葡萄酒投资：你有哪些选择？

A bottle of Domaine de La Romanee-Conti 1945 is sold for $USD 558,000 in 2008. A bottle of Château Lafite-Rothschild 1982 is now six times more expansive than it was twenty years ago. The price of Burgundy wines is increasing at a fantastic speed… Faced with the low interest rates offered by traditional investments, more and more investors are dedicating a percentage of their assets into wines, attracted by the promising returns of the last few decades. In fact, although many indices follow the evolution of wine prices, almost none of them show a negative return; in fact, most of them are beating stock exchanges indices like the S&P500 or the NASDAQ.

一瓶1945的罗曼尼康帝（Domaine de La Romanee-Conti）在2008年以558,000美元售出，一瓶“传说中”82年拉菲现在的欧洲均价是二十年前的六倍，勃艮第葡萄酒的价格正在以惊人的速度增长。。。。。。面对传统投资组合的低利率表现，越来越多投资者被过去几十年的可观回报表现所吸引，将其投资资产的一部分转到葡萄酒上。事实上，有许多指数都跟随葡萄酒价格的演变，但几乎没有一个表现出负收益；确切地说，大多数都战胜了如S&P500或纳斯达克这样的股票交易指数。

If you are also thinking of converting some money into liquid gold, there are mainly five ways to invest in wines:
如果你也想把一些闲钱转化为液体黄金，投资葡萄酒主要有五种方式。

1. Self-managed investment
1. 自主管理投资

Concerning the matter of wine investment, physically owning bottles is the first thing that comes to mind. Of course you can build your own cellar and purchase wines: This seems to be the easiest way to get started, but in the long-term, it can actually be the most difficult way to go about reaching the goal of the wine investors. It so happens that this method is only suitable for investing a little amount of money each year, because you will quickly face challeges as your collection grows. Why? Well, you need to make sure that the place where you will store the wine is suitable to keep them all in not just good but splendid conditon for years, which is (much) easier said than done. Avoiding light, ensuring a controlled temperature of about 10-16 degrees Celsius; a stable humidity level of around 65%-75%; absence of vibrations; no risk or little of theft or of fire. Then you will also need to find the places to buy at the best prices, diversifying your assets to reduce the risks, managing the associated logistics and costs… You may have found a supplier that will be able to sell Burgundy wines at a very interesting price, but if you need to go to France each year or send the bottles with all the required protection protocols in place, it may quickly become a nightmare to manage… And don’t forget that no matter where you store the wines, insurance is very important and can lead to disastrous consequences if not taken into proper account.

葡萄酒投资这件事上，人们首先想到拥有实物“酒”。投资者可以建立自己的酒窖并购买葡萄酒，这是最容易启动的投资的方法，但从长期来看，这样做实际上可能是最难实现投资目标的方法。自主投资的方式只适用于每年少量资金的投资，因为随着收藏数量增加，挑战很快会到来。为什么呢？首先投资者需要确保有合适的地方用于储存葡萄酒，让它们能在多年时间里保持绝佳的状态，这说起来比做容易。避免光照，并确保温度控制在10-16摄氏度之间；湿度稳定在65%-75%左右；没有震动；确保没有被偷盗或发生火灾的风险。然后，投资者还需要找到能以最优的价格购买投资标的的渠道，并且做到标的多样化以减少风险，还要管理相关的物流和成本。。。。。。投资者可能能找到一个能够以非常有吸引力的价格，出售勃艮第葡萄酒的供应商，但投资者如果需要每年去法国，在上全保险的情况下，将酒运送出来，这件事可能很快会成为一个葡萄酒收藏家的管理噩梦。。。。。。而且不要忘记，无论葡萄酒储存在哪里，保险都很重要，如果不做适当风险防范，可能会导致灾难性的后果。

Then comes the most difficult part: how to choose the wines? Briefly, prioritize rarity and quality, choose the good wine regions but don’t forget to diversify the choices and keep in mind that “wine investment” is a long-term inverstment. Actually, it is a very complex topic, worthy of a detailed future article. Stay tuned.

葡萄酒投资中最困难的部分是如何选择葡萄酒。简单来说，最基本的原则是优先考虑稀缺性和品质，选择好的产区，同时选择不同种类的葡萄酒，分散风险。 “葡萄酒投资 “是一项长期投资。“长期”是一个非常复杂的话题，未来和大家分享。

And as what we are talking about in this context is an investment and not only a collection, you need to know when and how to sell the bottles you have accumulated over the years. So your wine knowledge, wine networking ability and wine relations in the wine sector become crucial.

我们在这篇文章中所谈论的是葡萄酒投资，而不仅仅是收藏，因此对投资者来说，也需要知道何时、以及如何出售多年来积累的酒款。这意味着葡萄酒知识和葡萄酒行业人脉变得至关重要。

2. Buying en Primeur
2. 购买期酒

First developed in the Bordeaux region and slowly growing around the world, buying wines “en primeur” allows you to reserve wine of that vintage year, that is still maturing in barrel and far from being bottled. When they are produced and delivered, you can often sell them with a good margin, provided you know what you are doing and bought the right ones. Unfotunately, much like picking the winenrs in a horse race, picking wines that will truly appreciate in price ten or fifteen years down the road is not at all as easy as it seems, and most people aren’t very good at it. Reading scores is only patially helpful because the trly knowledgeable wine writers who can predict correctly market trends of wines are few. But the buying en Primeurs method remains a good one of going about things: while first being brought onto the scene as a method by which to financially support the wine producer, it has now morphed into something else as well, becoming a means by which to speculate on wine prices, interstingly transforming itself it into a stock exchange product in the process.

“期酒 “投资最早是在波尔多地区发展起来的，并慢慢在世界各地蔓延开来， “期酒 “类似于期货，投资者购买仍在橡木桶中成熟，尚未装瓶的某一特定年份葡萄酒。如果投资者知道自己在做什么，并且选对酒款。当它们完成装瓶并交付时，投资者通常可以以较好的利润率再次出售。困难的点在于如何选择十年或十五年后能真正升值的葡萄酒，它没有看起来那么容易。绝大多数葡萄酒投资者不是业内人士， 很难做出准确评判。即使真正知识渊博的葡萄酒作家/酒评家也很难完美预测葡萄酒市场趋势。但购买期酒仍不失为一个好的投资方法：虽然“期酒”最初出现在历史舞台上，只是在经济上为葡萄酒生产商提供支持，但它逐渐已经演变成为一种以葡萄酒“价格投机”的手段，在这个过程中，将葡萄酒变成了一种股票交易产品。

3. Commission wine cellars / professionals to ido the nvesting for you
3. 委托酒窖/专业人士投资

Though perhaps a whiole lot less fun than picking wines yourself, this is a much easier road to take than doing the investing by yourself. However, the entry ticket to the party is higher, since the wine cellars or professionals will normally ask you to invest a minimum amount of money, for example 20,000 euros, and that’s just to start. The main advantage is that you do not need to store the wines or sell them yourself; t competent professionals are very useful when it comes to reselling because they have the contacts and it is essentially their job to take care of it themselves. Having an expert for the correct evaluation of the bottles will also prove important to gain knowledge about the value of your cellar and selling the wines in it at the right/best time. For sure, you will have to pay some fees for the service rendered, but the competencies and relations of professionals will most often be worth it.

“委托投资“比自己挑选葡萄酒少了很多乐趣，但这是一条比自己做投资要容易得多的方法。 然而，入场门票较高，因为酒窖或专业人士通常会对最低投资金额有要求，比如20,000欧元，而且这也只是开始。这么做的主要好处是：投资者不需要自己储存或出售葡萄酒；需要再次销售葡萄酒时，有销售能力的葡萄酒专业人士非常有用，因为他们有渠道和关系网。有一个专家对酒款进行正确的估价，了解酒窖的价值以及正确/最好的酒款出售时间，这些都极其重要。当然，投资者不得不为这些服务支付一些费用，但专业人士的能力和关系网往往物有所值。

4. Investing in wine properties
4. 投资葡萄酒酒庄

The amount of funds required to do so can be very large and it is a very long-term investment. Depending on the amount of money that you want to invest, you can find different ways to do so. For example, you can buy a little parcel of vineyard and rent it to the wineries, and the wineries will pay you on bottles or rental fees. It is also possible to join a crowdfunding platform specializing in wine in order to become a shareholder of a winery and get dividends or get paid in bottles in wines.

购买酒庄资金量比较大，而且会是一项非常长期的投资。根据可以投资的金额，投资者可以找到一些不同的方式。例如，购买一小块葡萄园，然后租给酒庄，酒庄以葡萄酒或租金作为回报。也可以加入专门从事葡萄酒事业的众筹平台，成为酒庄股东，获得分红或以葡萄酒作为报酬。

5. Investment funds specialized in wine
5. 专业葡萄酒投资基金

This is the easiest way to invest, as it is similar to other financial investments. You do ACADEMnot need to talk about bottles or wines any more, you can simply sign a contract with a certain rate of return. However, very few companies provide this kind of investment and the return rate is less attractive than other methods mentioned above. And after all, it might also be a less fun way of going about things too!

这是最简单的投资方式，因为它的操作方式与其他金融投资产品类似。投资者不需要了解葡萄酒，可以只是简单签署一份标有一定回报率的合同。只是，很少有公司提供这种投资，而且回报率也不一定有上面提到的其他方法有吸引力。这可能是葡萄酒投资方法中最无趣的方式。