Several articles, devoted to the factors that determinate the prices for the finest wines, are closely connected with the topic of this paper. Helene Bombrun and Daniel A. Sumner, the authors of the article “What Determines the Price of Wine? The Value of Grape Characteristics and Wine Quality Assessments”, published by the University of California Agricultural Issues Center in 2003, claim that an information about grape characteristics and wine assessments affects wine prices a lot. The authors believe that the region of origin and appellation are important to price (Bombrun & Sumner, 2003, p.4). From the other hand, Linda Jiao, the author of the paper “Macroeconomic Determinants of Wine Prices”, published in AAWE Working Paper in 2016, pays attention to the impact of such aspects as the fine wine demand from emerging markets, the continuous weakening of the U.S. Dollar, money supply, real interest rate and the growth of investment funds. Jiao (2016) claims that “the growth of fine wine demand from emerging markets seemed to play a major role in fine wine price modelling, while the demand from developed markets did not appear statistically significant” (p.20).
Elroy Dimson, Peter L. Rousseau, and Christophe Spaenjers, the authors of the paper “The Price of Wine” (2014), use the long-term price records for Premiers Crus Bordeaux in order to examine the impact of aging on wine prices, as well as the impact of château, vintage, and transaction type. There is a difference between the high-quality and low-quality wines. High-quality wines are appreciated for a few decades, but then prices stabilise until the wines become antiques, and the wines from low-quality vintages are appreciated only during the first years after bottling (Dimson et al., 2014).
The article “Understanding Fine Wine Pricing” (n.d.), provided by the Exclusive Early Access to California’s Cult Wines Company, is a summary of the statements that are claimed in the articles and papers mentioned above. The Pedigree, vintage, provenance, longevity, scores, lot size and format, and macro economy are believed to be the parts of the multiple and complex process of determination of fine wine pricing (E-Cep.com, n.d.).
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