— This is the script of CNBC's news report for China's CCTV on May 30, Thursday.
Welcome to the CNBC Business Daily.
An auction fit for a king. France's Elysee Palace is set to sell more than $325,000 of wine today But as CNBC's Tom Mackenzie reports, the sale isn't just about sharing the French love of wine.
[Sound on tape by Tom Mackenzie: They come from vineyards across France and have fortified world leaders for 65 years, but beginning tonight, wines from the cellar of the Elysée Palace - home of the French President, François Hollande will be up for grabs.
The socialist President personally approved the wine auction on condition the proceeds will be used to reinvest in new vintages.
Juan Carlos, Wine Expert: France is full of young producers that are recognized world-wide, but not quite as well known in their own land. Adding these to the cellar of the Elysee will surely help those be known here in France.
But that's not the only aim of the auction - any surplus above the expected 250-thousand euro takings will be used to bring down the state budget.
Ghislaine Kapandji, Auctioneer: "I hope it will be much more, it's difficult to know what to expect but we do hope it will be much more indeed."
The most expensive in the collection; a 1990 Pétrus, has been conservatively priced at 2,200 euros.
Wine experts say that, and the cache of owning a vintage from the Presidential collection, should ramp up prices with buyers around the world.
Juan Carlos, Wine Expert: Here we're talking about vintages and producers that are the best and each one of their operations - so that will attract many from countries like Germany, Belgium or England as well of course from the Chinese and Japanese market.
The auction isn't a first in France - the city of Dijon held a similar sale in January, raising 150,000 euros to help fund its struggling social services and analysts predict we could see more Austerity driven wine sales across Europe in the future.]
Certainly a very interesting auction that highlights the euro zone's austerity plight.
I'm Chloe Cho, reporting from CNBC's Asian headquarters