All You Need to Know About "Old World" and "New World" Wine

The earliest New World winemakers in the 18th and 19th centuries generally followed the principles of the wine making techniques present in European countries at that time, with the intent of creating wines that strongly resembled those obtainable in Europe. However, their own climates and soils were totally different; often having to put up with sweltering temperatures never encountered in the Old World homeland. For example, settlers in California found the scorching heat was too much for the production of superior Wine grapes, until finally they realized the valleys of Napa as well as Sonoma could take advantage of the gaps within the Coastal range of mountains which sucked in cold air and fog from the ocean, providing the essential cooling element so necessary for top class wine.

New World wines are usually defined as "Wines produced in regions established by colonies of European exploration, which started with a number of the longer voyages in the 15th century."
Put simply, New World wines are all those developed in areas other than Europe and the Mediterranean countries.
It was during the 1960s, when traditions ended up being questioned, and boundaries were coming down, which gave New World Wine its chance for worldwide success. Brought about within the US by men such as Robert Mondavi and in Australia by Max Schubert of Penfolds, there came the desire to change and improve on the Old order. This arrived in combination with a complete rethink of how to explain and market the wines.

Initially, the New World were simply using well-known names from the Old World; "Australian Burgundy" and "Californian Chablis" became commonplace. International law quickly caught up with this particular practice, however, ruling that Burgundy or Chablis are only able to be made in Burgundy or Chablis. so even though the New World producer would use identical grapes and identical techniques to produce a top quality version of one of these famous wines, he could not use any name which the customer would recognise.

These producers soon came to the conclusion that it was the flavour belonging to the different grape varieties that was the single most important factor in their wines, and arrived at the solution of varietal labelling.They highlighted the grape variety on the label, their own name, and left it at that. This has changed the whole way we think about, speak about, choose - and most importantly - buy Wine. We now know the importance of the various grapes, as it is these varieties, as opposed to the place of origin, that is stressed on the label. We are all now used to ordering a bottle of Sauvignon Blanc, Chardonnay, Pinot Noir or a Rioja. No other idea has made the enjoyment of Wine so easily accessible to every one.

This accessibility has led to a willingness to experiment: to purchase and experience the type of wine we enjoy, no matter where it was made, New World or Old World. Now the Old World has recognized that it must move into this modern World so that it can compete and survive, and the naming of grapes on labels has become almost as popular in Europe as anywhere in the winemaking World.

The task for the newer producers is to produce wines which have the high quality of the originals from the Old World, that will have the staying power to keep them being purchased and enjoyed by wine lovers around the world. This really is all good news for us; it means that we have a larger choice of wines than ever before, from a wider variety of places. Additionally, it means that we have a opportunity to experience what some of the world's best wines have to offer - at a reasonable price.

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The Effect of the Weather on Wine

Those interested in investing in fine wines should keep an eye on the 2011 French vintage. In fact, according to experts the only thing that could interrupt a great harvest would be heavy storms or a plague of locusts.

The reason for this excitement? France's miserable summer.

Wine, unlike money, grows on trees and is therefore dependent on environmental factors. The first step to a good investment wine is a temperate climate. The perfect balance between sun and rain is essential to making sure the vines grow well and produce fruit.

Drought caused by unseasonal warm weather can cause vines to spend more energy sending their roots down to find water, instead of creating grapes. Hailstorms can destroy fruits by thrashing the vines.

Frost is deadly to vines although advances in technology have made this less of a problem in chillier wine growing regions such as Chablis. Recent freak weather conditions in France have rightly caused concern; with some French chefs joking that if global warming continues future fine wines will be grown in Scotland instead.

Knowing the various effects of weather on viticulture is a good place to start when you take your first steps into wine investing. Monitoring the weather in wine growing regions of France, for example, will help you to detect future vintages which will offer a good return. You may even become confident enough to invest en primeur: before the wine is even bottled.

Wine is a unique asset. Unlike other luxury items, such as gold or Aston Martin cars, the supply of fine wine is fixed. If demand for gold or Aston Martin increases, more can be made, but fine wines have a set production number - once the grapes are picked, no more vines can be planted, and geographical regions are controlled by law.

Fine, investment-grade wine is considered to be only the top 50 to 100 traded wines, although some go further and specify that only those from chateaus in the Bordeaux region qualify.

TAX BREAKS
Wine investment is not liable to capital gains tax (CGT), because of a tax regulation called the "Wasting asset rule". This decrees that if an asset has a life of 50 years or less no CGT is payable on it.

On top of your annual capital gains tax allowance of £10,100, there is an added exemption for jewellery, art and antiques worth less than £6,000.

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