Recession Cuisine - The Plummeting Prices of Former Luxuries

by Bruce Watson, Posted Jan 6th 2009 @ 9:00AM

One of the great things about delicacies is that, while they may be rare, they are only worth what someone is willing to pay for them. For example, sturgeon eggs may be a taste treat, but if nobody is willing to fork over the a small fortune, then they are, essentially, just bait. Recently, this simple fact has become quite important as lobster, which was once priced well out of the range of the average person has started to come within reach. The freakish crustaceans are now going for about $2.50 per pound wholesale, down from a high of about $10 per pound in spring 2007. In terms of retail price, this translates into a drop of at least $4 per pound. In some Boston-area seafood markets, the price hovered in the $7 range earlier this year; depending upon one's location, it has subsequently dipped well below that.

There are two big reasons for the great lobster drop. One is the fact that many high-end consumers, the kinds of people who could afford to eat lobster regularly, were hit particularly hard by 2008's financial meltdown. The second reason lies in the collapse of Iceland's economy: seafood producers in Canada that used Icelandic banks have not been able to get the credit they need to buy large amounts of lobster.

Personally, I'm going to be taking advantage of this sudden piece of good news. While I'm not a big fan of shelled lobster - to be honest, the huge crustaceans remind me of aquatic cockroaches and the whole lobster dining experience is disturbingly like an alien autopsy - lobster tails and lobster bisque are among my favorites. What's more, with lobster going for a fraction of its former price, this might be the perfect time for a Monty Python recipe that I've always wanted to try: Lobster Thermidor Aux Crevettes with Mornay Sauce, Truffle Pate, Brandy, Fried Egg and Spam. While I'm at it, I'm also keeping an eye on other delicacies; after all, who knows what will drop next?

Filed Under: Ingredient Spotlight, Head to Tail, Ingredients, Offal
Tags: america, Boston, Iceland, Lobster, Monty Python, MontyPython, shellfish, Spam

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Reader comments (Page 1 of 1)

1-06-2009 @6:18PM Sam said... Alright, the author of this was clearly trying to win a bet. I can imagine one of his friends saying "I'll bet you can't use the words Spam, Monty Python, Iceland, cockroaches, and lobster all in one semi-coherent story."
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