This paper examines the price determinants of Baijiu using data collected from five auction platforms and compares the performance of a physical Baijiu investment with financial markets. We find that each additional year of a Baijiu's age leads to a 5.82% price increase, and a vintage effect is also significant. Additionally, bottle volume influences Baijiu's prices differently across product lines and producers. The choice of auction platform also affects pricing, while the presence of the original case is a price driver for the mainline Baijiu and Moutai. The analysis suggests that speculative factors may primarily drive the investment fervour.