Fine Wine 2010 III Congreso Internacional de la Ribera del Duero

What is ‘Fine Wine’?

Lulie HalsteadChief Executive

Wine Intelligence

The world of Fine Wine consumers

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How can we classify ‘Fine Wine’?

‘Luxury is qualitative not quantitative’(Kapferer & Bastien, 2009)

Must a ‘Fine Wine’ have a consistent history?

Must a ‘Fine Wine’ have provenance?

Must a ‘Fine Wine’ be hand-crafted?

Must a ‘Fine Wine’ be critically acclaimed?

Fine Wine 2010III Congreso Internacional de la Ribera del Duero, 28 al 30 de abril 2010 6

Must a ‘Fine Wine’ have family heritage?

Fine Wine 2010III Congreso Internacional de la Ribera del Duero, 28 al 30 de abril 2010 7

Must a ‘Fine Wine’ be rare or limited?

Must a ‘Fine Wine’ be ethically produced?

Fine Wine 2010III Congreso Internacional de la Ribera del Duero, 28 al 30 de abril 2010 9

Must a ‘Fine Wine’ look beautiful?

Must a ‘Fine Wine’ be part of a desirable culture or celebrity?

Must a ‘Fine Wine’ be expensive?

What defines ‘Fine Wine’ for consumers?

1stHeritage2nd Provenance3rd Handcrafted4th Critical acclaim5th Family history6th Rarity7th Ethical responsibility

Fine Wine 2010III Congreso Internacional de la Ribera del Duero, 28 al 30 de abril 2010 13

Source: Wine Intelligence Vinitrac survey, March 2010, n=3900 USA, UK, Switzerland

Difficult to build – hard to create

Favours some – hinders others

Realistic economically?

Brings praise and criticism

What if it’s not there?

This is the collectors world only

A consideration, not a deal maker

A ‘Fine Wine’ must be authentic

Time is the key dimension for fine wine