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The paper aims to investigate the impact of economic policy uncertainty (EPU) (i.e. uncertainty due to government policies) on fine wine prices.

The paper uses the Baker et al. (2016) monthly news-based measure of EPU for the leading wine markets: the USA, the UK, France, Germany and China in conjunction with monthly fine wine pricing data from the London International Vintners Exchange (Liv-ex). The wine sub-indices used are the Liv-ex 500 (Bordeaux), Burgundy 150, Champagne 50, Rhone 100, Italy 100, California 50, Port 50 and Rest of the World 50. The Prais–Winsten and Cochrane–Orcutt regressions are used for our analyses to correct for effects of serial correlation. Time lags are chosen based on the appropriate information criterion.

Changes in EPU levels negatively impact changes in the Liv-ex 500 index for all our leading wine markets except France, the Champagne 50 index for the UK and the Burgundy 150 and the Rhone 100 indices for Germany, with the effects being significant for at least up to a quarter before EPU is detected. The authors did not find significant results for the EPU of France.

The paper aims to provide insights into whether EPU creates opportunities or threats for investors and wineries.

A forward-looking news-based EPU measure is used to gain insights into how the different Liv-ex sub-indices react to increases in uncertainty centered around government policies across a sample of different countries.

The purpose of this paper is to identify the macroeconomic determinants of fine-wine prices and estimate their impacts.

The author models the Liv-ex fine-wine price indices with the macroeconomic variables of emerging and developed markets on a monthly basis from 1996 to 2015.

The demand from emerging markets plays a key role in fine-wine pricing and, more precisely, in the price fluctuation of prestige Bordeaux wines. Furthermore, the continuous weakening of the US dollar in real terms favors an increase in fine-wine prices. Since 2011, the slowdown in economic growth in emerging markets, followed by the depreciation of national currencies, has negatively affected the luxury wine market. Along with the process of financialization in the fine-wine market, prices have become more volatile. Factors such as money supply, real interest rates and the growth of investment funds have started to show their influence on fine-wine pricing.

Complementary to the hedonic price modeling, this research can provide an analysis to wine-price modeling and forecasting within the macroeconomic approach.

With the rise in wine consumption, accurate wine price forecasts have significantly impacted restaurant and hotel purchasing decisions and inventory management. This study aims to develop a precise and effective wine price point and interval forecasting model.

The proposed forecast model uses an improved hybrid kernel extreme learning machine with an attention mechanism and a multi-objective swarm intelligent optimization algorithm to produce more accurate price estimates. To the best of the authors’ knowledge, this is the first attempt at applying artificial intelligence techniques to improve wine price prediction. Additionally, an effective method for predicting price intervals was constructed by leveraging the characteristics of the error distribution. This approach facilitates quantifying the uncertainty of wine price fluctuations, thus rendering decision-making by relevant practitioners more reliable and controllable.

The empirical findings indicated that the proposed forecast model provides accurate wine price predictions and reliable uncertainty analysis results. Compared with the benchmark models, the proposed model exhibited superiority in both one-step- and multi-step-ahead forecasts. Meanwhile, the model provides new evidence from artificial intelligence to explain wine prices and understand their driving factors.

This study is a pioneering attempt to evaluate the applicability and effectiveness of advanced artificial intelligence techniques in wine price forecasts. The proposed forecast model not only provides useful options for wine price forecasting but also introduces an innovative addition to existing forecasting research methods and literature.

The purpose of this paper is to examine fine wine’s safe-haven status with respect to US equity movements.

We use a generalized autoregressive conditional heteroscedasticity model and its variant to measure the asymmetric reaction to positive and negative shocks.

Our empirical results show an inverted asymmetric volatility in the wine market; positive shocks increase the conditional volatility more than negative shocks. That is the opposite reaction in the volatility of equity returns occurs in the wine market. As leverage effect and volatility feedback effect do not adequately explain this reaction, we follow the work of Baur (2012) and propose the safe haven effect. Several robustness tests largely confirm the empirical findings, with major implications for wine investors. Finally, we provide further evidence on the benefits of adding wine investments to an equity portfolio through an increase in risk reduction effectiveness.

Based on the results of the robustness analysis, the recommendations in terms of including fine wines in portfolios must be issued with caution.

Our findings are crucial to the needs of market participants who are interested in including wine assets in their equity portfolio.

No previous study investigates the safe haven property of fine wine return, and accounts for risk reduction effectiveness when adding wine assets to a portfolio of US equities.

This paper aims to investigate how the abstract marketing concept of brand heritage is operationalized through visual elements on social media.

A mixed-methods approach combines interviews with marketing experts, a focus group with specialized academics, an open coding of Instagram images and the systematic coding of 800 images of eight champagne brands (company-generated content).

The study identifies 20 brand heritage codes (e.g. groupings of brand heritage visual cues with homogenous meanings). These codes are combined in three different factors (brand symbols, product legacy and consumption rituals) that discriminate between brands.

The paper offers a description of what brand heritage looks like in practice. This visual operationalization of brand heritage is based on a single category, a limitation that further research can address. The results also contribute to research on visual brand identity and provide practical insights for the management of brand heritage at the product brand level.

This paper bridges the gap between the strategic management of brand heritage as a resource and the way it is concretely made available to the consumers.

This study aims to identify the price determinants of fine wines in a small and competitive market. These characteristics are found in many lesser-known wine-producing countries and are often difficult to analyse because of lack of data.

This study hand-collects and transcribes wine-related data for 149 Swiss wineries and 2,454 individual wines over the period 2014–2018 directly from wine lists provided by wineries. This study uses multivariate ordinary least squares regressions to analyse the relation between wine attributes and prices and to assess the effect of a currency shock caused by the sudden appreciation of the Swiss franc in 2015 as well as a reduction in information asymmetries induced by the novel coverage of Swiss wines by The Wine Advocate.

Prices mainly depend on collective reputation, production techniques and product positioning. Surprisingly, following a sharp appreciation of the Swiss franc, producers did not reduce prices. The arrival of a highly influential wine expert on the market also had a positive price effect on rated wines and producers. Both hint at wineries attempting to position themselves relative to competitors.

Few studies examine the price drivers in lesser-known wine markets, where competition is fierce. This study’s results show that wine pricing differs from other more famous and larger wine regions. In addition, to the best of the authors’ knowledge, this study is also the first to analyse the impact of a currency shock and a reduction in information asymmetries on wine prices.

Commercial auctions of cultural goods are typically brokerage arrangements where potential buyers may consider pre-sale estimates (PSEs) in bidding. The economic theory suggests that PSEs should provide honest guidance – winning bids should, on average, equal PSEs – but available research from fine art and antique auctions finds otherwise. The authors examine this relationship for commercial auctions of fine wine – items which, unlike fine art and antiques, are widely traded so that bidders may more knowledgably interpret PSEs.

The paper examines the relationship of PSEs to winning bids econometrically for an iconic wine widely traded in several Chicago wine auctions, a novel setting for this analysis.

The relationship of winning bids to PSEs differs significantly between two neighboring auction houses, perhaps reflecting differences in how they do business; neither’s PSEs have a straightforward relationship to winning bids; PSEs have an influence on winning bids independent of a lot’s characteristics, reflecting perhaps an anchoring effect; the analysis suggests broad bidding strategies (with counter-strategies implied) and might guide auction house lot selection and ownership if more complete data became available.

The role and reliability of PSEs in auctions of other cultural goods, representing most of the literature, has limited application to auctions of fine wine whose markets differ categorically from those of other cultural goods.

Extant literature in Video on Demand (VoD) has taken the consumer perspective; however, the stakeholder perspective is largely neglected. This paper aims to fill this gap by understanding the strategies to enhance the experience and engage customers from the supplier’s point of view. The purpose of the study is to identify and analyse strategies adopted by over-the-top (OTT) platforms that ensure consumer loyalty in the VoD space.

Using a qualitative approach and inductive qualitative design, the authors interviewed 16 industry experts associated with OTT platforms in India and people handling various marketing-related positions. Data collected included topics related to industry landscape, the value created for a customer, consumer experience, engagement and platform stickiness. Thematic analysis was used to find meaningful semantic elements.

This study has found that consumer experience, content differentiation, consumer sense-making and engagement and platform extension as value enhancers as the key strategies been adopted in the Indian context, thereby leading to a platform’s stickiness.

This research offers insights to policymakers of content, digital platforms, media practitioners and managers that are drawing consumers influenced by platform strategies.

This research provides insights to content policy makers, digital platform leaders, media practitioners, and managers who are influencing consumers through platform strategies.

The research could help entrepreneurs and marketers understand the perspectives of stakeholders in the VoD industry in India.

The study encourages researchers to explore the concept of stickiness, which may or may not be equivalent to loyalty. It is important to focus on quality, frequency, and regular reminders to help customers return to the same platform in the short term.

The purpose of this paper is to examine the measures taken by legitimate wine investment companies and enforcement agencies to counter alternative investment scams.

The authors interviewed wine industry and law enforcement specialists to understand the nature of wine investment fraud and the characteristics of the victims. They also drew on secondary data in the form of government agency research and media sources.

The majority of wine investment frauds are boiler room operations, using social engineering techniques to draw victims into the fraud. The authors conclude that countering wine investment fraud requires public education by government, the wine industry and the police.

This is a small-scale study that uses interviews with experts in the industry and in law enforcement and secondary data as evidence. Despite the limitations in the number of interviews, the authors are able to comment on the social impacts of alternative investment scams and suggest a theoretical basis for future work in the field.

The authors make a case for regulators and investors to be part of collective action through education and public awareness campaigns to combat alternative investment fraud.

The authors outline how collective action theory might be extended to investigate fraud prevention measures in other financial and commodity markets.