New York City is the hub of fine wine in the U.S. It is home to the biggest auction houses and to a majority of the significant import houses. Because of these reasons and the fact that Manhattan is home to a boatload of disposable income, it is also home to some of the most respectable wine shops as well
Wine collectors worldwide look for relationships that will blossom and produce insight into esoteric and highly sought-after finds. For a couple years now I have been hoping to find a shop that would meet a couple specific criteria:
1. Access to the best value and most investment worthy/collectible wines possible.
2. A knowledgeable and investment-aware staff.
3. An interest in cultivating a relationship.
While in New York City this past weekend I had the opportunity to check out a few different shops that were recommended by various wine lovers. One of these shops, Chelsea Wine Vault, stood out above others as a place that can provide staggering wines that fit my collecting style (young wines with huge aging/investment potential).
What was it about this chic wine shop that really caught my attention from a wine collecting standpoint? Read Chelsea Wine Vault: Giving collectors what they want, written exclusively for Cork’d.
With the US economy puttering along and the European economies in turmoil, there are many people trying to think of ways to make money in a steady fashion. Stocks are all over the place right now, bonds give you little return and questionable stability and CDs are useless at 1-1.5%.
There is an asset that has a proven track record, as long as you have the discipline not to drink it! I am of course talking about fine wine. Wine is an asset, similar to stocks and real estate that has the ability to appreciate or depreciate over time. The best thing about investing in wine is that if you do a little digging, the best wines to invest in are a lot easier to find than the best stocks.
Another huge plus, is that a majority of those who purchase investment wine at auction are rich regardless of whether ot not their is a recession or depression transpiring around them. If there is something they truly want for their personal collection, they will hunt it down.
Ever since I have entered the professional wine world, I have had a strong interest in investing in wine. I have assisted a few people with selections for their cellars and have taken on formidable knowledge thanks to my current employer.
Who knows where this knowledge will land me someday? With a book about investing in wine? With a massive investment cellar of my own? Only time will tell.
All I know is that it has led me to write an article that I am very proud of for Cork’d, a Gary Vaynerchuk website. I hope that you find the 4 simple rules that I lay out in Investment in the Cellar: Creating an Appreciating Collection to be useful and informative.