For many wine lovers, collecting begins with good intentions. A special bottle purchased on holiday. A celebrated vintage tucked away for a future occasion. A case bought with the promise that it will improve with age. But building a meaningful wine collection requires far more than simply buying wine and waiting.
In the latest episode of Wine in Focus, host Palesa Mapheelle sits down with Marble Cape Town head sommelier Wikus Human and Investec Wealth & Investment’s Roy van Eck to explore the world of wine collecting, from identifying age-worthy bottles and managing risk, to uncovering opportunities in South Africa’s evolving fine wine market.
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What makes a wine worth collecting?
Not every good wine is worth ageing.
In fact, one of the most common mistakes aspiring collectors make is assuming that current appeal alone determines whether a wine will improve over time. According to Human, the clues lie deeper in the glass.
“When we’re tasting, we look at the core fundamentals of what is in a wine,” he explains. “The acidity, the structure, the finish, the tannin. Is the alcohol in balance? How long is the finish? How youthful is the wine?”
These characteristics often reveal far more about a wine’s future than a score or reputation.
Human spends his days selecting wines for some of the country’s most discerning diners and believes the ability to identify age-worthy wines comes from looking beyond flavour and focusing on structure. The wines that evolve beautifully over time are often those with the balance and architecture to carry them through years of bottle maturation.
His advice for anyone beginning a collection is simple:
“Stop buying one bottle at a time. Buy six at a time.”
A single bottle offers no opportunity to observe a wine’s evolution. A case allows collectors to revisit the same wine over several years, gaining insight into how it develops and whether the original buying decision was justified.
Collecting, after all, is as much about curiosity as it is about investment.
The reality of wine as an investment
Wine has long enjoyed a reputation as a luxury asset. Yet recent years have demonstrated that even the world’s most celebrated wines are not immune to market forces.
The Liv-ex Fine Wine 1000 Index has declined significantly from its 2022 peak, while Bordeaux long considered the benchmark for wine investment has experienced falling prices, weaker demand and growing stock levels.
For van Eck, these developments reinforce an important reality.
“When we say it’s an investment, it doesn’t automatically mean it will appreciate.”
Like art, classic cars and watches, wine belongs to the category of alternative assets. It comes with liquidity constraints, storage costs and market risk. Unlike shares, wine cannot be sold at the click of a button. Auctions are infrequent, commissions can be high and wines can lose value if held beyond their peak drinking window.
Yet that doesn’t mean the investment case has disappeared.
“There are still pockets of value that one can pick up,” says van Eck.
The key is understanding that financial return is only one form of return.
“The benefit of having a wine investment hobby is that you can still consume it with good friends and a good occasion, and then your return on investment would be a good time.”
It’s a refreshingly honest perspective in a category that often focuses too heavily on price appreciation.
Why South Africa deserves a closer look
Perhaps the most compelling insight from the discussion is the belief that South African wine remains one of the most undervalued opportunities in the global market.
“We are quite undervalued,” says van Eck. “We have a big opportunity to provide very good quality wine at a very decent price.”
Part of that opportunity lies in South Africa’s remarkable diversity.
Collectors often focus on regions such as Bordeaux, Burgundy or Tuscany, but South Africa offers an extraordinary range of climates, terroirs and wine styles within relatively short distances. Swartland has become synonymous with exceptional Chenin Blanc and Syrah. Stellenbosch continues to produce world-class Cabernet Sauvignon. Hemel-en-Aarde has earned international acclaim for Chardonnay and Pinot Noir, while Elgin’s cool-climate conditions are producing increasingly exciting Sauvignon Blanc and Riesling.
Unlike many European regions, South Africa’s varied geography also creates opportunities that aren’t always obvious from vintage charts alone.
Human points to the 2014 and 2023 vintages, both widely viewed as challenging years due to rainfall. Yet many producers still crafted exceptional wines because of localised climates and experienced vineyard management.
“Don’t write off the bad vintages,” he advises.
For collectors willing to do their homework, those overlooked years can sometimes provide exceptional value.
The future belongs to the curious
While global wine consumption patterns are changing and younger drinkers are exploring new categories, both guests remain optimistic about the future of South African wine.
In fact, Human believes the industry is producing better wines than ever before.
“If I tasted 10 wines 10 years ago, I probably would have listed three or four. If I taste 10 wines today, I’d probably list eight or nine.”
That improvement reflects a broader shift in South African winemaking. Producers are moving away from formulaic styles and focusing instead on vineyard expression, terroir and climate-appropriate varietals. Innovation is accelerating, and a new generation of winemakers is experimenting with grapes that are better suited to future climatic conditions.
“I think we’re just at the tipping point of where South African wine is going to go,” says Human.
For collectors, that may be the most exciting opportunity of all.
The next great South African wine may not be sitting in a cellar already.
It may still be waiting to be discovered.
