A pair of Italian crypto bros have bought the world’s most expensive bottle of Champagne, but they have no plans to drink it anytime soon.
Cryptocurrency investors Giovanni and Piero Buono (see, they’re actually brothers) paid US$2.5 million for a bottle of Champagne Avenue Foch in a recent private sale and they got more than just a magnum of bubbles, the Wall Street Journal first reported. Along with the blend of premier cru grapes, the bottle comes decorated with five drawings by Mig, the artist behind the Bored Ape Yacht Club and Sneaky Vampire Syndicate’s artwork. Each of those renderings will be transferred to the brothers digitally, too, as non-fungible tokens that they will fully own.
Despite the cratering NFT market—where the Bored Ape Yacht Club’s price floor fell 33 percent in June, for example—the brothers still saw value in the Champagne Avenue Foch offering.
“I don’t plan to drink it, I think it will be a good investment,” Giovanni told the Wall Street Journal. “There is a lot of turmoil in the investment world, things are changing geopolitically very quickly. Wealthy people will look for places to store their wealth for a while—and that could be a Champagne with an NFT attached to it.”
Shammi Shinh sitting with limited-edition bottle Champagne Avenue Foch
The offering was announced back in June during the NYC.NFT event. It’s the brainchild of Shammi Shinh, who has a history with novelty Champagne bottles. He holds the previous record for the most expensive Champagne for the bottle he sold with a 19-carat diamond attached to it.
Don’t go looking for Champagne Avenue Foch at your local wine merchant. The brand is a limited engagement created by Shinh with a family-owned French estate, Allouchery in Chamery, which produces wine itself under the label Allouchery-Deguerne. Inside this US$2.5 million bottle is a blend of Pinot Noir, Meunier and Chardonnay grapes.
This won’t be Shinh’s last foray with his Champagne Avenue Foch. He’s planning a series of additional Champagnes with NFTs for which he’s launched a wait list on the Avenue Foch site.