How about a glass of old port this Christmas?

It hasn't been a great year for most businesses. The financial crisis has affected all places, from Wall Street to Dubai, and everything, from the value of the dollar to sales of Prada accessories. Well, almost everything. Good wine is the exception. You'll have to pay more than €2,000 for a bottle of Château Pétrus 2006 this Christmas, according to Live-ex, the fine-wine exchange. And vintage port has even increased in price. A case (six bottles) of Taylor 1977 — an excellent year — now costs €688.

The port business developed in the 17th century, when imports of French wine into England were banned. English merchants had to look for wine elsewhere, and their search ended in the northern valleys of Portugal. As a result, most of the big port houses have English names such as Dow, Croft, Taylor, Cockburn, Graham and Symington.

Don't expect the price of good port to fall anytime soon, by the way. The market has expanded beyond Europe and the US to Asia, where port's sweet flavour has become popular after a meal. And ever since the Hong Kong government removed all duty on alcohol last year, a huge port boom has been happening there.