Wine like vintage cars, artwork, and coins has well-documented histories and tiered values. It therefore, slides in naturally as an item fit for collecting. Rare and old wines are among the most sought-after items in the market. Their value tends to increase every year making it a perfect item to start collecting.
If you have been thinking about how to go about starting your own wine collection, then these tips should illuminate your way there.
Have a Disposable Income
The cost of collecting wine does not end after you have purchased. You need to invest in a good storage facility, documentation, insurance and security, among others. It would be a bad idea if you decided to start a wine collection and you are struggling to pay rent. Starting a wine collection can be an expensive hobby.
How to Make Your Selection
There are two factors to consider when considering your collection; price and age. Your collection will solely be determined by these two factors. You need not invest heavily for the first time. You can start small and build your collection gradually.
It’s also best to have a strategy. For instance, you can decide to buy two bottles at a time. One to enjoy now and the other to age. A best wine of the month club is also good for discovering new wines.
Wine Appraisal Fees
Now and then have your cellar appraised. Understand that the collectors’ market is always volatile. It therefore, helps to know the value you are sitting on periodically. It also helps in case of an accident and if your collection was insured. You will need to have recent value documentation attached if you are to claim any compensation.
Invest in a Storage Vault
Wine is very delicate, especially the old ones. Therefore, you need to handle your wine collection with extreme caution. Your cellar should be well insulated, detached and secure. Otherwise, if you let your collection rest in a moist environment, you might be introducing mold into your home. You might also end up having a worthless collection of bottles.
Invest in a reputable storage facility if you are to add value to your collection. Remember a bottle of wine can remain in your cellar for a decade or two.
Organize Your Collection
You should have a criterion for arranging your collection. You can use year and region, oldest at the bottom where it is coolest. It will make tracking your bottles easy. You can open the matured bottles at different special occasions. Your collection should also have a theme or something that helps you track your bottles.
Wine collection is a good and noble venture. However, it can be a little expensive for the initial investment. There are several factors to consider when getting into this business, do not just submerge yourself because you have a passion for it. Think it through and follow these few tips. You will have a healthy aging collection.