Check out collectibles first
Before doing anything exotic with your IRA, make sure it's allowed by the IRS -- many investments aren't. Generally, it bars investment in what's known as collectibles. These include artworks, antiques, stamps, gems and any coins that aren't specifically allowed. Forget investing in a vintage bottle of Bordeaux as well: Alcoholic beverages are excluded as an IRA investment.
If your traditional IRA invests in collectibles, "the amount invested is considered distributed to you in the year invested," according to IRS guidelines. Translation: It's taxable. Furthermore: "You may have to pay the 10% additional tax on early distributions," the IRS warns.
For more information on IRA investments, read IRS publications 590-A and 590-B.