( CNN ) -- In what country would the presidential palace auction off some of its finest wines to buy more wine and boost state coffers ? France , bien sûr ! The Élysée Palace -- the official residence of the French president -- has dipped into its wine cellars and put 1,200 bottles up for auction in Paris . Mainly from Bordeaux and Burgundy , the wines would normally have been served to ambassadors or visiting dignitaries as they dined with the president , showing off the finest of French viticulture in the process . The funds raised will allow the renewal of the palace 's wine stocks , auction house Drouot said . `` More modest '' wines will be bought in place of some of the fine vintages put under the hammer , with any extra money left poured back into the state budget , it said . The Élysée 's head sommelier , Virginie Routis , picked the wines to be auctioned off in two sales , on Thursday and Friday . The 1,200 bottles represent about a tenth of the cellar 's total stocks . Some date back decades , while others are newer but represent great vintages . The auction house expects the bids to range between 15 euros ( $ 19 ) for the most ordinary and an estimated 2,200 euros ( $ 2,800 ) for a 1990 Petrus . Many bidders should be able to get their hands on a bottle for less than 100 euros , the auction house said . All the bottles auctioned off will sport a label stating that they came from the Élysée Palace , with the date of their sale , according to CNN affiliate BFMTV . The palace cellar was set up in 1947 , during the presidency of Vincent Auriol , and was reorganized in 1995 to ensure the best conditions for keeping the wines . Built up over decades , it includes wines from Alsace , the Champagne region , the Rhône Valley and the Loire alongside those from Burgundy and Bordeaux . `` All these wines were served at the table of the President of the Republic , and some of them have accompanied important moments in the history of the Fifth Republic , '' said Drouot . The Fifth Republic was established in 1958 and continues to this day , under President François Hollande . Elected last year , he has sought to boost tax revenues from the wealthy to try to cut France 's large deficit . The history and associations of the Élysée wine may be expected to push prices up beyond what would be paid for similar bottles sold elsewhere . Chris Smith , investment manager at the Wine Investment Fund in London , told CNN the Élysée Palace auction would be likely to draw buyers who are attracted by the kudos of the wines ' provenance rather than serious investors . The wines are mostly mature and ready to be drunk sooner rather than later , which makes them less of an investment buy , he said , although the 1990 Petrus is a very good wine . `` The wine is not especially rare or unusual -- they are the sort of wines that crop up at auction every now or then , '' he said . `` The fact that they are from the Élysée Palace gives them a certain sort of extra kudos that people may be prepared to pay a small premium for . '' A recent sale from the cellars of the UK government saw just that effect , Smith said , with wines fetching more than might have been expected . This was in part because of their good provenance , he said , but also because they `` have that slight cachet that wines from the same stock that 's been drunk by President Obama , or whoever 's drunk the poshest wine from the cellars , have . ''
1,200 bottles from the wine cellar of the Élysée Palace are being auctioned off . The money will pay for new , ` ` more modest '' bottles to be bought , says the auction house . Any extra money will be poured into the state treasury , it says . The presidential wine cellar , set up in 1947 , contains some of France 's finest wines .