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A study of the performance of fine wine on the Swiss market

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  • Philippe Masset
  • Jean-Philippe Weisskopf

Abstract

This paper studies the price evolution and the performance of an investment in fine wine on the Swiss market over the period 2002-2012. Using a repeat-sales-regression approach we calculate different wine indices based on auction hammer prices obtained by Steinfels Weinauktionen. Our results show that different fine wines followed a similar evolution across the sample period but that the amplitude of returns strongly depended on wine regions and types. While Bordeaux and Burgundy wines performed well, wines from the Rhône valley and Italy show a poorer performance. Compared to financial assets wine has significantly outperformed stocks, but not bonds. We further find that the Swiss franc appreciation has had a significant impact on wine prices.

Suggested Citation

  • Philippe Masset & Jean-Philippe Weisskopf, 2016. "A study of the performance of fine wine on the Swiss market," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 29(4), pages 566-582.
    • Handle: RePEc:ids:ijesbu:v:29:y:2016:i:4:p:566-582
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    Cited by:

    1. Masset, Philippe & Weisskopf, Jean-Philippe & Cardebat, Jean-Marie & Faye, Benoît & Le Fur, Eric, 2021. "Analyzing the risks of an illiquid and global asset: The case of fine wine," The Quarterly Review of Economics and Finance, Elsevier, vol. 82(C), pages 1-25.
    2. Eric Le Fur & Jean-François Outreville, 2019. "Fine wine returns: a review of the literature," Journal of Asset Management, Palgrave Macmillan, vol. 20(3), pages 196-214, May.

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