Hong Kong - Wine experts may disagree on most things, but one thing they all appear to agree on is that Bordeaux remains the best option when looking for a fine wine investment.

Anthony Hanson, senior consultant with Christie's Wine Department, says Bordeaux over the years has proved to fairly safe and dependable for anyone looking for an alternative place to put their money during the current economic times.

"However, I would put in a word for Burgundy because they have dry whites as well as wonderful reds," he said.

Buying at auction or from a reputable merchant is just one way of starting your wine collection.

It is also advisable to go for wines rated by top critics and to ensure they are insured at replacement value and have been are stored in the best possible conditions. A bonded-warehouse in or close to the country of origin will give secure storage tax-free.

Greg De'eb, general manager of Crown Wine Cellars in Hong Kong, says he has seen a huge increase in collectors shipping back to Hong Kong since the former British colony abolished wine tax in the last budget in February.

"Hong Kong is the best world wine paradise at the moment. It is the only developed economy in the world with no tax and no VAT," he said.

"Worldwide collectors have now accepted that wines can travel around the world in refrigerated containers and it doesn't affect their value.

"What determines a lower or higher price is the condition of the bottle, has the label been scratched, is it in its original case and where it has been stored?" he said.

But there are other options, for those who do not have the knowledge or confidence to make the purchases themselves such as wine investment funds and brokers.

Andrew della Cassa is director The Wine Investment Fund, which for Hong Kong investors operates like an mutual fund based in Bermuda with a portfolio of Bordeaux wines.

The minimum investment over a five-year term is 10,000 pounds sterling (14,500 dollars) with a management fee for private investors of 1.5 per cent annum and a performance fee of 20 per cent.

"Our first tranche was issued in 2003 and for every 100 pounds (145 dollars) the investors gave us, they got back 208.61. They're very happy and we are very happy," said della Cassa.

"Most private clients invest every year. They put in 100,000 pounds a year and at the end of five years take out 100,000 from the first year and reinvest what they have made and so create a nice little investment annuity."

As a brokerage Premium Liquid Assets Ltd buys the wines for investors, stores and insures them for three years and then sells them.

The investment limit is one case - 12 bottles - of wine, which at current values starts around 60,000 Hong Kong dollars (7,700 US dollars) and their fee of 12 per cent is paid on sale says the company's senior portfolio manager Angelina Teh-Leong.

"It's very simple," she said. "We send the client a quarterly valuation. If they are comfortable with the appreciation, they can liquidate before the end of the three years but we do not refund you any proportion of the storage or insurance."

At the end of the day, there is always a risk involved. Jim Budd keeps a log on his website (www.investdrinks.org) of wine investment disasters and companies involved in investigations. He also offers some sobering advice in the current climate.

"If you do want to invest in wine, wait until you judge that the market has bottomed out then buy," he advises.

The old adage still applies: buy at right time, at the right price with right provenance and from a reputable company and store the wine in your own name."