Yahoo Finance High Crime: Proof That Wine Collecting Is On The Rise
When there's money to be had — especially in an up-and-coming industry like wine collecting — you can guarantee that crime isn't far behind.
A growing number of elaborate schemes are entering the wine industry.
For example, in Paris, a group of criminals drilled through the basement walls of a wine collector’s private cellar.
Their haul? More than 300 bottles of rare wine valued at roughly $300,000.
They pulled off the heist by familiarizing themselves with the Paris catacomb system, using their accumulated knowledge to gain access below ground.
Don't Miss:
Many NBA players, including LeBron James, have ventured into fine wine investments as an alternative asset. Now you can too with just $25.
Investing in fine wine as an alternative investment is no longer exclusive to the ultra-wealthy. Find out how you can invest.
But That's Not The Only High-Value Theft
According to Fox News, Priscila Lara Guevara, a former Mexican beauty pageant contestant, and her accomplice, Constantín Gabriel Dumitru, engaged in a grand wine theft.
They swiped over $1.6 million worth of rare wines from a Michelin-starred restaurant in a luxury hotel in Caceres, Spain. Using a forged Swiss passport, they visited the restaurant multiple times and took a private tour of its wine cellar.
Their heist included a Chateau d'Yquem bottle from 1806, valued at more than $300,000, according to Vice News.
Last year, they faced trial and, despite pleading not guilty, received four-year sentences and a fine of $800,000. However, the most valuable stolen bottle remains missing.
In another incident, an unidentified man stole $600,000 of wine from Lincoln Fine Wines in Venice, California. He broke in by cutting a hole in the roof and rappelling into the store’s rare wines room. While he dodged the alarm sensors, security cameras captured him selectively looting bottles.
Counterfeiting: A Growing Concern
In addition to theft, counterfeiting is an ongoing issue in the wine industry. Consider this excerpt from Wine Industry Network's Advisor:
Counterfeit wines and spirits cost the global industry $3.18 billion in direct sales, and the impact can be felt at many levels. A European Union Intellectual Property Office (EUIPO) report estimates that illicit trade in wine and spirits results in a 7% reduction of legitimate products, the loss of over 7,000 jobs across the beverage alcohol industry and costs the government $2.61 billion in tax revenue.
Even with crime on the rise, wine collecting continues to attract enthusiasts worldwide, demonstrating its enduring appeal and value as both a hobby and an investment.
Vint is one of the best ways to invest in blue chips and up-and-coming investment-grade wine and spirit collections without holding physical inventory. Fractional ownership of wine is the wave of the future.
Read Next:
$100 invested in the fine wine market in 1952 was worth $420,000 in 2020. Discover curated rare wine shares you can own today. Click here for a catalogue.
"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article High Crime: Proof That Wine Collecting Is On The Rise originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
