In November 2006, Sotheby's New York sold 14,000 bottles from the celebrated Park B. Smith collection, with the focus on Bordeaux, Rhone and California. It had a significant number of large-format bottles, particularly magnums and double magnums.

The big-ticket item was 50 cases of Chateau Mouton Rothschild 1982, sold as one lot. These sold for $US1,051,600, a world record for a wine lot sold at auction. In total, the collection fetched $US5,320,000.

Such prices may be above the budget of the average wine drinker but there is also growing interest in collecting vintage wine labels and these are somewhat cheaper. The labels can be attached to the empty bottle, or loose, depending on the collector's preference. Those blessed with a cellar may like to have a row of empty bottles, the more distinguished the better, displayed on a shelf. These are the bottles they aspire to owning in the full state one day. Others keep the labels filed in folders in the manner of stamps.

It is possible to find labels 100 years old in mint condition. These may be the surplus from a particular vintage that were never used. Some labels were printed in greater quantities than required, then used for promotional purposes. It was once possible to pick these up as souvenirs from the cellar door. For whatever reason, wine labels are out there in large enough quantities for them to be collectable.

Their value depends largely on the value of the bottle they identified. Those for the previously mentioned Chateau Mouton Rothschild are, not surprisingly, very much in demand. The golden period for collectors is the Art Collection series, starting in 1945, during which artists from Pablo Picasso to Andy Warhol supplied original artwork for the top third of the label. This series has been featured in a book, Mouton Rothschild: Paintings For The Labels, 1945-1981, published by Little, Brown and Company.

There are examples by Salvador Dali (1958) and Henry Moore (1964). Recently a collection of more than 20 of these labels sold for about $3000 on eBay. As with stamps, a complete collection is worth a lot more than single examples. And as with the full bottles, you pay more for a magnum label - about $150 is the norm.

This market works in much the same way as stamps. Significant rarities will fetch more, such as the Bourgogne 1974 label, which bears the symbol of the Confrerie des Chevaliers du Tastevin, one of the most prestigious stamps of approval in France.

Some collectors concentrate on a single theme. One of the more popular is absinthe, that potent spirit that was banned in France in 1913, supposedly because of its poisonous nature.

Such is the romantic history of this drink that there are many who collect the associated paraphernalia, especially the glasses and perforated spoons used to drip sugar into the notoriously bitter concoction. Absinthe labels are especially prized, worth between $50 to $100, depending on condition. Spoons range from $50 to $1000 for sterling silver examples.

There are also Australian label rarities such as those from the Camden Park winery, established by James and William Macarthur, which are dated to before 1867. In this case, an empty bottle could be worth as much as a full one, considering that the contents would be undrinkable by now. Empty bottles from all the early vineyards, such as Yerinberg in the Yarra Valley, are now considered collectable.

There are ways of removing labels but the general rule is to leave them on if that's how they are found, especially if the bottle has the patina of age.

An excellent source for anyone interested in this subject is the State Library of South Australia which has been collecting wine labels since the early 1970s. Its archive is thought to be the best in the Southern Hemisphere, if not the world. The emphasis is on South Australian wines, especially the Barossa Valley, but other states and the world are also represented. Links to the wine history archive are on the library's website and images of landmark labels are posted, including a surprisingly basic 1955 Penfolds Grange label with the important details added by typewriter.

A complete collection of labels for a wine such as Grange is now seen as a good investment. The Queen Adelaide series (starting in 1953) is considered significant, as are early labels for Woodley Treasure Chest Claret and Wynn's Coonawarra. These are valued for their elaborate design as well as their part in wine history.

This is a relatively new area of collecting, especially in Australia. It's a reflection of our culture that the collecting of beer labels is much more established here. In France, there is now a growing fad for collecting champagne muzzles, those identifying metal caps that are connected to the cork with wire. For an interesting collection of these, see http://www.glyphjockey.com.

My collection

Vintage wine and food authority John Cunnington has been collecting old and rare labels for most of his life and is only now realising their potential value. He says he knows of few other collectors in Australia but has noticed a general increase in interest in Europe, the US and Japan.

Among his personal collection is a mint set of Queen Adelaide labels, found several years ago in a junk shop. He also has some rare, unused absinthe labels that were found in Paris and complement his collection of absinthe spoons and glasses.

These days, John runs his food and wine paraphernalia shop as an online business. If you want a vintage foie gras container or a traditional duck press, see http://www.artwinefood.com.au.

$50

Early labels for Australian landmark wines such as Queen Adelaide are now rare in mint condition. This is the first vintage, from 1953.

$100

This 1974 Bourgogne label is significant because of its endorsement by the prestigious Confrerie des Chevaliers. Some European collectors specialise in this area.

$250

The collection of absinthe memorabilia is a worldwide phenomenon. Original labels are especially prized (valued from $50 to $100), while the perforated sugar spoons can be worth up to $1000 each.