Vintners looking for another vintage year

The report said a sluggish global economy and China's tightened fiscal policies have had an impact on the market for fine wines.

The emergence of brands from other renowned vintners, coupled with the rise of counterfeit Lafite, have also pushed prices lower, according to industrial insiders.

However Wang predicted a positive picture for the high-end wine market in China.

"Although we don't know the short-term development clearly, we have reached a common conclusion that the outlook for the consumption of wine in China in the next five to 10 years is very bright," she said.

"The story of how Lafite became highly sought-after by the nation's newly rich after 2009 can be applied to other high-end wines, as the market has matured."

The report saw great demand potential for fine wines in China. The import volume of bottled wine rose continuously in 2011, reflecting an expansion in consumption from existing buyers in the southeastern coastal cities to new investors in first-tier cities in the central and western regions.

"Fine wine is a sound alternative investment for investors to diversify their portfolios," said Wang Jiaqi.