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1、MARKET OUTLOOK 2022 CONDITIONS SUPPORT ONWARD GROWTH AFTER SIZZLING CONTENTSFINE WINE OUTLOOK 2022 3THEME 1-FINANCIAL MARKET UNCERTAINTY 4THEME 2-IMPACTS FROM CLIMATE CHANGE 5THEME 3-THE IMPORTANCE OF BEING SELECTIVE 6REGIONAL OUTLOOKS 7CULT WINES|WINEINVESTMENT.COM3FINE WINE OUTLOOK 2022 Fine wine

2、can continue to post healthy performance and carry over a fantastic 2021 campaign into 2022.Economic growth and a deepening supply-demand imbalance point to ongoing price appreciation.The pace of the fine wine rally could moderate,but it should still offer an attractive source of stability and healt

3、hy real returns amid a shifting inflation and macro policy backdrop.Selectivity is key,especially in Champagne and Burgundy where top names posted sky-high returns in 2021.These wines still form strong long-term investment options,but select wines from Bordeaux and Italy and some up-and-coming regio

4、ns and producers now offer attractive relative value.AN ENCORE TO FINE WINES STRONG AND STABLE 2021?Our outlook from a year ago noted fine wines greater growth potential in 2021,and the market did not disappoint.The Liv-ex 1000 index,the widest measure of the market,gained 16.51%through the end of N

5、ovember as the recovery that began in 2020 accelerated.Fine wine posted positive returns in each month,displaying more stability than equity and government bond markets which wobbled at times amid inflation,monetary policy uncertainty,and the ongoing pandemic.We think fine wine holds plenty more per

6、formance potential as we head into 2022.Historically,fine wines growth periods have lasted much longer than the current rally(see Figure 1).Top name Burgundy and Champagne wines posted massive gains in 2021,but the market also diversified,opening the door for other regions and up-and-coming producer