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27 Bloomberg, April 2010:http://www.bloomberg.com/news/articles/2010-04-13/wine-beating-russell-stocks-in-13-year-study-
proves-most-liquid-investment
28 Economist Valuables Index
29 The Telegraph, May 2014:http://www.telegraph.co.uk/finance/personalfinance/investing/10844896/The-best-investment-of-the-
20th-century-Red-wine.html
30 Liv-Ex Blog, Fine Wine Prices in 2014:http://www.blog.liv-ex.com/2015/01/fine-wine-prices-in-2014-were-merchants-right.html
31 Decanter.com, February 2015: http://www.decanter.com/collecting/investment/587991/investment-analysis-supertuscans-and-
barolos
32 The Drinks Business.com, April 2015: http://www.thedrinksbusiness.com/2015/04/over-50-new-world-records-set-at-ackers-
new-style-auction/
33 Winesearcer.com, November 2013:http://www.wine-searcher.com/m/2013/11/world-record-breaking-price-pushes-drc-ceiling-
higher
34 The New York Times, The Rise of Burgundy Wine, December 2014: http://www.nytimes.com/2014/12/11/arts/international/the-
rise-of-burgundy-wine.html?_r=0
35 Liv-Ex
36 HMRC guidance issued in its Tax Bulletin 42; http://www.hmrc.gov.uk/bulletins/tb42.htm
37 Section 262(1) TCGA;http://www.hmrc.gov.uk/bulletins/tb42.htm
38 Section 262(4); http://www.hmrc.gov.uk/bulletins/tb42.htm
39 European CEO, February 2014: http://www.europeanceo.com/culture/the-art-of-collecting-fine-wine/
40 WineSpectator.com, January 2015: http://www.winespectator.com/webfeature/show/id/51118
41 Knight Frank:http://www.knightfrankblog.com/wealthreport/news-headlines/wealth-and-well-being/
42 Hurun Wealth Report, 2013
43 Knight Frank Wealth Report 2015, Luxury Spending Trends: http://www.knightfrank.com/resources/wealthreport2015/
wealthpdf/07-wealth-report-luxury-spending-chapter.pdf
44 Addidi Wealth, August 2014, Collectibles as Investments:http://www.addidi.com/assets/Uploads/Addidi-Newsletter-Investing-
In-Collectabiles-August-2014.pdf
45 Bloomberg, January 2015: http://www.bloomberg.com/news/articles/2015-01-26/u-s-demand-seen-driving-world-wine-market-
growth-deglise-says
46 James Miles, interviewed by Bloomberg, December 2014:http://www.blog.liv-ex.com/2014/12/james-miles-interview-with-
bloomberg-on-fine-wine-market.html
47 World of Wine, March 2015: http://www.worldoffinewine.com/news/last-chance-saloon-4524332
48 The Drinks Business, February 2015:http://www.thedrinksbusiness.com/2015/02/asia-comes-down-off-its-auction-high/
49 The Drinks Business, February 2015:http://www.thedrinksbusiness.com/2015/02/china-leads-fine-wine-bounceback/
50 Decanter.com, January 2015:http://www.decanter.com/news/wine-news/587901/germany-to-consume-more-wine-than-italy-by-
2018-says-vinexpo
51 The Drinks Business, February 2015:http://www.thedrinksbusiness.com/2015/02/weak-euro-boosts-bordeauxs-prospects/
52 http://www.cebr.com/reports/world-economic-league-table-2015 /