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Home
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JWE-Articles
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Journal of Wine Economics Volume 3 | 2008 | No. 1
»
Bordeaux Wine as a Financial Investment

Bordeaux Wine as a Financial Investment

Lee W. Sanning, Sherrill Shaffer & Jo Marie Sharratt
Pages: 51-71
Abstract

For repeat transactions data from monthly auction hammer prices, we analyze the level and quality of Bordeaux wine returns using the Fama-French Three-Factor Model and the Capital Asset Pricing Model. Returns average up to 0.75% per month above those predicted by these models. Further, investment grade wines benefit from low exposure to market risk factors, thus offering a valuable dimension of portfolio diversification. These findings are consistent with simple theoretical considerations and support a documented growing interest in wine investments.

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