A total of 1,200 bottles, including some of the world's most prestigious labels, were due to go under the hammer from today evening in a sale that has become symbolic of the cash-strapped government's austerity drive.
Officially, the purpose of the auction is to liberate funds to rejuvenate the presidential collection but officials have also stressed that the proceeds will be invested in more modest replacements and that any surplus will be ploughed back into government coffers.
But it has not gone down well with Michel-Jack Chasseuil, one of France's most prominent wine collectors.
Chasseuil has written to Hollande to express his regret over the decision to allow bottles "that are part of the heritage of our country to be sold off to billionaires from all over the world".
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He added: "Even if they go for fantastic sums, it will be a derisory amount in terms of the national budget and when you think about what these wines represent in the eyes of the whole world."
The sale includes wines from every major region in France as well as a number of bottles from two of the most prestigious, and expensive, estates in the world -- Bordeaux's Chateau Petrus and Burgundy's Domaine de la Romanee-Conti.
Two bottles of Petrus from the outstanding 1990 vintage have been given a guide price of between 2,200 and 2,500 euros (USD 2,850- USD 3,250), based on current valuations in the fine wine world.
In practice, they are likely to go for far more because of their unique provenance and because they are guaranteed to have been kept in optimum conditions for ageing in the Elysee cellars.
"It is a sale loaded with symbolism and I'm intrigued to see what the outcome will be," Ghislaine Kapandji, the auctioneer in charge of the sale, told AFP.
The sale represents 10 percent of the 12,000 bottles currently held in the Elysee cellar, which has been regularly replenished since it was established in 1947.
Each bottle included in the auction has been given a special additional label certifying that they came from the "Palais de l'Elysee" with the date of the sale, which will conclude tomorrow.