wine-pedia

• The age of the wine The longer the wine was aged the longer it will retain its desirable characteristics after being opened. Young wine is more susceptible to the effects of oxidation.
• How much is left The fuller the bottle the longer the wine will last, due to less room for oxygen. Consider transferring leftovers into a smaller bottle
  
• Sugar and alcohol content Sugar and alcohol act as preservatives so dessert wines, ports, and sherries can keep much longer (up to a year in some cases).

As wine collections increase in value, collectors should consider insuring a valuable collection. According to the experts at Fireman's Fund Insurance Company's Wine Collector Management Services, here are a few things to keep in mind before buying a policy (or renewing or amending one you already have).

Insure your collection separately if it is valuable
As a consumable that appreciates in value as it ages, wine is a unique asset. If your collection has great value, it should probably be insured separately from your general homeowners' insurance policy. If not, you may run the risk that it is under-insured. The average bottle cost in a wine cellar is often $100 or more; individual bottles can easily reach $700 to $1,000 for top wines. A cellar that contains, say, 500 to 1,000 bottles, can be worth between $50,000 and $100,000. Values can easily climb into the millions for larger collections.

Choose blanket coverage or itemized coverage, or a combination of the two
With blanket coverage, your entire collection is covered under one limit, with a single bottle limit of up to $50,000 (with a Fireman's Fund policy). Itemized coverage is recommended for wines valued at $10,000 or more and can be combined with blanket coverage to provide the best protection for your collection. There should be no deductibles on standard policies.

If you buy insurance, be sure it covers all risks
Buy coverage that spans a wide spectrum of causes of loss including fire and theft breakage, flood, and a range of others. You will also need coverage for loss due to power outage or mechanical breakdown of heating, cooling and humidity control equipment, all of which are critical coverages for oenophiles.

Don't transport your wine without checking with your insurer first
Before you transport your wine, ask your agent or insurer if this is a covered risk by your insurance policy. Be certain your wine is protected worldwide and while in transit.

Wine collections are growing, and so are their value, in many cases. Indeed, based on the results of a recent Sotheby's wine auction, held in Hong Kong in early October, the prices of collectible wines are breaking records.

One imperial (six litres) of Château Pétrus 1982 realized a world auction record price of $93,077, while a case (12 bottles) of Château Pétrus 2000 sold for $55,846. Three bottles of a 1992 Screaming Eagle Cabernet Sauvignon, a winery in Oakville, California, sold for $27,923.

If you have a wine collection, or if you are thinking of building one, here's how to care for your collection, according to the experts at Fireman's Fund Insurance Company's Wine Collector Management Services.

Keep an eye on your climate control
A temperature of 55 degrees Fahrenheit and a relative humidity of 60% to 65% are ideal for long term wine storage. The cool temperature slows the aging process, while the humidity prevents moisture inside the wine bottle from moving into the cork and eventually evaporating into the air. Keep in mind that ideal temperatures do vary somewhat depending on the type of wine you are storing. Attics and garages are not ideal places to store wine, as temperatures can fluctuate greatly in these locations.

Limit your collection's exposure to light sources
A dark room is best for wine storage. Fluorescent light is not believed to be harmful.

Wines should be kept in a stable environment
Vibration is harmful to wine, as it disturbs the sediment. Keep the bottles in a horizontal position.

Back up your power supply
Your wine collection could be at risk during a sustained power outage. A permanent back-up generator will help protect your investment.

Consider renting a storage space
If you lack adequate space to store your collection, professional wine storage facilities are available in most major cities.

Many of the finest restaurants have a "sommelier" on staff, which is the French term for cellar master or wine steward. A sommelier is a trained wine professional who can recommend wines that will well-accompany the food that is being served. A Master Sommelier is an expert who has passed four levels of examinations offered by the Court of Master Sommeliers, an international examining body. They can speak with authority the principal grape varieties used in wine making and the areas of the world where they are cultivated. A person holding a Master Sommelier Diploma is an expert not only in wines, but also spirits and other alcoholic beverages.

Tipping a sommelier directly is customary if you feel he or she spent a great deal of time discussing wine selections with you in addition to opening, pouring or decanting the wine. Keep in mind that at most restaurants, the gratuity (15% to 20% for good service; more than that for outstanding service) paid on the total bill (including the wine) is divided formulaically among the servers, sommelier, bartender and runners.

Wine futures, also referred to as "en primeur", is the term that describes an investment made in wine before it is bottled. Usually, the investment is in a "pre-arrival", which is the first release of certain vintages. Wine futures are similar to an investment made in the futures market. Simply put, it is a bet that the expected future price will increase. Some wine futures, usually those that are highly sought-after premium wines, enter the secondary market. Upon investing in a wine future, the initial release price is usually at its lowest point. An investor can potentially reap a sizeable profit if the investment was made in a wine future that turns out to be an excellent vintage with tremendous demand. Of course, there's an element of risk to investing in wines. An investment in a wine future can turn out to be poor if there's little demand for the wine when it enters the retail market. Be sure to compare prices and only deal with an established and reputable retailer or importer before making an investment.