From en primeur to the secondary market. The complete guide to building a wine collection that makes sense.
Why people collect wine
Wine is the only collector category where the object eventually disappears. Every bottle can be held indefinitely or opened on a Tuesday in March with three people who care about it. Both are legitimate uses of the same object.
How the market works
Primary market producers and en primeur, secondary market auction houses and merchants, Liv-ex as the professional exchange. The wine market divides into distinct channels with different economics.
What makes wine valuable
Producer reputation, vintage, provenance and storage, format. The variables that drive value in fine wine and why storage provenance matters as much as the wine itself.
How to spot a fake
Rudy Kurniawan produced fraudulent wines worth tens of millions before his 2013 conviction. Provenance documentation and purchase through reputable auction houses are the primary protections.
The key players
Bordeaux first growths, Burgundy grand crus, DRC, Sotheby's, Christie's, Acker Merrall, Berry Bros and Rudd, Justerini and Brooks, Liv-ex. The producers, auction houses, and merchants.
Where to start your collection
Start by drinking widely before buying seriously. Entry-level collecting in Bordeaux with good vintages from lesser chateaux, Rhone northern appellations, or village-level Burgundy.
How to buy right
Buy from reputable merchants with clear provenance. En primeur in a great vintage from a great producer. Store properly or pay for professional storage. Temperature stability is the critical variable.
Where the community lives
Jancis Robinson and the Purple Pages, Wine Spectator, Decanter, auction house tasting events. The publications and events that form the serious wine community.
Storage, care and insurance
Professional bonded storage for any collection intended as an investment. Temperature stability above all else. Insure with a specialist wine insurer such as Decanted Insurance or Hiscox.
The investment question
Fine wine has outperformed most conventional asset classes over thirty years when measured by the Liv-ex indices. The Burgundy segment has been particularly strong. The caveats around liquidity are significant.