Collectors in dark over el vino
It may not be the first thing that springs to mind when considering under-insurance, but the soaring price of fine wine could leave collectors without adequate insurance cover.
The London International Vintners Exchanges’ Liv-ex 100 Index – the fine wine world’s benchmark, which tracks the price of the 100 most sought-after fine wines – has risen 164% since January 2005 on the back of soaring global demand.
As a result many wine collections have increased in value dramatically, leaving many owners unawares. James Miles, founding director Liv-ex, said: “Taking six typical collectors’ wines over the last two years, prices have leapt by up to 213%.”
Three top-ranked first growth wines from the 1996, 2000 and 2003 vintages have all at least doubled in value, according to Liv-ex.
Backchat’s favourite tipple, the prized Lafite Rothschild 2000 has increased in value by 213% over the past two years.