Home > Wine Features > What's it Worth? The Value of Old Wine

What's it Worth? The Value of Old Wine

"...as well as my 1938 Dussaillant 'Chilean Burgundy' I have a bottle of 1969 Ogier et Fils Châteauneuf du Pape. How much longer should I keep this wine?"

Looking for the value of an old bottle?
Use this form to research the retail value of your old wine.

Wine:
Vintage: (NV = non-vintage)
Location:
Currency:

This short snippet, taken from just one of countless e-mails I have received over the last couple of years, is typical of many requests for advice that I receive at The Winedoctor. Unfortunately for the authors of many of these messages, my replies often painted a bleak picture. Many of the wines on which I have been asked to advise were unlikely to give much drinking pleasure, or to be of any great value, usually to the disappointment of their owners. It's a salutary lesson for all those who have treasured bottles tucked away, frequently christening gifts, bottles left over from a wedding reception or mementoes of some other celebration.

Only a few wines improve with age, and only a few of those accrue any significant value. At first glance this statement might seem nonsensical. Take a look through the inventory of any serious cellar (including my own) and you will find it stuffed with bottles that predominantly are meant for long term ageing; classed growth claret, top flight Rhônes, vintage Champagne, Grand Cru Burgundy, Riesling from the cream of the Mosel producers, vintage Port and more. Surely, then, the opposite is true?

Not so. It's easy to forget that these wines are in the minority. The vast majority of wines, particularly those that grace the shelves of the supermarkets (where, in the UK at least, the majority of wine is sold) and multiples are intended for current drinking. The odd one or two will improve with short-term cellaring - a year or two perhaps - but many will not, and squirreling them away for more than a few years, never mind a few decades, is only going to lead to disappointment.

Choosing Wine to Lay Down

"I have two magnums of Taylor's 1974 LBV Port stored in the loft for the past twenty or so years. What are they worth, and how do I go about selling them?"

Wines that will improve with long term cellaring (meaning decades) are only likely to be found at a specialist independent wine merchant, and only then with careful selection, taking advice from the merchant in question if appropriate. Such wines need to be actively sought out, and don't usually come cheap, and I believe these are the reasons why many wines that simply aren't up to the job are laid down instead. Port is an excellent example of this.

Port has an image of ageing well, an image based on the properties of wines from the top "declared" vintages. Many people, even those not generally familiar with wine, are aware that the 'laying down' of Port as a future gift for a child, or godchild, is a well-practiced tradition. A bottle of LBV Port might cost £8 - £15, and is usually easily available off the shelf, whereas vintage Port from a top vintage now seems to retail at £40 per bottle from release, and is usually (although not exclusively) traded in case quantities. It's not hard to see why many people would choose a bottle or two of the former, rather than a case or two of the latter! Unfortunately, however, they are choosing wines destined to die long before the recipient has any interest in wine. In some cases perhaps before they have even finished primary school!

Trying to coax nearly three decades of cellaring out of an LBV Port from a weak vintage (such as 1974) is a hopeless affair. Trying to do so by storing the wines in the loft, however, is a recipe for disaster. Wines that are purchased with the aim of cellaring for decades must be stored correctly, otherwise they will never achieve what potential they have (if any). Having studied my own loft, I am aware that summer temperatures in this part of my house regularly reach well in excess of 30°C (86°F), even on mildly warm days. Any wine stored in these conditions, such as the LBV Port alluded to above, will be undrinkable within weeks. Very few places in the house are suitable for long term storage of wine - only the cellar in truth, although above ground rooms or buildings can be made suitable with appropriate insulation. Or you can seek out professional storage. Either option requires effort and expenditure, and perhaps a certain amount of wine obsession. Something only a minority of us possess.

Choosing Wine that will Increase in Value

"...it would be great if you could tell me the value of this bottle, a 1967 Calvet Bordeaux Superieur..."

Many wines which age well do not necessarily increase in value. Port is yet again a suitable example. In the past year or two I have had the option of buying 2000 Port en primeur, for £30 - £40 per bottle, or fully mature vintage Warre's, ready to drink, from successful vintages such as 1983 and 1985, for £20 per bottle. I'm happy with this, as it means I can drink mature vintage Port at a reasonable price, but it should be of concern to those looking for a wine which will increase in value. What does the current price of 1983 and 1985 vintage Ports say about the future value of the 2000 vintage? It does not bode well from a financial point of view.

Only a select group of "blue-chip" wines accrue significant value. My first choice would be first growth claret and the right bank "garagiste" wines, from excellent vintages of course, purchased as early as possible in order to keep expenses as low as possible. As my choice would be a top vintage, I would expect initial expenditure to be in the order of £1000 to £1500 per case for such wines, excluding UK duty and VAT, of course. Store the wine in a bonded warehouse to avoid paying these rip-off taxes, although naturally this service is not free, so it is necessary to take account of this further expenditure. With time the wines can be traded on, perhaps at a major auction house, but don't forget to factor in their fees. Even so, the wines can generally be sold for a handsome profit, the result of competitive bidding no doubt from many interested parties.

Would an off-vintage bottle of Bordeaux Superieur (a lowly Bordeaux appellation) or LBV Port, stored under the bed or in the loft for thirty-plus years, receive similar attention and adulation? I think by now the answer is obvious. Unless a wine has been researched with regard to cellaring potential and value, and stored correctly, more than a few years bottle age is likely to result in an undrinkable wine. And without provenance (knowledge of the origins of the bottle and its storage history) the value of even blue-chip wines will be reduced.

I've found some old wine.....

When you next find yourself wondering about that magnum of 1977 cru bourgeois claret you recently found under the stairs, consider these simple maxims:

Unless the wine was chosen following careful research or advice, then it is unlikely to be the sort of wine that would age or increase in value. By all means seek information on its drinkability and value - starting with the wine-searcher form at the top of this page - but be prepared for disappointment. (23/7/03)