Vinfolio - The Wine Collector: Practical Wine Collecting Advice

Determine target cellar size - How much do you consume annually? How much do you entertain? Are you going to buy for investment purposes? What wines do your drink and how long would you expect to hold each category before drinking them? Consider your budget constraints and even your current age.
Plan storage requirements - Whether you're installing a home cellar, cave, standalone wine refrigeration units, or expect to store your wine at a professional storage facility, figure it out in advance. There's no point creating a wine collection if you're not going to store it properly. And don't forget to insure your wine; read Wine insurance 101.
Define your depth vs. diversity preference - How many bottles of a collectible wine should you buy if you are taking the long term view? For guidance in how to think about this topic, read my prior post, Collecting goals: Depth vs. diversity.
Define wine buying criteria - Keep in mind that not all wine improves with age. Focus on quality producers in good vintages. Set goals in the following areas:

By region, wine category, varietal, color, wine type, quality level, score
By likely aging period (or remaining period for mature vintages)
Timing of when you would like to start consumption
Cost - min and max per 750ml? What's your comfort zone?
Bottle size? Are you interested in smaller and larger format bottles?
Favorite years to target (birth years, anniversaries, etc.)?

Develop a few strong retailer relationships - Focusing your purchases builds your personal clout for obtaining allocated wines and better service. Good retailers should also provide advice and recommendations. See Buying smartly from wine retailers and Criteria for selecting a good wine retailer. You might also read Buying wine on sale: when it's a deal and when it's not.
Taste before you buy - You may not like all of the professional critics' high scoring wines. Read How to use wine ratings successfully. Trust your own palate. Be willing to experiment with wine from other regions of the world for more affordable, but still amazing taste experiences. If you're buying futures and pre-arrivals, you may have no tasting option but read Why buying pre-arrival wine makes sense.
Pace your purchases - Your taste preferences will almost certainly change over time. Don't try to fill your cellar in six months. Ideally, you would buy new releases annually and lay them down. While most people will want to "backfill" their cellar to some degree with mature wine or prior releases, buying too quickly may increase your risk of being overcharged or buying poor condition wine (or even fakes).
Pay for provenance - If you're buying older vintages, be wary of "deals" which may reflect the fact that the wine is damaged or worthless based on poor storage or handling in its past. There's nothing worse than storing a wine for 10 years only to open it and discover it was "cooked" the day you bought it. See The wine authenticity premium.
Perform an annual evaluation - Measure your progress and revisit your goals at least annually. Use it as an opportunity to consider wines to sell that no longer fit your preferred taste profile. Monitor wines whose recommended drink dates are getting too old to ensure you drink or sell them before it's too late.
Sell wines regularly - Most wine collectors start out thinking they'll never sell anything they've bought. However, as your tasting experience grows, your preferences evolve and some wines will no longer appeal. Selling helps maintain your cellar's focus and also helps you finance the purchase of more wine. See Common reasons to sell wine.

P.S. Photo courtesy of Artistic wine Cellars in San Rafael, CA.

The Wine Collector

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