Wine has been appreciated for thousands of
years and throughout history has found it's
purpose in religion, medicine, war and in
Wine as a commodity
Wine is a asset which it's value comes from it's
The quality and therefore value of the wine is
determined by the consumer.
This value can fluctuate as the average
consumers opinion changes on things such as
variety, style and desirable wine regions.
Wine's quality and value can be determined
by many things but the main ones being:
Branding – wines labeled with a brand that is
well known and respected with loyal customers
will have a higher value over brands with a
Age – the ability of certain wines to improve
with age allows them to increase in value over
Awards – the wine being reconsigned and
highly regarded in the wine community.
Region – the particular region a wine and
specifically variety comes from is highly
influential as some regions have a greater
reputation for quality and specific varieties.
France and it's specialised regions is a good
Palatable – wine has to be palatable to it's
market otherwise it will fail to sell and lose
Wine In Ancient Times
Wine was very important in ancient times as it
was the highest alcoholic beverage that could
be produced (before distillation was invented
by the Arabic people).
This not only gave people a 'buzz' but also
provided antibacterial properties.
This allowed it to be stored for long periods of
time without spoiling.
Also providing medical properties.
These factors gave wine many practical
aspects that were rare in ancient times which
made it a very valuable commodity.
Early Egyptian Wine
The Egyptians were some of the first to
recognise the value of wine, with winemaking
and viticulture flourishing around 2000BC.
They would stamp their clay pots with the with
the name of the estate and vintage of the wine.
This shows they understood that the value of
the wine was related to the age and estate/who
Early Greek Wine
The wine knowledge of the Egyptians was
quickly picked up by the Greeks.
Around 400BC Theophrastus realised and
documented the importance of grape variety,
mesoclimate and soil quality.
Years later they also realised the relationship
between low vigor and high quality.
Wine In Modern Times
Wine is now enjoyed all over the world with any
country capable of producing wine doing so.
Though the huge popularity of wine has
caused a massive influx of new wineries and
vineyards to be planted.
This has caused supply to exceed demand
decreasing the value of wine with much of it
being sold in bulk to supermarkets.
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Course: WSC5.05 Introduction to Wine Business Online 2013. (n.d.). Retrieved August 13, 2013,
A History Of Wine. (version 4.1, May 2004). Retrieved August 13,
Modern Wines From Ancient Grapes. (n.d.). Retrieved August 15, 2013, from
File:Wine cellar.jpg - Wikimedia Commons. (n.d.). Retrieved August 12, 2013, from