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Rethinking Wine Investment in the UK and Australia

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Author Info
Fogarty, James
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 in the UK and Australia represents a 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 value in terms of allowing portfolio risk to be reduced.

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File URL: http://purl.umn.edu/37312
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Publisher Info
Paper provided by American Association of Wine Economists in its series Working Papers with number 37312.

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Date of creation: Sep 2007
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Handle: RePEc:ags:aawewp:37312

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Web page: http://www.wine-economics.org
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Related research
Keywords: wine investment; Agricultural Finance; Financial Economics;

References listed on IDEAS
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  1. Krasker, William S, 1979. "The Rate of Return to Storing Wines," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1363-67, December. [Downloadable!] (restricted)
  2. Jorion, Philippe, 1985. "International Portfolio Diversification with Estimation Risk," Journal of Business, University of Chicago Press, vol. 58(3), pages 259-78, July. [Downloadable!] (restricted)
  3. Byron, R P & Ashenfelter, Orley, 1995. "Predicting the Quality of an Unborn Grange," The Economic Record, The Economic Society of Australia, vol. 71(212), pages 40-53, March.
  4. Ledoit, Olivier & Wolf, Michael, 2003. "Improved estimation of the covariance matrix of stock returns with an application to portfolio selection," Journal of Empirical Finance, Elsevier, vol. 10(5), pages 603-621, December. [Downloadable!] (restricted)
  5. Burton, Benjamin J & Jacobsen, Joyce P, 2001. "The Rate of Return on Investment in Wine," Economic Inquiry, Oxford University Press, vol. 39(3), pages 337-50, July.
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This page was last updated on 2009-12-11.

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