Following the Stock Exchange crash in the early 2000s, fine wine has been deemed an alternative financial asset. Fine-wine price dynamics reflect this popularity by posting a substantial increase over the last 15 years, despite these rises coming to a halt during the 2009 financial crisis and the Bordeaux crisis in 2011. In particular, demand for fine wines has shot up in Asia, notably in China, but also in Russia, with significant increases in revenue. Research on wine economics attempts to explain this phenomenon by basing itself on hedonic analyses founded upon the wines’ characteristics.
Despite its relevance, few scholars have approached wine from a macroeconomic or financial angle. Little is known about the influence of macroeconomic variables on fine-wine demand and on its price trends? Trajectories. Similarly, the financial analysis of the wine market is in its infancy and there is only scant research on issues such as bubble phenomena, wine price volatility, risk, and expected returns.
The workshop is organized by the International Network for Economic Research (INFER), the INSEEC Research Center, and LAREFI (Laboratoire d’Analyse et de Recherche en Economie et Finance Internationale, University of Bordeaux), and endorsed by the American Association of Wine Economists (AAWE). After a peer-review process, selected papers will be scheduled for a special issue of the Journal of Wine Economics, guest edited by Jean-Marie Cardebat.