The market for wine in a strange one. 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. One thing is true though, there are a lot of people making a lot of money in the wine game and now is a pretty good time to get involved.
The cost of picking up a good bottle has been rising quite quickly over the last few decades. As more refined production techniques and better storage capabilities allow for high class wines, so the prices for those wines continues to increase.The wine expert as Sotherby’s, Jamie Richie actually commented that “Prices had risen to nearly unsustainable levels last April”. However, now that the recession is upon us, the prices of these exclusive wines are coming within reaching distance. 2009’s January figures showed a decrease in prices of close to 1.2% according to Liv-Ex 100, the tracking index for the top 100 collectible 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 everyday shot glasses.
A bottle of 1978 Montrachet Domaine Romanee-Conti recently sold at auction in Chicago for just under $4,000. That very same bottle sold at a Sotheby's auction a few years ago for $23,929. This sudden drop basically means that if you’ve ever had an urge to start collection yourself, either as an investment or just a hobby, the best deals are just around the corner.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.
Here are some key pieces of advice from Joss Fowler, wine investment professional from Berry Bros & Rudd. He says that the best bet is still Red Bordeaux as this always ages well. On top of this, make sure you go for the top wines you can get for your money and always get the best vintage. Stick to this adage and you’ll be filling up your wine rack sooner than you think.
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