“…Fine wines have been widely regarded as an alternative asset class. Thus, an abundance of research in finance and wine economics examines their price behavior (Jones and Storchmann, 2001; Dimson, Rousseau, and Spaenjers, 2015; Breeden and Liang, 2017; Cardebat et al, 2017; Faye and Le Fur, 2019), investment attributes (Sanning, Shaffer, and Sharratt, 2008; Masset and Henderson, 2010; Bouri, 2015; Masset et al, 2017; Le Fur, Ameur, and Faye, 2016; Bouri et al, 2018), capabilities to hedge against inflation (Erdős and Ormos, 2013), interdependencies with other markets (Faye, Le Fur, and Prat, 2015; Bouri and Roubaud, 2016), and trading environment (Czupryna and Oleksy, 2018).…”