Fine wine eclipses classic cars as best-performing collectible, boosted by Chinese connoisseurs
Strong world economy and recovery in buying by wealthy Chinese propel 25 per cent rise in fine-wine values in past 12 months – but art market could prove even better performer if autumn sales are strong
Fine wine is now the best-performing collectible for the world’s wealthy collectors, with values having risen 25 per cent over the past 12 months, according to a new report.
The Knight Frank Luxury Investment Index, which tracks the price growth in the major categories of collectibles, found that wine has replaced classic cars as the top collectible thanks to strength in Bordeaux, Burgundy and northern Italian wines. Collectible wine prices are up 61 per cent over the past five years.
The surge follows a boom and bust in fine wines after the 2008 global financial crisis, when Chinese buying exploded and then cooled. Now that prices have stabilised and the Chinese economy remains strong, buying has picked up again.
Wealthy Chinese are not only scooping up the fine wines, but they’ve also developed a taste for vineyards, snapping up over 100 chateaux in France ‘s Bordeaux region.