Had this report appeared six months ago, it would have provided some very sober reading for wine investors. Not least because the end of 2008 coincided with the first significant correction in the fine wine market for more than a decade.

During the first half of 2008, Liv-ex, an index of the top 100 investable wines, climbed by a steady and impressive 9.5 per cent before stalling during the summer. In the final quarter of 2008 it fell by nearly 25 per cent; in October it lost more than 12 per cent of its value – the biggest monthly movement since its inception in 2001.