John Cabot, out of Wilma, once a Wycliffe.
-- Speaker (Line 1)

Importance: This line introduces John Cabot's character. The language used to describe his lineage implies that he comes from an important, wealthy family. However, "out of" is a phrase normally used to describe a racehorse's pedigree, rather than a person's. As such, the speaker mocks the emphasis on familial pedigree by describing Cabot as one would describe a racehorse.

Almost forgot his Jaguar and Lake Bluff; almost forgot Grandtully (which is The Best Thing That Ever Happened To Scotch); almost forgot the sculpture at the Richard Gray and Distelheim; the kidney pie at Maxim’s, the Grenadine de Boeuf at Maison Henri.
-- Speaker (Lines 4 – 9)

Importance: These lines demonstrate the value that Cabot's places on material possessions. He "almost," but does not actually, for get his Scotch, Jaguar, art, and pies. A reader would also likely not recognize these items, reinforcing how wealthy and out-of-touch Cabot is...