Wine as an investment asset hits a rough patch—three straight years of declining returns have left collectors and portfolio managers reassessing their positions. Unlike the volatile crypto markets that can swing dramatically in months, traditional alternative assets like fine wine move more slowly, but the downtrend is unmistakable. Investors who bet on rare vintages as a hedge against inflation are finding precious little upside, raising questions about whether collectibles still deserve a spot in diversified portfolios alongside crypto holdings.