Every year Berry Bros & Rudd, Britain's oldest wine merchant, issues a pocket-sized
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Fine wine is expensive to store, and its rarity and high transaction costs make it oddly enough an illiquid asset.Even so, its appreciation with age and perceived ability to diversify portfolios have made it popular with investors over the past two decades.The value of wine exchanged yearly between consumers, connoisseurs and collectors the secondary market has quadrupled to $4bn since 2000, says Justin Gibbs of Liv-ex, a wine-trading platform.He reckons that just 15% of those buying wine on his website are doing so to drink it.The rest see it as a store of value.
Fine wines are traded privately, at auctions or through exchanges like Liv-ex, where members bid for listed crus.The equivalent of an initial public offering comes when estates release their latest vintages.The wine world also has asset managers, which buy and sell hundreds of cases on behalf of clients in the hope of turning a profit.Britain is a big trading hub, notably because it offers the ability to store wine free of customs and vat provided it is kept in one of the few taxman-approved warehouses.Many professional buyers thus hold their stock under the same huge vaults.Updating records is sometimes all it takes to transfer ownership.
Investing in wine has long meant buying Bordeaux.But that is changing: the French region now accounts for 60% of secondary transactions, down from 95% in 2011.The new picks have star appeal.Bordeaux prices have done well in the past three years, rising by a third.But the value of fine Burgundy has more than doubled，according to the Liv-ex 1000 index.
One reason is that greater price transparency has boosted buyers5 confidence.Fine wines, which do not generate cash flows, cannot be valued using financial metrics such as price-to-earnings ratios.But exchanges and websites like Wine Searcher, which gathers merchant quotes from around the world, provide reference points.Apps that collect reviews from critics and consumers also help; so do gadgets to improve traceability （though fakes remain a problem）.Some of this cash finds its way to new terroirs.
Investors are becoming more sophisticated, too.Chinese buyers, whose thirst for Bordeaux kept prices afloat through the financial crisis, fled the region after 2012, when a crackdown on corruption meant demand for luxury goods dried up.Many have since turned to Burgundy.Most wine-investment funds, which in the 2000s managed 350m （$396m）, almost all of it invested in Bordeaux, went bust when the market tanked.Such outfits have since reformed, trying harder to diversify.
Recent currency shifts have made top crus a relative bargain.Burgundy was already cheaper than Bordeaux, and a dollar rally after 2015 has put the region on American and Asian buyers’ radars （the Hong Kong dollar is pegged to the greenback）.Italian, Californian and other French regions have also become fashionable, says Philip Staveley of Amphora, a wine-portfolio manager.But the best Burgundy is produced in tiny volumes.Chateau Margaux, a Bordeaux star, puts out 11,000 cases a year; Domaine de la Romanée-Conti makes 450.That amplifies price movements.
Experts fear a bubble.“Everyone tells us it’s getting absurd,” says Philippe Masset，a wine scholar.Younger vintages have become pricier than older ones the wine equivalent of a yield-curve inversion.The Burgundy region gained 8% in November, while all others plateaued.Whether that lasts may depend on the value-for-money of the vintage released this month.But for now, investors see the glass half-full.
单选题第1题According to Paragraph 1, amateurs of quality quaff want to time-travel because in the past ______.
A.the quality of wine was much higher
B.the price of wine was much lower
C.the quality of wine was just similar
D.the price of wine was just similar
参考答案：B
答案解析：细节题。根据题干关键词定位第1段第1句。分析上下文，可知过去的红酒价格远远低于现在，也就说明了红酒爱好者想要穿越的理由，故正确答案为B。
单选题第2题According to Paragraph 2, which of the following statements is NOT true of fine wine?
A.It is popular with investors.
B.It has become an illiquid asset.
C.Its value increases with passage of time.
D.It has the ability to diversify its forms.
参考答案：D
答案解析：推断题。根据选项定位第2段，对比原文后可知，D与原文（使投资方式多样化）不符，故为正确答案。
单选题第3题The word “connoisseurs” underlined in Paragraph 2 most probably means ______
A.managers
B.assessors
C.buyers
D.owners
参考答案：B
答案解析：语义题。connoisseurs意为“鉴定师”，故正确答案为B （评估师）。
单选题第4题Britain is a big trading hub mainly because______.
A.it is able to store wine free of charge
B.it is able to provide vat free of charge
C.it is able to store wine free of customs on condition that it is kept in one of the taxman-approved warehouses
D.it is able to store wine free of customs on condition that the vat provided is kept in one of the taxman-approved warehouses
参考答案：C
答案解析：细节题。根据题干关键词定位第3段第4句，分析句法结构后可知，provided 引导条件状语从句，意为“如果”。将4个选项与此句比较后可知C为正确答案。
单选题第5题The word “Bordeaux” in Paragraph 4 refers to______.
A.the name of a wine
B.the name of a place
C.the name of both a wine and a place
D.the name of a vineyard
参考答案：C
答案解析：推断题。定位第4段第1句，可知Bordeaux为红酒。而第2句中，the French region指Bordeaux，故C为正确答案。
单选题第6题The author mentions Burgundy in order to show that______.
A.new places for wine investment are more attractive than traditional ones like Bordeaux
B.Burgundy prices are lower than Bordeaux prices
C.Bordeaux prices are lower than Burgundy prices
D.Bordeaux is still a better place for wine investment than Burgundy
参考答案：A
答案解析：细节题。根据题干关键词定位第4段最后一句。分析上下文可知，作者提及 Burgundy的目的是为了说明观点：The new picks have star appeal （新产地具有明星效应），故正确答案为A。
单选题第7题Greater price transparency is NOT achieved by means of______.
A.exchanges and websites
B.gadgets
C.apps
D.financial metrics
参考答案：D
答案解析：细节题。根据题干关键词定位第5段第1句。从第3句开始，作者罗列了实现价格透明的几种途径。对比选项后可知，D不在其列，故为正确答案。
单选题第8题The author uses Chinese buyers as an example to prove ______.
A.the thirst for Bordeaux
B.the crackdown on corruption
C.the change in wine investment
D.the demand for luxury goods
参考答案：C
答案解析：细节题。根据题干关键词定位第6段第2句。分析语篇逻辑可知，本句举例说明第1句（投资者也变得更加复杂），而从全文语篇结构来看，第1句是葡萄酒 投资格局发生变化的第2个理由，故正确答案为C。
单选题第9题“The Hong Kong dollar is pegged to the greenback” underlined in Paragraph 7 most probably means______.
A.Hong Kong dollar is based on currency shifts
B.Hong Kong dollar is closely related with U.S.dollar
C.Hong Kong dollar is devalued due to currency shifts
D.Hong Kong dollar has become fashionable
参考答案：B
答案解析：语义题。本句中the greenback指代美元，全句意为“港元与美元挂钩”， 故正确答案为B。
单选题第10题In the author’s opinion, the prospect of wine investment is______ .
A.promising
B.uncertain
C.doubtful
D.optimistic
参考答案：B
答案解析：态度题。最后一段提到，专家认为这是一种泡沫，而其前景有待进一步数 据的发布，故正确答案为B（不确定）。本题C（怀疑的）为强干扰项，但综观全 文，作者列举了大量数据和专家观点，并未做出明确的判断，故C不符合题意。
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