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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