Highlight: The case for investing in fine wine

However, it would be naïve to think that every wine investment is likely to generate anywhere near that level of return. In fact, it is difficult to assess the general trends across different types of wine to form an assessment of the marketplace as a whole.

"While it is hard to find totally accurate records and therefore data, it is fair to say that the prices for the very best wines have risen by an average 15 per cent a year over the past 25 years," suggests Joss Fowler, a fine wine manager at wine merchants Berry Bros & Rudd. "That includes quiet periods – for example, from 1998 to 2002 – being more than balanced out by the busy ones, like 2005-07."

Indeed, fine wine has not enjoyed a steady upward trajectory over recent years, suffering first at the hands of the Asian economic collapse in 1998 and then in the global recession brought on by the banking crisis.

In the latter downturn, the wine industry initially appeared to be immune to the financial woes engulfing other sectors.

"Ten cases of 2000 Lafite sold at Christie’s for a shade under £11,000 a case just days after Lehman Brothers filed for bankruptcy protection," recalls Mr Fowler.

Yet prices began to drop off significantly in October and November 2008, with lots left unsold at several major auctions and those that did sell failing to reach their bull market highs.

Mr Fowler gives the example of 2005 Lafite, which was worth just under £10,000 a case in the summer of 2008, falling to £6,000 a case in November of that year.

"This was clearly an opportunity for the brave," he says. "Lafite 2005 is now selling for £7,500 a case and more."

While a lot of investment wine has yet to return to its pre-recession value, as an asset class it has recovered quickly.

As Stephen Williams, managing director of the Antique Wine Company says: "In 2008-09, the very top end of the fine wine business suffered relatively little damage in contrast to other asset classes like property or even equities. Once again, wine has proven immune to collapse, held steady during times of economic adversity and risen in times of recovery."

A key factor in the stabilisation of prices has been the influx of new investors from Russia and Far Eastern markets since the 1990s. "Demand for the best wines from Bordeaux boomed," explains Mr Fowler. "Although the prices of some top Bordeaux chateaux dropped in 1998, the general trend in wine prices has been up."

As Mr Williams confirms: "Asia is currently having a massive influence on wine prices. The top wines, especially Chateau Lafite and its second wine Carrudes de Lafite, are increasing in value exponentially.

"This is certain to continue in 2010, hopefully with some broadening out into other Grand Cru brands as the Chinese appetite to learn about wine becomes satisfied."