How to invest in wine in France
Updated 30 July 2026
Investing in wine in France means buying physical bottles, shares in wine-producing estates, or specialised funds, with a capital-gain objective over an 8 to 10-year horizon. This niche investment suits connoisseurs willing to follow the market closely, with a risk of capital loss and limited liquidity.
- The fine wine market saw a 25 to 30% correction between 2022 and 2025, before turning upward again in early 2026.
- Taxation differs depending on the vehicle: the flat tax (PFU) of 31.4% for wine ETFs and shares, the movable-property regime for physical wine.
- Storage, insurance and transaction costs reduce the real return on physical wine, in an unregulated market.
- Wealth-tracking tools such as Finary let you record this type of collectible asset alongside the rest of your wealth.
Is investing in wine profitable?
Fine wine is an investment whose returns have been very uneven in recent years, between a strong rise through 2022 and a marked market correction since (see the section on capital-gain prospects further down). It is therefore a risky investment, suited to connoisseurs willing to follow the market closely, with expected returns over a medium to long-term horizon (8 to 10 years) rather than a stable annual yield. Diversifying between well-known estates and more speculative wines is an approach observed on this market, with no guarantee of performance. Tracking valuation over time can be made easier by wealth-tracking tools such as Finary, which let you record this type of collectible asset alongside the rest of your wealth.
Investing in wine can prove profitable under certain conditions: being knowledgeable about estates and regions, diversifying the portfolio, and favouring rarity and quality.
How investing in wine can help your savings
Wine savings offer a number of advantages.
- Historically, the wine market has shown limited correlation with financial markets, with no guarantee for the future.
- Rising consumption against a limited supply of quality wines drives scarcity, a symbol of rising prices.
- Wine is a tangible asset, unlike shares or bonds. Its value can nonetheless fluctuate sharply depending on the market, storage conditions and demand.
- Wine belongs to the wider family of collectibles, alongside art, watches or classic cars.
- Manage your own cellar, through the wine exchange, online auctions or a broker's services.
- Go through an online platform that supports the investor with expert guidance.
- Invest via shares in wine-producing estates or ETFs (Exchange-Traded Funds) exposed to the wine industry.
- Invest via wine investment funds, known as "paper wine", for enthusiasts who do not physically hold the bottles.
What are the risks of investing in wine?
Investing in wine carries a high level of risk. Allocation depends on each investor's profile and must be assessed individually. It has a number of drawbacks:
- Predicting how prices will move over time is difficult. A single downward revision of a wine's rating is enough to collapse its market value.
- Storage costs can prove high.
- Not every wine improves with age, so it needs to be resold at the right moment.
- The lack of liquidity.
- The time needed to realise gains is relatively long.
- The market is unregulated and offers no protection against scams and counterfeits.
Wine's capital-gain prospects
After a sharp rise in 2021-2022 driven by low interest rates, the fine wine market went through a marked correction: according to the Liv-ex indices, prices stayed 25 to 30% below the October 2022 peak until the end of 2025. The market has since returned to growth: the Liv-ex 100 index recorded six consecutive months of gains into early 2026. Past performance is not a reliable indicator of future performance. The market also follows the law of supply and demand: over time, consumption of great vintages tends to make available bottles scarcer, which can support the prices of the most sought-after vintages, with no certainty about future trends.
What is the taxation on investing in wine?
The tax treatment that applies differs depending on whether it involves ETFs, wine shares, or investments in physical wine.
- For investment in wine ETFs and shares: the gain on sale is subject to securities taxation. The gain falls under the flat tax (PFU), now 31.4% (12.8% income tax and 18.6% social contributions since 1 January 2026).
- For investment in physical wine: it is treated for tax purposes as movable property (Article 150 UA of the French General Tax Code)
- The tax threshold is €5,000. As soon as the lot includes a bottle whose sale price is €5,000 or more, tax on the capital gain applies.
- If the sale is below €5,000, it is fully exempt.
- The tax authorities grant a 5% allowance per year beyond the second year.
- In the case of a professional activity
- The seller must declare their activity as a commercial business under micro-entrepreneur status (France's simplified sole-trader tax regime). Tax and social filings follow the rules of that status.
Some examples of good wines to invest in
The wine exchange can help guide your choices. Non-exhaustive examples of historically sought-after estates (general information, not a buy recommendation):
- Burgundy wines with prestigious estates: Saint-Georges, Chambolle-Musigny, Beaune-Grèves.
- Grands crus from Bordeaux, safe bets: Pétrus, Château Margaux, Château d'Yquem.
- Wines from the South, increasingly popular: la cave du Tain, Château Mourgues de Grès.
- Organic wines are a major trend: Château Pontet Canet, Château Palmer.
There are also sought-after foreign wines, with those from Portugal, Spain and Italy among the most popular.
Wine, a pleasure investment above all
Investing in wine carries a risk of capital loss and specific risks (illiquidity, counterfeiting, storage). For a classic purchase of wine bottles, being a true connoisseur helps in choosing wine investments wisely.
Wine investment funds are an alternative to physical storage, with their own risks (fees, illiquidity, capital loss).
Even though impressive capital gains can be tempting, a wine investment should above all remain a pleasure investment.
Goals
Frequently asked questions
What criteria characterise the wines sought by collectors?
Collectors value the recognition of the estate and its name, vintage rarity and demand. Wines from Bordeaux, Burgundy and the Rhône dominate the auction market, with Bordeaux alone accounting for close to half the volumes sold. This information is general and does not constitute a buy recommendation.
How can you tell whether a wine will gain value?
A wine from an average year, easy to find and with a mediocre vintage, has little chance of becoming a good investment. Conversely, a wine from a limited production, in a good year and with a well-regarded vintage, has greater potential to gain value over time, though with no certainty.
Do you need to be a wine expert to get started?
No, but investing in physical wine requires real learning: knowing the estates, the vintages and the market before buying. Wine investment funds or shares in wine-producing estates offer exposure to the sector without tasting expertise, with other risks (fees, illiquidity).
How is the capital gain on reselling wine taxed?
For physical wine, the sale is exempt below €5,000; above that, a 5% allowance per year of ownership applies after the 2nd year (full exemption after 22 years). For wine ETFs and shares, the gain falls under the flat tax (PFU) of 31.4% (12.8% income tax, 18.6% social contributions).
What is the difference between buying bottles and investing via a fund or wine shares?
Buying physical bottles requires storage, insurance and reselling at the right time, with a risk of counterfeiting in an unregulated market. "Paper wine" funds, shares in wine-producing estates or ETFs exposed to the sector offer more liquidity, without the wealth and pleasure dimension of a physical cellar.
Sources
Liv-ex, The Fine Wine Market in Q1 2026
Cult Wines, Fine Wine in 2025: Repricing, Liquidity and Clearer 2026
Service-public.gouv.fr, increase of the flat tax (PFU) rate from 1 January 2026
AMF, whitelist of Crypto-Asset Service Providers (CASP, "PSCA" in French), Finary SAS
Regulatory disclaimers: Marketing communication. Investing carries a risk of partial or total capital loss. Past performance is not a reliable indicator of future performance. This article is provided for information and educational purposes only; it does not constitute personalised investment advice, a buy or sell recommendation, or tax advice. This investment carries a liquidity risk (resale is not guaranteed, long time horizon) and a risk of capital loss. Income and valuations are not guaranteed. Before investing, read the Key Information Document (KID) and, where relevant, consult an authorised adviser. Finary SAS, an investment firm authorised by the ACPR (no. 19283), member of AMAFI. Insurance broker registered with ORIAS (no. 21001279), member of the CNCGP (association approved by the AMF). Crypto-Asset Service Provider (CASP) authorised by the AMF under the MiCA regime, references no. A2026-026 and no. N2026-008.
