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

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  • Céline Nauges
  • Héla Hadj Ali

Abstract

[eng] “ Vente en primeur” and investment : a study of the Bordeaux “ grands crus”.. The aim of this article is to explain the recent enthusiasm in the fine wines market for the system known as “ vente en primeur” (sale of wines in the year following the harvest before being bottled and delivered to wine merchants). On the basis of price data for Bordeaux wines, an analysis is made of the price increase between the “ vente en primeur” and the first subsequent price quotation. It is shown that an investment in “ primeur” wine (between 1995 and 1999) resulted in returns significantly better than from investment on the traditional stock market. This analysis also highlights the specific nature of the market for the five prestigious “ grands crus”. [fre] On cherche dans cet article à expliquer l’engouement récent suscité par le système des ventes en primeur sur le marché des grands vins. À partir de données de prix concernant des vins de Bordeaux, on analyse la plus-value réalisée dès la première cotation du vin après sa sortie en primeur. On montre qu’un investissement dans le vin primeur (entre 1995 et 1999) a procuré des rendements significativement meilleurs que les investissements sur le marché boursier traditionnel. Cette analyse met également en lumière la spécificité du marché des cinq grands crus.

Suggested Citation

  • Céline Nauges & Héla Hadj Ali, 2003. "Vente en primeur et investissement : une étude sur les grands crus de Bordeaux," Économie et Prévision, Programme National Persée, vol. 159(3), pages 93-103.
    • Handle: RePEc:prs:ecoprv:ecop_0249-4744_2003_num_159_3_6915
    DOI: 10.3406/ecop.2003.6915
    Note: DOI:10.3406/ecop.2003.6915
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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.
    2. Jaeger, Elizabeth, 1981. "To Save or Savor: The Rate of Return to Storing Wine: Comment," Journal of Political Economy, University of Chicago Press, vol. 89(3), pages 584-592, June.
    3. Philippe Mahenc & Michel Moreaux, 2001. "La vente en primeur, instrument de discrimination intertemporelle en prix," Annals of Economics and Statistics, GENES, issue 62, pages 193-208.
    4. Burton, Benjamin J & Jacobsen, Joyce P, 2001. "The Rate of Return on Investment in Wine," Economic Inquiry, Western Economic Association International, vol. 39(3), pages 337-350, July.
    5. repec:adr:anecst:y:2001:i:62:p:09 is not listed on IDEAS
    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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    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. 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.
    3. 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.
    4. 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.
    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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