AUSTRALIAN FINE WINE: RETHINKING WINE INVESTMENT

AUSTRALIAN FINE WINE: RETHINKING WINE INVESTMENT | investment

AMERICAN ASSOCIATION OF WINE ECONOMISTS find out that the value of wine as an investment.

Abstract

This article presents three arguments as to why the value of wine as an investment good has typically been understated and argues that wine investment represents a good value proposition. It is argued that general all vintage wine indexes understate the return the typical investor receives; that comparisons using pre-tax returns overstate the value of standard financial assets relative to wine; and that wine investment provides good value in term

 

1. INTRODUCTION

Broadly speaking, the return to wine literature suggests that wine investment is not a

profitable activity. See Fogarty (2006, p. 544-5) for a summary table outlining details of the return to wine literature. The work presented in this article shows that the existing literature has under
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