OUR MODEL
THE ASSET CASE
Fine wine has long been recognised as a strong diversifier from mainstream asset classes. Cellar Advisor builds fine wine portfolios held in each client's own name, sourced through Liv-ex at trade prices.
WHY OWN FINE WINE
Fine wine is not a replacement for equities. It is what equities cannot be: low-correlation, tangibly-owned, finite, and uniquely tax-efficient in the UK. The strongest portfolios contain both.
Twenty-two years of the Liv-ex 1000 against the FTSE 100 and S&P 500, with the Burgundy 150 from 2010. Each series is rebased to 100 at its first data point: January 2004, or January 2010 for the Burgundy 150. Price return only.
Sources: Liv-ex, FTSE Russell, S&P Dow Jones Indices. Index values anchored to published Liv-ex figures; intermediate points illustrative. Updated periodically.
CORRELATION TO FTSE 100
0.12
Liv-ex 1000 against the FTSE 100, from annual returns 2014 to 2026. Near zero means fine wine moves largely independently of equities: exactly what a diversifier should do. Monthly data would refine this marginally.
YEARS OF TRACK RECORD
22
Fine wine has navigated the 2008 financial crisis, COVID, inflation shocks, geopolitical crises, and a sustained market correction, with lower volatility than gold over the same period. Twenty-two years of real, benchmarked data.
CGT ON QUALIFYING WINES
0%
Most fine wine qualifies as a wasting asset under UK Capital Gains Tax rules, meaning gains are generally exempt from CGT. A unique advantage over equities, funds, and gold. Always confirm with a tax adviser.
Recognised by
Liv-Ex
Member
WSET
Qualified Team
LCB Eton Park
Bonded Storage
The Guardian
As Featured In
THREE MODELS, THREE STRUCTURES
Cellar Advisor sits between the traditional wine merchant and the fully managed investment company, taking the useful parts of both and removing the conflicts. We hold no stock that we need to sell, and we are not tied to particular producers, vintages or regions. Our role is to advise on where we believe the strongest opportunities are, and to execute that independently.
| Feature | Traditional wine merchantRETAIL AND MERCHANT-LED | Fully managed investment companyMANAGED INVESTMENT | Cellar AdvisorINDEPENDENT INVESTMENT ADVISORY |
|---|---|---|---|
| Wine selection | Often influenced by merchant inventory and the stock available to sell. | Selected and managed by the investment company. | Market-wide and independently selected. |
| Inventory conflict | Holds stock that it needs to sell. | Varies by provider. | None. We hold no stock that we need to sell. |
| Portfolio management | Typically transactional, and often passive once the wines have been bought. | Actively managed. | Actively advised, with monthly market reports and portfolio valuations annually or every six months, at Liv-ex mid-prices. |
| Custody | Usually held within the wider storage structure of the merchant. | Typically held within the wider storage structure of the company. | Your own named account at LCB Eton Park. |
| Annual management fee | Typically none. | Typically 1% to 2% of assets under management. | None. |
| Typical storage cost | Commonly around £15 per 12-bottle case per year. | Usually absorbed into the annual charge. | From £12 per 12-bottle case per year, passed through at cost. |
| Selling fee | Commonly 8% to 15%. | Usually absorbed into the annual charge. | 2% on wines we source. 7% on externally sourced wine sold to exit. |
Traditional wine merchant
RETAIL AND MERCHANT-LED
Fully managed investment company
MANAGED INVESTMENT
Cellar Advisor
INDEPENDENT INVESTMENT ADVISORY
The relationship between the three holds at any growth rate. The difference is driven by the fee structures rather than by performance: a percentage charged every year on a growing balance costs more over time than a percentage charged once on exit, whatever the market does.
Fine wine is a long-term hold. Small differences in annual charges, storage and exit fees compound into large differences in the capital you actually retain.
£100,000 · 20 twelve-bottle cases · held 10 years · 7% assumed gross growth · £196,715 before costs
Fully managed investment company
Costs
£35,985
You retain
£160,731
2% of assets under management, charged annually
Traditional wine merchant
Costs
£22,672
You retain
£174,044
£15 per case per year storage, 10% selling fee
Cellar Advisor
Costs
£6,334
You retain
£190,381
£12 per case per year storage, 2% on sale
Under these assumptions the investor retains roughly £16,337 more than the illustrative merchant model, and roughly £29,650 more than the illustrative managed model. An annual percentage fee looks small, but it is charged every year on a growing balance, so it steadily reduces the capital left to compound.
Illustrative only. Assumes an initial portfolio of £100,000 comprising 20 twelve-bottle cases, 7% assumed gross annual growth and a 10 year holding period. The merchant illustration assumes £15 per case per year storage and a 10% selling fee. The Cellar Advisor illustration assumes £12 per case per year storage, billed directly by LCB Eton Park, and a 2% fee on the sale of wines we source. The fully managed illustration assumes 2% of assets under management charged annually, reflecting both the charge and the reduced compounding. Actual charges, portfolio composition and investment performance will vary. Past performance is not a reliable indicator of future performance. The value of fine wine can fall as well as rise and you may not recover the amount originally invested.
Download our model as a PDFWHAT SETS US APART
Most fine wine firms charge 1–2% of AUM annually, regardless of performance. Cellar Advisor charges no annual fee: 2% of confirmed sale proceeds on wine we source, taken once when a sale settles. On wine transferred in from another firm it is 2% when the proceeds are reinvested with us and 7% on a full exit.
Compare the fees →What sets Cellar Advisor apart is straightforward. We manage fine wine the way it has always deserved to be managed, with genuine personal attention.
How sourcing works →Your wine is held in a named, segregated account at LCB Eton Park. Not pooled, not co-mingled. You can inspect, withdraw, or sell individual cases at any time.
Storage & provenance →TRANSPARENT FEES
Drag the sliders to model your portfolio against a typical industry fee structure.
You retain more over 10 years
£25,049
vs typical industry fees · assumes 7% p.a. CAGR
Typical provider
£165,332
net after all fees
Cellar Advisor
£190,381
net after all fees
Illustrative only. Typical industry model: £750 setup, 2% AUM p.a., £15 per 12-bottle case per year storage, no exit commission. Cellar Advisor: no setup fee, no annual management fee, storage of £12 per 12-bottle case per year passed through at cost, and 2% commission on sale for wines we source. Both assume one 12-bottle case per £5,000 invested and 7% p.a. growth. Past performance is not a guarantee of future returns.
External wines transferred to Cellar Advisor for sale are subject to a different fee structure. See our fee structure.
Our Process
We begin by understanding your existing holdings, investment objectives, and risk profile. Every portfolio is different; every approach is bespoke.
We begin by understanding your existing holdings, investment objectives, and risk profile. Every portfolio is different; every approach is bespoke.
Your investment strategy is built around your goals: capital growth, drinking enjoyment, gifting, or inheritance planning. We write it down and revisit it with you annually.
We operate as part of the professional fine wine trade, receiving allocations from châteaux, domaines, and Champagne houses at prices established before wine becomes publicly available.
Every bottle we place is stored in your named account at LCB Eton Park: HMRC-approved bonded storage. Fully insured, climate-controlled, and visit-ready.
Monthly market reports, portfolio valuations annually or every six months at Liv-ex mid-prices, and real-time Liv-Ex pricing keep you informed without overwhelming you. We translate data into decisions.
Sample Portfolio
This is an anonymised, illustrative portfolio. All valuations use Liv-Ex mid-prices. Past performance is not a guarantee of future returns.
12-month avg change
+15.4%
Holdings shown
6
2014
Domaine Bonneau du Martray
Corton-Charlemagne Grand Cru
2018
Pol Roger
Sir Winston Churchill
2017
E. Guigal
Côte Rôtie Château d'Ampuis
2018
Soldera (Case Basse)
100% Sangiovese Toscana
Fine wine investment is not regulated by the Financial Conduct Authority. The value of fine wine can go down as well as up and past performance is not a guarantee of future results.
Risk warning
Capital at risk. The value of fine wine can fall as well as rise and you may get back less than you invest. Past performance is not a guide to future performance. Fine wine is a physical asset and investment in it is not regulated by the Financial Conduct Authority. You will not have access to the Financial Services Compensation Scheme or the Financial Ombudsman Service. Fine wine is illiquid and may take time to sell. Cellar Advisor does not provide financial, investment or tax advice. Please seek independent advice before making any investment decision.
