Italy and the Champagne region offer the best investment opportunities. The continued strong demand for iconic Burgundy labels will lead to growing interest in second-tier wineries and the region's leading merchants.

The market for Bordeaux labels is also challenging but requires caution and long-term vision that will reward investors. Diversification trends in traditional investment regions should boost interest in Rhone, Chile, other emerging producers, and American wines require particularly rigorous selection.

The "Fine Wine Investment Outlook 2020", signed by UK investment fund Cult Wines, recommends diversifying across wine regions as the industry will have to deal with a range of risk factors. These risks include tariffs on Brexit, currency fluctuations, and the lower-than-expected performance of the US and Bordeaux.

In this case, investing in premium wines such as Italian and Champagne is undoubtedly the least risky option, but it's the wines from Burgundy that may be the best surprise, despite the Burgundy 150 on Liv-ex recording a decline, coming from Burgundy, where the focus is not on the bloated and saturated market of iconic brands.

Investing in fine wines of Italy and Champagne is likely the least risky option despite the drop in Liv-ex's Burgundy 150. Emerging second-tier producers and excellent vintages such as 2012 may have better margins comparing with the inflated and saturated market of the most iconic first-tier labels, which have now reached valuations of at least £3,650 per bottle (+25% in just two years).

For Champagne, the relatively low prices compared to those of Burgundy and Bordeaux making French sparkling wines a tasty investment variety to complete a portfolio that can deliver surprises, such as the stunning appreciation of older vintages like 1990 (+576%), 1995 (+361%), 1996 (+301%) and 1999 (+161%).

Speaking of diversification, back in Italy, it will still be Super Tuscany that guarantees the best investment varieties – Soraya, Tianaro, and Sassicaia above all Super Tuscany, which analysts believe could make up 10% of the portfolio if an aggressive strategy is adopted.

However, in terms of affordability, low volatility, and quality, the great brands of Barolo and Barbaresco are also worth investing in, with all the brands of Giacomo Conterno, Gaja, and Bartolo Mascarello starting to show favorable valuations in the market.