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There's a predicted rise of 30% or more in Premier Cru Classé Château Haut-Brion 2006 wine prices, by Christmas 2011. Is this an interesting alternative asset investment to consider?

The Board of Premier Cru Fine Wine Investments, the world's leading fine wine investment adviser, is predicting a price rise of at least 30% in Premier Cru Classé Château Haut-Brion 2006, by Christmas 2011.

Investing in fine wine is tax free which adds to the attraction for investing in wine as an alternative asset.

Stacey Golding, co-Founder and Investments Director of Premier Cru Fine Wine Investments, said: "After a robust 2010 performance in the fine wine market, which saw an average market growth increase of around 50% year on year, we expect continued market growth in fine wine, as wine stocks continue to reduce and as key territories in Asia continue to follow suit with the European investment community."

She added "There are key indicators that the vintage to watch for 2011 is going to be Château Haut-Brion 2006; by far the most cost effective 1st growth in today's market and a Château we see following a similar trend that Château Lafite-Rothschild and Château Mouton experienced in 2010.

The vintage is currently available for purchase at an average UK price of £3,950 per case (12 bottles). The price has already risen by around 12% since November 2010, and we envisage the rise to continue at an exponential rate." and said that "It is suitable for the medium to low risk investor."

Fine wine investments are not regulated under the Financial Services Act 1986. The value of fine wine can of course go down as well as up.

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Investors in the Far East are increasingly putting their money into collections of fine wine, as global equity and capital markets remain a risky prospect.

Recent analysis by a European fine wine investment house has revealed a growing level of interest by Chinese, Japanese and Filipino investors in the fine wine market - a market that has historically been reserved for European and US connoisseurs of wine and specialist and knowledgeable investors, interested in the broad 'alternative investment' arena.

China, in the last five years, has seen the rate of wine consumption grow exponentially. Chinese palates are slowly but surely adapting, learning the complexities attached to wine and making it a greater understood commodity, according to London-based Premier Cru Fine Wine Investment.

It said in light of the economic downturn, wine had rapidly moved from a status symbol to a serious asset opportunity. The Philippines - the third largest wine drinking nation in Asia - has launched the world's second largest multi-million dollar wine storage warehouse, and the wine investment market has taken off.

According to portfolio specialists at Premier Cru, the sudden incline in wine as an investment stems from the culmination of the strength of the wine market (versus the stock market) in the last six months, the historical outperformance of wine as an asset class in previous economic downturns, and the valuation of the yen pegged against sterling.

Gavin Saffer, of Premier Cru, said: "Historically a wine's lack of price volatility has proven it to be a solid alternative to the stock market, in times of downturn. It is an asset that improves over time and it has consistently outperformed all other forms of recognised investments.

"Investment in wine over the last seven years has produced an average annual return of 16 per cent, easily outstripping the performance of western stock markets over the same period. What's more, there is no capital gains tax on fine wine investment. The culmination of the history and security behind this form of investment has attracted a new breed of investor from territories spanning as far as the Philippines, seeking to step away from traditional forms affiliated by shady human intervention and the banking sector.

"Savvy Japanese investors are now placing significant orders with leading wine investment companies, in order to take advantage of the 'ripe' market conditions. Due to its geographic positioning, London is the capital of the wine market and investors seeking top level inside advice on turning a cellar are looking to specialists who manage en primeur through to Grand Cru.

"It is apparent that the Chinese are drinking Chateaux Lafite as their number one choice, a vintage that only the very wealthy can afford. The Chinese's second choice seems to be Carruades De Lafite - the second wine of Chateaux Lafite. It was remarked that both Chateaux Talbot and Chateaux Palmer are favourable also.

"Vintages vary, with the first growth Lafite 1982 the most popular depending on price, aside from this other popular vintages are, 86, 96, 2000, 2003 and 2005. As you can see they are drinking some very young wines like the 03 and 05. In order for one's palette to grow and appreciate fine wine, drinking young vintages is a good place to start."

From an investment point of view, Premier Cru said it felt this would create a shortage of 2003 and 2005 vintages.

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Asian bidders paid stratospheric prices for prized bottles sent directly from Château Lafite Rothschild's cellars in a Sotheby's auction in Hong Kong today.

Three bottles of 1869 Lafite Rothschild became the world's most expensive wine sold at auction, fetching US$233,972 each.

In strongly competitive bidding, all 284 lots - 190 of them Lafites - went to Asian buyers.

The sale grossed US$8,440,137 - far beyond the pre-sale estimate for the entire catalogue, US$1,619,110 - 2 ,507,944.

The Lafite-only segment of the book fetched US$8,056,424. The pre-sale estimate for that segment was US$1,501,802 - 2,343,197.

Analysis

In the last 18 months, Sotheby's has held 10 consecutive 100%-sold auctions in Hong Kong.

Other than Lafite Rothschild, Domaine Barons de Rothschild sent consignments of Carruades de Lafite, Duhart Milon, L'Evangile and Rieussec.

Jamie Ritchie, president of Sotheby's International Wine Department and one of the auctioneers, said: 'Asian wine collectors embraced the opportunity to buy Lafite ...and showed their strong appreciation for this great wine.'

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Wine investment is no longer the preserve of the rich and flash city types; you don't even need a cellar to take advantage of the large returns wine can offer.

In the last ten years the wine investment market has become both more accessible and complex, with many funds and investment vehicles being set up. While investors can still buy cases of wine to store and drink themselves, wine investment companies will manage a wine portfolio in the same way a stocks and shares portfolio would be managed, trading on the clients' behalf sometimes without any investor input.

While some wine investment companies will have their own storage facilities and move any wine they acquire on a clients behalf into the company's cellar, most will buy and sell without ever moving the wine. This allows the investment body to be very selective about which chateaux and years they chose to invest in, often selecting either only 'first growth' - the most expensive and exclusive classification of wines, or those in the 'super seconds' tier just below.

Premier Cru Fine Wine Investments only invests in Bordeaux wines, and of the 4,000 chateaux in the region only 50 are considered high enough standard. Investors pay a minimum of £5,000 and are advised to invest for a minimum of three years, though it is not compulsory.

The Liv-ex 100 index- the index which tracks the world's most sought after wines- is up 10pc in the last year. Prices were hit by the economic crisis, a case of Lafite 2005 was worth in the region of £12,000 two years ago, but the market as a whole fell about 20pc, and Lafite prices were especially hit with bottles dropping by more than 50pc to just £5,500 in December last year. You can now pick up a case for around £7,500.

Stacey Golding of wine investment company Premier Cru said: "Lafite didn't stay inexpensive for long, bottom feeders soon pushed the price up again. Wine is seen as a luxury item and most people buy it to drink it- which provides security for investors."

Wine is not a short term investment however. In the past you would buy half a dozen cases of wine, wait ten years, drink 5 and sell one to pay for the rest.

The investor then chooses the level of risk they wish to take- as with stocks and shares higher risk can mean higher rewards, and Premier Cru then decides the wines that fit the clients profile and source, buy and store the wine on their behalf. They then manage and sell the wine, or 'turn' their portfolio when they deem necessary. Investors can put invest extra lump sums and sell off part of the portfolio as and when their financial situation changes.

Director Stacey Golding explained why wine is a popular choice for investors: "Very few of our investors pulled out during the financial crisis - in fact we saw the opposite effect. I think people have a need to invest in a tangible thing and this kind of investment is flexible. If you want to sell a case to pay for the school fees you can do."

Premier Cru charges are £9.02 per case per annum, regardless of value, for storage and insurance, plus a 1.5pc management fee.

Berry Bros and Rudd (BBR) is Britain's oldest wine and spirit merchant, established in 1698 since when it has traded from the same shop. The merchant has a website www.bbr.com where buyers can peruse their stock and buy directly but they also provide a popular "cellar plan" service. Investors pay a lump sum, BBR suggest £10,000, or an unspecified monthly direct debit and outline their taste profile of region, age and whether they wish to store the wine for any length.

They then provide a cellar management service suggesting wines that are available that suit your tastes or which might be a good investment. You can choose to have whatever level of involvement you wish. There is a fee for storage of £10.80 per case per year. Transaction costs for a merchant or broker are typically 10pc. Buying wine like this can have a smoothing effect on any dips in the market - you buy more when prices fall and less when prices rise.

Joss Fowler of BBR said: "The wine market seemed immune until late October, early November last year, when the price of some wines, notably top 2005 clarets, dropped off by as much as 40pc in a handful of extreme cases. Prices are firming up, though, and I should stress that only a handful of wines fell to such a degree. The bulls would say that this is a clever time to buy, and prices to seem to be on an upward march again."

Of course you can always cut out the middle man and buy wine directly from the dealer, auction house or chateaux. Storage is paramount with wine or it will lose its value so if you do not have a cellar, source a competitively priced one. Good dealers will include transportation upon purchase and auction houses will safely deliver for a small fee.

Serena Sutcliffe MW is international head of auction house Sotheby's wine department. She said: "Traditionally people who had a disposable income would buy more wine than they needed, store it and then sell it off at a later date to fund what they drank. Top end stuff will accrue value after a decade, but I've only come across one person in all my time in the industry who only bought wine to invest."

It is important to remember that wine investment is a largely unregulated industry. Anyone can call themselves a wine dealer and there is no protection from statutory safety nets that protect investors in authorised funds and bonds.

Ensure that anyone you do business with is a reputable trader- if you are spending large sums of money always consult an independent financial adviser. Although you may pay a premium if buying through them well-known auction houses will have experts which guarantee value and authenticity. Christie's experts will value items of interest free of charge, however, so should you have made a purchase you can call them to arrange a viewing.

"The market is very lively at the moment," said Ms Sutcliffe, "worldwide there is a lot of demand- especially in Asia. They are very active investors and as they are relatively new to the market they open bottles, increasing the value of what is left. Asian buyers are like the Americans were 30 years ago."

The labels that make the most profit remain the same- the first growth. Especially chateaux such as Lafite. The super seconds, the unofficial term for second growths, are a good place for beginners to start as they almost match the first growth in quality but are considerably less expensive.

Ms Sutcliffe recommended young wines for those starting out. "The last 20 years have produced some great wines, even this century- 2000, 2003."

If you do decide to buy, however, you must remember that wine is like art- you shouldn't buy it unless you enjoy it. And if it all goes wrong, at least you can drink it.

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Investing in wine holds several advantages at a time when market volatility has hit other investment products hard

Fine-wine investment houses have, in the past 6-9 months, offered investors the flexibility of choice and an opportunity to take cover in the tax-free asset class of Bordeaux wines during a period when traditional investment products have failed to perform.

While the economic crisis worsens, many investors are seeking out alternative methods of spreading their portfolio risk to ensure minimum exposure to the myriad macroeconomic problems.

Alternative investment management companies are capitalising on this period of uncertainty by differentiating their investment offering from traditional investment products such as equities.

Fine wine has clear advantages over the likes of other alternative investments such as art or property. It is easily stored, generally increases in quality the longer it is left and is not usually the subject of fashion. Decreasing availability increases rarity and can produce excellent investment opportunities.

It is vital to remember globally only roughly £200m is tied up in wine investment companies, compared with an annual £2bn turnover in fine wine as an overall market. Wine pricing is still driven by consumers. The number of consumers is growing globally, and some of these people will be buying some wine for consumption and some to keep.

Far Eastern investors have, of late, joined the bandwagon and now significant interest is coming from Japan and the Philippines.

Until recently, investing in the thriving fine-wine market has been considered a wine expert's domain. Wine investment houses are here to fill the void by offering specialist advice to individuals with little or no knowledge of wine, enabling everyone to get involved.

Wine investment is by no means a new concept. It is largely uncorrelated to the stock markets and has a long history of steady growth. It has carried an average annual compound growth rate of 17.64 per cent over the past 18 years.

The asset class has shown greater and steadier growth than gold and less volatility than oil. Following the terrorist attacks of 9/11, when markets tumbled, fine wine continued to hold its value - and the same can be demonstrated of late. For example, a case of Chateau Margaux 2000 purchased in September 2005 cost £3,100. Today's value is £7,000 - that is 125.81 per cent growth, equivalent to 35.95 per cent a year, and a price that has remained largely unaffected in the past few months of banking and insurance sector turmoil.

When the market is trading in difficult times, it is generally the younger wines that trade most often, making them more attractive and sought after. The prices of many wines have adjusted to a level that makes them look tempting to the discerning investor or drinker. The industry has not seen a better opportunity to invest in wine since the Japanese stock market fell sharply towards the end of 1997.

One could argue, given the economy, that an investment class such as fine wine has never had a better opportunity to make its mark. After all, with the most significant insurance houses actually owning Bordeaux chateaux, this could be seen as a reasonable safe haven about which the masses merely need educating. As people's perception of this form of investment grows, so will its popularity and the demand for it. People do not like to discuss their pension premiums with friends around the dinner table, but they do like to talk about the value of their wine.

Many investors may be nervous of entering a market in which they have no prior knowledge or expertise. By receiving professional advice in this field, they can receive a full service including tailor-made investment portfolios to suit specific needs and full management of a private investment cellar, as well as storage and insurance of their assets in optimum conditions right up to the eventual sale.

Those with investments in bond wrappers or Sipps can speak to their financial advisers regarding the option of moving a portion of their investment into a fine-wine fund to spread risk and diversify investment and help hold off the currently diminishing value of their funds.

All investments demand expertise. An investment house should carry sufficient knowledge of taxation, market conditions and forces and the intricate rules of supply and demand. A panel of wine experts should recommend fine wines that show the best returns, coupled with the appropriate level of risk over the chosen period of investment.

Only the top 30-60 of the registered 4,000 chateaux in the Bordeaux region reach the standards demanded for quality, underlying stability, limited availability, historical and forecasted investment growth. Bordeaux produces, on average, 56m cases of wine a year, of which investment-grade wines make up roughly 450,000. Of the world's wines, 2.3 per cent comes from Bordeaux, meaning investment-grade wine comprises less than 0.07 per cent of world stock,

As with any investment, there will be an optimum time when investors would want their money to mature - to meet the costs of, say, a wedding, school fees, mortgage repayments or retirement. If the market is trading high on a particular wine investors own, the chosen investment house will write or telephone to inform them of the increase in value, along with recommendations to sell and replace with a younger vintage at a lower price, thereby increasing stock and protecting the original capital outlay. Unlike almost all other investments, there are no penalty charges for an early encashment. However, a minimum investment period of three years is recommended.

This form of investing needs not simply an expert trained in wine managing a portfolio, but also an understanding of the investment barriers to entry and exit. Wine has always been one of the last to fall and first to recover. There has never been a better time to look into this compelling alternative investment.

Stacey-Lea Golding is investment director of Premier Cru

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It was enough to drive investors to drink. After five years of intoxicating returns, the value of fine wines last year plummeted as turmoil in financial markets spurred a flight to safe haven investments. Now though, several wine investment professionals and fund managers are discerning the resurgence of more palatable returns.

A number of new funds are being launched, hoping to buy in at the bottom of a market that had, until last year, seen wine outperforming the FTSE 100, the S&P 500 and the Nikkei 225. Some First Growth vintages, mainly the 2005s, are as much as 40 per cent off their high, while the Vintage Wine Fund (www.vintagewinefund.com), one of the largest in the market, lost 33 per cent last year and the Fine Wine Fund (www.wamllp.- com) fell 17 per cent.

Stacey Lea Golding, investment director at Premier Cru Fine Wine Investment (www.premiercru.com), says: "Historically, it [fine wine] has been the last investment to fall and the first to recover. I believe that prices have now bottomed out and early indications are showing that now is the best buying opportunity since the last drop in 1997."

Anthony Gahan, an investment banker, is in the advanced stages of raising £100m capital for the Red2Gold fund (www.red2- gold.com), which will be one of the largest in the world.

"Prices have fallen, but we see that as a real window of opportunity which won't last for too much longer," says Gahan. "We also believe the fundamentals of wine investment remain very strong. Extremely wealthy people haven't stopped drinking great wine."

Red2Gold will be a 10-year capital growth fund with an initial three-year lock-in and fees of 2 per cent on assets and 20 per cent on performance - although it will not take any performnce fee for the first three years. It will be heavily weighted to blue-chip Bordeaux chateaux.

Elsewhere, First Growth Bordeaux Ltd (www.firstgrowthbordeaux.co.uk) is about to launch an investment vehicle that will be Jersey registered and regulated. Called FWT-30 (Fine Wine Top 30), it aims to raise £10m with a view to launching by the end of June.

"The main opportunity for the fund is to buy up significant wine stocks from a narrow group of chateaux that are keenly priced at the very bottom of the next growth curve," says Charlie Martin, managing director. "Our main focus will begin with the 2005s, which is the investment vintage to grab, particularly at current values."

Some investors clearly agree. Earlier this week, Richmond Partners, the merchant bank, announced that it had purchased a 29 per cent stake in Peter Lunzer's wine investment house (www.lunzerwineinvestments.com) to start another new fund. The Lunzer Wine Investments Institutional Fund will open this month with £15m-£20m in assets. Investors will need a minimum of £500,000.

Meanwhile, Lunzer's erstwhile colleagues at Anpero Capital (www.wineinvestmentfund.com) have launched two segregated wine funds requiring a minimum investment of £10,000. "Since the beginning of this year, we have received a huge amount of interest," says Anpero's Andrew Della Casa. "One of the reasons for this is that prices are beginning to stabilise and in some cases harden," adds Della Casa. This was reflected in small gains by the Liv-ex Index 100 Fine Wine Index of 1.2 per cent in January and 1.3 per cent in February. This followed a 14.6 per cent fall in the index in 2008, its first annual fall since 2004.

But not everyone is convinced that the global fine wine market, worth around £2bn a year, is out of the woods. Gary Boom, managing director of Bordeaux Index (www.bordeauxindex.com), the wine merchants, still sees more money flowing out of wine than is coming in. "And I don't see that changing in the immediate future," he warns. "Demand is fairly steady, but not particularly strong and right now there is still a lot of stock on the market."

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With falls in the stock market and savings rates sitting next to zero investors are looking at areas normally thought of as a little bit wacky.

Putting cash in alternative investments such as art is not limited, however, to the Russia oligarchs buying an odd Monet or collectors stacking up old coins.

Data from the British Bankers' Association (BBA) show the UK's savings accounts were being emptied in January, with the body noting people were now looking at "alternative financial products".

What alternatives people are choosing is not clear, but it is certain people are looking further afield - at areas such as art and antiques.

Many antique collectors are collecting as much for the joy of owning a piece as its investment. With this strong interest, is it worth investing, or are judgements likely to be skewed?

Prices dropping

Research by the Royal Institution of Chartered Surveyors (Rics) into the state of the arts and antiques market shows, across all art markets, 41 per cent of valuers saw prices drop and 51 per cent saw them stay the same over the last quarter of 2008.

The number of expected sales is also down.

It appears even the very top of the market - usually insulated from the ill economic winds - is now capitulating.

The best performing areas were silver and jewellery - because such items are seen as a 'safe-haven' in times of financial and economic uncertainty.

The weakest performing areas were oils and water colours. The market is also being bashed by the property slowdown - as the demand for furniture declines.

Investing in art and antiques

However, in the slow market, some experts are noting buyers looking to invest cash.

Jeremy Lamond at Shropshire-based Halls Auctioneers explains: "The credit crunch has seen new buyers coming into the market who believe that they might as well buy art because their money is certainly not earning significant interest in the bank."

However, investors are advised not to walk blindly into the auction room and think a work of art or any antique will provide instant success.

As well as seeking advice on what to buy, people should note antiques and art are slow burners.

"Buying antiques is not about investing, it is about buying something you like," says Andrew Acquier, a London-based valuer and fellow of Rics.

"Those looking to speculate and buy and sell with a profit after two to three years are bonkers."

He adds: "The traditional tendency is to break even after ten years and after that look at profits."

Mr Lamond concurs: "Antiques is not get rich quick scheme, if it was we would all be doing it.

"Making money is about being in for the long game. You wouldn't buy a property to sell on in six months, and it is those who bought on the margins trying to get rich quick who are being burnt in property. It is the same with antiques."

Where to start

"The obvious and dull answer on where to invest is buy what you like as you have to live with it. If it is not a good investment you still like it," Mr Lamond explains.

He also advises people to aim to buy the best they can afford.

"If you buy what is good now in ten years time, it will still be good.

"If you buy something that is cheap at the time, it will still be cheap in ten years time.

"A Clarice Cliff worth £3,000 in 1997 was the top of the market back then and now it could be worth £10,000 as it is still the best around."

He adds: "Make sure whatever you buy is in good condition and is genuine.

"Also, know the market."

Recession and pitfalls

However, amid the downturn Mr Lamond does see some areas of seeing interest rising.

"The upper level is a bit depressed, but only as auctioneers are advising sellers to put in lower estimates," says Mr Acquier.

"Only three areas are up at the moment, books, memorabilia, such as rock and film, and old masters. Most other areas are in the doldrums or holding steady."

But he does have advice of where to look if you have some cash to invest.

"You could look at books and signed 20th century 1st editions, and old masters - but look carefully, to see if it is well painted, not signed or in need of restoration."

He also challenges people to "put your money where your mouth is and buy something up and coming" by heading to the graduate shows at art colleges such as the Slade or Chelsea College of Art.

However, Mr Lamond warns about jumping straight into areas such as memorabilia.

"You have to watch for fashions. The car market suffered a bubble a few years back," he warns.

"I don't want to mock a market I am not in, but there are certain areas of rock and pop memorabilia in five or ten years that might be lower.

"A pop band may be big now, but not so in the future. If you had the autographs of the Communards 20 years ago it might have been interesting, but not now.

"But the autographs of Led Zeppelin or the Beatles, they have 'wow' and they are going to travel.

"You have to be clever with an eye to the future."

Areas he highlights as now being cheap include Japanese 17th century ceramics, "cheaper than expected" good quality and worth buying.

Investing in a fund

A further way to invest in art and other alternatives is through a fund.

A number of funds have sprung up that invest in art with a central fund - advised by a committee of experts - buying works or art and holding on to them, watching the value grow, and selling them on when the time is right.

"Let's be frank, not many people have experienced or knowledge about art," said Gérard Moxon, managing director of Dean Art Investments.

"There are experts in most cities around the world and you can ask for advice. But this is full of problems as the art world is unregulated and many people you may seek advice from are trying to sell you something."

He explains there are independent advisors out there, but these mainly focus on helping those with millions of pounds to invest.

Mr Moxon expects the recession to create opportunities as, after the market has gone wild and prices have been pushed up, distressed sales are now starting to appear - and not just in contemporary art, which has been the focus of recent speculation and rocketing prices, but also old masters.

He adds people should not be fooled into thinking there is a single 'art market'.

"There are different categories," he explains. "Our fund has very small allocation of contemporary art. There is not so much speculation in the market for masterpieces as they are not so available."

"We are looking for and designed for professional investors and people with serious money."

He explains the art held by the fund is either stored - "but it is not usually good to tuck something away" - or loaned to museums where they can be seen and increase interest, and hopefully the value.

They are also looking at leasing out pieces - gaining extra income - to companies and restaurants. "London is full of hotels, offices and restaurants, needing something on their walls.

However, even within a fund, investing in art is not a short-term way to gain profits.

"We don't want to mislead people. Art should be seen as a long-term investment. There is a tie in of three years at the start with one year's notice."

He adds investors should look at a three to five year investment horizon, which traditional asset managers would also advise. Investors are also warned the fund is not aiming for 20 or 30 per cent returns - but a more conservative level.

Where to focus

Mr Moxon says Dean Art Investments focuses on masters.

"Masters have always seen steady returns. If you are not overpaying then steady ready returns are possible, for one reason that new pieces are not being produced."

For that reason the fund focuses on artists whose works are known to be complete collections and are no longer alive.

Mr Moxon adds investors should not put their entire portfolio in art.

One big difference is people are investing in tangible assets. After the Madoff and Stanford scandal, looking at art does mean at the end of the day the asset is not just a set of numbers on a balance sheet

Andri Rybak at Harbour Capital Partners that works with Dean Investments, says: "We believe now is a good time to start, but in five years' time it will still be good

"Get the right advice. It is not a hedge fund where you don't know where money is invested. We have a fixed strategy and are regulated."

Protecting your possessions

If you are buying your own art or antiques and keeping it at home, standard contents insurance may not protect high value goods.

Contents insurance polices will have a limit on the value of a single object - and if it is particularly high value it may be necessary to insure separately.

A first stop would be to inform the insurer and see if it is covered.

Erica Nelson from Direct Line says: "Most policies will have a single item limit - around £1,000 or £2,000 - so any item over that limit would have to be declared - but it varies from policy to policy."

Ms Nelson also warns an unlimited contents insurance policy would still usually have a single item limit.

"If you have bought several items it could raise you over your contents limit," she adds.

The danger of stepping over the contents limit if an accident did happen and your actual contents were underinsured - for example by 15 per cent - then any payout would be cut by 15 per cent.

"One thing that is also important is to verify you actually own a piece. There would be no point claiming I had a Van Gogh no one had heard off after an accident, if there was no proof.

"Keep receipts safe and separate."

She also advises to keep important documents and receipts somewhere higher in the home in case of a flood

.

If a piece of art or an antique is of particularly high value, a separate insurance policy could be worth seeking - although it may come with restrictions on how and where a piece is kept and security.

Wine investments

Away from art and antiques, a further alternative is wine.

Wine investment is split between those looking at wine as just another investment class and those who buy wine early, and cheaply, to drink ten years down the line, when the cost of buying would be much higher.

Stacey Golding, investments director at Premier Cru Fine Wine Investment explains: "Most people may understand the concept. they accept old wine is far more expensive."

However, investing in wine is not buying into cellars full of dusty bottle from the 19th century - it is about picking up new wines that look likely to have a solid long future.

Nor is it enough to head to the local off licence, wine investment firms work closely with individual châteaux, monitoring the weather in the months before harvest to gauge how the grapes will ripen.

They then buy wine almost the second after the grapes are picked.

Individual investors could head off around France buying wines as they drive through the countryside, but as with art and antiques, finding the best investment is about knowing the market.

"Each chateau is it own market," says Ms Golding. "We tend to find plodders and established plodders, that plod along at a steady pace.

"There is also some older wine to balance the risk

"We deal with individual investors once and we know about their risk attitude, we purchase wine on their behalf," explains Ms Golding, whose firm only buys from châteaux in Bordeaux where a stronger market over the years is more certain.

Also, as with art and antiques, wine is not for the short term.

"Investments are over the long term, with a very the minimum of three years," says Ms Golding.

"Over the first seven years the wine matures, from ten to 15 years it is drinkable."

However, Ms Golding says wine investments are usually the last to suffer in recession and the first to recover - despite fears a global economic downturn will sour the demand for wine right around the world.

A further benefit to wine investment is there is less tax pay.

Capital gains tax is not paid on wine, as it is classed as a 'wasting' asset. Nor is income derived from selling wine taxed as income. For inheritance tax purposes, the price the wine was bought at, and not its current value, is taken into account.

She adds wine is flexible - but is tangible and no single human can affect assets - and in the event of divorce can be split easily.

However, investors need to be aware the sector is not regulated by the financial services industry, and Ms Golding admits there are "ethically challenged" operators out their cold-calling investors selling wine at inflated prices, in some case double the true cost of the wine.

"Seek advice before investing," Ms Golding advises, and also only look at wine as just a single strand of a whole investment portfolio.

Anything odd?

Overall the key to alternative investments is the same within any other investments; making sure you take advice and knowing what you are investing in are paramount.

Just as investing in the shares of a company you have never heard off would be foolhardy to say the least, the same stands for art, antiques or wine.

Getting advice and buying into the best quality investments is important as ever, as well as being aware of what risks investments truly reflect.

Finally having all your eggs in one basket - cashing in all investments to buy a vase no matter how exquisite - is also a recipe for failure.

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Chinese and other investors from the Far East are piling into fine wines, traditionally a preserve of European and American buyers, as they seek to diversify away from traditional investments such as equities, experts say.

Premier Cru Fine Wine, Europe's leading fine wine investment house, has reported a rising level of interest from Chinese, Japanese and Filipino buyers. The sudden rise in the popularity of wine as an investment in the Far East is partly because of the burst in strength of China's renminbi and Japan's yen against sterling, according to portfolio specialists at the London-based company.

Such investors have also been attracted by the relative strength of the wine market against the stock market in recent months and the historical outperformance of wine as an asset class in previous economic downturns, they say.

There has been a huge increase in wine consumption in China in the past five years, according to Gavin Saffer, of Premier Cru Fine Wine Investments. "Chinese palates are slowly but surely adapting, learning the complexities attached to wine and, accordingly, wine has become a greater understood commodity," he said. "In light of the economic downturn, wine has rapidly moved from a status symbol to a serious asset opportunity. The Philippines, the third-largest wine-drinking nation in Asia, has opened the world's second-largest wine storage warehouse, and the wine investment market has taken off, with investors looking to those with specific knowledge and contacts for investment advice.

"Investment in wine over the last seven years has produced an average annual return of 16 per cent, easily outstripping the performance of Western stock markets over the same period."

Mr Saffer said there were also signs that Far Eastern investors regarded wine as less vulnerable to fraudsters than traditional stock market and banking-related investments.

He added: "Japanese investors are now placing significant orders with leading wine investment companies, in order to take advantage of the 'ripe' market conditions. Due to its geographic positioning, London is the capital of the wine market."

The most popular wine among Chinese investors appears to be Château Lafite, a vineyard that, traditionally, only the very wealthy could afford, Stacey Lea Golding, managing director of Premier Cru Fine Wine Investments, said. Their second choice is Carruades De Lafite, the second wine of Château Lafite, with Château Talbot and Château Palmer also attracting buyers.

The price of a case of Château Lafite 1982 has risen from £9,500 in June 2006 to £21,000 at present, while a case of the 2005 vintage - "one of the great vintages" - has risen from £3,750 to £6,850 in the same period.

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Fine Wine Investment Houses have overnight jumped back into the forefront of investors' minds in the current unstable global market. They offer truly independent advice, the flexibility of choice and an opportunity to take advantage of a tax free asset class during uncertain economic times. Wine has demonstrable advantages, particularly in a market where traditional investment products have failed to perform.

Stock market volatility brought on by the current economic climate has pulled the rug from under investors' feet. The 'crunch' is gaining momentum. The global banking system is wobbling. The stock market is on a grim rollercoaster ride, and even bigger threats to the economy loom on the horizon. Confidence is at an all time low. We are, as George Soros puts it, heading into the worst financial storm in 60 years.

Whilst the situation flickers from one crisis to the next, many investors are beginning to seek out alternative methods of spreading their portfolio risk to ensure minimum exposure to the myriad of macroeconomic problems. Alternative investment management companies are capitalising on this period of uncertainty by differentiating their investment product offering to traditional investment products such as equities. In comparison to other alternative investments, Fine Wine has clear advantages over the likes of art or property. This 'asset' is easily stored and generally increases in quality the longer it is left, and is not the subject of what's fashionable and what's not. Investing in either art or property requires expensive maintenance and care, while Fine Wine needs no such attention. Decreasing availability increases rarity and hence can produce excellent investment opportunities.

Fine Wine has consistently outperformed all other forms of recognised investment. It has remained the steadiest form of investment, generally unaffected by recession, interest rate changes and stock market fluctuations. It benefits from being stable, tax free, easily realisable, consumable, low risk and portable.

Diversifying domains

A core benefit to our hands-on investment strategy is the flexibility and tax effectiveness on offer to clients. Until recently, investing in the Fine Wine market has been considered a wine expert's domain only. Wine investment houses are here to fill the void by offering specialist advice to individuals with little or no knowledge of wine, enabling everyone to get involved in this thriving market. By no means are we advising individuals to withdraw from their current investments, but to balance their portfolios through broadening their range, enabling risk to be more evenly spread.

Fine Wine investment is by no means a new concept. It is largely uncorrelated to the stock markets, and has demonstrated a long history of steady growth. It has carried an average annual compound growth rate of 17.64% over the past 18 years.

In 1855 Napoleon III effectively started the "Fine Wine Index" when he classified the wines in Bordeaux on a scale from one to five. He based his decisions on the quality and prices realised of each Châteaux wine over the previous 100 years or so. Apart from one change in 1973 when Château Mouton-Rothschild was promoted from a 2nd growth to a 1st growth wine, the process remains unchanged. Today, however, the market has The London International Vintners Exchange (Liv-ex) - the leading exchange for fine wine. Founded in 1999, Liv-ex runs an internet and phone based information, trading and settlement platform for fine wine merchants. They also provide valuation services and sell data to both professional traders and wine collectors.

The asset class has shown greater and steadier growth than gold and less volatility than oil. Following the 2001 attacks on September 11 when markets tumbled, Fine Wine continued to hold its value. The same can be demonstrated more recently. For example a case of Chateau Margaux 2000 purchased in September 2005 cost £3,100. Today's value lies at £7,400 - 138.71% growth - a price which remained largely unaffected in the last few months of banking and insurance sector turmoil.

One could argue, given the economy, that an investment class such as Fine Wine has never had a better opportunity to make its mark. After all, with the most significant insurance houses actually owning Bordeaux chateaux, this could be viewed as a reasonable safe haven that merely needs to be better explained to the masses. As people's perception of this form of investment grows, so will its popularity and demand. People do not like to discuss their pension premiums amongst friends around the dinner table, but they do like to talk about the value of their wine. And why not, when you look at these type of returns?

Laffite 1996 - Paid £2,687 in Nov 2005. Now valued at £6,800 = 152.98%
Laffite 2003 - Paid £2,397 in Nov 2005. Now valued at £7,000 = 192.03%
La Mission Haut Brion 2000 - Paid £2500 in Nov 2005. Now valued at £5,700 = 128%

Homeowners can now choose to use fine wine to repay their mortgages, using wine as an investment vehicle alongside an interest only mortgage. As an example of growth over the last three years, £29,798 invested in fine wine in November 2 005 was worth £56,770 by November 2008. The same sum invested in the FTSE All-Share Index would be worth only £27,040.

Relocating risk

Many investors may be nervous of entering a market in which they have no prior knowledge or expertise. By receiving professional advice in this field, investors can receive a full service which includes tailor-made investment portfolios to suit specific needs, full management of a private investment cellar, and storage and insurance of their asset in optimum conditions right through to the eventual sale. Those with investments in bond wrappers or SIPPs can speak with their financial advisers regarding the option of moving a proportion of their investment into a Fine Wine Fund to spread risk and diversify investment and help to hold off the currently diminishing value of their funds. Through our more than 2000 IFAs we can educate investors seeking alternative methods to having their money work harder for them. Removing all the common drawbacks from other investment schemes, fine wine offers what is generally considered to be the most tax efficient and fully flexible range of investment plans on the market today.

Laffite 1996 - Paid £2,687 in Nov 2005. Now valued at £6,800 = 152.98%
Laffite 2003 - paid £2,297 in Nov 2005. Now valued at £7,000 = 192.03%
La mission Haut Brion 2000 - Paid £2,500 in Nov 2005. Now valued at £5,700 = 128%

So when is the best time to buy? All investments demand knowledge and expertise. Your chosen investment house should carry sufficient knowledge of taxation, market conditions and forces, and the intricate rules of supply and demand. When we structure an investment portfolio, our panel of wine experts will recommend Fine Wines that should show the best returns, coupled with the appropriate level of risk over your chosen period of investment. We are able to structure bespoke portfolios of Fine Wines at the most competitive purchase price. Only the Top 30-60 of the registered 4000 Châteaux in the Bordeaux region reach the standards demanded, for quality, underlying stability, limited availability, historical and forecasted investment growth. Bordeaux on average produces 56,000,000 cases of wine a year, of which investment grade wines make up on average 450,000 of them. 2.3% of the world's wine comes from Bordeaux, meaning the investment grade wine is less than 0.07% of world stock.

And when is the best time to sell? As with any investment there will be an optimum time when you would like your money to mature, to meet the costs of, for example, a wedding, school fees, mortgage repayment, retirement or perhaps a world cruise. If the market is trading high on a particular wine you own, your chosen investment house will write or telephone to inform you of the increase in value. They may recommend you sell and replace the asset with a younger vintage at a lower price, thereby increasing your stock and protecting your original capital outlay. Unlike almost all other investments, there are no penalty charges for an early encashment. We do however recommend a minimum investment period of three years. You will receive annual valuations and newsletters, keeping you abreast of current market conditions and ongoing prices.

The bottom line is that this form of investment needs more than simply an expert managing your portfolio with a trained eye in wine. An understanding of the investment barriers to entry and exit is crucially important. There has never been a more important time to have your portfolio managers calling the right shots at the right time.

Stock market volatility brought on by the current economic climate has pulled the rug from under investors' feet. The 'crunch' is gaining momentum. The global banking system is wobbling. The stock market is on a grim rollercoaster ride, and even bigger threats to the economy loom on the horizon. Confidence is at an all time low. We are, as George Soros puts it, heading into the worst financial storm in 60 years.

Whilst the situation flickers from one crisis to the next, many investors are beginning to seek out alternative methods of spreading their portfolio risk to ensure minimum exposure to the myriad of macroeconomic problems. Alternative investment management companies are capitalising on this period of uncertainty by differentiating their investment product offering to traditional investment products such as equities. In comparison to other alternative investments, Fine Wine has clear advantages over the likes of art or property. This 'asset' is easily stored and generally increases in quality the longer it is left, and is not the subject of what's fashionable and what's not. Investing in either art or property requires expensive maintenance and care, while Fine Wine needs no such attention. Decreasing availability increases rarity and hence can produce excellent investment opportunities. Fine Wine has consistently outperformed all other forms of recognised investment. It has remained the steadiest form of investment, generally unaffected by recession, interest rate changes and stock market fluctuations. It benefits from being stable, tax free, easily realisable, consumable, low risk and portable.

For further information go to www.premiercru.com - Telephone: 020 8905 4495 Premier Cru Fine Wine Investments Ltd was formed with the specific intention of offering structured and managed investments to people with little or no knowledge of wine. The company is unique, in that it provides tailor-made portfolios with no lock-in periods, thus enabling investors to add or subtract at will to pay off a wedding, children's school fees, a mortgage or even create an income to supplement their pension. It does not charge upfront or exit fees, nor early redemption penalties, and investors' profits are free from capital gains and income tax. Unlike ISAs there are no upper limits, and Premier Cru's minimum investment is the lowest in the market, at £5,000 and/or £175 per month.

Peter was formerly Chief Investment Officer for the Wine Investment Fund, which he co-founded. From 2003 to 2008 the fund returned an increase of 108% net of all fees. Peter launched Lunzer Wine Investments on 1 November 2008.

Outlook for Wine Investment in 2009

"There are a number of key areas to consider regarding the prospect of predictable returns from investment grade wines. These can be defined as:

• Assessing demand.
• Any significant changes to supply.
• Key developments in the market.
• Looking for signs of an overheated market.

"But the most important factor to bear in mind is that there is a finite supply for a global demand."

Assessing demand

There is a constant and growing global demand for a finite and diminishing supply, notes Peter. "Wine features very humbly among all the extravagances enjoyed by wealthy individuals.

For example, a Lear Jet 60XR could cost £12,500,000, and a Sunseeker Yacht 105 in the region of £4,900,000. "By way of contrast, Chateau Petrus 1990 costs approximately £28,500 per case, and Chateau Lynch Bages 1990 would be in the region of £1,500 per case.

"There is a consistent demand for wines that have a brand. Consumers are looking to impress others as much as enjoy the content of the bottle. Brands such as Chateau Lafite are powerful and growing in popularity."

How much wine is there in the market place and how is the supply changing?

The current estimate is that there is between £6bn and £8bn globally of investment grade wine stock. The annual contribution from a high quality harvest is estimated to be between £1.5bn and £2bn.

The biggest single change to the market in the past six years has been the Chateau keeping back a higher than ever percentage of production, notes Peter. This has especially been the case since the 2005 vintage which was in such short supply that prices rose steeply for longer than normal.

There are a number of developments which will influence the future of wine pricing and availability.

Emergence of new wine funds.

"Bordeaux will remain of prime importance compared to Burgundy, Champagne and wine from the New World." Why is this? Surely Burgundy and Champagne are equally well established brands? "Bordeaux production levels are sufficiently high to create a truly global secondary market," explains Peter. "Burgundy by contrast is produced in very small quantities with traditional buyers tending to buy for consumption rather than resale. There are some exceptions but for large scale investment Burgundy is too scarce. Champagne qualifies in terms of quality and production volume but the problem for me is that houses can increase production to match demand - something impossible from a Bordeaux Chateau."

Comment from Robert Lench, Managing Director, Vinu, Fine Wine Fund.

Fund overview

This is a wine investment Fund that aims to achieve above average investment returns over the medium to long term. Medium term is defined as between three and five years. The Fund trades in a diverse portfolio of fine and rare Bordeaux wines. The managers seek to strike a balance of holding stock long term and taking gains for re-investment/additional diversification. The managers' network of specific buying opportunities will be identified for the benefit of the Fund.

Market commentary

"Opportunities are never lost. Someone will take the one you miss." Unknown Author The continuing problems in all areas of the UK economy and that of the world generally are now a regular and continuing feature for everyone. There seems little prospect of any early resolution to these problems.

For investment advisors, this creates a huge issue of uncertainty and doubt in the minds of investors. With this in mind, defensive strategies for investment tend to be the current trend of activities.

In such uncertain times and with many areas in uncharted territory, such as the current sterling/euro exchange rate, seeking areas of stability and minimising investment losses is the order of the day.

We have long espoused the view that wine will not be immune to the general financial issues affecting all asset classes. We do, however, contend that historically wine has been less volatile and the rate of decline is comparably less rapid compared to other asset areas. This is demonstrated by the figures for October:

Liv-ex 100: -12.4%
FTSE 100: -10.7%
DOW: -14.1%
CAC 40: -14%

The Vinum Fine Wine Fund recorded a fall of only 1.55% in October. This comparative performance reflects the range of wines and vintages held by the Fund. This demonstrates the benefits of a managed portfolio of wine in terms of outperforming other collections of wine, such as the Liv-ex index. As stated, wine as an investment is not immune to the general problems of the wider investment world. However, with good management and selection of rare and fine wines, we can significantly minimise any decline in values. This is obviously an important aspect for advisors as maintenance of value and minimising downside is crucial. Further, with the anticipated limited falls in value, we would expect this asset class to rebound quickly when the markets and economy generally turn positive.

Given the current lower prices, the Specialist Wine Advisor now has opportunities to purchase excellent wines at very competitive prices, therefore benefitting the Fund further in the medium to longer term.

Investment rationale

The largest exposure to one chateau in vintages is 13. The single largest financial stake in one Chateau represents £225,000 spread across 13 vintages.

We have taken a strategic stake in wines where we can perceive both demand and shortage of stock. This will ensure that gains can be taken from the holdings.

The objective of the managers is to hold long term and not be a regular trader, other than to purchase as new monies flow in. Where appropriate, profits will be taken to create liquidity and allow other opportunities to be accessed.

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Far Eastern investors have pounced on the investment potential of fine wine as global equity and capital markets remain at risk. According to recent analysis by fine wine investment house Premier Cru Fine Wine Investment, there has been a growing interest by Chinese, Japanese and Filipino investors in the fine wine market. This market has historically been kept by European and U.S. investors interested in the broad alternative investment ...

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A decade ago, you could count the number of fine wine investment funds on thumbs, rather than fingers. Now, you need a few more hands and digits to cover the 20 or so funds that have since been set up around the world.

With hindsight, it is not hard to see why more wine funds have taken root, when you look at some of the pioneers' early performance figures.

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Liz Jackson, founder and MD of B2B telemarketing firm Great Guns Marketing, gives her tips on getting through to decision makers

Securing high quality sales appointments is critical in driving the success of customer acquisition programmes and profitability. But for me, like many other business owners, the hardest job is getting through to the decision makers. The targets are often out of the office, don't answer phone calls or respond to emails. So, how do you secure meetings with the people that matter most?

One of my most successful campaigns was for a leading accountancy firm that asked us to arrange sales appointments with the tax directors, financial directors, CEOs and managing directors of companies ranging from FTSE 350 businesses to privately owned organisations. Needless to say, some of these individuals were not the easiest people to reach, and the client had struggled to make any headway previously. We picked up the phone and started calling about companies - around 80 a day, and we were able to speak to decision makers in about 10% of those companies, with one in four of those agreeing to a meeting. We probably called an average of about 15 times, over a period of months, before we got to speak to the target person in an organisation.

Each of these calls was an opportunity in itself in which we focused on building a great relationship with the PAs and on cleaning our data. By talking to an influencer - the PA or someone else who has knowledge in the organisation - we could find out, for example, which accountancy firm the business was working with, how long they had been with them, whether they used them for their audit work or other projects, information on those projects, confirmation of email addresses, and lots more. PAs are brilliant sources of information. How you come across on the phone to them and any other influencers is absolutely as important as how you present yourself to the decision maker. Building a rapport with the individuals you first come across lays the foundations to success, and they get 20 or 30 calls a day so it's important to stand out from the crowd and be unique.

With this campaign, we also made sure it was highly targeted. It is essential to identify the target market decision makers and profile the prospects against your 'perfect customer' - essentially identifying the right person with responsibility to purchase the services. There is no point in setting up a sales appointment with someone who doesn't have the ability to sell your product or services to the decision maker who holds budget.

Similarly, successful sales and marketing lead generation requires an accurate database. With B2B data decaying at 30% a year on average, letting your database degrade means you are wasting at least a third of your annual sales and marketing budget by targeting out-of-date contacts. Cleansing and building a database should be something that companies get into a routine of doing regularly.

There's no real shortcut, as targeting top-level decision makers in business will always be time consuming. But I've found that by persistence, concentrating on your relationship with the influencers, and keeping an up-to-date target list, you can make the process as efficient and successful as possible.

You're past the stage of cold calling potential customers but chances are your business still relies on the art of successful pitching - whether to customers, investors or peers. GB spoke to some successful entrepreneurs, no strangers to selling and being sold to, to find out about sales pitches: the good, the bad and the ugly.

Jonathan Quinn
Owner and managing director at World First

What do you dislike most in a pitch?

People who don't cut to the chase quickly enough - every second that passes, I'm losing interest. If people can't sell it in a sentence or two or can't tell you pertinent information such as the price straight away, it's very off-putting. I've had people say they don't want to tell me the price over the phone and would rather come and see me. If people ask for it to be succinct you have to be able to deliver.

People who lie to get past the gatekeepers. Once every two weeks I get someone within the company saying there's someone on the phone who says they've spoken to me before. When I work out I haven't, all my trust has been lost and the chances of me progressing the call are negligible.

One thing that immediately turns me off is when people are obsequious and over-polite - you can tell straight away that it's a salesperson. Don't fawn too much.

What makes you more likely to buy?

When people tell me what they do and why it would be good for me, rather than launching into the spiel. Some people have an inherent knack, a likeability, which ends up being the key thing that determines whether you buy from them or not.

Top tips:

In terms of cold-calling, we roughly match accent to area. If you've got an Irish person selling to people in Ireland, you definitely get better responses.

Dan Somers
Managing partner of Boundary Capital, a private angel investment group and the founder and former CEO of video
conferencing/telecoms company VC-Net

What is the best pitch you've heard?

One of the best phone pitches I have received was from a charity. The guy knew a lot about me (but not too much!). He had clearly done his homework. He had an affable manner and although there was the sound of call centre in the background, it was an interesting and humorous conversation. He knew a lot about his subject - where the funds were going and where they would be reported. It was not a charity I had been passionate about but he made it relevant to me.

And the worst?

Someone kept phoning me trying to sell me financial products. He acted deviously to get around screening to get through to me. He even managed to get my mobile number. I felt like I was being stalked. From a business investment point of view, I am frequently engaged in conversations with entrepreneurs who have spent a great deal of time concocting business plans with very little grounding in fact or reason. A couple of obvious questions unpick their whole plan. I have built this into our screening process and I try to deal with them as quickly and politely as possible.

Stacey-lea Golding
Founder and investments director at Premier Cru Fine Wine Investments at Premier Cru

What is the best pitch you've heard:

I get pitched to on a regular basis and used to do cold calling myself. It's hard, and getting it right is a real skill. The best pitch I've ever had was from the person who handles our PR - he's still with us six years later. He had taken the time to look at our literature, listened to what we said, picked up on our most salient points and told us what he would be able to do. Rather than telling us his ideas, he pitched our sell to us. What it showed me was that he understood what we were selling.

Top tip:

The very worst thing you can do is to sound bored. If you're not interested, why should your prospect be? Listen, and ask questions. When people answer questions they become engaged.

Jennifer Irvine
Founder of The Pure Package

What have you learnt about pitching from doing it yourself?

The importance of pitching to the right level. Keep an eye on your audience and adjust what you're saying in response to them. The best plan is a flexible plan and you can test how it's going by making it interactive. I did an event at the British Library recently which was really hard because the lights were such that I couldn't see the audience's faces. I made a joke about the lights and when they laughed I knew they were listening. Even a simple 'can you hear me?' can be useful. You have to be able to assess your audience in the first minute.

What impresses you in a pitch?

The truth is that it's the basic things that count. In probably 50% of pitches I see, they've ruined it from the very first moment. I get pitched to by public relations firms quite often as we used to change our PR firm every six months. The ones who impress me are those who make the effort to be smart, who have researched the company, are good at time keeping - the simple things. If they arrive late, how are the going to represent me?

What do you dislike most in a pitch?

Sometimes I find the person who is pitching to me will pre-judge me, or make inappropriate comments that aren't relevant. I've had people say 'I'll use nice language because you're a woman'. That is irrelevant and gets everything off on the wrong foot.

Top tip:

You're able to speak from the heart when you're cool and collected and feeling confident. Put on your nice shoes, make sure you're feeling your best. That will stop you feeling nervous and then you're less likely to stick rigidly to a script.

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