Founded in 1743 by wine trader Claude Moët, Moët & Chandoncelebrated its 270th anniversary last year with an auction of a selection of Grand Vintage Champagnes hailing directly from its cellars in Epernay. Orchestrated by Sotheby’s London, the 74-lot sale, which comprised 270 bottles, 174 magnums and 3 jeroboams, raised a total of £147,333 (US$242,230), with the top lot 2 bottles of Moët & Chandon Grand Vintage Collection 1914 described by auctioneer Serena Sutcliffe MW as “extraordinary Champagne, both historic and glorious in taste,” achieving £10,340 (or $17,000).

Similar to Haute Couture’s strict regulations, vintage champagne must meet certain criteria to qualify for the appellation. By law, vintage champagne must be aged for at least 36 months— non-vintage champagne can be released after 15 months’ of aging—and importantly it must be made from grapes harvested in the same year, explains Charles Curtis MW, former head of Christie’s New York’s wine department, and founder of Curtis MW, a fine wine advisory firm.

Curtis believes vintage champagnes are superior for two main reasons: “Champagne producers tend to select the best fruit to go into their vintage blends, and the additional aging process also gives the wine extra complexity and flavor.” Champagne is aged with the yeast of the secondary fermentation and during the aging process, the yeast will break down and impart “special flavors and textures” to the wine that simply aren’t present in champagnes that age for a shorter period, Curtis explains. “Those other champagnes can still be very charming, and produced to very high quality standards, but vintage champagne is unique.”

The auction market for vintage champagne is a small one, but collectors can be very passionate about their bubbly and prices have generally strengthened in recent years, bolstered by strong demand. “The most sought after vintage champagnes are Krug, Dom Perignon, Louis Roederer Cristal, Pol Roger, Cuvée Winston Churchill, Bollinger RD,and Salon Le Mesnil Blanc de Blancs,” said Richard Harvey M.W., senior international director for fine & rare wines at Bonhams in London, adding “the best selection is usually to be found at London auctions…in fact, the taste for mature champagne used to be referred to by the French as le gout Anglais.” Bonhams will hold sales in London on April 3 and May 22 that are expected to include a range of vintage champagnes.

Sutcliffe, Sotheby's international head of wine, adds Veuve Clicquot vintage and La Grande Dame, and Taittinger Comtes de Champagne to the list. “The market for top champagne at auction is very good,” she said, adding that since the market is now global, it does not matter if the auction is in London, New York, or Hong Kong.

According to data from London International Vintners Exchange (Liv-ex), an exchange for investment-grade wine based in London, a case of Dom Pérignon 1996 was averaging around £582 in 2004 (£48.50 or $80 per bottle), but would now average £1,712 (£142.67 or $234 per bottle ), a rise of 194 percent. Over the last year alone, prices of some vintage Champagnes have strongly risen: a case of Louis Roederer Cristal 2002 that would have cost £1,450 ($2,286) in January 2013 will now cost £1,790 ($2,945), a rise of 23%, while Taittinger Comtes 2002 rose from £950 ($1,498) in January 2013 to £1,350 ($2,215) now, a rise of 42%, according to Liv-ex data.

Curtis said there are currently several very good vintages on the market—for example, those from 2004 and 2002. “They share the characteristics of ripe fruit and firm acidity—years that are too ripe can produce wines that lack the acidity to age, but both of these vintages can be cellared for years to come. Before this, 1996 was a standout year—exceptional in both characteristics, but particularly noted for very crisp acidity.”

Different champagnes can age for different amounts of time, and while all top brands will normally improve quite well for 20 years after the vintage, according to Curtis, “exceptional” champagnes can age for 40 years after the vintage, and the very best can age for 60 years or longer. “Because of the exceptional character of 1996, not every champagne is still at its peak, but the very best will be marvelous for decades to come,” he advised.

Vintage champagne should always be a part of a well-rounded collection, but while prices have remained very strong, increasing steadily because of the limited quantity on offer, Curtis said he would caution investors against buying too much, “just because there are not that many people collecting it.”

The pace of acquiring vintage champagne is perhaps best matched by the pace of experiencing it, one could say—slowly and thoughtfully.