![null](https://www.ajg.com/us/-/media/images/gallagher/us/news-and-insights/2024/aug/article_3_600x300px_ga_final/600x300.jpg)
Whether you consider wine a wise investment or are captivated by exceptional vintages, building a collection involves more than merely picking up bottles at random. It's an art in itself, the result of meticulous preparation, expertise and desire combined. You need to widen your knowledge of wine, consider your cellar space, scrutinize marketplace valuations, and, most importantly, manage and secure your collection. A carefully curated wine collection can also deliver a financial return on your initial investment.
Key steps to begin your wine collection
There's no single right way to build a wine collection. You need to take it slow and start with a vision that best meets your needs.
1. Know your wine
Wine collectors will know their wine — their maturity and their region of origin. Collectors hunt for this knowledge because every piece of information about the wine adds to the value of their collection. Beginner collectors can do the following:
- Expand your understanding by reading periodicals and books such Hugh Johnson and Jancis Robinson's The World Atlas of Wine and Justin Hammack and Madeline Puckette's Wine Folly: The Essential Guide to Wine.
- Enroll in wine courses offered by The Wine & Spirit Education Trust (WSET) and local wine schools, or look up vintage reports online.
- Visiting wineries and going to wine-tasting classes can lead to greater understanding of wine.
- Research pricing on websites such as Wine-Searcher, Wine Market Journal and Liv-Ex to know the ballpark price for a particular wine.
2. Start small and build gradually
Begin with a few high-quality bottles, explore various regions and gradually expand your wine collection as your taste evolves.
- Set a budget to determine how much you'll spend on your initial collection. It's easy to get carried away, and a budget can help you make well-considered purchases.
- If storage space allows, buy in pairs or cases, which is more cost-effective and allows you to enjoy a bottle now while saving one for later.
- Join a wine club to enhance your palate and develop your preferences. Many wineries and online wine retailers offer wine club memberships with curated selections and exclusive access to new releases.
3. Store wine properly
Wine is sensitive to the environment in which it's stored, so choose a storage method that preserves the quality and value of your wine collection.
- Invest in a wine cellar or cooler to keep the temperature between 65°F and 70°F and to control light and humidity.
- Store bottles horizontally to keep the cork moist. A dry cork allows too much air into the bottle, aging the wine too quickly.
- Keep your wine in a quiet place away from direct light and vibrations.
4. Focus on quality over quantity
When building a wine collection, the most common mistake is buying large amounts of wine. Buy a little, taste it and see what you like. Personal taste evolves over time. Here is what you can do:
- Visit websites such as Wine Spectator and Robert Parker's Wine Advocate to read ratings and reviews.
- Ask sommeliers or employees at wine shops for their opinions and suggestions. Their expertise can guide you toward excellent choices.
- Go to auctions for vintages and rare and high-quality bottles. White wines such German Rieslings, as well as aged Spanish and Italian wines, are hidden gems that often taste as good as expensive Burgundy and Bordeaux wines but cost much less.
5. Track your collection
Follow a record-keeping method to document purchase details and when-to-drink dates. Record keeping will help you avoid wasting particular wines that are meant to be consumed upon release.
- Keep an inventory if you have a cellar at home, including purchase receipts, origin and photographs.
- Consider wine storage facilities to manage your collection. Phenol55, for example, has an app that lets you browse your collection and view professional tasting notes. It also tells you the best drinking timeframe for your bottles.
Protect your fine wine collection
A wine collection is a good investment, and you may want to insure it in case the bottles are damaged or their contents deteriorate. Insuring your collection adds an extra layer of security and gives you peace of mind.
You have two wine insurance options:
Blanket coverage. A single policy covers an entire collection. You get an aggregate coverage with a per-bottle limit. Once you meet your aggregate, your coverage ends. This type of insurance is the most popular because it requires less up-front documentation, and the value and ownership are determined at the time of loss.
Scheduled coverage. This policy issues insurance on a bottle-by-bottle basis. With this coverage, you can set the value upfront, so you know exactly how much you'll receive per bottle if there's a loss. For beginners, a scheduled coverage is more appropriate, as the quantity is less.
When you work with a Gallagher personal insurance advisor, you can:
- Ensure that your prized collection, stored either at home or offsite, is adequately covered.
- Access specialized wine insurance tailored to the potential risks arising from environmental conditions, transportation damage, spoilage or theft.
- Determine the value of your wine collection and keep accurate records of temperature, humidity and reviews.
- Protect your cellar from mechanical breakdown or due to loss of utility service from climate-control equipment.
The right insurance coverage protects your wine collection from catastrophic financial losses, allowing you to savor the fruits of your passion without worry. Speak with a Gallagher personal insurance advisor to discuss your needs today.
With the correct insurance coverage, you may enjoy the fruits of your love worry-free, knowing that your wine collection is shielded from catastrophic financial losses. To discuss your needs, get in touch with a Gallagher personal insurance advisor right now.