In 2022, True Wine published a list of ten bottles considered interesting for collectors. It ranged from exceptionally rare Burgundy and Bordeaux to Californian cult wines and comparatively affordable whites from the Loire and Alsace.
The original subtitle called these wines “safe investments”. That claim cannot be supported. No individual wine or asset class guarantees appreciation. Developments in the fine-wine market since 2022 demonstrate why entry price, liquidity, ownership costs and market cycles matter.
This updated article is therefore not another recommendation to buy the same wines. It examines what was sensible about the original selection, where different collecting objectives were confused and what investors can learn from it today.
The market after the boom
The original list appeared near the end of a strong market phase. Prices for many sought-after wines rose substantially between 2020 and 2022. Burgundy and Champagne had benefited particularly from international demand and constrained supply.
A broad correction followed. Current Liv-ex data show that several regional indices remain below previous levels over two- and five-year periods. Bordeaux, the Rhône and various international segments have recorded multi-year declines. Burgundy, Champagne and Italy have followed different paths, but they also experienced periods of meaningful correction.
This does not prove that every bottle on the original list fell in value. It demonstrates why recommendations cannot be based solely on preceding short-term gains.
1. Domaine Leroy Chambertin Grand Cru 2013
Domaine Leroy is one of Burgundy’s rarest and most expensive names. Chambertin Grand Cru combines a prestigious vineyard with extremely limited production and global collector demand.
Its inclusion was understandable in terms of reputation and scarcity. As an investment, however, it presents significant obstacles: a very high entry price, infrequent trading, a small buyer pool and elevated counterfeit risk.
Burgundy had already appreciated considerably by 2022. Buying after an extended rally creates repricing risk. The wine remains an exceptional collectible but is neither broadly liquid nor low risk.
2. Domaine de la Romanée-Conti Richebourg 2015
Richebourg from Domaine de la Romanée-Conti is one of the world’s best-known Burgundies. DRC has a unique market position, and several of its wines are represented in the Liv-ex Burgundy 150.
Brand, vintage and scarcity supported its original inclusion. The description as a safe investment did not. Individual bottles are extremely valuable and require impeccable provenance. Minor concerns regarding labels, capsules, fill level or storage can have a severe effect on market value.
DRC is better understood as a highly concentrated specialist holding than as the foundation of a diversified wine portfolio.
3. Screaming Eagle Cabernet Sauvignon 2012
Screaming Eagle is one of California’s most prominent cult wines. Small allocations, high critic scores and wealthy US demand have created an international secondary market.
It is one of five brands tracked through their recent physical vintages in the Liv-ex California 50. Its selection therefore had more market support than that of many other American cult wines.
Risks remain substantial. Demand is concentrated in relatively few labels, bottle prices are high and European buyers face currency, transport and taxation considerations. The California 50 also demonstrates that famous Napa wines can experience extended periods of weakness.
4. Harlan Estate 2013
Harlan Estate has a strong position within the Napa Valley market. The 2013 vintage received high critical acclaim and has significant ageing potential.
It was a reasonable choice for a collector list. The international buyer base, however, is narrower than for major Bordeaux or Champagne brands. Prices may depend more heavily on US demand and the limited number of offers available at a given time.
Harlan demonstrates why high scores and restricted allocations are important but cannot replace liquidity and market breadth.
5. Château Lafite Rothschild 2009
Lafite Rothschild is an established Bordeaux First Growth. It combines an internationally recognised name, relatively large production and a well-documented secondary market.
The 2009 vintage has an excellent reputation and substantial ageing potential. Compared with the rare Burgundies, Lafite was one of the more marketable positions on the list.
Bordeaux is nevertheless cyclical. The Liv-ex Fine Wine 50 tracks recent physical vintages of the five First Growths and remains below its level of several years ago. Even an established Bordeaux is attractive only when purchased at a defensible valuation.
6. Giacomo Conterno Monfortino 2014
Monfortino Riserva from Giacomo Conterno is one of Piedmont’s most important wines. It is produced only in suitable years and combines scarcity with exceptional ageing potential.
The 2014 is an interesting case. Piedmont’s overall vintage reputation was mixed, yet leading producers made outstanding wines. This illustrates why regional vintage generalisations are insufficient.
Monfortino has a serious collector market, but its liquidity is lower than that of major Bordeaux or Champagne brands. It should be purchased with a long time horizon.
7. Château Margaux 2019
Château Margaux 2019 was still very young when the original list was published. Its inclusion was based on producer reputation, vintage quality and expected longevity.
Entry price is particularly important for young Bordeaux. Strong reviews may already be fully reflected in the release price. Buyers should compare the wine with older, mature vintages that may be available for the same or even less money.
Margaux 2019 remains a significant wine. Quality alone does not determine whether its original or current market price is attractive.
8. Dom Pérignon 2006
Dom Pérignon has a powerful global brand and comparatively broad market. By 2022, the 2006 vintage was physically available and had begun to develop maturity.
It was one of the more liquid wines on the list. Prestige Champagne is traded internationally through merchants, auctions and platforms, while the brand attracts buyers beyond the traditional investment community.
The Champagne 50 nevertheless shows that this segment can correct after strong appreciation. Production is also much larger than for rare Burgundy. The purchase price remains decisive.
9. Zind-Humbrecht Pinot Gris Rangen de Thann Clos Saint Urbain 2015
This Pinot Gris from Zind-Humbrecht is a serious, long-lived terroir wine from Alsace. It can be highly attractive to wine lovers and specialist collectors.
Its inclusion in an investment list was more questionable. The international secondary market is far narrower than for Lafite, DRC or Dom Pérignon. Merchant listings do not prove the existence of sufficient bids.
The wine is best approached as a drinking and collecting position. Appreciation should not be the primary reason for buying it.
10. Domaine Huet Vouvray Le Mont Sec 2019
Domaine Huet is one of the Loire’s leading Chenin Blanc producers. Le Mont Sec is distinctive, ageworthy and relatively affordable compared with many prestigious wines.
That makes it valuable in a personal cellar: it allows collectors to build diversity without buying only expensive labels.
As an investment in the narrower sense, its liquidity is limited. With a lower bottle price, storage, transport and selling fees can absorb much of any appreciation.
The fundamental problem with the old list
The selection combined three different categories:
- internationally traded investment wines,
- rare luxury and cult wines,
- high-quality bottles for drinking and maturation.
These categories can overlap, but they are not identical. A wine may age beautifully and provide extraordinary drinking without having a liquid secondary market. Conversely, an actively traded wine can be financially unattractive when purchased at too high a price.
A better method today
Rather than beginning with a top-ten list, buyers should ask:
- Are genuine bids available?
- How has the relevant regional segment performed?
- Is the wine expensive or inexpensive relative to comparable vintages?
- How wide is the bid-offer spread?
- What storage, insurance and transaction costs apply?
- Is provenance fully documented?
- How large is the potential buyer base?
- Through which channel could the wine later be sold?
Conclusion
The 2022 list contained several important and collectible wines. DRC Richebourg, Lafite Rothschild, Dom Pérignon and Screaming Eagle have observable international markets. Monfortino and Harlan Estate are prestigious but more concentrated positions. Zind-Humbrecht and Domaine Huet are primarily compelling additions to a diverse drinking cellar.
The central lesson is simple: a great wine is not automatically a good investment. Entry price, liquidity, provenance, costs and the eventual route to sale matter. The phrase “safe investment” should never be used for fine wine.
This article is provided for general information only and does not constitute personalised investment advice.