Fine wine occupies a rare position among alternative assets. It is tangible, finite, and consumed: supply diminishes naturally over time. Unlike equities or property, a great wine’s scarcity increases with every bottle opened, every cellar drunk down, every vintage that passes further into memory.

For disciplined investors with a long-term outlook, fine wine offers genuine diversification: low correlation with traditional markets, no income yield to chase, and (for now) exemption from Capital Gains Tax as a wasting asset. It is not without risk, and it is not for everyone. But for those who understand what they are buying, and from whom, it can be a rewarding component of a broader portfolio.

Morgan Classic Wines has traded over £250 million of fine wine since 1999. With almost fifty years’ experience in the trade, we know how to buy well, store properly, and, crucially, sell when the time is right. That last part is where most merchants fall short.

These principles have guided our clients for over two decades. They are not complicated, but they are non-negotiable.

• Store in bond, in a recognised professional warehouse, in original packaging, with correct provenance. No exceptions.
• Hold wine in an individual named account with rotation numbers issued to you, insured at replacement cost.
• Focus predominantly on high-end Bordeaux and Burgundy with a proven secondary-market track record.
• Consider Champagne, Rhône and iconic wines from other regions as complementary positions.
• Choose long-lasting, highly reputed vintages. Most current new releases are priced too ambitiously. Wines already in the secondary market are typically better value.
• Original cases whenever possible. Presentation matters on resale.
• The wine market is unregulated. Use a trusted company with a demonstrable reputation. Avoid management fees and cold callers.
• Wine is currently classed as a wasting asset and free from CGT, but seek independent tax advice. Legislation can change.
• Minimum term: five years. The longer wine is held, the scarcer it becomes. Patience is rewarded.
• Wine investment carries risk. Values can fall as well as rise.

Unlike many in this industry, we do not charge ongoing management fees based on the value of your collection. Our margin is made at the point of transaction, when wine is bought or sold. That is it.

Storage and insurance at London City Bond are charged at cost. There are no advisory fees, no annual percentage levies, no performance charges. Your wine sits in bond, appreciating (or not) on its own merits, without being eroded by recurring costs.

The fine wine market moves in cycles. Rather than embedding commentary here that dates quickly, we publish our current market views, buying opportunities and sector analysis in the MCW Journal. It is updated regularly and speaks plainly about where we see value, and where we do not.

Read the latest from the Journal →

The fine wine market is entirely unregulated. There is no ombudsman, no compensation scheme, and no guaranteed liquidity. Wine investment can lose money as well as make it. For these reasons you must ensure the merchant you work with is reputable and trustworthy.

Past performance is not a guide to future returns. The value of wine can go down as well as up, and you may not recover the amount originally invested.

Capital Gains Tax exemption on wine is currently based on its classification as a wasting asset under current UK tax law. We are not tax advisers. Please consult a qualified professional regarding your own circumstances.

Whether you are considering your first case or looking to refine an existing collection, we are happy to have a straightforward conversation about what might suit.

Browse our current list → Talk to us → Learn more about how we work →