Like the people who produce them, the older cognacs get the more fragile they become.

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Five different brands of cognacs are used, each a representation of the contribution of each owner.

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In the remote hills above Ukiah, a Franco-American partnership called Germain-Robin turns out luxury-priced brandies that regularly whup the grand Cognacs in blind tastings.

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In fact, sales of the very best cognacs are booming as drinkers think of a suitable way to toast the arrival of the millennium.

ECONOMIST: Spirits

In the future, intermediate grades will suffer more than fine cognacs.

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The result is then added to the propriety blend of cognacs chosen for the ultra-premium Quintessence, which features 20 different cognacs including the standout 1906 and 1955 versions.

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Mr Raby is mayor of Segonzac, the little town which is at the heart of the Grande Champagne, the stretch of vines that produces unquestionably the greatest cognacs in the world.

ECONOMIST: Spirits