Brian Ward is the principal of wine and spirits investing at Artory/Winston, a rare-assets management firm based in New York City, and the leading force behind Cask100, an investment fund focused on wine and whiskey.
How could changing international tariffs impact the value and accessibility of collectible spirits and wines for investors?
We, of course, have been talking about this for days. The implementation of a 20% tariff on European wines and a 10% tariff on UK whiskey creates a new market dynamic for U.S.-based collectors and investors, but it’s not unprecedented. During 2019-21 tariffs, U.S. import volumes of European wines fell by over 30%, while domestic premium brands experienced double-digit growth. This created surpluses in European markets that were redirected toward other markets like Asia.
The higher-end, smaller-production European wines will most likely see an increase in cost, and higher-end Napa wines will see a more moderate increase as consumers try to replace some of the European products. This is an opportunity for American producers of high-end Napa wines and premium bourbons, as they can establish themselves more firmly in the luxury-collectibles segment. We were already expecting a jump for age-statement bourbon, so that seems even more likely.
It’s not an entirely poor outlook for European products. Existing products will rise in price, given the decreased supply, which is great for collectors and investors with current stock.
Why have grower Champagnes begun to show higher returns compared to big-name Champagne houses, and what factors are contributing to their rapid value increase?
Grower Champagne has become an increasingly popular investment due to its rarity and hands-on production. Unlike larger houses that source grapes from multiple vineyards, grower Champagnes are limited by their own land, which creates natural scarcity. Producers also oversee the entire winemaking process, allowing the wines to express their terroir and maintain consistent quality.
One example is Salon Les Mesnil, known for the signature “S” on the label, standing for “singularity.” Salon produces a single wine using only chardonnay grapes, only in vintage years and only in the best ones — about 5,000 cases in those years. By comparison, Dom Pérignon makes over 400,000 cases annually.
Market data reflects this difference. The strong 1996 vintage of grower Champagnes, including Salon Les Mesnil and Jacques Selosse, shows annual returns of 12% and 19%, respectively, compared to Dom Pérignon (8%) and Krug (12%). Their performance, along with limited supply and rising recognition, is drawing more investor interest.
What are some of the standout producers in the grower Champagne space that collectors should watch closely, and how does their connection to the estate impact the Champagne’s value?
Jacques Selosse stands out for its intense, oxidative style and limited production, with wines like Substance and Initiale showing 19% annual returns at auction. Other key producers include Salon Les Mesnil; Georges Laval, an early adopter of organic farming; and Ulysse Collin, known for single-vineyard, low-dosage wines like Les Maillons. Emmanuel Brochet and Marie-Noëlle Ledru have also attracted attention with their microproduction cuvées.
The direct connection between producer and estate impacts value. Full control over viticulture enables consistent quality and distinctiveness, while small production volumes drive rarity. Direct involvement from planting to bottling provides strong provenance and authenticity, which appeals to collectors.
Tequila has surged in popularity both for consumers and collectors alike. What makes aged tequilas and tequila casks particularly valuable, and how do they compare to traditional whiskey or bourbon cask investments?
All tequila comes from the blue agave plant, which takes around seven years to mature. Añejo and extra añejo tequilas are aged longer in barrels, often in Mexico’s warm climate, which increases interaction between spirit and wood.
Many producers are now finishing tequila in used bourbon, cognac or wine barrels to layer in vanilla, caramel and dried fruit flavors alongside agave notes. This style often appeals to whiskey drinkers.
Compared to whiskey casks, tequila casks offer shorter-term investment windows. Whiskey ages well for 20-plus years and has a deeper secondary market. Tequila, on the other hand, typically peaks between three and five years due to its delicate agave character and higher barrel evaporation. Still, rising demand for luxury tequila offers potential for strong returns and diversification within a cask portfolio.
For someone looking to invest in tequila, what would you suggest regarding producers, regions or particular tequila expressions that offer strong potential for long-term value?
Tequila values are driven by rarity, quality, reputation and unique style. Añejo and extra añejo labels are key, particularly those aged in special barrels like cognac or wine, or those released as limited editions or collaborations.
Single-estate expressions, craft-focused producers using traditional or sustainable methods, and unique barrel finishes have performed especially well. Region also matters. The Tequila Valley in Jalisco — especially the Los Altos highlands — produces more complex agave due to higher elevation and iron-rich soils. Limited land and high demand in these areas push prices higher.
The demand for age-statement bourbons continues to grow. Could you discuss why age statement is significant for collectors, and what kinds of bourbons beyond Pappy Van Winkle are becoming essential in a collector's portfolio?
Age statements in whiskey often signal value and collectibility, which is why Scotch has long been popular with investors. Bourbon is gaining attention for similar reasons, particularly with longer-aged expressions that develop richer flavor through barrel interaction.
However, aging bourbon is more delicate — flavors can become overly tannic past 15 years. Plus, evaporation in bourbon barrels is higher than in Scotch, making well-aged stocks rarer and more desirable.
Beyond Pappy Van Winkle, collectors look to the Buffalo Trace Antique Collection, Four Roses Limited Editions and Heaven Hill’s Parker’s Heritage Collection. Others include Michter’s 20- and 25-Year, Wild Turkey’s Master’s Keep, Old Fitzgerald Bottled-in-Bond and E.H. Taylor’s age-stated releases. Newer producers like Barrell Bourbon and Bardstown Bourbon Co. are also drawing collector interest.
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Why venture debt deserves a place in family office portfolios
By DAVID SPRENG
Family offices are no strangers to innovative investment strategies. They embrace alternative asset classes, deploy capital in niche markets and often take the lead in identifying overlooked opportunities. Yet one strategy within private credit that remains underused in family office portfolios is venture debt.
This absence is puzzling, because venture debt can offer a compelling combination of steady returns, downside protection and access to high-growth sectors — attributes that align perfectly with the goals of many family offices.
Venture debt is a form of financing extended to venture-backed companies, typically alongside or shortly after a round of venture capital. Unlike venture capital, which focuses on outsized returns through equity ownership, venture debt provides loans that generate predictable income through interest payments. Borrowers often use venture debt to extend their runway, finance capital expenditures or bridge to the next equity round.
For family offices, the potential advantages of venture debt are multifaceted. It can generate stable returns in the high single to low double digits through interest and fees, prioritizing capital preservation over the exponential growth sought by equity investments. This focus on downside protection is attractive, given volatile equity markets.
Additionally, venture debt can open the door to high-growth sectors like technology and health care — industries that dominate venture capital portfolios — and provide family offices exposure to these innovative sectors without assuming the full risk of equity investments.
Risk vs. reward
Depending on the specific investments at hand, venture debt can offer a unique risk-reward profile and serve as an effective diversifier as well as offer a low correlation with traditional asset classes like equities and fixed income. Consistent cash flows also align with the long-term goals of many family offices, which often prioritize wealth preservation and steady income over short-term gains.
While default rates across private credit can vary from quarter to quarter, I view venture debt for late- and growth-stage companies as a fundamentally lower-risk category. These are typically established businesses with recurring revenue and more predictable cash flow — very different from early-stage startups that are still navigating product-market fit or validating their business model.
For example, according to Preqin data from 2019-24, venture debt sits in the middle of the pack in terms of risk-adjusted returns. During this time, venture debt delivered stronger returns than direct lending and mezzanine.
While it may be less volatile than buyouts and distressed debt, it’s not the lowest-risk strategy overall. Rather, it can offer a compelling balance — a reliable return profile with moderate risk, making it a smart play for investors seeking predictable performance without taking on equitylike volatility.
The knowledge gap
Despite its benefits, venture debt remains virtually unknown to many family offices due to a few factors. First, venture debt is a niche asset class that has historically been dominated primarily by institutional investors and executed by specialized lenders and regional banks. Second, family offices often rely on traditional wealth advisers, who may not be familiar with venture debt or lack the expertise to evaluate its potential.
Additionally, venture debt has long been overshadowed by its more glamorous sibling — venture equity. Media attention to unicorn valuations and IPO windfalls leaves little room for discussions about venture debt providers’ steady, behind-the-scenes work. This narrative has created a perception gap where venture debt is ancillary rather than integral to a robust investment strategy.
Addressing a key misconception
One common misconception about venture debt is that it is a form of rescue financing for struggling companies. In reality, venture debt is not meant to bail out failing businesses but, rather, support well-capitalized, high-growth companies that are strategically using debt to extend the borrower’s runway, finance expansion or bridge to a key milestone. Unlike distressed debt, which is used to restructure or save a faltering company, venture debt is deployed proactively to strengthen companies with strong fundamentals and investor backing.
The opportunity for family offices
The current economic climate makes the case for venture debt even stronger. With interest rates elevated and equity valuations under pressure, venture debt can offer a relatively stable income stream and attractive, risk-adjusted returns. Additionally, venture-backed companies increasingly turn to debt financing to avoid dilutive equity rounds, creating a larger pool of potential borrowers.
Family offices have an opportunity to explore venture debt as part of their alternative investment strategies. While the majority of venture debt investors have traditionally been institutional, some family offices are beginning to see the benefits of investing in venture debt funds, which offer diversified exposure to high-growth companies while leveraging professional fund management. In turn, family offices can gain exposure to this asset class without needing to directly structure deals themselves, benefiting from fund managers’ expertise in underwriting and risk assessment
Taking the first step
For family offices interested in venture debt, the first step is understanding how venture debt funds operate and identifying reputable fund managers. Investing through established venture debt funds allows family offices to gain exposure to this asset class without the complexities of direct deal structuring. Evaluating venture debt funds involves assessing the fund's track record, underwriting approach and risk management strategies to ensure alignment with the family office’s investment objectives.
Additionally, family offices should consider allocating a small portion of their portfolio to venture debt, treating it as a pilot program. Over time, they can expand their exposure as they become more comfortable with the asset class.
Venture debt can provide a unique opportunity for family offices seeking to enhance their portfolios, support innovation and achieve their long-term financial goals. Rather than being seen as a niche product, venture debt deserves recognition as a critical component of a diversified strategy, and more family offices should consider this for their portfolios.