One of the examples cited in the study (which was first published in 2009 and recently updated to reflect the current recession) is the auction price of a 1982 Barbaresco Riserva Santo Stefano, which has risen from an average of $135 in 2002 to $613 in 2009. The study shows that the largest growths in top vintages since 2005 alone have returned 500 percent, compared to the Russell's 50 percent.
So which wines make for the best investments? The study shows that along with price, a wine's appellation influenced its value appreciation: U.S. wines yielded a positive return of only 63 percent, while Italian wines gained 125 percent. Wines from France fared even better, with Bordeaux and Burgundy yielding returns of nearly 200 percent, and Rhône Valley at almost 300 percent.
In the study, the economists state that positive press commentaries on the favorable risk-return profile of wine as an asset has played a part in convincing investors of the advantages of adding wine to their financial portfolio. As a result, many investors are viewing wine as not just a consumer good but also as an interesting investment opportunity.
Check out our Top 10 Value Wines for smart wine choices to enjoy now!
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