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Vente en primeur et investissement: une étude sur les grands crus de Bordeaux

Héla Hadj Ali and Celine Nauges

Economie & Prévision, 2003, vol. 159, issue 3, 93-103

Abstract: The aim of this article is to explain the recent enthusiasm in the fine wines market for the system known as “vente en primeur”(saleofwinesintheyearfollowingtheharvestbeforebeingbottledanddeliveredtowinemerchants). Onthe basisofpricedataforBordeauxwines,ananalysisismadeofthepriceincreasebetweenthe“venteenprimeur”andthe firstsubsequentpricequotation. Itisshownthataninvestmentin“primeur”wine(between 1995and 1999)resultedin returnssignificantlybetterthanfrominvestmentonthetraditionalstockmarket. Thisanalysisalsohighlightsthespecific nature of the market for the five prestigious “grands crus”.

Keywords: Bordeaux wine; vente en primeur; investment (search for similar items in EconPapers)
Date: 2003
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