Инвестирование в вино: почему коллекция может быть рискованнее акций

By Brian Acton It is true, some bottles of wine cost as much as your mortgage. It is also true that some of those wines will be worth even more than that in five or 10 years’ time. That does not, however, necessarily make them good investments. The appeal of fine wine as an asset class is not hard to see. Unlike stocks or bonds, wine can be shown off and enjoyed. Additionally, the supply of genuinely great wine is literally shrinking: Every bottle opened is one fewer bottle available for sale. A word of caution at the start would do us well, however. Over the long run, the S&P 500 has been remarkably hard to beat. Although the exact return varies according to start and end dates and whether dividends are included, a portfolio of large U.S. stocks produces annualized returns of roughly 10% over the long term; and, more importantly, a dollar invested in a diversified, low-cost stock index requires virtually no knowledge of storage temperature or cork condition. Fine wine is much more complicated. The Liv-ex Fine Wine 1000 index, one of the broadest benchmarks for the investment-grade wine market, tracks one thousand wines from major collectible regions. Its history demonstrates both wine’s attraction and its principal danger: Returns have been highly dependent on the period and the region selected. There have been spectacular runs, of course. Burgundy, Champagne and certain Italian wines have generated extraordinary appreciation during the past decade. Bordeaux – the traditional foundation of the British fine-wine trade – has had periods of boom followed by years of disappointing performance. A collector who bought the right Domaine de la Romanée-Conti or bottle of Salon at the right time may have done wonderfully. Someone who simply bought expensive wine is not necessarily in the same position. Gold provides another useful comparison. Like wine, gold pays no dividend and generates no interest. Its return depends on price appreciation. But gold is dramatically easier to value and sell. Gold can serve as a liquid and globally traded store of value; a fine-wine collection, by contrast, may require authentication, documented provenance, specialist storage and a knowledgeable buyer – and, we haven’t even addressed the costs. Wine must be stored properly – generally in a cool, stable environment away from excessive heat, light and vibration. Poor storage can damage the wine and destroy its resale value. Professional storage, insurance, transportation and auction or merchant commissions can consume a meaningful portion of an investor’s gain. For Americans interested in a more hands-off approach, there are companies that have made wine investing more accessible by offering managed portfolios, professional storage and online account management. That convenience should not eliminate due diligence, however. Before investing, read the fee schedule, understand how assets are valued and ask how quickly holdings can realistically be sold – not to mention, study your wines. The traditional alternative remains the British fine-wine market, where collectors frequently buy wine in bond. Wine held in a bonded warehouse can generally be traded without immediately paying applicable duty and taxes, subject to the relevant rules and circumstances. For investment-grade wine, bonded storage also creates an important chain of provenance – often a major advantage when the wine is eventually sold. In the end, my advice is simple: Max out your retirement contributions before even thinking about allocating serious money to wine. Then, if you must, buy wines with genuine scarcity, impeccable provenance and an established secondary market; and whenever possible, buy something you would happily drink. Unlike a poorly performing stock pick, at least your wine has a chance of tasting good with your dinner. The writer is the chief finance guy, senior wine buyer and educator at Unwined.