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FBI investigates counterfeit wine auctions: report
NEW YORK (Reuters) - Federal prosecutors have launched a criminal investigation into counterfeit-wine sales and subpoenaed leading rare wine collectors and top auction houses including Christie's in London and Zachys in New York, according a Wall Street Journal report on Tuesday.
The paper said a grand jury in New York has begun hearing evidence in the case and the art-fraud unit of the Federal Bureau of Investigation has conducted interviews.
The criminal investigation was reported to be focusing on whether auction house and collectors knowingly sold counterfeit wines -- cheaper wine in bottles with faked labels of the more expensive vintages -- despite doubts about their authenticity.
Counterfeit bottles of wine are multiplying as the global demand for collectible wines rises, according to a recent article in Wine Spectator magazine.
Expensive wine has joined the ranks of designer handbags and top-end consumer software as goods that are worth producing fakes for as prices push up to the $1,000 mark.
The FBI, Christie's and Zachys did not return calls seeking comment.
