Invest In Fine Wine Now
It’s a pretty strange business, the wine game. It is essentially a luxury product and yet millions of bottles are produced each year. A wine might be worth than one 10 years older than it and the price can come down how one person thinks it taste. There is one thing that is certain though and that there is a lot of money floating around in this domain, and there has never been a better time to grab a share.
Fine wine prices have been rocketing upwards for many years now. As wineries continue to perfect their production methods and develop better storage facilities, the prices people pay for fine wines has crept up.Jamie Richie, Sotherby’s resident fine wine expert stated that “Prices had risen to nearly unsustainable levels last spring”.Having said this, now that we find ourselves in a very weak economy, these fine wine prices are starting to come down to realistic levels. 2009’s January figures showed a decrease in prices of close to 1.2 percent according to Liv-Ex 100, the index that tracks the top 100 collectable wines. This is trend that experts expect to continue for while and can in fact be seen throughout the wine sector, from wine production to the sales of standard shot glasses.
A bottle of Montrachet Domaine Romanee-Conti (1978) very recently got picked up at a Chicago auction for $3,500. That very same bottle sold at a Sotheby’s auction a few years ago for $23,929. This massive decrease in costs is allowing lots of people to pick up some great wines for their own personal collections or for investment, for only a fraction of previous prices.The lowest point in that the market will face is predicted to be somewhere towards the end of the year. It should then be able to start gaining some speed again. Tableware and drinking accessories are expected to improve as well.
Wine investment expert, Joss Fowler has some words of wisdom for doing well. A Red Bordeaux is a pretty sound bet according to him, mainly because it very rarely ages badly. Also, always go for the best vintage and don’t scrimp on cost, get the best you can possibly. Stick to this adage and you’ll be filling up your wine racks sooner than you think.
Tags: auction, drink, investing, money, prices, storage, Wine Insider