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

Masset, Philippe (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland) ; Weisskopf, Jean-philippe (Ecole hôtelière de Lausanne, HES-SO // University of Applied Sciences Western Switzerland)

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:
Article Type:
scientifique
Faculty:
Economie et Services
School:
EHL Ecole hôtelière de Lausanne
Subject(s):
Economie/gestion
Date:
2016
Pagination:
17 p.
Published in
International journal of entrepreneurship and small business
Numeration (vol. no.):
2016, vol. 29, no. 4, pp. 566-582
DOI:
ISSN:
1476-1297
Embargo date::
2017-07-01
Appears in Collection:

Note: The file is under embargo until: 2017-07-01


 Record created 2017-01-31, last modified 2018-10-11

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