The best value in the world of fine wine must be vintage port. Where else can you find fabulous 50-year-old bottles for US$300 to US$400? Even older bottles from such great years as 1927, 1945, and 1948 aren't much more expensive.

The best names in new vintages, such as Taylor Fladgate, Fonseca, Dow or Graham, are only about US$100 to US$150 a bottle. And these are great wines that will improve for hundreds of years: vintages from the 18th and 19th centuries are drinking beautifully today.

"Port has not increased in price in the same way as top-end bordeaux and burgundy, simply because it is a much narrower market," says Paul Bowker, one of the owners of London-based wine merchants Wilkinson Vintners, one of the best sources for aged vintage port. "There are far fewer buyers in the world, although those that do buy more than make up for their numbers with their passion."

The fact that the production of vintage port is relatively small compared to other popular wines may add to its limited popularity. Why would vintage port collectors want to sell their precious bottles?

The fortified wine from Portugal's Douro Valley is only made – or, as port producers say, "declared" – in the best years. On average, about one out of three or four years are vintage port declarations. Recently declared vintages include 1994, 1997, 2000, 2003 and 2007.

Port producers may only make a few thousand cases of a given vintage, and they hold back a large amount of reserves to sell over the years. This adds to the drink's rarity. Moreover, many producers are making table wines, so most of their best grapes are used for that instead of vintage port.

In addition, vintage port is traditionally consumed 20 or 30 years after production, although a growing number of people enjoy the sweet wine in its vibrant youth. I usually recommend opening bottles after about 10 years. Always remember to decant vintage port because it is unfined and unfiltered before bottling and sediment in the bottle needs to be removed.

It's not difficult to be a vintage port expert, or at least understand who the best vintage port shippers are. The top names haven't changed much in the last 100 years. The top producers in my order of preference are Fonseca, Dow, Taylor, Graham, Noval, Niepoort, Croft and Warre. There's also the super-collectible and rare Noval Nacional, which is a tiny production of port made from ungrafted vines, as well as Taylor Vargellas Vinha Velha, produced from old vines on Taylor's Vargellas farm. A number of single quinta, or specific-farm vintage ports, to look for include Quinta do Vesuvio and Quinta de Roriz.

The best vintages to buy for dinking at the moment are 1970, 1977, 1983 and 1985. Anything older, especially the legendary 1963, is beautiful to drink now as well. I would still hold the vintages of the 1990s and 2000s.

If Asians pick up the taste for fine vintage port, prices could quickly escalate. "Prices have not moved much yet, but it would take a very little move in market interest in vintage ports to make the prices move up quite radically," says Christian Seely, who oversees Noval, as well as a number of wineries in France for AXA Millésimes. "The quantities of vintage port that are made at the top level are infinitely smaller than, say, in Bordeaux. Available stocks would dry up very quickly in the event of a shift in market demand."

James Suckling's Top Five Vintage Ports

2007 Dow's Vintage Port: The balance and harmony of this young vintage port is nothing les than extraordinary. It is so gorgeous with dark fruits and intense ultra-fine tannins that you can enjoy it now. But it will be amazing in 10 or 20 years. The young vintage port to buy. 100 points.

1994 Fonseca Vintage Port: This continues to be the benchmark for the 1994 vintage, with superb concentration and power. So much fruit, yet reserved and muscular. Too young still – try in 2016. 100 points.

1977 Fonseca Vintage Port: Some people don't believe this vintage port is of legendary status. But, believe me, it is. It's all about balanced richness with structure. Start drinking! 100 points.

1963 Quinta do Noval Nacional: A true legend, this tiny-production vintage port is made from ungrafted vines and shows a mythical youth and depth of fruit. 100 points.

1948 Taylor Fladgate: I drank this for years in England with my late uncle. What a wine! I can taste the beautiful subtle blueberries and ultra-fine tannins. It never seems to age. 99 points.

This excerpt is taken from Hong Kong Tatler. For the full article, pick up the December issue, now on newsstands.