2022年香槟投资报告（英）

CHAMPAGNEINVESTMENTREPORT2022CONTENTSCHAMPAGNE

MARKET

SUMMARYCULT

WINEINVESTMENT

PERFORMANCECHAMPAGNE

MARKET

OUTLOOK379CULT

WINEINVESTMENT

APPROACHPower

of

prestige–

Les

GrandesMarques1212Burgundy

withbubbles–

Grower

Champagnes1618Overlooked

opportunity–

Non-Vintage

ChampagneMAP

OFCHAMPAGNE19CHAMPAGNE

MARKET

SUMMARYCHAMPAGNEMARKETSUMMARYChampagne’s

investment

potential

nowspeaksfor

itself.Theregionhasbecomeanessential

component

of

afinewineallocationbypostingsomeof

thebiggestreturns.TheLiv-exChampagne50indexhasbeenthetopperformersincethebeginningof

2021(asof

31Oct2022).Its

76.6%

surgeoverthisperiodismorethantwicethepaceof

thewiderLiv-ex

1000index(+36.1%)

andeven

aheadofBurgundy

150’s

68.4%

rise.FIGURE

1

–

Champagne’s

sustained

outperformanceChampagne50indexvs

other

Liv-exindices(31

Oct2017–31

Oct2022)Burgundy

150Champagne50California50Italy

100Rhone

100Row60Bordeaux50022020018016014012010080+109.7%Oct-17

Feb-18

Jun-18

Oct-18

Feb-19

Jun-19

Oct-19

Feb-20

Jun-20

Oct-20

Feb-21

Jun-21

Oct-21

Feb-22

Jun-22

Oct-22Source:Liv-exasof

31October2022.Past

performance

isnot

a

guaranteeof

future

returns.Therelentless

nature

of

Champagne’s

rallymakes

iteven

moreimpressive.Earlierthissummer,thewiderfinewinerallyeasedtemporarily–

even

Burgundypricesmoved

sideways

inJuly–

butChampagnekept

bubblinghigher.Champagne’stradesharealsounderlinesitsstatus

asa

corecomponent

of

finewinecollectionsandinvestment

portfolios.Oncea

sidenotetoBordeauxandBurgundy,Champagne’stradesharebyvalue

hashitall-timehighsthisyearwitha

current

monthlyaverage

of

12.8%

asofSeptember

–

animpressive

risefrom

annualtradesharesof

justover

1%intheearly2010s.CULT

WINES|WINEINVESTMENT.COM3CHAMPAGNE

MARKET

SUMMARYFIGURE2

–

Champagne’s

newnormal

tradeshareMonthly

tradesharebyvaluevsthree-year

average.18%16%14%12%10%8%6%4%2%0%Jan-2022Feb-2022Mar-2022Apr-2022May-2022Jun-2022Jul-2022Aug-2022Sep-2022Monthly

tradeshare3yraveragetradeshare(2019–2021)Source:Liv-exasof

30September

2022.CULT

WINES|WINEINVESTMENT.COM4CHAMPAGNE

MARKET

SUMMARYCHAMPAGNE

MARKET

TRENDSChampagne,likethewider

finewinemarket,hasbenefittedfromsustaineddemand

through

thedifficultmacroeconomicbackdropin2022,asinvestorsseekoutstable,realassetsamidinflationand

volatilityinmainstream

financialmarkets.SpecifictrendsdrivingChampagnepriceshigherinclude:1INCREASED

INVESTMENT

DEMAND–

Champagnemakes

anatural

investment

duetostrongglobaldemand,rarityandageingpotential.

Vintage

Champagnesarenot

producedeveryyear

andquantities

arelowwhentheyare.Theongoingdevelopment

of

thefinewineinvestment

spacehasboostedtheawareness

of

Champagne’s

potential

andattracted

newdemand,exacerbatingthesupply-demand

imbalance.2LUXURY

BRAND

APPEAL

–

Champagneisaniconof

not

justfinewinebutof

thewiderfashion

andluxury

world

alongsideitemssuchasclothing,handbags,andwatches.Mostof

thesemarkets

experienced

risingpricesin2021,accordingtoKnight

Frank’sWealth

Report

2022.

Thisappearstohave

carriedover

into

2022withluxurybrandiconLVMH

(owner

of

Moët&

Chandon,Krug,DomPérignon,Ruinart,

Veuve

Clicquot)

reportingstrongresultsoverthefirstthree-quartersof

2022withitsChampagne&Winesdivisiona

key

driverwith32%growth.Champagne’s

luxuryimagestemsfrom

itsexclusivity.

Althoughotherregionsproduceexcellent

quality

fizz,Champagne’stopnameshave

norivalwhenitcomestobrandrecognitionandprestige.3SUPPLY

CONSTRAINTS

–

Below-average

productionlevels

inrecentyears,particularlyduringthe2019

and2020

growing

seasons,alsomeanssupplyhasstruggledtokeep

upwithdemand.

Thelinkbetween

productionlevels

andmarket

supplyislessdirectinChampagnethanother

regionsasvintagestake

manyyears

before

comingtomarket.Butthesqueeze

inrecentyears

hasmeant

lessflexibility

for

producersandaddedpricingpressureonback

vintages,whichhave

beenanincreasinglyscarcecommodityasillustrated

belowbytheKrug

2004

Brutexample.CULT

WINES|WINEINVESTMENT.COM5CHAMPAGNE

MARKET

SUMMARYFIGURE3

–

Shrinking

availability

in

marketMonthlylistingsof

Krug

2004Vintage

BrutonLiv-exKrug2004250200150100500Sep-18

Dec-18

Mar-19

Jun-19

Sep-19

Dec-19

Mar-20

Jun-20

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22Source:Liv-exasof

30September

2022.4ROSÉ

ANDLARGEBOTTLE

FORMAT

PREMIUMS

–Thescarcityappealof

Champagnerisestoanother

levelfor

rareroséandlargebottleformat

sparklingwines.Rosé

Champagnesfromtopnameproducershaveoutperformed

inrecentyears

andcommanda

premiumtotheirwhitecounterparts.Extra-rarelargebottleformats

have

seentheirshareof

theglobaltradesurgeoverthepastyear.CULT

WINES|WINEINVESTMENT.COM6CULT

WINEINVESTMENT

PERFORMANCECULT

WINEINVESTMENTPERFORMANCEFIGURE4

–

Keeping

ahead

of

a

hot

marketCultWineInvestment’s

Champagneselectionsvs

Champagne50index(30

Sep

2017–30

Sep

2022)CWIChampagneLiv-exChampagne5024022020018016014012010080+114.9%Sep-17

Jan-18

May-18

Sep-18

Jan-19

May-19

Sep-19

Jan-20

May-20

Sep-20

Jan-21

May-21

Sep-21

Jan-22

May-22

Sep-22Source:Liv-exasof

30September

2022.Past

performance

isnot

a

guaranteeof

future

returns.CULT

WINES|WINEINVESTMENT.COM7CULT

WINEINVESTMENT

PERFORMANCECultWineInvestment’s

performance

haskept

aheadof

thered-hot

Champagnemarketinrecentyears.Ouroutperformance

stemsfrom

both

ourselectionsamongleadingGrandesMarquesvintagewines,whichalsomake

uptheChampagne50index,aswell

asourdiverse

approachthat

includesGrower

producers.ThisGrower

Champagnecategoryhasseenincreasedattention

inrecentyears.NamessuchasJacquesSelosse

arenowamongthemostrecognisedandcoveted

intheregion.CedricBouchard,another

important

Grower,

hasplayed

a

leadroleinourperformance

inrecentyears

(see

below).AmongtheGrandesMarques,afewvintages

of

Salon’s

iconicandveryrareLe

Mesnil-sur-OgerGrandCrushave

madesizablecontributionstoourperformance.Notable

Cult

Wine

Investment

performersCedric

Bouchard,

Roses

de

Jeanne

Cote

de

Val

Vilaine

2016Bollinger,

RD

19971yr

return146.6%110.9%86.5%Salon,

Le

Mesnil-sur-Oger

Grand

Cru

2002Salon,

Le

Mesnil-sur-Oger

Grand

Cru

2006Louis

Roederer,

Vintage

Brut

200879.4%79.1%Notable

Cult

Wine

Investment

performersCedric

Bouchard,

Roses

de

Jeanne

Les

Ursules

Blanc

de

Noirs

2012Salon,

Le

Mesnil-sur-Oger

Grand

Cru

2004Salon,

Le

Mesnil-sur-Oger

Grand

Cru

2006Charles

Heidsieck,

Blanc

des

Millenaires

Brut

1995Krug,

Clos

du

Mesnil

20005yr

return331.7%245.8%232.3%193.3%137.1%Source:Pricing

datafromWineSearcherasof

01October2022.Past

performance

isnot

a

guaranteeof

future

returns.CULT

WINES|WINEINVESTMENT.COM8CHAMPAGNE

MARKET

OUTLOOKCHAMPAGNEMARKETOUTLOOKIt’s

reasonabletowonder

howmuchfizzisleftinChampagne’s

bullmarket.Ultimately,we

remainpositive

onChampagne’s

ability

tooutperformwhilerecognisingthefollowingreasonsfor

caution:MACRO

BACKDROP

–Whilefinewinehasdemonstratedanability

tomaintainperformance

duringdifferent

macrobackdrops,a

protracted

slowdown

andcost-of-living

concernscouldimpactfinewineconsumption

includingChampagne.RELATIVEVALUE

–

Followingthehugepricerisesof

thepasttwoyears,Champagnesarenowmoreexpensiveandoffer

lessrelativevalue

comparedtootherfinewineregions.

Thefactthat

Champagneisuniqueandsupplieslimitedshouldmeanpriceskeeptrendinghigheroverthelongterm,butthepacemayease.CULT

WINES|WINEINVESTMENT.COM9CHAMPAGNE

MARKET

OUTLOOKHowever,

globalprestigeandscarcityanchorsChampagnes’

investmentpotential.Specifically,we

believe

Champagnecancontinuetooutperformmanyother

segments

of

finewineduetothefollowing

reasons:TRACKRECORDDURINGDOWNTURNS

–As

mentioned

above,Champagnehaspostedimpressivefigureseven

asthemacrooutlookdeterioratesthisyear.

Goingback

further,Champagne’strackrecordduringtheglobalfinancialcrisispointstoitsability

tokeepitsheadabovewater

duringdownturns.Global

Financial

Crisis

–

18mo

returnChampagne

50Liv-ex

1000S&P

500

(TR)31

Dec

2007

–

30

Jun

20097.8%2.9%–35.0%Source:Pricing

datafrom

Liv-ex,

asof

31October2022.Past

performance

isnot

a

guaranteeof

future

returns.VALUE

ON

THE

AGEING

CURVE

–

Rare

Champagnesshowa

strongcorrelation

betweenageandprice.Eventhoughtherearemoreinvestment-minded

buyers

intheChampagnemarket

now,

Champagne’s

status

asa

high-endcelebration

drinkmeanssuppliesatthetopendof

themarket

dwindleasbottles

aredrunk,causingpricestoriseconsistentlyovertime.CULT

WINES|WINEINVESTMENT.COM10CHAMPAGNE

MARKET

OUTLOOKFIGURE5

–

The

rewards

of

timePrice

comparisonof

oldandnewvintage

of

selecttarget

producers£8,000£7,000£6,000£5,000£4,000£3,000£2,000£1,000£–1990

1995

2002

2006

2008

20121990

1995

2002

2006

2008

20121990

1995

2002

2006

2008

20121990

1995

2002

2006

2008

2012DomPerignonLouisRoedererCristalPerrier-JouëtBelleEpoquePol

RogerSir

WinstonChurchillSource:Pricing

datafromWineSearcherasof

01October2022.Past

performance

isnot

a

guaranteeof

future

returns.STILLSCARCE

–Theflipsideof

thisageingcurve

isthat

back

vintage

Champagnesremainscarce,whichwillkeep

pricepressureinplacedespitetheirhighprices.ROOMFORGROWTH

–Theall-important

Asiamarket

madeupjustover7%of

Champagnetradesofarthisyear,

accordingtoLiv-exdata

asof

late

September.ThepotentiallymassiveAsian

market’s

smallrepresentation

indicatesthat

moredemandcouldstillcomeonboard.

Theinfluxof

demandfromAsia

drove

bigralliesinBordeauxandBurgundyoverthepastdecade.CULT

WINES|WINEINVESTMENT.COM11CULT

WINEINVESTMENT

APPROACHCULT

WINEINVESTMENTAPPROACHSincerelativevalueisnowsqueezed,

findingChampagnes

thatcanoutperformthewidermarketwillrequiregreaterselectivity.Additionally,sourcing

topChampagnesremainsachallenge.But

thesechallengescanbe

turnedintopositives,as

thecompetitivemarketmeansupwardpricepressureremainsinplace.

A

diverseapproachcanhelpidentify

thewinesbestpositioned

for

ongoinggrowth.We

startbydividing

themarketintosegmentsandfocussingonaselectgroupof

targetproducersineach,whichareoutlinedbelow.POWER

OFPRESTIGE

–

LESGRANDESMARQUESFIGURE6

–

Target

GrandesMarquesdeliverover

the

long-termThree-yearperformanceof

CultWineInvestment’stargetproducersSalon,LeMesnilBlancdeBlancsBollinger,LaGrande

AnnéeRareMoët&Chandon,DomPerignonPol

Roger,Sir

WinstonChurchillTaittinger,ComtesdeChampagneLouisRoederer,Cristal20018016014012010080Oct-19Jan-20Apr-20Jul-20Oct-20Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Source:Pricing

datafromWine-Searcherasof

01October2022.Returnswere

calculatedbasedonlast

10vintagesexceptfor

Rarewhichisbasedon4vintages(due

tothelackof

pricingavailability).Past

performance

isnot

a

guaranteeof

future

returns.CULT

WINES|WINEINVESTMENT.COM12CULT

WINEINVESTMENT

APPROACHVintage

Champagnesfrom

Les

GrandesMarques(“great

brands”)

remainthecoreof

theregionalinvestment

market.Benefittingfrom

brandprestige,Les

GrandesMarquesgenerate

strong,consistent

globaldemand.Combinedwithhigh-qualityandlowproductionlevels,thisshoulddrive

long-termpriceappreciationeven

afterthebigjumpsinrecentyears.Manyof

theGrandesMarques,suchastheiconicTaittinger

Comtes

deChampagne(see

Figure

7below),

showa

strongcorrelation

between

priceandage,suggestingthereisstillgrowth

potential

amongthenewervintages.FIGURE

7

–

Value

inyouthTaittinger

Comtes

deChampagnevintage

curve1996£4,0002002£3,500£3,0002008£2,500199919982000£2,000£1,500£1,000£500£–2012200420062007200520119101112131415161718192021222324252627Age(years)Source:Pricing

datafromWineSearcherasof

01October2022CULT

WINES|WINEINVESTMENT.COM13CULT

WINEINVESTMENT

APPROACHCULT

WINEINVESTMENT’S

TARGET

LISTBOLLINGER,LA

GRANDE

ANNÉE–

WithrootsinChampagnewineproductiondatingback

to

the

1500s,Bollingerhasalwaysbeenoneof

mostrenownedproducers.LaGrande

Année,

formerlyknownas‘Bollinger

Vintage’,is

thehouse’s

prestigeChampagne,only

producedwhen

theharvestreachesperfection.The2014vintagewasreleasedearlier

thisyear(disgorgedin2021),andcriticspointtoastrong

vintage(98pts,

A.Galloni,

Vinous).TAITTINGER,COMTESDECHAMPAGNE

–

TheComtesisoneof

themostprizedBlancsdeBlancs,consistently

pullinginhighcriticscores,makingitasoundinvestmentoption.The2012BlancdeBlancsComtesdeChampagnerecently

hit

themarketandappears

tobeayounglegend,drawingcomparisonwith

theiconic2002vintage.“If

itgainsin

tensionandcut(as

the2002

didandasI

suspect

the2012will)

withmore

timeoncork,

it

willmakethisinitialrating

seemconservative.”—WILLIAM

KELLEY,WINE

ADVOCATE

(95+

POINTS)Therosé

versionof

ComtesdeChampagneisjustasrenownedandhasseenaveragepricesacrossall

vintagesjump24%

in

thepast

12months,accordingto

WineSearcherdata(UKretailaveragepriceacrossall

vintagesasof

Oct2022).LOUISROEDERER,CRISTAL

–

Thisprestigiouswine’s

brandbenefitsfromitsassociationwithcelebritiesandhighsociety.Producedonly

during

the

verybestyearswhenChardonnay

(40%)

andPinotNoir(60%)grapeshaveachievedperfectmaturity,Cristalis

thenaged

for

six

yearsandleft

for

a

furthereightmonthsafterdisgorgementMOËT

&CHANDON,DOMPERIGNON–

The

Vintageand

VintageRoséarepossibly

themostwidely

recognisedhighendChampagnein

theworld.

Alongsideconsistentquality,thishelpsensure

theyareasafe

investment.The2004DomPerignonP2(Plénitude2)hit

themarketearlierthisyearandhasmetwithpredictably

favourablereview(95pts

Wine

Advocate).

TheP2winesundergolongerageing,

typically

around

10–15

yearson

thelees,addingevenmoredepthandcomplexity.CULT

WINES|WINEINVESTMENT.COM14CULT

WINEINVESTMENT

APPROACHPOLROGER,SIR

WINSTONCHURCHILL–

Thisprestigecuveeisnamedafter

WinstonChurchillwhosaidof

Pol

Roger:“In

victory

deserveit.Indefeat,needit!”.Theexactblendisaclosely

guarded

familysecret,adding

toitsallure.SALON,LEMESNILBLANCDEBLANCS–Salonisaname

thatconjuresup

thoughtsof

exclusivityandexcellenceamongstChampagneaficionados.Salonhasproduced37vintagessinceproductionof

thisoriginalBlancdeBlancsbeganin

1911.

Therecentlyreleased2012(first

releasein

fouryears)pulledin98points(WA)

andwascalled“the

finestSalonproduced

thismillennium”BY

WILLIAMKELLEYKRUG,

VINTAGE

BRUT–Crafted

froma

varietyof

wines

fromasingleyear,

Krug

Vintageis“nottheselectionof

thebestwinesof

aparticularyear,

butrathertheexpressionof

thatyear”,

according

toKrug.Each

vintageiscellared

for

atleastadecadebeforerelease.

The2008vintage(94+points

WA)

offersanexcellentexample.RAREBRUT–

The‘rarest’

Champagneyou’veprobably

neverheardof,

Rareverymuchlivesup

toitsnamewithonly

11

vintagessinceinceptionin

1976.Rarerepresentsanexcellentinvestmentopportunity

as

theglobalawarenessshouldgrow.Rareisattractively

priced

vstheothernamesin

thelistdespiteoften-similarcriticscoresin

theinmid-90s.CULT

WINES|WINEINVESTMENT.COM15CULT

WINEINVESTMENT

APPROACHBURGUNDY

WITHBUBBLES–

GROWER

CHAMPAGNES3-year

price

return

of

select

Grower

ChampagnesJacques

Selosse,

Millesime,

1996208.9%173.1%97.2%Egly-Ouriet,

Cuvee

Speciale

Grand

Cru,

Ambonnay,

2002Ulysse

Collin,

Les

Maillons

Blanc

de

Noirs

Extra

Brut,

2015Agrapart

&

Fils,

Avizoise

Blanc

de

Blancs

Extra

Brut

Grand

Cru,

Avize,

200778.0%Source:Pricing

datafromWineSearcherasof

01October2022.Past

performance

isnot

a

guaranteeof

future

returns.Grower

Champagneproducersarethosethat

maketheirownwinewithgrapesfromvineyardstheyown

ratherthansourcinggrapesfrom

multiplesites.

Theirinvestment

credentials

restonthecombination

of

lowvolumes

andindividuality.Thebestwinesareone-of-a-kind

expressions

of

theproducers’

ownvineyards,whichenhancestheirstatus

asexclusive

collectororinvestment

itemswith‘cult-like’

followings

reminiscent

of

Burgundy.CULT

WINES|WINEINVESTMENT.COM16CULT

WINEINVESTMENT

APPROACHCULT

WINEINVESTMENT’SGROWER

TARGET

LISTJACQUESSELOSSE–Oneof

themost

famousGrowerChampagnes,ourselectionsamongJacquesSelosseChampagneshavedeliveredsomeof

thestrongestreturnsinrecentyears.EGLY-OURIET

–

Asoneof

thegreatestGrowerChampagneproducers,Egly-Ourietisoftenreferredtoas‘Burgundy

withbubbles’.ULYSSE

COLLIN–UlysseCollin’s

Champagnesrepresentthebestof

thecurrentGrowerChampagnemovement:single

vineyard,single

varietyand

verylimitedinproduction.AGRAPART

–Foundedin

1894,

Agrapartisoneof

theoldestGrowerChampagnes.A

diverserangeof

high-quality

non-vintageChampagnes(7Crus,

Terroirs,Complantée,andExpérience)complementoutstanding

vintagewinescalledMinéral,

Avizoise,

Venus.CULT

WINES|WINEINVESTMENT.COM17CULT

WINEINVESTMENT

APPROACHOVERLOOKED

OPPORTUNITY

–NON-VINTAGE

CHAMPAGNEChampagne’s

investment

markettypicallyconcentrates

onvintagewinesastheyareoftenmadeinlower

quantities

andcarry

thestampof

individuality.However,we

believe

somenon-vintage

(NV)Champagnes(madebyblendingwinesfrom

multipleyearstogetherbeforethesecondfermentation

inbottle)

couldform

a

low-risksupplementtoa

Champagneallocation.FIGURE8

–

NV

Champagne:value

+

qualityPrice

andcriticscorecomparisonof

leadingGrower

NVandvintage

Champagne£10,000£8,000£6,000£4,000£2,000£–1009998979695949392Egly-Ouriet,Brut

TraditionGrandCruNVEgly-Ouriet,BrutMillesimeGC2008Egly-Ouriet,BrutMillesimeGC2006Agrapart&Fils,TerroirsBlancdeBlancsExBrutGC,NVAgrapart&Fils,AvizoiseBlancdeBlancsExBrutGC,Avize,2008Agrapart&Fils,AvizoiseBlancdeBlancsExBrutGC,Avize,2006Source:Pricing

datafromWineSearcherasof

01October2022.CriticscorefromWineAdvocate.Manyproducers,especially

in

theGrowerAlthough

they’retypically

producedinlargerq