The fever of 'Unicorn Wines': the coveted selection of discerning collectors and consumers

The world of wine has seen a shift in its dynamics over recent years, marked by a trend of limited production and increased exclusivity. This change has not only altered the market but also the narrative surrounding the wine industry as a whole. The exclusivity has transcended beyond the financial cost, now making the sheer availability of a bottle an emblem of prestige.

This is a facet of the wine market that unfolds amidst historic vintages and limited productions, accessible only to a select few with exceptionally discerning palates. Recently, the term "unicorn wines" has gained popularity to denote these special bottles. They are wines that, thanks to some peculiarity or "anomaly," instantly transform into objects of cult status.

Their allure lies not just in their ability to confer a distinguished status to their owner but also in their potential for resale. There is a clear distinction between a wine exclusive for its prestigious brand and high price, and a 'unicorn wine', a cult wine defined by the reputation of its producer, its origin from a very specific vineyard, and its minuscule production.

Many of these bottles come from famous vintages dating back decades, or even centuries, valued by critics and connoisseurs. Perhaps they were the last harvest from a respected plot before the vines were uprooted or maybe they were the final production from a particular winemaker before their death.

There are countless reasons that can turn a bottle from a specific winery and year into a "unicorn," with some fetching hundreds of thousands of euros at auctions. An example is a bottle of 1945 Romanee-Conti Burgundy wine that exceeded 482,000 euros in 2018, maintaining the record to date.

This is an exceptional occurrence with a historic wine, but wineries such as Mouton Rothschild, Lafite Rothschild, Château d'Yquem, Petrus or Vega Sicilia continue to produce wines that can be purchased in stores at not necessarily exorbitant prices, but still, not everyone has access to them.

When productions are merely a few thousand bottles, originate from tiny plots, receive very high ratings, or possess some other "anomaly," the wine producer is obliged to market them via a quota system. These are quotas for limited productions that can perfectly be less than 1,000 bottles distributed globally to very few selected or exclusive buyers.

The initial price of these bottles is not necessarily inaccessible, but as there are so few in the market, few people can acquire them, and they revalue between 4% and 10% each year, according to the 20-year average of the specialized portal Liv-ex.

What attracts buyers to these wines

A keen interest in older vintages and the potential for appreciation they possess are driving factors for these wines' popularity. However, what exactly are buyers looking for in them? An "aspirational" desire often manifests among people who sometimes do not even want to open the bottle but simply start to amass a collection with the intention of appreciating the product.

On the other hand, there are individuals who want to own the bottles best rated by critics to taste them. Sometimes, people who buy these bottles do not even get to see them, as there are companies hired to store them in optimal conditions, complete with insurance against potential contingencies.

This fascinating realm of 'unicorn wines' signifies a business where money is made from wines that are never drunk, as they appreciate in price each year. If they ever are opened and tasted, the flavor may not live up to what was paid for them, but the thrill of the chase and the prestige associated with these unique bottles undeniably keep the 'unicorn wine' market thriving.