Regardless of your motives for collecting wine, it’s important to keep in mind that you don’t need a fortune to do so. However, like all hobbies, wine collecting does require a significant investment of time. The most crucial part of wine collecting is storage; all investments must be cared for and protected from ruin.
When considering which varietals to purchase for your collection most experts suggest diversification. High quality wines are now being produced all over the world and balancing out your collection will also help to protect your investment. Whether the wines are almost ready-to-drink or better suited for long-term storage all of them should be considered worthy.
Wine collectors generally have three options when considering where to purchase wines; retail outlets, wholesale and auction houses. Typically, the range of fine and rare wines available at auction houses far exceeds the typical stock available at retail. Also, auction prices can generally be below retail price points and on occasion fall below wholesale prices.
If your just getting started with your wine collection follow these quick tips:
1. Create the proper storage (i.e. cellar or cooler)
2. Know what you like to drink and only collect those types of wines
3. Consider different collecting strategies; retail, wholesale, auction.
4. Study auction house catalogs or online to learn more about pricing and history of vintages.
5. If you are buying wines, especially expensive wines on the auction market, make sure you try to verify the prior ownership and storage conditions.
6. Keep perspective on how much you actually drink and how much you’re buying.
7. Drink your wine when it’s ready!
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