsterdam 22 June 2014 General Auction Information Specialists in charge of this sale Winefield’s Amsterdam Pieter Aertszstraat 47 Milan Veld 1073 SJ Amsterdam [email protected] T +31-(0)20-4702161 Leontine Duijnstee F +31-(0)20-3377693 [email protected] [email protected] www.winefields.nl Dwayne Perreault [email protected] Chamber of Commerce Amsterdam no: 342.447.25 United Kingdom VAT registration No.: NL1719.20.399.B.01 Mark Savage, MW senior consultant [email protected] Bank details Rabobank Amsterdam: 12.02.97.787 Belgium IBAN: NL28 RABO 0.12.02.97.787 Anne-Marie de Neef, consultant BIC/SWIFT: RABO NL2U [email protected] Finance Singapore Martin Zamir Marcus Lai [email protected] [email protected] Winefield's Auctioneers Asia Pte. Ltd. c/o 301 Boon Keng Road Important notices Singapore 339779 Absentee bids +65 90627163 Please fax written bids to 24 hours prior to the Consultants sale to +31(0)20 3377693. Marije Bockholts Bas Dullens Payment Payment is due to Winefield’s immediately after Senior Consultants the sale. We accept both cash and PIN payments Karel de Graaf on the day of the sale . Frank Jacobs Credit cards are not accepted. Doris Vroom Collecting of purchases Advisory Board All lots are to be collected on the day of the sale Shiko Ben Menahem at our warehouse at the Rustenburgerstraat 40, Johan Bos Amsterdam. Martin Derksen After the auction collection is only possible by André Feiner appointment. Please contact Winefield’s in Robbert van Kleef advance. Talita M. Teves Packing and transport Operations Winefield’s can assist you in arranging packing Johan Bos and transport of your purchases.
    [Show full text]