Photo by Hermes Rivera
Originally Posted On: https://www.paprowinecellars.ca/wine-prices/
Wine values directly impact the answer to how much is your wine worth.
Wines tend to have a unique taste that we just can’t get enough of. Apart from the many health benefits obtained from drinking wine, it gives a vibe of class, elegance, and sophistication when used in occasions and festive gatherings, need I say its seamless blending with almost any kind of food.
Everyone loves a good wine, but not so many people understand how to measure the value of the wines they consume. It’s not okay to simply pop bottles of wine randomly as there is the need to take the time to check out the value of wine such that you know exactly when you are paying a high price for a low-quality wine.
If you are a wine lover, come along with us in this journey of wine – discovery. We guarantee that it’s going to be an exciting and enlightening one for you.
Types of Wine
We can’t do a complete wine valuation without understanding the fundamental types and their associated differences. These wines are classified according to quality, origin, method of production, source, and taste.
- Origin: There are some countries that have made a name for themselves concerning the production of quality wines. Various wine types are now classified according to the countries that produce them.
- French Wines: French wine companies produce some of the world’s favorite brands like champagne, Bordeaux, and Bourgogne. French wines are mostly valued for their unique taste.
- Italian Wines: Italy is another country to be reckoned with when it comes to the production of quality wine. Italian wines are loved for the variety of flavors they have to offer.
- Spanish Wine: Have you tasted a Spanish wine? They are known for being the perfect blend between sweet and sour.
Get in-depth with our Ultimate Guide to the Major Wine Regions of France & Italy
Other countries known for the production of good quality wine include Portugal and Germany, to mention but a few.
- Quality: You can determine the quality of wine by tasting and smelling it. Good wines should smell like fruits, nice and pleasing and if it has an awful or unnatural smell, it’s probably not a good wine.
Remember we said Italian wines are loved for being the perfect blend between sweet and sour? That’s how wine should taste. Wine should be rich in various flavors, yet be able to blend in together to give one taste. Good quality wine do not have a predominant flavor sticking out above others. The taste of good wine should also last in your mouth for some time after you’re done drinking.
- Method of Production: The delicacy in handling the various processes of wine production goes a long way in determining the quality of the wine.
- Source: Wines are generally gotten from grapes but can be sourced from a variety of different fruits.
Wine can also be classified according to their alcoholic content and variants like the red wine, white wine, rosé wine, honey wine, etc.
You can group wines according to their sweetness levels from dry wines that have low sugar to very sweet tasting wines.
We know we are supposed to be discussing about wine values and worth, but wine storage is so important to the overall valuation of wine that we simply cannot afford to leave it out.
Wines are usually stored for a very long time to achieve maximum quality. Thus the saying “Old wines are the best”? It’s true. But it’s not just the fact that they have been kept away for long that makes them the best, it’s also because they have been stored properly and under the right conditions.
Storing your wine under inadequate conditions will do more harm than good to the quality and durability of your wine, hence, the need to store your wine properly. Here are some tips that you should take cognizance of when attempting to store your wine in the future.
- Lighting: Wines should never be stored close to sunlight or in a place with too much light penetration. Too much light exposure damages the molecules that should react to bring out the best flavors in your wine.
- Air: Wine should be stored in an airy environment. Note that wines need airy environments not cold ones.
- Dryness: Storing your wines in an area that is too dry can make the cork of the wine dry up and deteriorate faster. Allow for some level of humidity between 60 to 80%.
- Temperature: This is very important. Not only should your wine be stored at temperatures between 11°c to 14°c, but these temperatures should also be stable for maximum satisfaction. Since most people prefer their home temperature warmer than this, a wine cellar cooling unit is necessary.
- Placing: How you place your wine when storing it is very important. That is why you need to get very good wine racks that enable you to place them properly and avoid them from hitting against each other
Valuation and Pricing of Wine
So many people are at sea when it comes to price valuation and pricing. How do you know the kind of wines that are relatively cheap and the ones that should cost higher? It’s not only about knowing the prices of wine, knowing that you are getting value for the price brings a lot of satisfaction to the owner.
Pricing of a wine refers to the monetary cost of wine and the factors influencing the cost, while the valuation of a wine refers to the overall value of that wine including but not limited to the cost.
The following are the factors that influence the price of wine:
The Production Process: The type of grape used in producing the wine would affect the cost of the wine produced. Grapes are more expensive in some countries in comparison to other countries. These differences in the price of raw materials and other costs such as logistics of labor are taken into consideration by wine companies.
Where the cost of paying for labourers is higher, the cost of production and in extension, the price of the wine, would be high. Sometimes, the grape yield for the year may be less than previous years, this will also influence the cost of the wine. Methods of preparation (whether it is handpicked or machines were used) would be a determining factor too.
Quality: This doesn’t require much explanation. Quality is expensive and this is very true especially as it relates to the price of wine.
Location: Certain locations produce better tasting wines than other locations as aforementioned, therefore, wines produced from those regions that taste better would definitely be more expensive than others.
Transportation Costs: The cost of transportation would be factored into the cost of production and would invariably affect the cost of the wine.
Packaging: Better packages cost higher. When you buy wine, you’re not just buying the liquid content of the wine, you’re buying the packaging too
Popularity and brand: Some companies are more trusted and widely credited for producing quality wine. The more popular these brands are, the more the demand and the more costly the wine.
Demand: Cost increases as demand increases.
Taxation: Taxes and Vats are paid on most wine products. As taxes increase, so does the cost of wine.
The value of wine among other factors depends on
- Quality: We have already discussed this above. The higher the quality of the wine, the more valuable it is.
- Longevity: The longer the time wine takes to reach maturity, the better it is. This influences the value of the wine.
- Scarcity: Scarcity of wine increases the price of the wine as much as the value.
- Manufacturer: Some manufacturers are known for producing wines of higher quality than other manufacturers over time. Products from these manufacturers would naturally cost higher than those from other manufacturers. Brand matters a great deal.