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Vente en primeur et investissement : une étude sur les grands crus de Bordeaux

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  • Héla Hadj Ali
  • Céline Nauges

Abstract

The aim of this article is to explain the recent enthusiasm in the fine wines market for the system known as ?vente en primeur?(saleofwinesintheyearfollowingtheharvestbeforebeingbottledanddeliveredtowinemerchants). Onthe basisofpricedataforBordeauxwines,ananalysisismadeofthepriceincreasebetweenthe?venteenprimeur?andthe firstsubsequentpricequotation. Itisshownthataninvestmentin?primeur?wine(between 1995and 1999)resultedin returnssignificantlybetterthanfrominvestmentonthetraditionalstockmarket. Thisanalysisalsohighlightsthespecific nature of the market for the five prestigious ?grands crus?.

Suggested Citation

  • Héla Hadj Ali & Céline Nauges, 2003. "Vente en primeur et investissement : une étude sur les grands crus de Bordeaux," Economie & Prévision, La Documentation Française, vol. 159(3), pages 93-103.
    • Handle: RePEc:cai:ecoldc:ecop_159_0093
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    References listed on IDEAS

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    1. Krasker, William S, 1979. "The Rate of Return to Storing Wines," Journal of Political Economy, University of Chicago Press, vol. 87(6), pages 1363-1367, December.
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    6. Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-1089, December.
    7. Victor Ginsburgh & Albert Di Vittorio, 1996. "Des enchères comme révélateurs de classement des vins," ULB Institutional Repository 2013/152439, ULB -- Universite Libre de Bruxelles.
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    Citations

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    Cited by:

    1. Chauvin, Pierre-Marie, 2013. "The social fabric of prices: Institutional factors and reputation work in the bordeaux wine futures campaign," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 15(1), pages 12-21.
    2. Eric Le Fur & Jean-François Outreville, 2019. "Fine wine returns: a review of the literature," Journal of Asset Management, Palgrave Macmillan, vol. 20(3), pages 196-214, May.
    3. Mahenc, Philippe & Meunier, Valérie, 2006. "Early Sales of Bordeaux grands crus," Journal of Wine Economics, Cambridge University Press, vol. 1(1), pages 57-74, April.
    4. B. Faye & E. Le Fur & S. Prat, 2015. "Dynamics of fine wine and asset prices: evidence from short- and long-run co-movements," Applied Economics, Taylor & Francis Journals, vol. 47(29), pages 3059-3077, June.
    5. Carole Botton & Julien Fouquau, 2012. "Adjugé, Vendu...Assuré," Post-Print hal-00937902, HAL.
    6. Fur, Eric Le, 2021. "Fine Wines in a Diversified Portfolio of Collectibles," 2021 Conference, August 17-31, 2021, Virtual 315852, International Association of Agricultural Economists.

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