2003
DOI: 10.3917/ecop.159.0093
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Vente en primeur et investissement : une étude sur les grands crus de Bordeaux

Abstract: Oncherchedanscetarticleàexpliquerl’engouementrécentsuscitéparlesystèmedesventesenprimeursurlemarchédes grandsvins.ÀpartirdedonnéesdeprixconcernantdesvinsdeBordeaux,onanalyselaplus-valueréaliséedèslapremière 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 grand… Show more

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Cited by 6 publications
(5 citation statements)
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“…Bordeaux wines, especially the five first growths, compose the portfolios. These exceptional wines have average annual returns of 4.25% over the period -1999(Ali & Nauges, 2003), 8.7% over the period 1988-2000(Bentzen et al, 2002, and 4.1% over a very long period 1900-2012 (Dimson et al, 2015). Tolhurst (2022) is the first to analyze the Bordeaux right bank and finds returns of 6.78% in real terms for 1938-2017.…”
Section: Wine Returnsmentioning
confidence: 99%
“…Bordeaux wines, especially the five first growths, compose the portfolios. These exceptional wines have average annual returns of 4.25% over the period -1999(Ali & Nauges, 2003), 8.7% over the period 1988-2000(Bentzen et al, 2002, and 4.1% over a very long period 1900-2012 (Dimson et al, 2015). Tolhurst (2022) is the first to analyze the Bordeaux right bank and finds returns of 6.78% in real terms for 1938-2017.…”
Section: Wine Returnsmentioning
confidence: 99%
“…This type of sale allowed producers to gain "cash-in-hand" before their wine was bottled. At the same time, it enabled buyers to acquire potentially rare wines at possible bargain prices, hence attracting more and more financial speculation (Hadj Ali & Nauges, 2003).…”
Section: Organization Of the Wine Sector In Bordeauxmentioning
confidence: 99%
“…At the same time, it enabled buyers to acquire potentially rare wines at possible bargain prices, hence attracting more and more financial speculation. 2 Three ranking systems were used for red wines produced in Bordeaux:…”
Section: Exhibit 1 Bordeaux Market ("La Place De Bordeaux")mentioning
confidence: 99%