we need to lower taxes on little boys who have inherited lots of money from Dad
so they can create jobs by buying fake wine
He said he also failed to research the supposed Jefferson bottles in 1988.
"Yes, I was bloody naive. In hindsight, I was stupid," Koch said as he was questioned by a defense lawyer, Arthur Shartsis.
"Mr. Koch, you own a $4 billion company. How naive are you?" Shartsis asked.
"When it comes to something that is a hobby, my biggest fault is I'm too trusting," Koch answered.
Shartsis asked if Koch had spent more than $100 million over the past quarter-century building his collection of 43,300 wine bottles, along with famous art, antiques, guns, coins, furniture, rare photographs and gold nuggets.
"I have spent a lot of money, but I don't want to know (how much), and I don't want my wife to know," said Koch, who has wine cellars in Massachusetts, Florida and Colorado.
Shartsis told him that he had spent $6 million at six auctions in October and November 2005 alone.
"I did?" Koch said. "I'm not surprised, but I didn't know that fact."
He said he was fooled into buying phony wine by a "glowing catalog" each time and complained that a warning by auction houses that wine is being sold "as is" is nothing but "a clause they use to let them steal and cheat."