Free wine - if you can afford it

Why buy Bordeaux 'en primeur'? Well, the theory is that you are buying fine wine at its 'first' and lowest price and that it will then appreciate substantially in value. Buy 10 cases now and sell half in 5 years time - and you will be drinking for free. True or not?

As you might expect the answer is not simple, although over a period of time the theory is pretty much correct.

Most importantly you must like Bordeaux and have some knowledge of the wines and the market. Given those caveats, the advantages are clear: First, there's the price. Second, you'll be securing an allocation of a much sought-after wine that you will be offered first option on in

years to come - that's how the system works. Thirdly, there's the involuntary saving: you're buying an asset that you can't drink for several years at best. And you can always sell if times are hard.

The dynamics at the top end of the Bordeaux market are such that the supply is totally fixed and the demand is ever increasing, as the world's rich get richer and more numerous. A few years ago the Russians came into the market big time, then the Chinese and latterly the South Americans. An example: Chateau Lafite has become a symbol of wealth and success. Lafite 2000 was sold en primeur, for £1,800 a case; it is now