Bordeaux, Bourgogne ou vins nature : dans quelle bouteille investir ? - Angélique de Lencquesaing

This discussion explores the evolving landscape of wine investment, highlighting its transformation from a niche interest to a more mainstream alternative asset. The conversation features Angélique de Langzin from Idealwine.com, a platform specializing in wine auctions and sales. Idealwine.com, founded 25 years ago, revolutionized the wine market by providing much-needed data on wine values. Before its inception, it was nearly impossible to ascertain the market price of an old bottle of wine. Today, Idealwine.com conducts weekly online auctions, with one in three bottles sold at auction in France passing through its platform. This generates a colossal amount of data, enabling comprehensive analysis of market trends. The company also operates as an e-merchant, distributing wines from a network of 1,000 partner wineries, primarily French, with about 10% international. A notable aspect of their selection is a strong emphasis on organic and biodynamic wines. The wine market, like other alternative assets such as watches and cars, has experienced significant shifts in recent years. While there was a clear upward trend from 2010-2015, the last two to three years have seen paradigm shifts in tastes and market dynamics. Angélique notes that these changes are accelerating and becoming more brutal. Historically, Bordeaux, Burgundy, and the Rhône Valley dominated wine auctions, accounting for over 80% of volumes 10 years ago. Last year, this share dropped to 72%, indicating a significant broadening of consumer interest. Wine enthusiasts are now exploring regions previously overlooked or perceived as less qualitative, such as Beaujolais, Languedoc-Roussillon, and Muscadet. This shift is partly driven by improved wine quality in these regions and the rising prices of traditional, prestigious wines, which have prompted younger winemakers to seek out and develop vineyards in more affordable areas. The consumption of wine has also changed, with a 60% decrease over 60 years in France. People are drinking less but better, moving away from daily consumption and long family meals towards more informal occasions. This has led to a preference for less powerful, lighter wines that are enjoyable when young, a departure from traditional Bordeaux wines that required significant aging. Winemakers are adapting by producing wines that are both age-worthy and accessible in their youth. While classic, iconic wines from renowned domains remain "safe haven" investments, their prices have been affected by market fluctuations. For instance, Château Rayas, a legendary Châteauneuf-du-Pape, saw its price soar to €1,500 per bottle before returning to around €1,000. These fluctuations are often linked to broader economic factors, such as interest rates. In 2022, low interest rates led many savers to seek alternative investments like wine, causing prices to explode. As interest rates rose, investors returned to more traditional placements, leading to a mechanical correction in the wine market. However, extremely rare wines, such as Romanée-Conti or Musigny from Domaine Leroy, continue to command exceptionally high prices, often exceeding €10,000 or even €25,000 per bottle. These ultra-rare wines cater to collectors and the ultra-rich, whose demand remains strong, often for "trophy" bottles intended for consumption. For those considering wine as an investment, Angélique emphasizes that it's not a short-term venture. Wines typically need to be held for 8-10 years to reach their peak quality and price. Choosing vintages with good aging potential is crucial. For example, 2022 is considered a great vintage that needs to be "forgotten" for a while, while 2021 Bordeaux wines are more accessible for earlier consumption. Beyond the traditional regions, several alternative areas are showing strong dynamism. Champagne, particularly vintage and specific cuvées from "vigneron champagnes," is a highly dynamic segment, with average bottle prices around €200. Smaller, more confidential regions like Alsace and Jura are also thriving. Alsace is producing excellent Pinot Noirs, providing an alternative to increasingly expensive Burgundy. The Jura region, known for its natural wines, has become a star, with domains like Overnoy and Ganevat highly sought after by connoisseurs and international buyers, especially from the US and Asia, who are keen on natural wines. Other promising regions include Savoie, with estates like Domaine des Ardoisières, and Corsica, home to treasures like Domaine Abbatucci and Canarelli. The Loire Valley, particularly its Auvergne sub-region, is also emerging as a hub for natural wines. Investing in wine requires passion and knowledge. The most successful sellers are often enthusiasts who discovered exceptional wines before they became famous. It's crucial to understand that wine investment, like other asset classes, is not immune to financial considerations. While wine is a cultural product, its market value is a significant factor. Practical advice for wine investors includes proper storage in a cool, humid, and secure environment. Services for off-site storage are available, ensuring optimal conditions and protection against theft. For selling, Idealwine.com offers an auction service where sellers can submit their wine lists for estimation. Once agreed, the wines are expertly authenticated and put up for auction, with seller fees around 13% (ex-tax). Angélique cautions against fraudulent investment schemes and advises individuals to verify the accreditation of any company offering wine investments, contacting the AMF (French Financial Markets Authority) if necessary. Regarding personal recommendations, Angélique points to Oregon in the US for its fascinating wines, specifically mentioning Domaine Drouhin for its Pinot Noirs. Outside of wine, her passion lies in dance and opera, demonstrating that not all personal interests are financially driven. In conclusion, the wine market is dynamic and offers diverse opportunities for both connoisseurs and investors. While traditional regions still hold value, the growing interest in alternative regions and natural wines, coupled with evolving consumption patterns, is reshaping the landscape. Success in wine investment hinges on knowledge, patience, proper storage, and a genuine appreciation for the product.