Wine outperforms gold, oil
December 3rd, 2010 - 7:48 pm ICT by IANSLondon, Dec 3 (IANS) White and red wine bottles have outperformed gold and oil, said a report on the state of the fine wine market.
The Bordeaux Index, a monthly report on the fine wine market, said that bottles of white and red have outperformed gold and oil, the Daily Telegraph reported Friday.
Wine prices went up five percent, year-on-year, which was better than the rise in the price of oil that was up three percent, and gold went up to two percent.
The dramatic rise in wines is believed to have been caused due to the enhanced interest in China for fine wines over the past year, the media report said.
In the past 12 months, record auction prices have taken place for bottles of wine and just last month 147,020 pounds was paid for a bottle of 1869 Chateau Lafite-Rothschild at a Hong Kong sale.
Lafite and Mouton Rothschild 2008 have performed well after it was confirmed that Chinese artwork would feature on labels.
“Once more, the key dynamic has been continued demand from the Asian market,” Gary Boom, the founder and managing director of Bordeaux Index, was quoted as saying.
“Chinese buyers in particular have developed a taste for fine wine - and with alternative investment classes such as gold and shares limping through to the end of the year, it’s hard not to give any forecast other than for growth to continue into the New Year,” Boom added.
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