Cask and Cork: A Comprehensive Review of Wine and Whisky as Alternative Investment

Purpose This paper explores the role of alternative assets like wine and whisky in high-net-worth portfolios. Despite their rising relevance, academic insights remain fragmented. This paper compares research on wine and whisky, examining what these fields can learn from each other and identifying unresolved questions. Study Design A systematic literature review of 214 academic papers was conducted, covering publications from 1926 to 2024. Of these, 201 focus on wine, 10 on whisky, and 3 on both. The study examines price formation, returns, and portfolio diversification. Findings Wine and whisky offer strong returns, particularly rare whisky, but face fraud risks and illiquidity. Whisky research lags behind wine, especially on bubbles, branding, and production. Both fields would benefit from integrating underexplored dimensions such as tax implications, legal frameworks, and the emotional value of these assets. Contributions The paper is one of the few that compares wine and whisky as collectibles, rather than aligning them with traditional financial assets. It highlights gaps in research, particularly around legal, tax, and emotional factors. Implications This study provides insights for researchers, financial advisors, and policymakers, highlighting the investment potential of these assets and suggesting future research directions.