The price of wine

• 成果类型: Article
• 署名作者: Dimson, Elroy; Rousseau, Peter L.; Spaenjers, Christophe
• 署名单位: University of Cambridge; University of London; London Business School; Vanderbilt University; Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2015.08.005
• 发表日期: 2015
• 页码: 431-449
• 关键词: Wine prices; Alternative investments; Price indexes; Psychic return; bubbles

摘要

Using historical price records for Bordeaux Premiers Crus, we examine the impact of aging on wine prices and the long-term investment performance of fine wine. In line with the predictions of an illustrative model, young maturing wines from high-quality vintages provide the highest financial returns. Past maturity, famous chateaus deliver growing non-pecuniary benefits to their owners. Using an arithmetic repeat-sales regression over 1900-2012, we estimate a real financial return to wine investment (net of storage costs) of 4.1%, which exceeds bonds, art, and stamps. Returns to wine and equities are positively correlated. Finally, we find evidence of in-sample return predictability. Crown Copyright (C) 2015 Published by Elsevier B.V. All rights reserved.