Accurate Wine Pricing

One important aspect of consuming, currating, or selling wine is how to price it. Our goal was to analyze how the variety of the wine affects its price. We created a box plot to do just this:

What this box plot tell us about the listed wine varieties is how much they sell for on average, the spread of the sale prices, and minimum and maximum sale prices. For example, looking at this graph reveals that the most expensive variety on average is Pinot Noir at $40 a bottle shortly followed by Cabernet Sauvignon at $35 a bottle. But looking at the Cabernet Sauvignon we see that is has the most volatility in its pricing with the most expensive bottle selling for $130.

What this data tells retailers is in what range they should price their wine. $40 may be an appropriate price for Pinot Noir but is far too expensive for a Rose.

Note: For this analysis we used the top ten most frequent wine varieties in order to make the graph more readable and meaningful.