Andrew Jefford's advice...

The lesson behind this story is a simple one, though it has unfortunately taken most of a decade to emerge fully.

Unless you have studied the fine wine market in depth over a number of years, or sought advice from old-established and reputable companies, drinks investment is a hazardous business.

If you are considering investing in wine, it is essential you consult investdrinks.org first, and check prices on other websites such as winesearcher.com or financialwines.com, as well as talking to and consulting the websites of leading wine merchants and brokers.

I should also point out that since 1997, the overall fine wine market has been at best sluggish, and at worst in slight decline; the events of 11 September 2001 seem likely to reinforce this trend.

"Opening" prices set by winemakers, too, are now astronomically higher than they once were, as the Bordeaux 2000 campaign showed. To invest in fine wine nowadays, you not only need a thick chequebook, but a wing and a prayer might come in handy too.