People collect everything from action figurines to meteorites. Some collections can be worth billions of dollars, wine collections being one of them. The most expensive bottle of wine ever sold cost $500,000.
However, most wine collectors fail after some time because of common mistakes. Here, we give you a low-down on the three essential things you should do when starting a wine collection for optimal results.
Choose the Right Wines
To choose the right wines, you must:
- Carry out extensive research about the winery’s history, the wine’s life cycle, and especially its taste. Consider the opinion of other wine enthusiasts for better judgment.
- Divide the wines into three categories:
- Learn to spot fakes. The following practices will help:
The wines for enjoyment are made for drinking regularly and don’t need aging. These are cheaper and are bought frequently.
The wines for storage can increase in value when kept for long.
Collectible wines need to be stored for extended durations and command a very high value as collectibles.
Check the label and crosscheck the information written on it.
Aged red wines contain sediments. If the dealer claims that the wine is vintage but it doesn’t have depositions, then it’s most likely a fake.
Checking for evidence of fraudulent activity is the best way to identify fakes, as fraudsters often switch the corks to meddle with the wines.
Organize your Wine Collection
When organizing your wine collection, you should:
- Keep track of everything you have, especially the bottle’s lifespan, as there is a peak age for every wine that gets the best price.
- Invest in a comprehensive insurance plan covering you for all types of damages, including natural disasters, fire, and other unfortunate events.
- Find a storage facility that keeps your wines in the best possible condition. Ensure that they have proper humidity control in place and storage racks to safeguard your wine bottles against light and other elements.
- Consider converting your basement into a wine seller. However, it takes a lot of time, effort, and money. Renting a storage facility where professionals can care for everything is more manageable.
Get your Wines Appraised
The value of your wine will rise and fall according to the fluctuation in the collector’s market. Therefore, you need to get your wines appraised at regular intervals to know their actual value. It helps you recover a sizeable insurance amount in the event of any accidents. Pre-appraised wines also invite higher bids at auctions.
About Xtra Storage Companies
If you want to store your wines in the Miami region and search for a facility that offers both safety and quality, then Xtra Storage Companies is your best choice. Our wine storage units are safe, affordable, and climate-controlled to maintain your wine in the best possible condition. We also have self-storage units of all sizes to meet your requirements. You can reach out to us by filling our online contact form.