The value of a winery is not predicated on a simple, static formula or method as many inexperienced or unqualified valuation analysts would have you believe.  On the contrary, the valuation of a winery requires a solid understanding of how it has created value historically, and how it plans to create value in the future, as well as an understanding of the essential conditions of the industry in which the winery competes.  The value of a winery also requires the inclusion of an appraisal of any vineyard land owned by a winery, separate and distinct from the value of the winery business, in order to arrive at a consolidated valuation for a winery.