Jamie Ritchie, worldwide chairman of wine and spirits for Sotheby’s, says interest in champagne has been escalating over the past decade, including in Hong Kong, Singapore and Taiwan. The amount of champagne lots in their sales, he says, is growing big-time. Its “Ethereal Cellar” auction in Hong Kong on April 2 will include 82 lots of rare Krug vintages and 60 of Dom Perignon. White Plains, New York-based Zachys’ March auction featured 156 lots of champagne.

This kind of auction fever wasn’t always so.

According to Liv-Ex’s Robbie Stevens, broad interest in champagne investing started a few years ago when buyers began to realise how undervalued great examples were compared with the best Bordeaux and Burgundy. “One catalyst was the release of the extraordinary 2008 vintage,” he says, “and then the slew of great vintages that have followed — 2012, 2013 and 2014.” Investors got excited, then looked back to stock up on earlier vintages.

Another driver of demand may be anxiety over how global warming will affect the quality and style of future vintages. In other words, better buy now, just in case.

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Gearing adds in yet another reason to have faith in champagne’s continued investment potential: it remains an icon of luxury in a world where there’s been an explosion of wealth. Despite COVID, the war in Ukraine, inflation and looming recession, luxury goods boomed last year and the 2022 edition of the Bain & Company-Altagamma Luxury study predicted even further growth in 2023.

What to invest in

Most champagnes are blends of wine from several vintages, but for the best return on investment go for more limited vintage champagnes. Produced only in the best years, they’re aged longer before release, and prices consistently go up with age. After all, supply dwindles as drinkers celebrate.

It used to be that only a handful of famous grands marques, such as Louis Roederer Cristal and Dom Perignon, were investment-grade brands. Now the pool has widened to include grower champagnes with high-profile reputations. (These are made by small estates who grow their own grapes.) The cult label Jacques Selosse, for example, is smoking. The cost of the 2008 has more than doubled since it was released only a few years ago.

Champagne remains an icon of luxury in a world where there’s been an explosion of wealth.

While Curtis still advises his clients to focus on major grands marques like Krug, Cult Wines includes both categories in its portfolio. Gearing says prices for super-premium names such as Salon could be levelling out.

He sees increasing interest in better-value grands marques such as Rare Brut and in the undervalued but excellent 2006 vintage (15 per cent to 40 per cent cheaper than the stunning 2008), as well as “an upward trajectory” for grower labels that have “phenomenal quality and brand momentum.” Cult Wines’ best performer among grower picks last year was 2012 Cedric Bouchard Les Ursules Blanc de Noir, up 332 per cent over the past five years.

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Rose champagne, which is rarer than white cuvees, commands a premium. Liv-Ex reports that prices for examples from the superlative 2008 vintage on average are 96 per cent higher for the six most-traded houses. Rarity also drives higher prices for extra-large formats such as jeroboams and methuselahs.

Not surprisingly, companies such as Francois Pinault’s Artemis Group, owners of Bordeaux first growth Chateau Latour, have started investing in the region. In 2022, Artemis acquired Jacquesson. Expect it to gain more visibility and prominence in the future.

Based on recommendations from Cult Wines, Charles Curtis and Vinovest, here are eight champagnes to consider buying. As you can see by my tasting notes, none will disappoint.