SlideShare a Scribd company logo
1 of 55
Download to read offline
Wine As An Asset or Alternative Strategy
2
Through
Provides
“Investment Grade Wine” – Cases of
physical wine from various vintages,
regions and producers
Diversification, to establish a collection,
store of value, real asset
UK market, exchanges, direct
Individuals, Wealth Managers, Collectors,
Trusts and Estates
WHAT
HOW
WHY
WHO
3
Through
Provides
Provenance, Price, Profile and
Performance
Analyze the market, trade on
secondary market, write research
Wealth managers, investment advisors,
to clients and clients to wine
Technology – Advent, Wine Owners,
Liv-Ex, Auctions
ADVISE
CONNECT
RESEARCH
VALUE
THE MARKET INFLUENCERS - WOMEN
5
Women and Wine – The Stats
 Women do have more fungiform
papillae and taste buds
 34% of all wine drinkers are
high frequency, 50% are women
 Of 135 Master Sommeliers in
the US, 19 are women
 Approximately 10% of the
winemakers in California are
women
 There are 366 Masters of Wine,
93 are women
 Men spend on average $4.00
more than women on wine 6
Market Trends
 70% of all wine sales in the
US are made by women
 As a demographic over 55%
of the wine drinkers are
women, 100 million wine
drinkers in the US
 80% of the readers of Wine
Spectator, Decanter and
Wine Enthusiast are men
 Target millennial women
7
Marketing to Women, Really?
Skinny Girl
Smarty Pants, Rebel
Red, Drama Queen
Be, Flirty, Bright,
Fresh
Relax
Chateau
Domaine
Napa Valley
Willamette Valley
Burgundy
Premier Cru
First Growth
8
WHAT
10
11
What Wine?
% of Wines Offered by Region on Liv-ex
Argentina Portugal Bordeaux Red Bordeaux White
Burgundy Red Bugundy White USA Aus
Rhone Italy Spain Champagne
Chile NZ SFR Germany
Alsace
12
Burgundy,
Bordeaux,
Champagne,
Rhone, Italy,
California, Niche
The further from the
vine, the lesser the
wine
Most liquid and
transparent wines,
UK, France or
exchange traded
Current and back
vintages
The Secondary
Market for
Investment Grade
Wine
IGW market, as
measured by the London
International Vintners
Exchange, Liv-ex, is
approximately $8 billion.
Niche market with
unique supply and
demand characteristics
Secondary market
provides liquidity, price
transparency
Daily pricing allows for
“mark to market”
valuation
Secondary market
volumes of wine are at a
record high with over
400 traders representing
33 countries
Christie’s Wine
Department has
approximately 7,500
clients
13
Liv-ex Market
Recent Trades
Latest 25 Trades on Liv-ex
Source: Liv-ex as of 09/19/14. GBP. Current exchange rate 1.65.
14
Liv-ex 100 Index
C Region Wine Vin Size Last Eu/btt Qty
SEP bdxr Angelus 2012 12x75 2,139 223.3 10
SIB bdxr Cos d'Estournel 2011 6x75 390 81.5 14
SIB bdxr Reserve Comtesse 2010 12x75 220 22.9 4
SIB bdxr Pontet Canet 2009 12x75 1,330 138.9 2
SIB bdxr Reserve Comtesse 2009 12x75 235 24.5 10
SIB bdxr Duclot Collection 2007 9x75 2,450 340.9 1
SIB bdxr Malescot St Exupery 2006 12x75 339 35.4 8
SIB bdxr Mouton Rothschild 2005 12x75 3,420 357.7 1
SIB bdxr Haut Brion 2003 6x75 1,190 248.5 1
SIB bdxr Latour 2003 12x75 6,380 664.8 1
SIB bdxr Pontet Canet 2003 12x75 650 68.0 1
SIB bdxr Palmer 1996 12x75 1,550 161.7 1
SIB bdxr Mouton Rothschild 1993 12x75 3,015 315.8 1
SIB bdxw Yquem 2009 12x75 3,340 349.2 1
SIB bdxw Pape Clement Blanc 2005 6x75 495 103.5 2
SIB bgnr Lambrays, Clos Lambrays 2012 12x75 1,144 119.5 6
SIB bgnr
Bouchard Pere et Fils, Vosne Romanee
Suchots
2009 6x75 235 49.1 1
SIB cham Moet & Chandon, Dom Perignon 1999 6x75 440 92.0 5
SIB cham Bollinger, Special Cuvee NV 6x75 115 24.0 10
SIB rho Guigal, Cote Rotie Landonne 2010 12x75 2,690 280.7 5
SIB rho Guigal, Cote Rotie Mouline 2010 12x75 2,690 280.7 3
SIB rho Guigal, Cote Rotie Turque 2010 12x75 2,690 280.7 3
SIB rho Roquete, Chateauneuf Du Pape 2010 12x75 145 15.2 2
SIB rho Clos Papes, Chateauneuf Du Pape 2009 12x75 465 48.6 10
SIB sfr Tempier, Bandol Rose 2013 12x75 136 14.2 39
80
100
120
140
160
180
200
220
240
260
280
300
320
340
360
380
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Index Value
(Dec 03 = 100)
WHY
16
Wine – Growing Demand,
Rare and Regulated
17
Global wine market is
valued at $200 billion
Lack of transparency,
barriers to entry,
specialist knowledge
Auction house revenues
for wine $400 million
US demand for wine up
34% since 2000
Source: International Organization of Vine and Wine, IWSR. Demeter Group
Investment Grade Wine
18Source:Liv-ex
At a cyclical low point in
traditional five year cycle
Supply diminishing, 2010 the last
great vintage in Bordeaux,
Burgundy at historical low yields
Shift in market focus from
Bordeaux to Italy, Champagne,
California
Market as measured by the Liv-
ex 100 peaked in June 2011 and
has since pulled back
New trading platforms
emerging helping transparency
80
100
120
140
160
180
200
220
240
260
280
300
320
340
360
380
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Index Value
(Dec 03 = 100)
Investables
S&P 500
Liv-ex Investables vs. S&P 500
“IOP” Demand
0
5
10
15
20
25
30
35
40
North
America
Asia-Pacific
ex. Japan
Japan Europe Latin America Middle East
and Africa
Global
Average
ALLOCATIONS TO INVESTMENTS OF PASSION
(%)
Other Collectibles - Wine, Coins, Antiques Alternatives Sports Investments
Alternatives Art Alternatives Luxury Collectibles
Alternatives Jewelry, Gems & Watches
19
Source: World Wealth Report 2013. HAGI.
Art Market
$58 billion
Collectible
Cars $12
billion
Investment
Grade Wine
Market $10
billion
20
1 year change Q3 ‘12 to Q3 ’13, Art, -3%, Furniture -2%, Chinese 3%, Jewelry 3%, Watches 4%, Wine 3%,
Cars 28%, Stamps 5%, Coins 10%, Index 8%
The Wealth Market
21
Source: 2013 World Wealth Report.
Global High Net Worth
Market
$46.2 trillion
Alternatives Market
$4.6 trillion
Annualized Growth In
HNW Investable
Wealth 6.5%
Ultra high net worth,
$30 mm +, grew 10.9% 0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
US Japan Germany China UK
HIGH NET WORTH POPULATIONS
('000)
2011 2012
1.2 1.7 7.3 10.2 11.6 10.8
1.1 1.7
7.1
10.1 11.4 10.7
1.3 1.8
7.5
10.9
12.7 12
1.4 2.2
8.3
13.1
15 15.9
A F RIC A MIDDLE
E A S T
LA T IN
A ME RIC A
E UROP E NORT H
A ME RIC A
A S IA -
P A C IF IC
INVESTABLE WEALTH
(US$ TRILLION)
2010 2011 2012 2015
HOW
23
The Catalysts
 Top storage – further
from the vine the lesser
the wine
 Entry point, relative
price, too expensive to
drink, upside
 Parker Points, PPP,
production, brand
 History of aging,
consistency of vintages
Provenance
Price
Profile
Performance
24
The Circle of Wine
AOCIA
Clients
Current
and
Future
Consumers
Producer/
Market AOCIA
Individuals
Collectors
Auction
Houses
Foundations
Endowments
Trust
Departments
Wealth
Advisors,
Brokers
•Wine producers, collectors and investors have an obligation to steward
the understanding of fine wine and future growth in the market
•Proper vintage management can support this process
•Engagement with younger demographics can help grow demand
25
Market Trends
 Diversification away from
Bordeaux
 Bordeaux now stabilizing,
new demand
 Super Tuscans finding favor
 Vintage champagne trading
well
 Climate and price are
creating relative value in
back vintages
26
Source: Liv-ex as of 9/12/14
Market Expands Beyond Bordeaux
27
21.1
22.2
25.5
30.6
31.3
31.7
35.2
35.4
38.3
40.4
41.4
42.9
45.3
49.2
62.6
82.8
88.7
145.0
400.0
416.1
-50
0
50
100
150
200
250
300
350
400
450
2009 100 Point Wines
Price per Point versus Performance
Sell off in Bordeaux
Creates Opportunity
 The 2009 and 2010 First Growths had an
average rating of 99 points, two of the top rated
vintages of all time in Bordeaux.
 Since the release of the 2009 vintage en
primeur, Lafite Rothschild has contracted over
40%, Mouton Rothschild 28%, Margaux 22%,
Haut-Brion 19%, and Latour 5%.
 Looking at the return profiles of the 2000 and
1990 Lafites, there appears to be substantial
upside, with returns of 533% and 1,410%,
respectively.
 2009 and 2010 Haut-Brion is the second least
expensive per Parker point at $98 and $99
respectively.
 En primeur pricing appears to be a major driver
of volatility and market perception.
28
Source: Liv-ex as of 9/17/13. Constant
currency of 1.55 USD/GBP
En Market
Production % Change Primeur Price RP EP$/PP MKT$/PP
Lafite Rothschild 20,000 (43) 18,600 10,540 98 190 108
Mouton Rothschild 15,000 (17) 12,013 9,920 98 123 101
Margaux 10,000 (22) 12,276 9,610 99 124 97
Haut-Brion 10,500 (16) 11,774 9,920 100 118 99
Latour 18,000 2 17,050 17,360 100 171 174
Average (19) 14,342 11,470 99 145 116
En Market
% Change Primeur ($) Price ($) RP EP$/PP MKT$/PP
Lafite Rothschild (41) 20,150 11,974 99 204 121
Mouton Rothschild (28) 12,090 8,680 99 122 88
Margaux (22) 13,175 10,230 99 133 103
Haut-Brion (19) 12,090 9,765 100 121 98
Latour (4) 17,050 16,275 100 171 163
Average (23) 14,911 11,385 99 150 114
En Market
% Change Primeur ($) Price ($) RP EP$/PP MKT$/PP
Lafite Rothschild 635 2,868 21,080 98 29 215
Mouton Rothschild 364 3,410 15,813 96 36 165
Margaux 370 2,472 11,610 100 25 116
Haut-Brion 192 2,868 8,370 99 29 85
Latour 359 2,868 13,164 98 29 134
Average 384 2,897 14,007 98 30 143
2010 First Growths Return Profile
2009 First Growths Return Profile
2000 First Growths Return Profile
29
Cos d’Estournel 2009
30
Ducru Beaucaillou 2009
31
Montrose 2010
32
Guigal La Mouline, 2005
33
Chapoutier Ermitage l’ Ermite Blanc, 2009
34
DRC, DRC 2009
35
Grange 2008
36
Vega Sicilia 2004
37
Sassicaia 2010
38
Dom Perignon 1996
39
Screaming Eagle 2010
WHO
41
Our Clients are Your Clients
Individuals
Financial Advisors
Wealth Managers
Financial Institutions
Collectors
Wine Educators
42
What Clients Want Access to wine
Easy to understand
process
Trustworthy knowledge
Transparent inventory
Valuation services
Vintage management
Actionable content
Risk controls
43
AOCIA What We Do
Advise
Vintage Management
Research
Educate
Connect
Consult
Import
Taste – a lot
44
The
Differentiator
45
Platform provides
analysis of vintages,
regions, producers,
vineyards, color etc.
Active portfolio
management to
maximize returns and
minimize risk
As a “wasting” asset
wine deserves active
management, for both
current and future
wine lovers
AOCIA’s platform is
familiar and
transparent, it looks
just like any traditional
brokerage statement
Partnered with Advent
Software recognized as
the “gold” standard in
RIA community
46
SAMPLE STATEMENT
Wealth Managers and
Wine White Label
Customizable design elements
Static pages & content
Own URL/ SSL
White Label admin
Extensive security
Highly configurable
Data feeds/ Restful interfaces
Peer to Peer Fine Wine
Trading Exchange
The worlds first peer-to-peer
fine wine trading exchange
Assured trading process &
faster settlement
Wine Owners facilitates, does
not participate
49
Top Tips to Owning the List
 Start with Geography 101
 Varietal, think region, if its hot, if its cold, basics of wine expression
 Don’t play the margin game, Italian wines, lots of good but not great
 Just because its from France or Napa it does not need to be expensive
 Vintage matters in top wine, not as much in New World
 Be willing to step outside of your varietal comfort zone
 Be wary of Pinot from hot climates, 14% Pinots are an 80/20
proposition
 Value regions, Jura, Languedoc, Spain, Southern Italy, Finger Lakes
New York, Argentina, Austria, Ontario, Sud-Ouest, Savoie, Rhone
50
Wine Menu Restaurant versus Retail
Chardonnay Cabernet Sauvignon
• Hedges, 2011, Red Mountain,
Yakima Valley, Washington $58/$20
• Colgin, Herb Lamb Vineyard, 2004,
Howell Mountain, Napa Valley,
California $775/$265
• Château Margaux, Premier Cru,
1995, Margaux $1200/$450
• Pichon Longueville-Comtesse de
Lalande, Réserve de la Comtesse,
2006, Pauillac $150/$40
51
• Au Bon Climat, Sanford &
Benedict Vineyard, 2010, Santa
Ynez Valley, Santa Barbara
County, California $70/$44
• Aubert, Lauren Vineyard, 2011,
Sonoma Coast, California
$225/$120
• Chevalier-Montrachet, Jean-
Marc Pillot, Grand Cru, 2008,
Côte de Beaune, $650/$300
• Bouzeron Aligoté, Aubert de
Villaine, 2010, Côte
Chalonnaise, $54/$20
THE WINES OF THE NIGHT
53
Sparkling
 Domaine Chandon, Brut, Carneros
Whites
 Blend, Seven Daughters, California
 Viognier, Cline, Sonoma
Reds
 Zinfandel, Kunde, Sonoma
 Pinot Noir, Davis Byrum, Russian River
54
55

More Related Content

What's hot

Silicon Valley Bank 2015 State of the Wine Industry Presentation
Silicon Valley Bank 2015 State of the Wine Industry PresentationSilicon Valley Bank 2015 State of the Wine Industry Presentation
Silicon Valley Bank 2015 State of the Wine Industry PresentationSilicon Valley Bank
 
British Farmer & Grower Magazine English Wines
British Farmer & Grower Magazine English WinesBritish Farmer & Grower Magazine English Wines
British Farmer & Grower Magazine English Winessue scott
 
SVB Annual State of the Wine Industry Report 2013 ppt
SVB Annual State of the Wine Industry Report 2013 pptSVB Annual State of the Wine Industry Report 2013 ppt
SVB Annual State of the Wine Industry Report 2013 pptSilicon Valley Bank
 
2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...
2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...
2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...Oregon Wine Board
 
Article Financial Times_nov 2015
Article Financial Times_nov 2015Article Financial Times_nov 2015
Article Financial Times_nov 2015Marcela Molina
 
2013- Moet&ChandonN.V.
2013- Moet&ChandonN.V.2013- Moet&ChandonN.V.
2013- Moet&ChandonN.V.Stuart Brechin
 

What's hot (10)

Silicon Valley Bank 2015 State of the Wine Industry Presentation
Silicon Valley Bank 2015 State of the Wine Industry PresentationSilicon Valley Bank 2015 State of the Wine Industry Presentation
Silicon Valley Bank 2015 State of the Wine Industry Presentation
 
Passover Magazine 8i_sm
Passover Magazine 8i_smPassover Magazine 8i_sm
Passover Magazine 8i_sm
 
British Farmer & Grower Magazine English Wines
British Farmer & Grower Magazine English WinesBritish Farmer & Grower Magazine English Wines
British Farmer & Grower Magazine English Wines
 
MorantBayRum2015
MorantBayRum2015MorantBayRum2015
MorantBayRum2015
 
SVB Annual State of the Wine Industry Report 2013 ppt
SVB Annual State of the Wine Industry Report 2013 pptSVB Annual State of the Wine Industry Report 2013 ppt
SVB Annual State of the Wine Industry Report 2013 ppt
 
2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...
2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...
2019 Oregon Wine Symposium | Outlook on the Wine Sector: Managing the Changin...
 
Article Financial Times_nov 2015
Article Financial Times_nov 2015Article Financial Times_nov 2015
Article Financial Times_nov 2015
 
2013- Moet&ChandonN.V.
2013- Moet&ChandonN.V.2013- Moet&ChandonN.V.
2013- Moet&ChandonN.V.
 
Cult Wines
Cult WinesCult Wines
Cult Wines
 
ExchangeVol32No2
ExchangeVol32No2ExchangeVol32No2
ExchangeVol32No2
 

Viewers also liked

Pdf world s_most_admired_wine_brands_pdf_march_2014
Pdf world s_most_admired_wine_brands_pdf_march_2014Pdf world s_most_admired_wine_brands_pdf_march_2014
Pdf world s_most_admired_wine_brands_pdf_march_2014Jenna Boodram
 
Machine Learning for Smarter Apps - Jacksonville Meetup
Machine Learning for Smarter Apps - Jacksonville MeetupMachine Learning for Smarter Apps - Jacksonville Meetup
Machine Learning for Smarter Apps - Jacksonville MeetupSri Ambati
 
Le futur du retail 2014- Penser différemment
Le futur du retail  2014- Penser différemmentLe futur du retail  2014- Penser différemment
Le futur du retail 2014- Penser différemmentCUSTOMER INSIGHT
 
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?Tran Thang
 
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?Tran Thang
 
33insights: Investing in WineTech, Global Insights
33insights: Investing in WineTech, Global Insights33insights: Investing in WineTech, Global Insights
33insights: Investing in WineTech, Global InsightsVincent PRETET
 
420 final presentation
420 final presentation420 final presentation
420 final presentationwixtedcl
 
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009Livex
 
Final presentation
Final presentationFinal presentation
Final presentationengiuliani
 

Viewers also liked (12)

Pdf world s_most_admired_wine_brands_pdf_march_2014
Pdf world s_most_admired_wine_brands_pdf_march_2014Pdf world s_most_admired_wine_brands_pdf_march_2014
Pdf world s_most_admired_wine_brands_pdf_march_2014
 
Fine winelist
Fine winelistFine winelist
Fine winelist
 
Machine Learning for Smarter Apps - Jacksonville Meetup
Machine Learning for Smarter Apps - Jacksonville MeetupMachine Learning for Smarter Apps - Jacksonville Meetup
Machine Learning for Smarter Apps - Jacksonville Meetup
 
Le futur du retail 2014- Penser différemment
Le futur du retail  2014- Penser différemmentLe futur du retail  2014- Penser différemment
Le futur du retail 2014- Penser différemment
 
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
 
J.Crew
J.CrewJ.Crew
J.Crew
 
Ansible @ J.crew
Ansible @ J.crewAnsible @ J.crew
Ansible @ J.crew
 
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
J Crew in 2014: Will it turn around Strategy improve Its Competitiveness?
 
33insights: Investing in WineTech, Global Insights
33insights: Investing in WineTech, Global Insights33insights: Investing in WineTech, Global Insights
33insights: Investing in WineTech, Global Insights
 
420 final presentation
420 final presentation420 final presentation
420 final presentation
 
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009
HKIWSF Conference - Liv-ex on Fine Wine Investment Seminar 2009
 
Final presentation
Final presentationFinal presentation
Final presentation
 

Similar to Wine As An Asset or Alternative Strategy

Wine Investment Presentation by James Miles,Liv-Ex
Wine Investment Presentation by James Miles,Liv-ExWine Investment Presentation by James Miles,Liv-Ex
Wine Investment Presentation by James Miles,Liv-ExKam Loong Low
 
James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014
James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014
James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014Liv-ex Ltd
 
Decade of Rum report - WIRSPA
Decade of Rum report - WIRSPADecade of Rum report - WIRSPA
Decade of Rum report - WIRSPARum Barrel
 
Wine Investment
Wine InvestmentWine Investment
Wine InvestmentLiv-ex Ltd
 
The global wine market
The global wine marketThe global wine market
The global wine marketDamien Wilson
 
What Is The VRIO Analysis Of Frog Leaf
What Is The VRIO Analysis Of Frog LeafWhat Is The VRIO Analysis Of Frog Leaf
What Is The VRIO Analysis Of Frog LeafHeather Vargas
 
Wine as a food or collectable
Wine as a food or collectableWine as a food or collectable
Wine as a food or collectablechoj1
 
Wine As A Alcoholic Beverage That Can Be Easily Evaporated...
Wine As A Alcoholic Beverage That Can Be Easily Evaporated...Wine As A Alcoholic Beverage That Can Be Easily Evaporated...
Wine As A Alcoholic Beverage That Can Be Easily Evaporated...Serena Faye
 
Wine Quality Of Wine Tourism
Wine Quality Of Wine TourismWine Quality Of Wine Tourism
Wine Quality Of Wine TourismAmanda Detwiler
 
Global Wine Wars Case Study
Global Wine Wars Case StudyGlobal Wine Wars Case Study
Global Wine Wars Case StudyChristina Boetel
 
ChocolatRouge Campaign Book
ChocolatRouge Campaign BookChocolatRouge Campaign Book
ChocolatRouge Campaign BookGU1LD3NST3RN
 

Similar to Wine As An Asset or Alternative Strategy (20)

Wine Investment Presentation by James Miles,Liv-Ex
Wine Investment Presentation by James Miles,Liv-ExWine Investment Presentation by James Miles,Liv-Ex
Wine Investment Presentation by James Miles,Liv-Ex
 
James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014
James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014
James Miles of Liv-ex at the Wine Industry Conference, HKIWSF 2014
 
Decade of Rum report - WIRSPA
Decade of Rum report - WIRSPADecade of Rum report - WIRSPA
Decade of Rum report - WIRSPA
 
Wine Investment
Wine InvestmentWine Investment
Wine Investment
 
The global wine market
The global wine marketThe global wine market
The global wine market
 
What Is The VRIO Analysis Of Frog Leaf
What Is The VRIO Analysis Of Frog LeafWhat Is The VRIO Analysis Of Frog Leaf
What Is The VRIO Analysis Of Frog Leaf
 
India Wine Industry Report
India Wine Industry ReportIndia Wine Industry Report
India Wine Industry Report
 
Key Drivers in the Australian Wine Industry
Key Drivers in the Australian Wine IndustryKey Drivers in the Australian Wine Industry
Key Drivers in the Australian Wine Industry
 
Wine as a food or collectable
Wine as a food or collectableWine as a food or collectable
Wine as a food or collectable
 
Ivey Essay
Ivey EssayIvey Essay
Ivey Essay
 
Wine As A Alcoholic Beverage That Can Be Easily Evaporated...
Wine As A Alcoholic Beverage That Can Be Easily Evaporated...Wine As A Alcoholic Beverage That Can Be Easily Evaporated...
Wine As A Alcoholic Beverage That Can Be Easily Evaporated...
 
Wine Quality Of Wine Tourism
Wine Quality Of Wine TourismWine Quality Of Wine Tourism
Wine Quality Of Wine Tourism
 
Wine marketglobalcontext
Wine marketglobalcontext Wine marketglobalcontext
Wine marketglobalcontext
 
Taylor Wines Essay
Taylor Wines EssayTaylor Wines Essay
Taylor Wines Essay
 
Global Wine Wars Case Study
Global Wine Wars Case StudyGlobal Wine Wars Case Study
Global Wine Wars Case Study
 
LCBO @ VINITALY 2018
LCBO @ VINITALY 2018LCBO @ VINITALY 2018
LCBO @ VINITALY 2018
 
Diageo London
Diageo LondonDiageo London
Diageo London
 
ChocolatRouge Campaign Book
ChocolatRouge Campaign BookChocolatRouge Campaign Book
ChocolatRouge Campaign Book
 
Zonin in Brazil
Zonin in BrazilZonin in Brazil
Zonin in Brazil
 
Zonin in Brazil
Zonin in BrazilZonin in Brazil
Zonin in Brazil
 

Recently uploaded

THIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITED
THIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITEDTHIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITED
THIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITEDAMRITMISHRA46
 
How Do Cleaners Prepare Before Commencing Builders Cleaning?
How Do Cleaners Prepare Before Commencing Builders Cleaning?How Do Cleaners Prepare Before Commencing Builders Cleaning?
How Do Cleaners Prepare Before Commencing Builders Cleaning?Renovation Cleaning
 
interior design company dubai | Sites DXB
interior design company dubai | Sites DXBinterior design company dubai | Sites DXB
interior design company dubai | Sites DXBSitesDXB
 
How Can Dumpster Rental Streamline Yard Waste Management In San Fernando Valley
How Can Dumpster Rental Streamline Yard Waste Management In San Fernando ValleyHow Can Dumpster Rental Streamline Yard Waste Management In San Fernando Valley
How Can Dumpster Rental Streamline Yard Waste Management In San Fernando ValleyBG’s Big Box Service
 
International Sustainable and Efficient Irrigation Solutions
International Sustainable and Efficient Irrigation SolutionsInternational Sustainable and Efficient Irrigation Solutions
International Sustainable and Efficient Irrigation SolutionsIrri Design Studio
 
Point of View Glazing - Expert Glazing Services
Point of View Glazing - Expert Glazing ServicesPoint of View Glazing - Expert Glazing Services
Point of View Glazing - Expert Glazing ServicesPoint of View Glazing
 
Touchstone Lofts – Loft conversions specialist
Touchstone Lofts – Loft conversions specialistTouchstone Lofts – Loft conversions specialist
Touchstone Lofts – Loft conversions specialistTouchstone Lofts
 
From A To Z Understanding The Full Spectrum Of Employment Background Checks
From A To Z Understanding The Full Spectrum Of Employment Background ChecksFrom A To Z Understanding The Full Spectrum Of Employment Background Checks
From A To Z Understanding The Full Spectrum Of Employment Background Checksaffordablebackgroundchecks
 
The Expertise of Our Web Development Company
The Expertise of Our Web Development CompanyThe Expertise of Our Web Development Company
The Expertise of Our Web Development CompanyNetqom Solutions
 
Here are five tips to make house packing quicker and faster.pptx
Here are five tips to make house packing quicker and faster.pptxHere are five tips to make house packing quicker and faster.pptx
Here are five tips to make house packing quicker and faster.pptxnidhimovee
 
The Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdf
The Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdfThe Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdf
The Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdfjacklutz2
 
7 Ways To Select Best Corporate Gifts | Corporate Gifts Supplier
7 Ways To Select Best Corporate Gifts | Corporate Gifts Supplier7 Ways To Select Best Corporate Gifts | Corporate Gifts Supplier
7 Ways To Select Best Corporate Gifts | Corporate Gifts SupplierVerve Corporate Gifts
 
Retirement Planning - Transferring UK Pension to France.pptx
Retirement Planning - Transferring UK Pension to France.pptxRetirement Planning - Transferring UK Pension to France.pptx
Retirement Planning - Transferring UK Pension to France.pptxChaseBuchanan
 
one of the best by art prints online here
one of the best by art prints online hereone of the best by art prints online here
one of the best by art prints online heretoyism501
 
Custom Speech Writing Services Online | Writing Sharks
Custom Speech Writing Services Online | Writing SharksCustom Speech Writing Services Online | Writing Sharks
Custom Speech Writing Services Online | Writing SharksWritingSharks
 
What To Look For in Employee Onboarding Software?
What To Look For in Employee Onboarding Software?What To Look For in Employee Onboarding Software?
What To Look For in Employee Onboarding Software?eZaango HR
 
ONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdf
ONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdfONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdf
ONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdfLeonaNguyenThuyLinh
 

Recently uploaded (19)

A Guide to AI-powered Lead Generation Strategies
A Guide to AI-powered Lead Generation StrategiesA Guide to AI-powered Lead Generation Strategies
A Guide to AI-powered Lead Generation Strategies
 
THIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITED
THIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITEDTHIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITED
THIRTEEN ODDS DESIGN DOCKYARD PRIVATE LIMITED
 
How Do Cleaners Prepare Before Commencing Builders Cleaning?
How Do Cleaners Prepare Before Commencing Builders Cleaning?How Do Cleaners Prepare Before Commencing Builders Cleaning?
How Do Cleaners Prepare Before Commencing Builders Cleaning?
 
interior design company dubai | Sites DXB
interior design company dubai | Sites DXBinterior design company dubai | Sites DXB
interior design company dubai | Sites DXB
 
How Can Dumpster Rental Streamline Yard Waste Management In San Fernando Valley
How Can Dumpster Rental Streamline Yard Waste Management In San Fernando ValleyHow Can Dumpster Rental Streamline Yard Waste Management In San Fernando Valley
How Can Dumpster Rental Streamline Yard Waste Management In San Fernando Valley
 
QuickBooks Multi User Mode Not Working Solutions Steps.pdf
QuickBooks Multi User Mode Not Working Solutions Steps.pdfQuickBooks Multi User Mode Not Working Solutions Steps.pdf
QuickBooks Multi User Mode Not Working Solutions Steps.pdf
 
International Sustainable and Efficient Irrigation Solutions
International Sustainable and Efficient Irrigation SolutionsInternational Sustainable and Efficient Irrigation Solutions
International Sustainable and Efficient Irrigation Solutions
 
Point of View Glazing - Expert Glazing Services
Point of View Glazing - Expert Glazing ServicesPoint of View Glazing - Expert Glazing Services
Point of View Glazing - Expert Glazing Services
 
Touchstone Lofts – Loft conversions specialist
Touchstone Lofts – Loft conversions specialistTouchstone Lofts – Loft conversions specialist
Touchstone Lofts – Loft conversions specialist
 
From A To Z Understanding The Full Spectrum Of Employment Background Checks
From A To Z Understanding The Full Spectrum Of Employment Background ChecksFrom A To Z Understanding The Full Spectrum Of Employment Background Checks
From A To Z Understanding The Full Spectrum Of Employment Background Checks
 
The Expertise of Our Web Development Company
The Expertise of Our Web Development CompanyThe Expertise of Our Web Development Company
The Expertise of Our Web Development Company
 
Here are five tips to make house packing quicker and faster.pptx
Here are five tips to make house packing quicker and faster.pptxHere are five tips to make house packing quicker and faster.pptx
Here are five tips to make house packing quicker and faster.pptx
 
The Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdf
The Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdfThe Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdf
The Power of Quick Commerce Data Monitoring A Comprehensive Guide.pdf
 
7 Ways To Select Best Corporate Gifts | Corporate Gifts Supplier
7 Ways To Select Best Corporate Gifts | Corporate Gifts Supplier7 Ways To Select Best Corporate Gifts | Corporate Gifts Supplier
7 Ways To Select Best Corporate Gifts | Corporate Gifts Supplier
 
Retirement Planning - Transferring UK Pension to France.pptx
Retirement Planning - Transferring UK Pension to France.pptxRetirement Planning - Transferring UK Pension to France.pptx
Retirement Planning - Transferring UK Pension to France.pptx
 
one of the best by art prints online here
one of the best by art prints online hereone of the best by art prints online here
one of the best by art prints online here
 
Custom Speech Writing Services Online | Writing Sharks
Custom Speech Writing Services Online | Writing SharksCustom Speech Writing Services Online | Writing Sharks
Custom Speech Writing Services Online | Writing Sharks
 
What To Look For in Employee Onboarding Software?
What To Look For in Employee Onboarding Software?What To Look For in Employee Onboarding Software?
What To Look For in Employee Onboarding Software?
 
ONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdf
ONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdfONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdf
ONEUNIVERSE_PORTFOLIO_ENGLISH_202403.pdf
 

Wine As An Asset or Alternative Strategy

  • 2. 2 Through Provides “Investment Grade Wine” – Cases of physical wine from various vintages, regions and producers Diversification, to establish a collection, store of value, real asset UK market, exchanges, direct Individuals, Wealth Managers, Collectors, Trusts and Estates WHAT HOW WHY WHO
  • 3. 3 Through Provides Provenance, Price, Profile and Performance Analyze the market, trade on secondary market, write research Wealth managers, investment advisors, to clients and clients to wine Technology – Advent, Wine Owners, Liv-Ex, Auctions ADVISE CONNECT RESEARCH VALUE
  • 5. 5
  • 6. Women and Wine – The Stats  Women do have more fungiform papillae and taste buds  34% of all wine drinkers are high frequency, 50% are women  Of 135 Master Sommeliers in the US, 19 are women  Approximately 10% of the winemakers in California are women  There are 366 Masters of Wine, 93 are women  Men spend on average $4.00 more than women on wine 6
  • 7. Market Trends  70% of all wine sales in the US are made by women  As a demographic over 55% of the wine drinkers are women, 100 million wine drinkers in the US  80% of the readers of Wine Spectator, Decanter and Wine Enthusiast are men  Target millennial women 7
  • 8. Marketing to Women, Really? Skinny Girl Smarty Pants, Rebel Red, Drama Queen Be, Flirty, Bright, Fresh Relax Chateau Domaine Napa Valley Willamette Valley Burgundy Premier Cru First Growth 8
  • 10. 10
  • 11. 11
  • 12. What Wine? % of Wines Offered by Region on Liv-ex Argentina Portugal Bordeaux Red Bordeaux White Burgundy Red Bugundy White USA Aus Rhone Italy Spain Champagne Chile NZ SFR Germany Alsace 12 Burgundy, Bordeaux, Champagne, Rhone, Italy, California, Niche The further from the vine, the lesser the wine Most liquid and transparent wines, UK, France or exchange traded Current and back vintages
  • 13. The Secondary Market for Investment Grade Wine IGW market, as measured by the London International Vintners Exchange, Liv-ex, is approximately $8 billion. Niche market with unique supply and demand characteristics Secondary market provides liquidity, price transparency Daily pricing allows for “mark to market” valuation Secondary market volumes of wine are at a record high with over 400 traders representing 33 countries Christie’s Wine Department has approximately 7,500 clients 13
  • 14. Liv-ex Market Recent Trades Latest 25 Trades on Liv-ex Source: Liv-ex as of 09/19/14. GBP. Current exchange rate 1.65. 14 Liv-ex 100 Index C Region Wine Vin Size Last Eu/btt Qty SEP bdxr Angelus 2012 12x75 2,139 223.3 10 SIB bdxr Cos d'Estournel 2011 6x75 390 81.5 14 SIB bdxr Reserve Comtesse 2010 12x75 220 22.9 4 SIB bdxr Pontet Canet 2009 12x75 1,330 138.9 2 SIB bdxr Reserve Comtesse 2009 12x75 235 24.5 10 SIB bdxr Duclot Collection 2007 9x75 2,450 340.9 1 SIB bdxr Malescot St Exupery 2006 12x75 339 35.4 8 SIB bdxr Mouton Rothschild 2005 12x75 3,420 357.7 1 SIB bdxr Haut Brion 2003 6x75 1,190 248.5 1 SIB bdxr Latour 2003 12x75 6,380 664.8 1 SIB bdxr Pontet Canet 2003 12x75 650 68.0 1 SIB bdxr Palmer 1996 12x75 1,550 161.7 1 SIB bdxr Mouton Rothschild 1993 12x75 3,015 315.8 1 SIB bdxw Yquem 2009 12x75 3,340 349.2 1 SIB bdxw Pape Clement Blanc 2005 6x75 495 103.5 2 SIB bgnr Lambrays, Clos Lambrays 2012 12x75 1,144 119.5 6 SIB bgnr Bouchard Pere et Fils, Vosne Romanee Suchots 2009 6x75 235 49.1 1 SIB cham Moet & Chandon, Dom Perignon 1999 6x75 440 92.0 5 SIB cham Bollinger, Special Cuvee NV 6x75 115 24.0 10 SIB rho Guigal, Cote Rotie Landonne 2010 12x75 2,690 280.7 5 SIB rho Guigal, Cote Rotie Mouline 2010 12x75 2,690 280.7 3 SIB rho Guigal, Cote Rotie Turque 2010 12x75 2,690 280.7 3 SIB rho Roquete, Chateauneuf Du Pape 2010 12x75 145 15.2 2 SIB rho Clos Papes, Chateauneuf Du Pape 2009 12x75 465 48.6 10 SIB sfr Tempier, Bandol Rose 2013 12x75 136 14.2 39 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Index Value (Dec 03 = 100)
  • 15. WHY
  • 16. 16
  • 17. Wine – Growing Demand, Rare and Regulated 17 Global wine market is valued at $200 billion Lack of transparency, barriers to entry, specialist knowledge Auction house revenues for wine $400 million US demand for wine up 34% since 2000 Source: International Organization of Vine and Wine, IWSR. Demeter Group
  • 18. Investment Grade Wine 18Source:Liv-ex At a cyclical low point in traditional five year cycle Supply diminishing, 2010 the last great vintage in Bordeaux, Burgundy at historical low yields Shift in market focus from Bordeaux to Italy, Champagne, California Market as measured by the Liv- ex 100 peaked in June 2011 and has since pulled back New trading platforms emerging helping transparency 80 100 120 140 160 180 200 220 240 260 280 300 320 340 360 380 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Index Value (Dec 03 = 100) Investables S&P 500 Liv-ex Investables vs. S&P 500
  • 19. “IOP” Demand 0 5 10 15 20 25 30 35 40 North America Asia-Pacific ex. Japan Japan Europe Latin America Middle East and Africa Global Average ALLOCATIONS TO INVESTMENTS OF PASSION (%) Other Collectibles - Wine, Coins, Antiques Alternatives Sports Investments Alternatives Art Alternatives Luxury Collectibles Alternatives Jewelry, Gems & Watches 19 Source: World Wealth Report 2013. HAGI. Art Market $58 billion Collectible Cars $12 billion Investment Grade Wine Market $10 billion
  • 20. 20 1 year change Q3 ‘12 to Q3 ’13, Art, -3%, Furniture -2%, Chinese 3%, Jewelry 3%, Watches 4%, Wine 3%, Cars 28%, Stamps 5%, Coins 10%, Index 8%
  • 21. The Wealth Market 21 Source: 2013 World Wealth Report. Global High Net Worth Market $46.2 trillion Alternatives Market $4.6 trillion Annualized Growth In HNW Investable Wealth 6.5% Ultra high net worth, $30 mm +, grew 10.9% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 US Japan Germany China UK HIGH NET WORTH POPULATIONS ('000) 2011 2012 1.2 1.7 7.3 10.2 11.6 10.8 1.1 1.7 7.1 10.1 11.4 10.7 1.3 1.8 7.5 10.9 12.7 12 1.4 2.2 8.3 13.1 15 15.9 A F RIC A MIDDLE E A S T LA T IN A ME RIC A E UROP E NORT H A ME RIC A A S IA - P A C IF IC INVESTABLE WEALTH (US$ TRILLION) 2010 2011 2012 2015
  • 22. HOW
  • 23. 23
  • 24. The Catalysts  Top storage – further from the vine the lesser the wine  Entry point, relative price, too expensive to drink, upside  Parker Points, PPP, production, brand  History of aging, consistency of vintages Provenance Price Profile Performance 24
  • 25. The Circle of Wine AOCIA Clients Current and Future Consumers Producer/ Market AOCIA Individuals Collectors Auction Houses Foundations Endowments Trust Departments Wealth Advisors, Brokers •Wine producers, collectors and investors have an obligation to steward the understanding of fine wine and future growth in the market •Proper vintage management can support this process •Engagement with younger demographics can help grow demand 25
  • 26. Market Trends  Diversification away from Bordeaux  Bordeaux now stabilizing, new demand  Super Tuscans finding favor  Vintage champagne trading well  Climate and price are creating relative value in back vintages 26 Source: Liv-ex as of 9/12/14 Market Expands Beyond Bordeaux
  • 28. Sell off in Bordeaux Creates Opportunity  The 2009 and 2010 First Growths had an average rating of 99 points, two of the top rated vintages of all time in Bordeaux.  Since the release of the 2009 vintage en primeur, Lafite Rothschild has contracted over 40%, Mouton Rothschild 28%, Margaux 22%, Haut-Brion 19%, and Latour 5%.  Looking at the return profiles of the 2000 and 1990 Lafites, there appears to be substantial upside, with returns of 533% and 1,410%, respectively.  2009 and 2010 Haut-Brion is the second least expensive per Parker point at $98 and $99 respectively.  En primeur pricing appears to be a major driver of volatility and market perception. 28 Source: Liv-ex as of 9/17/13. Constant currency of 1.55 USD/GBP En Market Production % Change Primeur Price RP EP$/PP MKT$/PP Lafite Rothschild 20,000 (43) 18,600 10,540 98 190 108 Mouton Rothschild 15,000 (17) 12,013 9,920 98 123 101 Margaux 10,000 (22) 12,276 9,610 99 124 97 Haut-Brion 10,500 (16) 11,774 9,920 100 118 99 Latour 18,000 2 17,050 17,360 100 171 174 Average (19) 14,342 11,470 99 145 116 En Market % Change Primeur ($) Price ($) RP EP$/PP MKT$/PP Lafite Rothschild (41) 20,150 11,974 99 204 121 Mouton Rothschild (28) 12,090 8,680 99 122 88 Margaux (22) 13,175 10,230 99 133 103 Haut-Brion (19) 12,090 9,765 100 121 98 Latour (4) 17,050 16,275 100 171 163 Average (23) 14,911 11,385 99 150 114 En Market % Change Primeur ($) Price ($) RP EP$/PP MKT$/PP Lafite Rothschild 635 2,868 21,080 98 29 215 Mouton Rothschild 364 3,410 15,813 96 36 165 Margaux 370 2,472 11,610 100 25 116 Haut-Brion 192 2,868 8,370 99 29 85 Latour 359 2,868 13,164 98 29 134 Average 384 2,897 14,007 98 30 143 2010 First Growths Return Profile 2009 First Growths Return Profile 2000 First Growths Return Profile
  • 33. 33 Chapoutier Ermitage l’ Ermite Blanc, 2009
  • 40. WHO
  • 41. 41
  • 42. Our Clients are Your Clients Individuals Financial Advisors Wealth Managers Financial Institutions Collectors Wine Educators 42
  • 43. What Clients Want Access to wine Easy to understand process Trustworthy knowledge Transparent inventory Valuation services Vintage management Actionable content Risk controls 43
  • 44. AOCIA What We Do Advise Vintage Management Research Educate Connect Consult Import Taste – a lot 44
  • 45. The Differentiator 45 Platform provides analysis of vintages, regions, producers, vineyards, color etc. Active portfolio management to maximize returns and minimize risk As a “wasting” asset wine deserves active management, for both current and future wine lovers AOCIA’s platform is familiar and transparent, it looks just like any traditional brokerage statement Partnered with Advent Software recognized as the “gold” standard in RIA community
  • 47. Wealth Managers and Wine White Label Customizable design elements Static pages & content Own URL/ SSL White Label admin Extensive security Highly configurable Data feeds/ Restful interfaces
  • 48. Peer to Peer Fine Wine Trading Exchange The worlds first peer-to-peer fine wine trading exchange Assured trading process & faster settlement Wine Owners facilitates, does not participate
  • 49. 49
  • 50. Top Tips to Owning the List  Start with Geography 101  Varietal, think region, if its hot, if its cold, basics of wine expression  Don’t play the margin game, Italian wines, lots of good but not great  Just because its from France or Napa it does not need to be expensive  Vintage matters in top wine, not as much in New World  Be willing to step outside of your varietal comfort zone  Be wary of Pinot from hot climates, 14% Pinots are an 80/20 proposition  Value regions, Jura, Languedoc, Spain, Southern Italy, Finger Lakes New York, Argentina, Austria, Ontario, Sud-Ouest, Savoie, Rhone 50
  • 51. Wine Menu Restaurant versus Retail Chardonnay Cabernet Sauvignon • Hedges, 2011, Red Mountain, Yakima Valley, Washington $58/$20 • Colgin, Herb Lamb Vineyard, 2004, Howell Mountain, Napa Valley, California $775/$265 • Château Margaux, Premier Cru, 1995, Margaux $1200/$450 • Pichon Longueville-Comtesse de Lalande, Réserve de la Comtesse, 2006, Pauillac $150/$40 51 • Au Bon Climat, Sanford & Benedict Vineyard, 2010, Santa Ynez Valley, Santa Barbara County, California $70/$44 • Aubert, Lauren Vineyard, 2011, Sonoma Coast, California $225/$120 • Chevalier-Montrachet, Jean- Marc Pillot, Grand Cru, 2008, Côte de Beaune, $650/$300 • Bouzeron Aligoté, Aubert de Villaine, 2010, Côte Chalonnaise, $54/$20
  • 52. THE WINES OF THE NIGHT
  • 53. 53
  • 54. Sparkling  Domaine Chandon, Brut, Carneros Whites  Blend, Seven Daughters, California  Viognier, Cline, Sonoma Reds  Zinfandel, Kunde, Sonoma  Pinot Noir, Davis Byrum, Russian River 54
  • 55. 55