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

Philippe Masset and Jean-Philippe Weisskopf

International Journal of Entrepreneurship and Small Business, 2016, vol. 29, issue 4, 566-582

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.

Keywords: fine wines; Switzerland; wine auctions; hammer price; alternative investment; portfolio diversification; CAPM; repeat-sales regression; foreign exchange; price evolution; wine prices; investment performance; stocks; bonds. (search for similar items in EconPapers)
Date: 2016
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://www.inderscience.com/link.php?id=79966 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijesbu:v:29:y:2016:i:4:p:566-582

Access Statistics for this article

More articles in International Journal of Entrepreneurship and Small Business from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().