Burgundians branch out

Last week when I was in Burgundy I heard a great deal of talk about foreign investors in Côte d’Or vineyards. There may be a gap between rumour and reality but what is clear is that the price of Burgundian vineyard is at such unprecedented levels that local growers are haunted by the very real threat that they will never be able to afford to expand their holdings.

In France inheritance taxes can be crippling and are based on recent transactions. The Napoleonic code whereby property must be divided equally by all members of each generation further encroaches on what...