Nearly 60 per cent of respondents said they expected the fine wine market to increase in value during 2012 and a majority of those expected gains of 10 per cent. Just 12 per cent of respondents expected the market to fall further.

The survey, which included 120 merchants, auction houses and fund managers in the sector, suggests that the current market reflects good value as a result of an overcorrection in the second half of 2011.

The Live-ex 50 and 100 indices of fine wines - mostly French vintages - declined by 18.6 per cent and 16.13 per cent respectively in the year to 31 January. In the past five years, however, the Live-ex 50 has risen by 105.9 per cent and the Live-ex 100 by 65 per cent.

The fine wine market is worth $4 billion a year equally distributed between Asia, Europe and the Americas, according to a report by wealthmonitor, part of the Mergermarket Group, and magazine Wine Yields.