PARIS — The dreaded phantasm of economic austerity has finally knocked its bony fingers on the door of the Élysée Palace, which announced on Tuesday that it would auction off 1,200 bottles of its finest wines, renew its cellar with “more modest” vintages and return the surplus to the state budget.

President François Hollande, a Socialist who was elected a year ago, has made a point of trying to be a “normal president” and contrast his simpler style with the “bling bling” image of his predecessor, Nicolas Sarkozy. He has trimmed the presidential and ministerial fleet of cars, and has cut ministerial salaries.

But the wine cellars of the Élysée are rightly famous for showcasing the best of French wines. And while Mr. Hollande has offered guests a knowledgeably chosen selection of more modest wines, selling some of the older stock is a bit like selling grandmother’s silver.

The last Socialist president, François Mitterrand, was well known for his love of Burgundy and for a St.-Estèphe, Haut-Marbuzet. Georges Pompidou was said to love Chasse-Spleen, while Valéry Giscard d’Estaing favored fine Bordeaux from the Médoc. Jacques Chirac, who had high tastes in art and wine, and a fondness for Dom Pérignon, preferred to be seen in public drinking beer.