2 Foreword ontents Introduction - About Cult & Boutique The Wine Market Explained - Unlock the potential Old & New World Wines - Something old, something new The Global Marketplace - Ripe for the picking The Critics - Nosey Parker Why Cult & Boutique - Barrels of experience Asset Security - Selection and storage Services - We pull out all the stops
3 Fine Wine has long been regarded as a tradable commodity and a thriving and secure alternate market, with trading in one form or another dating back to medieval times. We know that the ancient Greeks and Romans regularly shipped wines along with olive oil and that over the years it has played an important role in international trade. As far back as 1363, in the City of London, an association of wine merchants was formed called The Vintners' Company. Today it still plays an important role in the wine trade industry with its headquarters on the north bank of the River Thames. I am quite proud of my portfolio of rare, sought after wines. J.M. of Montrose, August 2015 It was not until the 19th century that speculation really took off, with fortunes being made and lost as wine merchants of the day deliberated on harvests and the changing prices of fine wines. Based in the centre of historic Richmond-upon-Thames, Cult & Boutique (Wine Management) Limited has been providing clients with fine wines for consumption and financial growth for many years. We have watched the market for fine wines develop and change a great deal over the decades, and our team has been at the forefront of recent changes that have helped this market evolve into what it is today. In a market place with more buyers and sellers than ever before, our clients have the ability to trade wines at the touch of a button, have access to online valuation tools that aid in their portfolio development and attend auctions devoted to specific fine wines. The interest and demand has never been greater. At Cult & Boutique, we re proud of the services we ve developed over the years and our ability to help our clients access only the very best, most prestigious and desirable wines the World has to offer; wines that are produced in a finite quantity allowing our clients to hold them as they mature and improve, whilst becoming more scarce and more desirable. It is no surprise that we are seeing more people than ever looking to enter the market for the first time or build upon existing portfolios. Spencer Leat Head of Communications
4 About Cult & Boutique At Cult & Boutique, we specialise in small production, high quality wines, offering our clients a route of diversification away from more traditional areas such as property, currencies, equities and bonds. The art of utilising the World s most collectable wines for growth may have been around for decades. However, during the past decade the strength and consistency of the market has been brought to the attention of a much larger, diverse audience with many using it to complement their wider investment portfolio. The utilisation of global trading platforms has enabled wines to be traded quickly and efficiently to collectors, connoisseurs and consumers all over the World, whilst at the same time illustrating how demand for the top products has risen dramatically. "Tradable, investment-grade wines, a global market that industry observers estimate at anywhere from $5 billion to $10 billion" institutionalinvestor.com, February 2014 Whether you are a newcomer to the world of fine wine or looking to discuss an existing portfolio, we will provide you with all the necessary pre-requisites in order for you to optimise all aspects of this progressive, alternate market.
5 I have been a client of Cult & Boutique for over six years and, thanks to their expert advice, I have been able to create an excellent portfolio of wines. In addition, Cult & Boutique has always sent me up to date information about the state of the market plus information on new wines, which has allowed me to make informed decisions about buying and selling." M.G. of Giffnock, October 2015 At Cult & Boutique we have access to a diverse selection of the most coveted wines within both the blue chip and boutique niches of the market. As scarcity is a major factor in the consistent growth seen within the fine wine market, and with only a fraction of fine wines produced globally being regarded as investment grade, our acquisition team work tirelessly to source the 'power brands' whilst also evaluating consumer tastes to ensure the products of the future are purchased way before they enter their drinking window, when they will be perfect for consumption. Priding ourselves on service as well as selection, we help our clients to build their knowledge throughout their progression within the market should they so wish. And for those who prefer to take a back seat, we are able to offer a bespoke service that incorporates the construction of a portfolio designed to achieve your specific financial goals. We arrange the storage and insurance of your portfolio, give you access to a client portal with updated valuations of your wines at the press of a button and access to a network of trade contacts across the globe when the time is right to action a sale. Cult & Boutique are passionate about wine and have great contacts within the wine industry. Their dealings are always professional and courteous with their clients wishes forefront in their thoughts when offering any wine S.L. of Elgin, January 2016
6 Unlock the potential Fine wines rise in value because of two main reasons: the first being that each vintage is produced to preordained maximum quantities. The second is the ever-increasing demand for wines regarded as suitable for long term storage or 'bedding down'. Basic supply and demand is the driving force behind the market with branding also playing a key role. Unlike many areas of investment, the finite production levels of fine wine are paired with an increasing rate of consumption, something that is not commonplace in most markets. A buoyant European following, along with a resurging US market and the addition of rapid growth in the collection and consumption in Asia means the market is in a state of evolution. French wine has long been regarded as the pinnacle of fine wine investment with wines produced to quantities decreed by the Appellation d'origine Contrôlée (AOC) laws of These laws even dictate the yield of each acre of planted vines and are subject to strict controls. Under the Bordeaux Wine Official Classification of 1855 there are five First Growths or Premier Cru wines against which every other product has been judged. These are followed by Second, Third, Fourth and Fifth Growth wines produced to varying quantities. Wines of note produced outside of Europe, sometimes referred to as New World, are restricted to existing production levels by the availability of land and quality vines, generally produced in tiny quantities they make up the boutique element of the market. The fine wine market is overwhelmingly made up of red wines with only a very small percentage of exceptions to this rule.
7 Fewer than 2% of all wines produced globally are considered to be of sufficient quality to rise in value, with only the vintages that are graded highly enough by the World s most influential critics deemed to be of investment grade. With the price of these wines rising in value as they approach drinking maturity, the importance of selecting the correct vintage is fundamental to the performance of a portfolio. Classic, celebrated vintages such as 1982, 1996 and more recently 2005 have been great examples of the added security that a classic vintage can offer. Consumers, connoisseurs and collectors, together known as the secondary market, will traditionally look to acquire wines just prior to the wine s maturity window. Their selection is often influenced by the World's leading critics, whilst some buy based on brand, with history, ownership, wine maker and exclusivity also influencing buying patterns. Almost all New World fine wine is fit to drink soon after its release and will be reaching the start of its maturity window five to eight years from that point. Individuals will be looking to source them from the beginning to the mid-point of that maturity window, which could range from twenty to fifty years. Old World wines generally have a lengthier maturity cycle but will normally be considered the blue chip element of a portfolio and reward owners over the extended hold term. This is why we aim to understand a client s wider financial goals, enabling us to utilise all aspects of the market and build a bespoke portfolio. Private wealth plays an integral part in the fine wine market s ongoing development. There are an estimated 14.6 million high net worth individuals in the World with investible assets of over $56 trillion. This figure includes 6.7% growth within 2014 and in 2015, according to Forbes' latest ranking, there are 1,826 billionaires with a combined worth of $7.05 trillion. As the fulcrum of the market, these individuals continue to support the consumption and acquisition of the World's finest wines. The fine wine market also offers an added attraction, with significant tax advantages due to its status as a 'wasting chattel'. We recommend speaking to a tax adviser to see how it could benefit your investment portfolio. We are moving from wine as noble agriculture to luxury goods whether you like the words or not Arnaud de Laforcade, Chief Financial Officer, Château Cheval Blanc (LVMH)
8 Something old, something new The term Old World refers to European releases and is primarily used when referring to French wine. Wines from Burgundy, Rhône and Champagne along with a select group of Italian, 'Super Tuscan' wines have a following that has allowed for an impressive performance. In 2014 a 'super lot' of 114 bottles of Romanee-Conti from Domaine de la Romanee-Conti sold for HK$12.6m. In Sotheby's first autumn auction of 2015 in New York, they made US$4.8m in the two days with one of the standout wines being from Rhône, with a twelve bottle case of 1978 Hermitage La Chapelle, Paul Jaboulet Aine selling for over $17,000. Yet from the perspective of building a wine portfolio for investment the most relevant region by far has to be Bordeaux. "There is a finite number of bottles in existence, and for the best returns a medium to long-term view needs to be taken. As the wines mature and improve they also become rarer and more desirable - which drives prices even higher." The Daily Telegraph, January 2015
9 A tier system was created in 1855 for Napoleon III, with wines from this region being classified into growths from 1 to 5 with strict Appellation d'origine Contrôlée (AOC) laws of 1936 governing the acreage used by these classified châteaux. This has kept output unchanged and to a minimum. These limitations on production and the ongoing quest for perfection from the top châteaux mean that it is commonplace to only see 30-40% of the crop used to produce their premier wine, or Grand Vin. The First Growth wines or Premier Cru have remained unchanged with the exception of one addition in 1973 of Château Mouton Rothschild, promoted from a Second Growth to a First Growth wine. The original First Growth Châteaux are Lafite Rothschild, Latour, Margaux and Haut Brion. New World wine is a general definition of a product hailing from outside of Europe with Australia and America producing some standout wines. South Australia and California produce a small quantity of exceptional wines and these products are differentiated from their French counterparts by virtue of their earlier maturity dates and lower production levels. Fine wine is one of the best performing asset classes of the past 20 years Financial Times, July 2015 In the majority of cases, top-end wines from these areas start to mature within five to eight years, an average of ten years before their French equivalent. These wines are also made in significantly smaller quantities than the French products that in themselves are produced in finite quantities. With some New World wines being produced in volumes of no more than 250 cases per vintage, it's not hard to understand why many of these wines have generated a devout following. Traditionally, French wine has always been seen as superior to its competitors from the New World in terms of quality but with leading wine critic, Robert Parker Jr's grading system eradicating any bias or conjecture, all wines are now judged on their merits. The bottle price of top New World wines also compares very favourably with the Old World and brings with it exciting potential for growth. With many of these wines produced from vines nearing 200 years in age and tested over time, Cult & Boutique offers clients the opportunity to build a healthy spread of the best wines from both the New and Old World.
10 Ripe for the picking The secondary consumption market for fine wine is global. The sale of our clients wine into the secondary market, consisting of consumers and collectors of high quality wines, is not limited to the UK. The UK and Europe have a long-standing passion for fine wines, but the US market is also strongly regarded as having a great appreciation for the World's best wines. And in Asia we are seeing interest in the most sought after products on the increase. Fine wine behaves in a similar way to gold as a store of value, in times of crisis investors flock to them Financial Times, November ,500 1,250 1, Fine Wine v FTSE100 Rebased at 100 Source: Liv-ex (March 2016) Value May ,500 7, ,263
11 Fine Wine v Traditional Markets Rebased at 100 Source: Liv-ex (March 2016) The abolition of wine tax in Hong Kong and Singapore has also influenced prices at auctions and general release globally. Wine merchants, hotel chains and top wine retailers also recognise a wine s worth and the need to replenish supplies as they sell from existing stock. In much the same way that a consumer or collector has to extend their cellar to include the latest vintage of their favourite wines, a trade establishment needs to acquire the top products so that they can offer the best to their customers. Research carried out by Morgan Stanley in 2015 places current global demand for fine wine at around 3 billion cases, compared to the total production of around 2.8 billion. The fact that demand for all fine wines is growing only places more upward pressure on the prices of the very best wines within that category Series FTSE 100 6,263 Crude Oil Gold Liv-ex Fine Wine 50 Value May , % 84% 2% 11% -22% 236% 155% 188% -11% 62% 187% 215% "Wine is one of the most civilized things in the World and one of the most natural things of the World that has been brought to the greatest perfection" Ernest Hemingway The total number of people involved in the secondary market is expanding more rapidly than at any time in history with a massive influx of new consumers in Asia and China in particular as they account for the largest portion of newly created wealth among the emerging markets. The fact that wine is a tangible asset with an intrinsic value has helped generate new interest. As such, the market is undergoing an era of change as institutional investors also begin to speculate. The emergence of these new factors within the fine wine market along with dependable long-standing patrons provides what is proving to be an appealing proposition to many newcomers.
12 Nosey Parker The most influential countries within the secondary market for fine wine have notable critics such as Harvey Steiman (USA), Jancis Robinson and Neal Martin (UK) and Lisa Perrotti-Brown (Australia & Asia). However, the man whose opinion is held in higher regard than any others around the World is Robert Parker Jr. The American former lawyer owns the most highly esteemed palate in the World. Parker made his name when tasting the 1982 Bordeaux vintage, a vintage that many critics, including critic Robert Finigan thought of as mediocre. Parker declared it would be exceptional if given a slightly more extended period for maturity. Finigan, at the time a much more established US critic than Parker, gave the 1982 vintage a fairly bad review in his newsletter, recommending his readers buy Bordeaux wines of the 1980 and 1981 vintages instead. Parker on the other hand gave 1982 the highest possible acclaim using superlatives such as "stunning," "prodigious," "heavyweight," "incredible," as well as claiming it to be one of the greatest Bordeaux vintages of the century. When his opinion was categorically acknowledged to be correct, the foundations of his reputation were laid. By the late 1980s Finigan's influence as a wine critic was in decline while Parker s was in the ascendency. One hundred Parker points is a gold standard which ensure a wine s continuing interest and value Le Pan Magazine, September 2015 Parker's publication The Wine Advocate launched in August 1978, and by the mid 1980s had opened a new world to consumers. In the subsequent years that reputation has only been enhanced.
13 During the mid-eighties Parker devised his grading system which awards points for each specific attribute of a wine such as flavour, finish, aroma, cleanliness and depth. This culminates in an overall score between 50 and 100 with the upper limit being classed as perfection. Parker's influence is such that when he tasted and loved a relatively unknown "ultimate Australian Blockbuster Shiraz", produced by wine maker Chris Ringland (Three Rivers Shiraz) and awarded it a 100 point score the wholesale price for the wine was sent out at an increase of 923%. It sold out in two weeks. * Source: Liv-ex (Oct 15) + Source wine-searcer.com (Oct 15) Whilst this may sound a little intricate for many who do not consider themselves connoisseurs, the effect on the market that stems from the opinion of Parker and his Wine Advocate team of experts is never put in to question Le Pin (Average price) 23, Le Pin (Average price) 17, Le Pin (Average price) 88, Mouton Rothschild (Average price) 2, Mouton Rothschild (Average price) 2, Mouton Rothschild (Average price) 11,172 + All of these wines show growth based on their original release price but only one vintage of each wine received 100 Parker points! The effect of Parker's scores are just as prominent today. An example of this is the 'Château La Violette 2010, a cult wine, which scored 100 points in February 2013, and immediately jumped 279%. From 2013 to 2015 it was subject to a further 115% jump in value from 5,220 to 11,388 (per 12 bottle case) * Parker has spent over a decade building the Wine Advocate tasting team and has recently started to reduce his tasting duties in preparation for his inevitable retirement. In 2015 Parker announced the handover of Bordeaux En Primeur tastings, one of the most important roles in wine critique, to UK based Wine Advocate critic Neal Martin. This was followed in April 2016 by the announcement that Parker would hand over Bordeaux tastings completely to Martin. This has opened the door for Neal Martin to become the most influential wine critic in the World, a role that he takes very seriously. Parker earned respect through the integrity and consistency of his tastings, traits that Martin is regarded as having in abundance by many of his peers and spectators alike. Neal Martin in a move that defies the traditional image of the fusty wine connoisseur - has been unveiled as the most influential critic in the industry with the power to make or break vintages and reputations. The Telegraph, April 2016
14 Barrels of experience An easily transferrable asset with a thriving secondary market, Cult & Boutique can help you benefit from the type of growth rates that have led the fine wine market to be heralded as one of the safest and most popular investments for many over the years. Since 1993, when the first monthly wine index began, wine prices have risen 12-fold, while gold has increased just 3.6-fold and the FTSE 100 has only slightly more than doubled. Financial Times, July 2015 The ability of the top class wines from Bordeaux and other leading regions to sell for far more than their original release price over a number of years has increased awareness of the market, and now attracts a truly global audience. As more of the World s wealth is poured into tangible assets, the search is on for wines that offer the best mix of security with solid growth potential. The recent shift within the fine wine market from its focus on Bordeaux and Burgundy to now include, Champagne, Rhône, Super Tuscan and New World gems has only allowed more people to enter the market as the desire for alternative investing grows the World over.
15 The principles on which the fine wine market is based are solid, tried and tested over decades and proven to provide a safe, reliable haven for long-term growth. The reasons wine of the highest quality has shown such solid performance are the same today as they have always been: a short and finite supply coupled with an ever-increasing demand. Taking into account the limited availability of all fine wines it's a matter of importance that you decide on the approach you want to take within the market. Once this is done, it s down to selecting the correct products to help you achieve your objectives. This is where the selection process and ongoing service that we provide our clients can help you to attain your financial goals. Investors tend to prefer these assets because their intrinsic value cannot be eroded by inflation fluctuations. Others look at them as a means to diversify or to fulfil a personal passion. FT Advisor, October 2015 Bordeaux has returned to its 2004 level, prior to the bubble which developed through unsustainable speculation from Chinese buyers, and the market is now showing increased interest in vintages whose prices fell precipitously as the bubble collapsed. Harpers, January 2016
16 Selection & storage Total assets of the wealthiest investors continue to grow, and wealth is growing rapidly outside the U.S. and Europe. These affluent investors need diversification and they expect their advisors to guide them beyond just a mix of stocks and bonds. Simple asset class and international diversification just doesn t cut it anymore. Savvy advisors will lead them to new asset classes, and mass affluent investors will follow suit. Forbes Magazine, February 2015
17 Cult & Boutique offers a fully managed service with the emphasis on selecting only the finest wines and providing a service that is incomparable. We aim to stay ahead of market trends in order to help our clients generate the highest growth possible without increasing risk. We offer more than a standard brokering service, such as bespoke hand crafted wine cases, corporate gifting and our hugely popular wine club. We aim to provide the best service possible, with the core elements of our service outlined on the following pages: Wine Selection One of the major benefits of trading through Cult & Boutique is our wine selection. We aim to ensure all clients have a balanced portfolio created over time to fit your individual requirements. Introducing market strategies that are based around not only the blue chip wines that are the back bone of the fine wine market, but also small production wines that have a growing global cult following. In order to limit risk and exposure we only select wines that are regarded as 'extraordinary' by Robert Parker Jr s Wine Advocate (Scored /100) or that have received a similarly high level of recognition from other internationally acclaimed wine critics. Returns have been good over longer periods. Coutts, the private bank, has measured a 134% increase in fine wine values since Storage & Insurance Provenance in the fine wine market is extremely important, not only to ensure the preservation of a wine but also to avoid any authentication issues when trading out of the market. For optimum results wines should be stored 'in-bond'. This not only allows for provenance to be traced but also means no excise duty or VAT will be paid on the wine. All our clients wines are stored in London City Bond (LCB), headquartered in London Tilbury Docks, with all our clients wines being transported to LCB s state of the art fine wine storage facility, Vinotheque in Burton-upon-Trent. This Grade II listed building with metre thick walls boasts Europe s most advanced air control system. Wines are maintained at a constant temperature of 13 degrees (+ / - 1 degree) with controlled humidity of between 68-70% and minimal light and disturbance. This means all wines are stored in a warehouse dedicated to creating a perfect temperature-controlled environment, ensuring they are kept at an optimum for resale. All wines are fully insured by LCB whilst in storage or during LCB transit. However, we also provide our clients with an additional independent policy, as some of our higher value wines exceed the financial cover offered by LCB. LCB is a member of the UK Warehousing Association and Road Haulage Association and is ISOQAR accredited. It was established in 1988 to buy the bonded warehousing business of British & Foreign Wharf, whose notable history can be traced back to the 1870s. The Daily Telegraph, October 2015
18 We pull out all the stops Client Liaison A key part of the service that we offer at Cult & Boutique is our portfolio management. Our portfolio managers take a pro-active approach, aiming to build a diverse portfolio whilst at the same time providing clients with an insight into the market. All senior portfolio managers must undertake a minimum of WSET Level 1 as part of their training. Run by the Wine & Spirits Education Trust this foundation course ensures that clients are always speaking with someone knowledgeable. All Cult & Boutique clients are kept up to date with developments via our bi-monthly client newsletter featuring news, opinion and detailed financial information, this is a valuable tool for clients to expand their understanding of fine wine and keep their finger on the pulse of this progressive market. Every client also has access to a private online portal where they can view their portfolio in detail and obtain a valuation with purchase prices and current market low, average and high values. Valuations are calculated using an independent database of over eight million price points from over fifty five thousand merchants worldwide and updated daily. In addition to financial information clients also have access to online storage statements, wine history and regional information along with back issues of our client newsletter. As well as keeping up to date via our Facebook page and Twitter, many of our clients enjoy visiting us at our offices or one of our private tastings, which have proven to be an ideal way to gain wine knowledge and sample some of the best wines in the World.
19 Sale of Wines HMRC classifies fine wine as a Wasting Chattel meaning it is deemed to have a shelf life of less than 50 years and as such all profits are generally free of Capital Gains Tax. Cult & Boutique is recognised internationally as a source of some of the most sought after wines in the World. Using our reputation as a merchant along with our strategic international trade partners we can conduct sales from our clients portfolios without the need to charge any sales commission or fee. As members of the London Chambers of Commerce & Industry we are able to export wines internationally as well as via online platforms including Robert Parker's website; the London International Vintners Exchange (Liv-ex); and winesearcher. When looking to exit the market we can also offer physical and online auctions and access to our network of trade sales and internal peer-to-peer sales. It is such a pleasure and great experience investing with Cult and Boutique fine wine specialists. Your enthusiasm, knowledge and warmth together with humour are the winning combination. I wholeheartedly recommend you! J.M. of London, March 2016 For anyone looking to discuss buying or selling opportunities within the market, one of our experienced team will be in touch to explain the very straightforward process of getting involved. Overall, the collectible wine market is strong and is increasingly diversified. While historically Bordeaux and Burgundy have dominated the collectible market, in recent years Italian wines, Californian wines, Champagne and Port have increased in popularity and in value among collectors. WealthManagament.com, September 2015
20 Cult & Boutique (Wine Management) Limited Greyhound House George Street Richmond-upon-Thames TW9 1HY Office: +44 (0) Fax: +44 (0) Cult & Boutique Disclaimer: The acquisition and disposal of wine is not a regulated activity under United Kingdom Financial Services legislation. Accordingly no statutory protection is available to customers. Cult and Boutique (Wine Management) Limited give no warranty as to the future value of any of the products purchased from it. The resale value of all such products is entirely at the risk of the customer and whilst performance figures set out in this brochure are given in good faith, future performance may differ from past performance.
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