page_title: Wine
section_title: Collecting
hierarchical_section_title: Wine / Collecting
context_page_description: Wine is an alcoholic drink typically made from fermented grape juice. Yeast consumes the sugar in the grapes and converts it to ethanol, carbon dioxide, and heat. Different varieties of grapes and strains of yeasts produce different styles of wine. These variations result from the complex interactions between the biochemical development of the grape, the reactions involved in fermentation, the grape's growing environment, and the production process. Many countries enact legal appellations intended to define styles and qualities of wine. These typically restrict the geographical origin and permitted varieties of grapes, as well as other aspects of wine production. Wines not made from grapes involve fermentation of additional crops including, rice wine and other fruit wines such as plum, cherry, pomegranate, currant and elderberry.
  Wine has been produced for thousands of years. The earliest evidence of wine is from ancient China, Georgia, Iran, and Sicily. New World wine has some connection to alcoholic beverages made by the indigenous peoples of the Americas, but is mainly connected to later Viking area of Vinland and Spanish traditions in New Spain.
context_section_description: Outstanding vintages from the best vineyards may sell for thousands of dollars per bottle, though the broader term "fine wine" covers those typically retailing in excess of US$30–50. "Investment wines" are considered by some to be Veblen goods: those for which demand increases rather than decreases as their prices rise.
  Particular selections have higher value, such as "Verticals", in which a range of vintages of a specific grape and vineyard, are offered. The most notable was a Château d'Yquem 135 year vertical containing every vintage from 1860 to 2003 sold for $1.5 million.
  The most common wines purchased for investment include those from Bordeaux and Burgundy; cult wines from Europe and elsewhere; and vintage port. Characteristics of highly collectible wines include:
  A proven track record of holding well over time
  A drinking-window plateau (i.e., the period for maturity and approachability) that is many years long
  A consensus among experts as to the quality of the wines
  Rigorous production methods at every stage, including grape selection and appropriate barrel aging
  Investment in fine wine has attracted those who take advantage of their victims' relative ignorance of this wine market sector. Such wine fraudsters often profit by charging excessively high prices for off-vintage or lower-status wines from well-known wine regions, while claiming that they are offering a sound investment unaffected by economic cycles. As with any investment, thorough research is essential to making an informed decision.
caption: Château Margaux, a First Growth from the Bordeaux region of France, is highly collectible.
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