Collections of any kind are an extremely personal thing. When it comes to wine, Jeffrey Kobernick, managing partner and co-founder of New Edge Wealth, believes the process should begin by posing this foundational question to any new collector: Are you collecting for personal enjoyment, long-term investment or both?
After deciding the focus of the collection, the next step is education — which can be achieved by reading books, speaking with industry experts and seeking out wine merchants and sommeliers, Kobernick said.
A variety of books are available, and two good ones to start with are Wine Folly by Madeline Puckette and The World Atlas of Wine by Hugh Johnson and Jancis Robinson. Online resources like the Alti Wine Exchange, a platform designed to connect wine producers and investors on a blockchain-based platform, are also helpful, Kobernick said.
Monica Heslington, head of the Goldman Sachs Family Office art and collectibles strategy, said people come to collecting with different knowledge levels and varying amounts of time, financial resources, space, and staff to devote to building a collection.
“They like to drink different wines; their drinking cadence varies according to their personal habits and how often they entertain guests,” Heslington said. “Some need bottles from their collection available in multiple locations. There is no off-the-rack approach.”
Nick Pegna, global head of wine and spirits for Sotheby’s, said that although questions around preferences for wines, timelines, purposes for collecting and areas of focus are critical in the beginning, another key thing to remember is that tastes can change, and collections may evolve. “Usually, collectors want to build on what they know and love,” Pegna said. “But as they discover new wine regions — often through wine tourism or introductions by others — their goals should be revised.”
Collection, storage and location
Following education and determining what type of collector you want to be, the next focus should be identifying the proper collection management system before beginning the actual collecting.
“This may be one of the least fun aspects of collecting but one of the most important things you can do, especially if a collection has thousands of bottles,” Heslington said. “If you already have procedures for how bottles are organized, who will update your inventory and when bottles are consumed, and how often you audit and review your inventory, you won’t end up with more bottles of certain wines than you can drink, fall short on bottles of the perfect wine for the perfect occasion, or miss drinking windows.”
When it comes down to designing a cellar or storage area, Heslington suggests working with experienced professionals who can make a cellar that maintains ideal storage conditions and includes emergency features like backup generators. “Some collectors might keep everything at home, but others might opt for a hybrid solution — home storage for the wines that will be drunk in the near term but offsite professional storage for the unicorn bottles and those that won’t be ready to drink for several years,” she said.
For those who opt for storing their wine in an independent storage facility, Pegna cautions collectors to make sure that all wine is in the collector’s name and not the company from which they acquire the wine.
Building to diversify
When it’s time to start buying wine, Pegna provides a few detailed steps. First, he suggests buying two cases or more of each wine, allowing the collector to sell one while keeping the other to drink. Another tip is that while a collector should buy what he or she likes to drink, it’s wise to put 20% of the collection’s overall focus on new regions.
“Don’t put too much of your collection in one region or vintage,” he said. “Aim to diversify.”
Newbie collectors often get caught up in acquiring “big names” in regions and labels and very often miss the vibrancy of the wines and regions that are lesser known, said Stacie Hunt, a certified silver-pin sommelier. She suggests that clients narrow their favorite international cuisines that fit their palate criteria, then choose a specific region that may not seem obvious.
“If they prefer Italy, think about Sardegna, Puglia, Campania, South Africa or Canada for Icewine,” Hunt said.
In terms of other regions to explore, Hunt favors wines from the Entre-deux-Mers appellation of Bordeaux, Italian wines from places like Mt. Etna in Sicily, Mexican wine hailing from the Valle de Guadalupe in Baja California as well as Okanagan in British Columbia.
Beth Bornstein, a wine expert at ZiZi Wine Bar in New York City, advocates for exploring the Middle East as a wine region. “Each Middle Eastern country has its own grape varieties specific to their region,” Bornstein said. “By trying wines from these countries, you can taste grape varieties that grow only there and express the true taste profile of the country. The soil, weather patterns, water and climate — the terroir — are completely different in these Middle Eastern countries, which allows the grape varieties to develop their own unique flavors.”
Dean Fuerth, beverage director at Sushi Nakazawa in New York City, believes that tremendous value can be found in classic European wine regions like Portugal and Hungary. “Portugal is producing incredible, delicious, ageable wine; and the prices haven’t caught up with quality just yet.” Fuerth said. “Colares, Bairrada and Alentejo produce exceptional, cellar-worthy wines.
“Although some of the blue-chip names in Austria and Germany have skyrocketed in price over the last few years, there are numerous wineries producing in the same vineyards and selling for far less per bottle. Hungary has an incredible history of viticulture, and I consider certain dry Tokaji to be world-class in quality without putting too much of a strain on your wallet.”
Regardless of the region a collector chooses, Pegna reminds his clients not to overlook the importance of where they buy their wine.
“Some wine markets have higher taxes, so it’s beneficial to purchase wines from favorable places such as London, Geneva, New York, Hong Kong, and Singapore,” he said.
The key to having a collection evolve over time is to constantly stay curious. “Luckily for anyone starting a wine collection, we are living in the age of information, and there are numerous apps and online tools at a consumer’s disposal,” Fuerth said. “Vivino and CellarTracker are great for referencing market prices. When shopping for mature wines, it helps to research vintages to assess whether a particular bottle is worth investing in.”