Fine wine returns: a review of the literature

This paper provides a critical review of research on fine wine returns issues. To date, no review article has assessed the various findings of studies analyzing the benefits of wine investment in the context of portfolio diversification. In the recent past years, the quantity and variety of work have increased dramatically. The paper reviews investments in fine wine assets in a mixed-asset portfolio strategy or in a wine-only portfolio context. The paper also addresses the question of price dynamics based on cointegration and contagion effects, i.e., the role of the market and under what conditions it can explain the differences between the prices of different wines.