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Q2 2025 Fine Wine Report

Champagne France wine cellar

Explore key trends in the Q2 2025 Fine Wine Market Report – from Trump’s proposed tariffs to Bordeaux En Primeur 2024, index performance, and standout wines like Chave Hermitage and Screaming Eagle. Discover where value and stability are emerging.

Executive summary

  • Trump’s proposed tariffs dominated headlines, yet the delayed implementation gave markets breathing room.
  • The Liv-ex 100 index declined 3% in Q2 but showed signs of levelling off by quarter-end.
  • Bordeaux En Primeur 2024 was met with weak demand driven by oversupply and collector preference for mature vintages.
  • Regional performance diverged, with Bordeaux and Burgundy leading declines, while Champagne showed signs of stabilisation.
  • Top-performing wines defied broader market trends, with double-digit gains from names like Chave Hermitage 2021, Château d’Yquem 2014, and Screaming Eagle 2012.
  • Fine wine remains in a correction phase, but select names, regions, and vintages continue to offer compelling investment opportunities.

The trends that shaped the fine wine market

Global markets adjust as tariff volatility eases

President Trump’s revival of protectionist trade policies set the tone for global markets in Q2. From January to April, the average U.S. tariff rate on imported goods like cars, steel, and aluminium surged from 2.5% to a century-high 27%, before easing to 15.8% in June.

While the March tariff threat initially triggered sharp volatility, the fallout was relatively short-lived. Early April brought a brief dip into bear territory for the S&P 500 on tariff fears. But with policy pauses and stronger-than-expected earnings – 78% of S&P companies beat forecasts – investor confidence returned. Equities in Europe and Asia rallied as well, with the FTSE 100 testing new highs. Corporate investment, especially in AI, remained robust despite political and fiscal uncertainty. 

This broader resilience helped buoy alternative assets like fine wine. While less liquid than stocks, fine wine saw continued interest from long-term investors. Crucially, there was no evidence of panic selling – a sign of confidence in the asset class’s underlying stability.

Telling signs of stability in the fine wine investment market

The pace of fine wine price declines slowed in the second half of the second quarter, although the market is not yet in full recovery mode. On average, fine wine prices as measured by the Liv-ex 100 index, dipped 3% in Q2 2025. The index has been in a freefall since September 2022, seeing only five minor upticks during this time. Meanwhile, the Liv-ex 50, which tracks the performance of the Bordeaux First Growth, has been in a consistent decline during the last 33 months.  

Still, the recent falls have been less pronounced, and prices for many of the index component wines have maintained their new levels without falling further. The market seems to be adjusting to the new environment, with participants showing greater acceptance of the status quo and reduced sensitivity to geopolitical noise. In Q2, demand even began to resurface, particularly from Asia, which has been notoriously quiet, and the U.S., which had initially retreated due to tariff fears.

Muted demand for Bordeaux En Primeur 2024 as market shifts for mature wines

With the market still absorbing past vintages and saturation setting in, enthusiasm for Bordeaux En Primeur 2024 was notably subdued. Despite reduced release prices, the wines often failed to offer compelling quality or value when compared to older vintages readily available on the secondary market.

Bordeaux’s structural challenges persist. Negociants remain overstocked and weighed down by rising bank interest, while many merchants lack the appetite or capital to buy for stock. Meanwhile, the once-crucial Chinese market remains largely dormant.

This muted campaign reflects a broader shift in buyer behaviour. Demand has tilted decisively toward mature wines with a track record of quality and drinkability. While the short-term appeal of buying young futures has faded for now, Bordeaux’s reputation for ageability and long-term value endures.

Fine wine vs mainstream markets in H1 2025

Fine wine vs mainstream markets

While mainstream equity markets swung between bear and bull phases in Q2, the fine wine market charted a notably more stable path. Fine wine prices declined modestly over the period, but without the sharp drops or rallies seen in the S&P 500, Dow Jones Industrial, or FTSE 100. The contrast, seen in the chart above, reinforces fine wine’s reputation as a lower-volatility asset during times of heightened macroeconomic and geopolitical uncertainty.

Importantly, this steady decline was not marked by panic selling or dramatic shifts. This reflects the market’s structural differences: lower liquidity, longer holding periods, and a collector-investor base that prioritises wealth preservation over short-term trading.

Moreover, beneath the surface, outliers and outperformers remain. Read on to discover where relative value has emerged, and which regions and producers have shown resilience – or even strength – so far this year.

Regional fine wine performance: year-to-date trends

The first half of 2025 has revealed consistent pressure across nearly all fine wine indices, with no region posting growth year-to-date. Yet the degree of decline varies.

Liv-ex fine wine regional indices

Bordeaux and Burgundy lead declines (-5.6%)

Both the Liv-ex Bordeaux 500 and Burgundy 150 have posted the steepest year-to-date losses among the major indices, each down 5.6%. For Bordeaux, this reflects tepid interest in younger vintages and a sluggish En Primeur campaign, coupled with a lack of support from Asia. Burgundy continues to correct from previous pricing spikes, as buyers recalibrate in search of better relative value.

Auction results defy the indices

While Bordeaux and Burgundy’s regional indices posted year-to-date declines of -5.6%, recent auction results tell a different story at the very top end of the market.

In June 2025, Christie’s held a landmark sale of the personal wine collection of billionaire collector Bill Koch, generating a record-breaking $28.8 million over three days. The sale drew global participation and intense bidding across 1,500 lots, each of which was sold. The standout was a 1999 Romanée-Conti Methuselah, which fetched an eye-catching $275,000.

The collection featured rare Bordeaux and Burgundy – the very categories currently under pressure in secondary market indices – yet buyer appetite was strong, and prices exceeded estimates across multiple lots.

Champagne shows relative stability

The Champagne 50 has held up better than most, down just 4.9% year-to-date, and was the only region to show positive month-on-month growth in June (+0.8%). While the broader category has cooled after a strong run, interest in top names remains, especially among collectors focused on prestige and scarcity. Indeed, many of Champagne’s top brands now represent the best entry point into the region in years. Prices have stabilised, and there are signs they will not fall any further, but might start to rise again. 

Broader weakness across other regions

  • Rest of the World 60 is down 5.0%, showing soft demand beyond the mainstay regions.
  • California 50, also down 5.6%, mirrors this trend and highlights ongoing sensitivity to U.S. economic and tariff concerns.
  • Italy 100 has dropped 3.3%, suggesting a more measured pullback, consistent with the region’s reputation for offering value and dependable quality.
  • Bordeaux Legends 40 and Rhone 100 are holding up best, with declines of only 2.6% and 2.5% respectively. This speaks to market confidence in mature Bordeaux and Rhône’s reputation for steady, value-driven performance.

best performing wine regions half 1 2025

As the fine wine market works through broader corrections, defensive regions – particularly Rhône and mature Bordeaux – are outperforming, while Burgundy and California remain under pressure. Champagne’s recent bounce may signal early signs of selective recovery. For investors, opportunities may lie in regions demonstrating resilience rather than those still working through valuation resets.

The best-performing wines so far this year

best performing wines half 1 2025

Despite broad declines across regional indices, a select group of wines delivered standout returns in H1 2025, highlighting the importance of producer reputation, scarcity, and vintage specificity in fine wine performance.

The Rhône leads driven by Chave

The top-performing wine was Domaine Jean Louis Chave’s 2021 Hermitage Rouge, which rose +36.8% in the first half of the year. This outperformance stands in stark contrast to the overall Rhône 100 index, which declined 2.5%. Over the last decade, prices for the brand are up 127% (compare its performance to other market benchmarks on Wine Track).

Domaine Jean Louis Chave Hermitage

Château d’Yquem 2014 and Château Suduiraut 2016 returned 25.7% and 23.9% respectively, bucking the downward trend in Sauternes. On a brand level, Yquem has risen 7% in the last six months and 3% in Q2; Suduiraut is up 11% in H1 2025. These results signal renewed collector appetite for premium dessert wines – particularly in top vintages where quality and longevity are indisputable – yet prices remain relatively low.

Prestige investment opportunities in Napa and Champagne 

The California 50 index fell 5.6%, but iconic Napa cult wine Screaming Eagle 2012 rose 24.4%, affirming the strength of globally recognised, ultra-luxury labels. Indeed, average prices for the brand rose 5% in H1 2025. Similarly, Pol Roger Sir Winston Churchill 2015 posted a 24.4% gain, demonstrating that top-tier Champagne continues to attract collectors even as the Champagne 50 index overall declined.

Burgundy and Tuscany standouts reinforce blue-chip strategies

Despite Burgundy’s broader correction, DRC’s La Tâche 2020 and Clos de Tart 2013 delivered 24.5% and 18.1% returns respectively. These names remain benchmarks of rarity and prestige. Meanwhile, Soldera Case Basse 2018 gained 14.3%, pointing to sustained momentum behind top Italian producers. In Q2 alone, prices for the Tuscan premium brand are up 11%; in H1, 16%. 

Soldera Montalcino fine wine performance

Investor takeaways

  • Market-wide declines don’t mean universal losses. Select wines not only held value but also delivered double-digit returns.
  • Rarity and recognisability remain key drivers. Names like Chave, Yquem, Screaming Eagle, and DRC continue to offer portfolio resilience.
  • Smart vintage selection pays. Wines from underappreciated years – like Canon 2014 – produced outsized gains relative to their pricing base.
  • Dessert wines are back on the radar. Contrarian plays in Sauternes may offer continued upside in H2 2025.

Brands to watch

Signs of a Champagne revival

After being the fine wine market’s standout performer in 2022, Champagne experienced one of the sharpest pullbacks during the broader market correction of 2023–2024. However, signals suggest the tide may now be turning again.

From peak to pause: A market in transition

Prices across the Champagne sector have fallen significantly from their highs, but the sell-off appears to have run its course. June marked a notable shift: Champagne was the first regional index to post positive month-on-month growth, rising +0.8%, a potential inflexion point after months of stagnation.

More importantly, price stability has returned. The sector’s recent performance suggests we may be entering a new phase of the Champagne investment cycle, where prices consolidate before a potential recovery.

Market data signals stabilisation

To test this trend, we analysed the 10 most recent vintages of the five most-searched “Grand Marque” Champagnes:

Of these 50 individual wines,

  • 43 have seen arrests their price declines,
  • 40 have remained stable for at least six months,
  • the indexes aggregating their vintages confirm this plateau.

Champagne fine wine indices

Notably, Dom Pérignon has shown the earliest and most sustained stabilisation, with its index bottoming out in November 2024. Krug Vintage and Taittinger Comtes de Champagne are the most recent to enter this stable phase, suggesting broader alignment across the category.

A new phase for Champagne?

This pattern of index symmetry and brand-level stabilisation is a clear signal that Champagne may be transitioning from correction to consolidation. Investor sentiment appears to be catching up to underlying fundamentals, with many of Champagne’s leading brands now offering compelling re-entry points. Liv-ex market share data supports this trend:year-to-date, Champagne has taken 12.4% of the market by value, up from an annual 2024 average of 11.8%, signalling that demand is returning. 

If this trend holds, Champagne could become one of the first major regions to re-enter positive growth territory, supported by brand power, vintage scarcity, and collector loyalty.

Q3 2025 market outlook: A pause before the pulse?

The third quarter – traditionally the quietest in the fine wine calendar – arrives amid a tentative calm. Following the volatility of Q2, Q3 is shaping up to be more subdued but not without potential catalysts.

Tariff watch

President Trump’s planned tariffs, originally slated for Q2, have now been delayed until August 1st. Markets have so far responded with a muted shrug, suggesting either tariff fatigue or confidence that negotiations may temper the final impact. But the uncertainty remains a live wire: should enforcement proceed, volatility could resurface late in the quarter. For now, however, investors appear cautiously indifferent.

La Place de Bordeaux’s autumn window

With the Bordeaux 2024 En Primeur campaign having underwhelmed, attention now turns to La Place de Bordeaux’s autumn campaign. This presents a rare chance for standout producers from around the world to seize attention, particularly those releasing back vintages or special bottlings. A well-priced, tightly-curated campaign could reignite interest and provide pockets of momentum in an otherwise quiet market.

Rest of the World builds buzz

As traditional strongholds like Bordeaux and Burgundy continue to correct or stagnate, Rest of the World wines are beginning to command more attention. California, Tuscany, and Rhône producers featured prominently among H1’s top performers, and collectors may increasingly look to these regions for value, scarcity, and differentiation in the second half of the year.

A stable market… but will it rise?

Fine wine’s reputation for stability held firm in H1, avoiding the sharp swings seen in equities. The question now is whether this stability will give way to price appreciation. While some wines are poised to rise, we expect the broader market to remain sluggish through the summer. Liquidity typically thins in July and August, and the broader mood is unlikely to shift meaningfully until September.

What to watch

  • Tariff developments post-August 1st
  • Autumn releases on La Place, especially non-Bordeaux
  • Top Champagne brands starting to rise in value
  • Collector appetite for emerging regional stars
  • Signs of rotation from defensive to opportunistic buying behaviour

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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The best-performing wines of H1 2025: the bright spots in a soft market

Hermitage, Rhone wine region
  • Fine wine prices continued to decline in H1 2025 against a challenging global economic backdrop. 
  • A small group of wines outpaced the broader market by a wide margin, with the best-performing wine rising over 36%.
  • In a recalibrating market, scarcity, selectivity, and substance will continue to define success.

The global fine wine market continued its cautious descent through the first half of 2025, extending a downward trend that began in earnest in late 2022. From Champagne to California, regional indices recorded further losses – a sobering contrast to the post-pandemic surge that peaked in September 2022. What followed has been nearly 18 months of persistent price softening.

Yet even in this declining market environment, select wines showed resilience and in some cases, delivered double-digit growth. A small group of wines outpaced the broader market by a wide margin, with the best-performing wine rising over 36% in H1 alone. These rare outliers were not driven by hype or thematic rotation, but by a return to fundamentals: scarcity, maturity, critical acclaim, and name recognition. In a soft market, selectivity became strategy, and quality, its own form of currency.

The macroeconomic backdrop: volatility returns

H1 2025 unfolded against a challenging global economic backdrop, with fine wine caught in the crosscurrents of:

Reignited trade tensions

The surprise announcement of 200% US tariffs on EU wine imports in March rattled the industry. While the final figure was scaled back to 20% and implementation delayed by 90 days, the initial shock had an immediate effect. US demand plummeted initially, and confidence took time to recover – despite evidence of resilient buying behaviour by Q2.

Subdued Asian demand 

In Asia, sentiment remained quiet. Many buyers – particularly in Hong Kong and mainland China – adopted a wait-and-see posture, citing political and market uncertainty. The result was lower volume and thinner trading conditions for key regions like Burgundy, Bordeaux, and Champagne.

Monetary pressures impact

Persistent interest rate pressure globally has reduced the appeal of illiquid assets such as wine. With safer yields available in cash or bonds, some collectors have hesitated to commit fresh capital or have chosen to sell.

A tepid Bordeaux En Primeur campaign

The Bordeaux 2024 En Primeur campaign, already burdened by a slow market and a hesitant consumer base, failed to inspire broad demand. Pricing fatigue, underwhelming back-vintage performance, and merchant overstocking created difficult conditions even for well-scored wines.

Liv-ex indices reflected the climate:

    • Liv-ex 50 (tracking First Growth performance): -6% in H1, now back to 2016 levels.
    • Liv-ex 100 (Liv-ex benchmark index): -4.9% in H1, now back to 2020 levels.
    • Liv-ex 1000 (broadest market measure): -4.7% in H1, now back to 2020 levels.

Amid these headwinds, investment allocations required precise selection more than ever.

Regional performance – H1 2025

Though every major region ended H1 in negative territory, the magnitude of decline varied, offering insight into what categories still command investor attention and which ones may face longer-term repositioning.

best performing wine regions half 1 2025

The best-performing region: the Rhône

The Rhône 100 index emerged as the most defensive performer in H1, down just 2.5%. This may come as a surprise, given Rhône’s traditionally lower liquidity compared to Bordeaux or Burgundy. Yet in periods of risk aversion, the region’s combination of world-class producers (e.g. Jean Louis Chave, Guigal), lower pricing, critical appraisal, and hence good value for money have made it an increasingly attractive hunting ground for value-driven buyers.

Several Rhône wines appeared in the H1 top 10 performance list, including Chave’s Hermitage Rouge 2021 (+36.8%) and Guigal’s Côte Rôtie Château d’Ampuis 2018 (+20.0%) – reinforcing Rhône’s reputation as a quiet outperformer in challenging times.

The worst-performing regions: Bordeaux, Burgundy and California

Three major regions – California, Burgundy, and the broader Bordeaux 500 – each fell 5.6%, making them the weakest performers year to date.

  • Burgundy’s fall reflects an overdue correction after its dramatic run-up in 2021–2022. Though top-tier names (like DRC and Clos de Tart) remain in demand, the broader category has struggled under inflated pricing and speculative fatigue.
  • Similar to Burgundy, California, particularly its cult Cabernet segment, has suffered from reduced international demand.
  • Bordeaux’s broader weakness may be attributed to the underperformance of back vintages. However, its Legends 40 sub-index, focused on top estates with market longevity, proved more resilient (-2.6%).

H1 2025 top performers: the outliers that defied the trend

While most indices slipped, a handful of wines delivered double-digit returns.

best performing wines half 1 2025

Insights from the standouts

The Rhône leads with Chave’s Hermitage

Despite the Rhône 100 index declining 2.5%, Jean Louis Chave’s 2021 Hermitage Rouge rose 36.8% – a stark outperformance driven by limited availability and increased global recognition of its collectible status.

Sweet wines surged

Both Château d’Yquem 2014 and Château Suduiraut 2016 featured in the top ten, defying the quiet backdrop for Sauternes. This suggests renewed collector interest in undervalued dessert wines, particularly when linked to exceptional vintages.

US cult wines hold their own

Screaming Eagle 2012 proved resilient, with a 24.4% rise in value since the start of the year. Despite the California 50 index falling 5.6%, high-end Napa commands global attention in top-tier vintages.

Champagne’s prestige cuvées still sparkle

While the Champagne 50 index fell 4.9%, Pol Roger Sir Winston Churchill 2015 bucked the trend with +24.4%, showing how top releases can outperform broader categories when aged and ready to drink.

Key takeaways for investors

Market-wide corrections are not uniform. Even in downturns, well-selected wines can deliver strong returns.

Rarity and recognisability drive results. Names like DRC, Yquem, Chave, and Screaming Eagle continue to act as safe harbours.

Blue-chip vintage selection matters. Wines from ‘off’ vintages like Canon 2014 offered some of the best entry points and upside surprises.

Sweet wines are staging a quiet comeback. This suggests contrarian plays may have room to run in H2.

Selectivity as the strategy for H2 2025

The first half of 2025 has confirmed what seasoned collectors already know: not all wines move with the market. Even as regional indices declined across the board, a handful of exceptional bottles bucked the trend, delivering standout returns through a combination of rarity, critical reputation, and maturity.

In today’s climate, the challenge isn’t access to wine but making the right decisions. Broad market exposure has offered little protection. Instead, performance has come from targeted allocations, where deep knowledge of producers, vintages, and release histories gives investors the edge.

Looking ahead to H2, the outlook is cautiously constructive. While macroeconomic headwinds remain – from tariffs and interest rates to uneven global demand – opportunities still exist for those willing to look beyond the indices.

In a recalibrating market, scarcity, selectivity, and substance will continue to define success.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Do wine critics still matter in 2025? Bordeaux Diaries Part I

Chateau Clinet vineyard

Discover how wine critics influence Bordeaux wine investment in 2025 and whether Robert Parker’s legacy still shapes today’s market.

Provenance, a good vintage, scarcity, and brand are all factors that influence the price of fine wine, and hence the world of wine investment. Another factor that has, traditionally, impacted wine value is the critic. A top score can inspire confidence in the price performance of a wine, while an unfavourable rating can have the opposite effect. 

However, is the role of the wine critic as important as it was in the past? With the retirement of the hegemonic world-renowned wine reviewer, Robert Parker, who helped put Bordeaux, California and the Rhône at the forefront of wine buyers’ minds, and the rise of digital media, what does the future hold?

WineCap met figures from leading Bordeaux estates for their insights into the place of wine criticism in 2025 and the years ahead. In Part I, we discuss the legacy and the evolving role of the wine critic.

  • Robert Parker’s era of singular influence is over – today’s wine criticism is a collective effort.
  • Critics still shape wine investment decisions, but their role is now one of many in a more democratic media landscape.
  • The rise of digital voices and ‘wine educators’ is expanding access and perspective in the fine wine world.

Wine criticism in transition: legacy vs digital influence

Several producers saw formal wine criticism as a keystone of information for customers, but also recognised that it was part of a developing media ecosystem largely because of the impact of the internet.

Château Valandraud, Premier Grand Cru Classé B, Saint-Émilion

Jean-Luc Thunevin, owner of Château Valandraud, thinks the importance of the traditional wine critic remains important for his château as the legacy of Robert Parker endures.

‘Parker had a hegemonic position; that is, he represented 80% of global influence. Today, in any case, there are collaborators who worked for him, who are very talented and who, two or three years ago, represented Parker’s influence,’ Thunevin told WineCap. ‘We can say that today, when you are a wine merchant, we use five or six major journalists, and we get an idea of what the wine is worth.’

Château Cheval Blanc, Saint-Émilion

‘In terms of the impact of the wine critics on the fame of our wines, we are very respectful of the job of the critics,’ Pierre-Oliver Clouet, technical manager at Château Cheval Blanc, explained. ‘We produce wine, there are wine distributors there to distribute the wine, there are wine collectors that collect the wine, and there are wine critics, who have to critique the wine. So, everybody has their own job in the wine world.’

The vast and varied selection of wine makes the role of the critic key, with Clouet adding that ranking wine estates, vintages, appellations, countries, and regions is important for consumers. 

‘The impact of critics is so important for the final client because the number of wines available on the market is huge. You have to find the critique who has your taste, and you have to follow him or her. This is the job: to help the consumer, to know more about what they’re going to purchase’.

Château Clinet, Pomerol

Ronan Laborde, managing director and owner at Château Clinet, is adamant that professional criticism is still an important fixture in the wine world, but acknowledges that information is more accessible to collectors and laymen alike today than in decades past. ‘We still need wine critique. When Robert Parker was reviewing and ranking, there was less wine criticism, and the web was not so widespread. Nowadays, there continue to be a lot of highly respectable wine critics.’

Laborde added that clients also have opportunities to bolster critic ratings with their own first-hand experience. ‘There are a lot of people who are really interested in wine and have the chance to visit wineries, taste the wines, and import the wines. So, it’s easier nowadays to try and have your own opinion than before. Robert Parker was a reference at the time he was active, but nowadays, it’s more split.’

Wine critique landscape in 2025: complexity and change

Château Margaux, First Growth, Haut-Médoc

Philippe Bascaules, managing director at Château Margaux, had an open-minded perspective on the shifting, changing, landscape of wine critique, not jumping to any conclusive opinion on its direction for the time being.

‘We are in a time when it’s very difficult to know the direction of journalists and social media and all this new communication, and how the consumers will use all of it to buy wine,’ he said. ‘Of course, it used to be so simple. Today, it’s much more complex and I think probably it’s even a good evolution, I would say, because then it can be a little bit more diverse, and everyone can find his own advisor. I think we are in transition and will know later exactly where it will lead and what it will mean.’

Château Coutet, Premier Cru, Sauternes

Other producers echo this sentiment. At Château Coutet, marketing director Aline Baly appreciates the rise of ‘wine educators’ who help spread awareness about lesser-known properties. 

‘In the last decade, we’ve seen a lot of new wine critics, or I also like to call them “wine educators” because they’re helping us get the message out there,’ marketing director Aline Baly told WineCap. ‘Some of the vineyards in this region are very tiny. We can’t be everywhere. We can’t be travelling and opening our wines and describing these wines. So, the wine critics, or wine educators help us get the message out.’

Regarding the growing number of critics, Baly was enthusiastic. ‘There is definitely a change from having very few people who are the spokespeople for all the vineyards in the world to a larger group of individuals who’ve come to visit, who’ve tasted wines and helped us get the message out there.’

Why wine critics still matter: education and expertise

Château Calon-Ségur, Third Growth, Saint-Estèphe

‘At the time of the Primeurs, we host many journalists from France and around the world,’ general director and owner of Château Calon-Ségur Vincent Millet said. ‘Today we have about fifteen journalists who come to taste the Primeurs every year. But what is also interesting is that these are the same journalists who will taste the wines when they are bottled, or a few months after bottling. So, they have a vision of a very young wine and a wine that has been aged in barrels, as well as a few months after bottling.’

This educational insider experience was invaluable for consumers, he added. ‘Today, what is interesting to see is that journalists have a culture of wine, follow the properties, follow the history of the property, and in some ways, these same journalists become true authorities on our wines. Even if we work with the brokers and merchants, the consumer will still look at the notes and comments of these same journalists. It is important for us to be able to explain how we work and what our philosophy is so that journalists can better understand the wines when they taste them’.

From Parker to pluralism: collective influence in wine

Several producers agree: the days of one critic dominating the wine conversation are behind us.

Château Pichon-Longueville Baron, Second Growth, Pauillac

‘I don’t think that we will ever again see one critic have such a completely dominant position as Robert Parker had. It was an accident of history in many ways. He just started at the right time, in 1982, when America was discovering the great wines of Bordeaux, and became accepted as the utterly reliable guide that he was,’ explained Christian Seely, managing director of AXA Millésimes, owner of Pichon-Baron. 

‘Today, there are many talented wine tasters and critics, and I think that it’s more of a collective influence. So, there will be perhaps a dozen really major critics who move the market, and I think on a collective basis, this is actually a much healthier thing. I think that for one person to have so much influence was probably slightly unbalanced and dangerous. These days, you can choose, as a consumer, from a number of very good critics and decide which ones you like best and follow them.’

Château La Mondotte, Premier Grand Cru Classé, Saint-Émilion

‘The time of the likes of Robert Parker is completely finished,’ said owner of Château La Mondotte Stéphane von Neipperg. ‘Now we will have perhaps five to ten well known wine critics for the consumer. So, it will be a much more open game. Parker was an important guy because he made what makes a good wine understandable for a lot of people. However, it is also good to have different opinions.’

Von Neipperg pointed to the 2021 vintage as an example of how critic viewpoints can vary significantly, supporting his view of the benefits of such diversity. ‘If you read about the ratings of 2021, there were sometimes five to ten points difference for the same wine.’

As Bordeaux and the broader wine world evolve, so too does the role of the critic – moving from singular gatekeeper to a chorus of trusted voices, guiding collectors, investors, and enthusiasts through an increasingly nuanced landscape.

See also our Bordeaux I Regional Report. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. 

Start your wine investment journey with WineCap’s expert guidance.

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Bordeaux wine labels: role in wine investment?

Alongside ‘provenance’, ‘scarcity’, and ‘vintage’, another key influence on wine investment potential is ‘producer and brand reputation’. These words encompass tradition, track record, trust, and market recognition, and there’s little that more instantly communicates these features than a wine label.

WineCap spoke with prestigious Bordeaux châteaux and learned about the importance of connection to heritage behind the vast array of wine labels found in the leading wine investment region.

  • Classic châteaux images inspire confidence with age-old legacy.
  • Colour is a strong signal of recognisable brand association.
  • Historic tales showcase links to the region’s heritage.

Classic Left-bank style: Château Margaux, First Growth

One label that has barely altered over time is that of Château Margaux. Displaying an image of the house’s legendary neo-classical château, after rebranding in recent years, the label’s font harks back to the style used by the estate in the late 1800s

Philippe Bascaules, managing director, commented to WineCap on the pedigree of the overall design and the value of immediate recognition. ‘The label of the bottle of Château Margaux is very old. It was designed at the beginning of the 19th century. It’s just the image of the château, which became our logo. I think it’s probably one of the most famous wine labels.’

Regal opulence, eastern allure: Château Ducru-Beaucaillou, Second Growth

Combining Western and Eastern finesse, the label of Château Ducru-Beaucaillou displays an oblique line illustration of the majestic estate set against a luxuriant golden-hued backdrop.

‘This label was created by the Johnstons, who owned the estate at the end of the 19th century, and, except for only slight changes, it has never changed,’ Bruno Borie, co-owner and manager of the Sant-Julien château, told WineCap. ‘It has always been this beautiful yellow, orange, and gold. I think the inspiration was the Venetian Palladian palaces that were painted in this beautiful yellow colour. Also, the late 19th-century Nathaniel Johnston married Princess Mary of Caradja from Istanbul, and she was a princess from a Greek family installed in Turkey who were very close to the sultan. Mary probably introduced this beautiful yellow colour, which was eastern – Orientalism was a style that was very fashionable at the end of the 19th century.’

Borie added that the label’s hue was possibly also influenced by contemporary trade with the Far East. “I don’t know if it was the intention, but I think that they were already shipping to Asia in those days, and gold was the colour of the Chinese Emperor.”

Borie noted the prominence of the house labelling. ‘When you are in front of a shelf or when you are in a restaurant, you immediately recognise that Ducru-Beaucaillou label. It’s a unique label that you need probably half a second to find.’

On the secondary market, the wine’s value has risen 50% over the last decade.

Historic story: Château Beychevelle, Fourth Growth

Breaking from the tradition of displaying a grand Bordeaux estate on the label, Château Beychevelle features an arresting black-and-white illustration of a vessel on a river. The boat is adorned with a griffon-like figurehead that looks ahead confidently as it floats on the calm river waters. Its sail is lowered and bears a cluster of grapes, while a pennant flag flutters gracefully from the mast.

The depiction honours the estate’s 17th-century foundations, when the first Duke of Épernon – a renowned and admired French admiral – owned the Gironde River château. His presence commanded such high regard that ships sailing by on the river would lower their sails in respect. This historic tale inspired both the estate’s emblem and name Beychevelle, from the Gascon phrase ‘Bêcha vêla,’ translating as ‘lower the sails’.

‘You don’t see a building, you don’t see a chateau or a gate, which is very common on wine labels,’ managing director of the Saint-Julien house, Philippe Blanc, told WineCap. ‘You’ve got this white corner cut label with a boat, which is quite rare and is very definitely recognisable as Beychevelle. Some people think the boat is a Viking boat, but it’s not. It’s a local boat going along the River Gironde and lowering its sail to show respect to the Duke.’

Over the past 12 months, the average case price of Chateau Beychevelle has dipped in value by 7%, but in the past 10 years, it has increased by 55%.

Bold and colourful: Château Lafon-Rochet, Fourth Growth

When Saint-Estèphe producer Château Lafon-Rochet transformed the appearance of its buildings from muted grey to vivid colour, the influence extended beyond its premises to its label.

Today, featuring a striking mustard-yellow backdrop, the house’s label displays a front-facing illustration of the elegant château, with diagonal vineyard lines in the foreground adding a sense of dynamism.

‘The label’s colour was inspired by my father,’ said general manager Basile Tesseron. ‘He disliked the grey façade and experimented with painting the château yellow, green, and red – one colour per year.’

In the end, yellow came out on top. ‘In 2000, he decided that if the château would stay yellow, the label should match. It may be bold, but now it’s unmistakably ours.’

The wine investment performance of Lafon-Rochet has been equally unmistakable – up 65% over the last decade, outperforming all the First Growths.

Dignity and blossoms: Château La Conseillante

The elegant grayscale label of Pomeral house, Château La Conseillante, quietly communicates family prestige. It features a shield-shaped emblem carrying the letters “L” and “N” for founder Louis Nicolas, which is framed by intricate, stylised berries and florals.

‘The inspiration is very simple – it’s the original logo of Louis Nicolas,’ general manager Marielle Cazaux told WineCap. ‘In French, we call it the ‘armoirée’.’

The classic design of the label is further enhanced by the bottle’s violet neck foil, which, as Cazaux said, subtly mirrors the floral violet notes often found in wine’s aromas and flavours.

Château La Conseillante prices have seen an increase of 81% over the last ten years.

See also our Bordeaux I Regional Report. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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How UK and US investors react to tariffs

  • Wealth managers in both the UK and US anticipated increased demand for equities, real assets, and alternatives amid shifting trade policy landscapes.
  • US respondents showed stronger confidence in alternative assets, while UK managers leaned more toward traditional equities and property.
  • Fine wine was viewed in both markets as a resilient, inflation-resistant asset with long-term appeal, especially in portfolios seeking diversification.

With President Donald Trump back in the White House, global markets have once again entered a period of trade policy uncertainty. In late May 2025, the administration proposed sweeping 50% tariffs on European Union imports, initially planned for June 1 but now delayed until July 9 following negotiations with European Commission President Ursula von der Leyen. The move echoes earlier policy cycles that disrupted cross-border commerce, and while implementation remains uncertain, it has revived conversations about portfolio resilience and asset class performance under changing geopolitical conditions.

In our Wealth Management survey earlier this year, investors across both sides of the Atlantic were asked to consider how a renewed focus on domestic trade policy and market protectionism might shift capital allocation preferences. Their responses revealed an appetite for assets considered resilient, global, and responsive to consumer growth.

A recalibration of confidence across core and alternative assets

Across both markets, wealth managers projected increased demand for a wide range of asset classes, albeit with slightly different emphases. In the United Kingdom, demand was strongest for traditional equity exposures, particularly US stocks (94%) and emerging markets (90%), reflecting a continued belief in global growth opportunities despite the shifting trade backdrop. Property and non-US developed stocks also garnered attention, as did cash and bonds – indicating a balanced appetite for both growth and defensive positions.

*UK

In the US, the tone was more expansive and optimistic. US stocks topped the list at 98%, with similarly high sentiment for non-US developed markets (92%), cash (90%), and emerging market equities (86%). However, American wealth managers also showed a greater inclination toward alternatives – digital currency (88%), real estate (80%), startups (76%), and luxury collectibles (74%) all ranked notably high. This suggests that, even in the face of policy shifts, US investors were inclined to look for opportunity amid change, particularly in sectors with strong long-term narratives or tangible value.

*US

A nuanced position for fine wine and luxury assets

Fine wine and other luxury collectibles were not among the top-tier asset classes in the survey but nevertheless held their own as part of a well-rounded diversification strategy. 

While only 58% of UK respondents expected an increase in demand for luxury collectibles compared to 74% in the US, both figures reflect a belief in the long-term value of tangible, non-correlated assets – especially during periods of policy uncertainty.

Historically, fine wine has performed well in such climates. Its low correlation with traditional financial markets, combined with intrinsic scarcity and global appeal, positions it as an attractive option for wealth preservation. 

US respondents in particular noted that if Trump’s policies were to echo those from his previous term – most notably tax cuts that increased disposable income among high-net-worth individuals – then demand for luxury goods, including fine wine, could grow in tandem with consumer confidence.

Inflation resistance and tangibility remain key themes

Another through-line in both markets is the recognition that tangible, inflation-resistant assets may offer stability when macroeconomic or policy environments shift. While digital assets and equities continue to dominate discussions, the inclusion of fine wine and real estate in both countries’ top ten expected demand growth areas suggests a common view: that real, finite goods still hold a trusted place in long-term strategies.

This sentiment aligns with broader investment trends of the past five years, during which fine wine has steadily gained credibility as an alternative asset. From a performance standpoint, it has demonstrated resilience through downturns and delivered attractive risk-adjusted returns over the long term. And as more platforms offer increased liquidity and data transparency, fine wine is becoming more accessible to wealth managers seeking both diversification and durability.

Looking ahead

While our survey preceded the most recent tariff developments, the views it captured reflect a broader mindset already taking shape among global investors. As the July 9 tariff deadline approaches, and with the potential for further policy changes, these pre-existing preferences offer a lens into how wealth managers may continue to allocate in an evolving geopolitical environment.

For fine wine in particular, its dual role as both a passion asset and a portfolio stabiliser could prove increasingly valuable. Whether driven by renewed domestic consumption or a search for global, inflation-resistant stores of value, fine wine appears poised to remain a quiet but meaningful part of the wealth management conversation on both sides of the Atlantic.

Looking for more? See also: 

WineCap Wealth Report 2025: UK Edition

WineCap Wealth Report 2025: US Edition

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Lower En Primeur volumes: Bordeaux estates explain

The nature of Bordeaux’s En Primeur campaign varies each year depending on growing conditions and market forces. However, one aspect is emerging as a strong trend across vintages: volumes released during En Primeur are decreasing.

WineCap spoke with prominent Bordeaux producers for deeper insights into the reasons for this pattern.

  • Interviewed châteaux release between 60% and 90% En Primeur.
  • Rising temperatures and organic farming reduce yields and En Primeur offerings.
  • Châteaux need to consider both on- and off-trade customers.
  • Climate change necessitates holding wine for style, and brand preservation in future.
  • Competition to produce the highest quality reduces volume.

Decreased production and adaptable approach

Several producers WineCap interviewed explained that, in addition to the variable vintages typical of the Bordeaux region, global warming and changing vineyard practices are lowering yields.

Château Pichon Comtesse, Second Growth, Pauillac

Nicolas Glumineau, CEO and winemaker, recognised lower yields and wine volumes in recent years as contributing to the changing dynamics of the En Primeur system.

‘For Pichon Comtesse, it’s not due to the fact that we want to retain more volumes here in the cellars,’ Glumineau told WineCap. ‘I really do believe in the En Primeur system, despite seeing less and less volume of wine released this way. Volumes released have gone down because of lower yields over the last ten to 15 years. Still, I want to play the game of En Primeur, so that’s why we release something like 80% of our production every year’.

Château Smith Haut-Lafitte, Grand Cru Classé, Graves

Florence Cathiard, co-owner with her husband Daniel of Château Smith Haut-Lafitte, said that low yields influenced their decisions to reduce En Primeur volumes but commented that it was possible some maneuvering occurred.

‘For us, it’s not voluntary. It’s because of organic certification, which means we tend to have too low volumes,’ she said. 

Château Margaux, First Growth, Haut-Médoc

‘The En Primeur volume, of course, is lower than ten or 20 years ago because the yield is much lower than before. Also, we are much more demanding in our selection for Château Margaux. So the total volume of Château Margaux has decreased tremendously,’ managing director, Philippe Bascaules, told WineCap. ‘That said, the quantity of En Primeur hasn’t changed a lot. Depending on the vintage, we can sell 70% to 85% of the production’.

Bascaules emphasised that it was the level of the yield and strict selection for quality control, rather than the house’s reluctance to participate, that created an impression of reduction. ‘En Primeur is very important for us’.

Château Pavie, Premier Grand Cru Classé (A), Saint-Émilion

‘At Château Pavie, we haven’t really changed the policy of let’s release less wine or let’s release more wine,’ Olivier Gailly, commercial director, said. ‘We adapt vintage to vintage. There is no strict rule as to what we want to release; the percentage might change vintage after vintage, depending on the dynamic of the market and of the vintage itself’.

Château Clinet, Pomerol

‘I think the main reason for the reduction in En Primeur volumes is the fact that sustainable viticultural practices reduce the volumes made per producer,’ Ronan Laborde, managing director and owner, explained.

‘Also, there is a strong competition to produce the best wine possible. You cannot do this with high volumes. So that’s why you also see more and more Bordeaux wine producers offering second wines or sometimes third wines. So, the quantity produced on the first wine is reduced. I think these are the two main reasons why the En Primeur volumes that are offered seem to be smaller than in the past’.

Customer choice

While some Bordeaux producers have a flexible strategy to their En Primeur releases, others believe that such versatility can have drawbacks, and that producer marketing and client demand should dictate stability in decision-making.

Troplong Mondot, Premier Grand Cru Classé B, Saint-Émilion

Ferréol du Fou, commercial director of Troplong Mondot, described lowering En Primeur quantities as ‘a huge mistake’, citing customer appetite as a key driver to the house’s stance.

‘Our strategy is to release 80% of the production every year, even if production is low. People need wines, and we need to show the label to the world. En Primeur is a way to offer a good deal for the consumer’.

Château Beau-Séjour Bécot, Premier Grand Cru Classé B, Saint-Émilion

Julien Barthe, who co-owns Château Beau-Séjour Bécot with his wife Juliet, has a similar position.

‘I think it’s a big mistake for many châteaux because they want to increase their prices, so they deliver a small volume. I really don’t think it’s a good way to promote your wine,’ he told WineCap. ‘This is not the case at Beau-Séjour Becot. We release around 85% to 90% of our production every year because we want to offer a good number of bottles to all our clients. We want to say ‘thanks, guys, you buy my wine, we are happy, we will be happy when you drink this wine’’.

Château Pichon-Longueville Baron, Second Growth, Pauillac

Christian Seely, managing director of AXA Millésimes, which owns Château Pichon-Longueville Baron, also believes that offering customers options is crucial, even if this involves holding a substantial amount of stock.

‘We release about half of our production of Grand Vin En Primeur, and we keep the other half back for a number of years,’ he said. ‘The reason we do that is that it gives our customers two options; if they want to buy En Primeur, they can. If they don’t feel like buying En Primeur and would like to come back and buy the wine from the property five years later, we still have stocks of wine for them here. The chances are it’s going to be a little bit more expensive a few years later, but it would have been kept in the perfect location at the property. So, by doing half En Primeur and half stock available at the château, we feel that we’re offering our customers the choice’.

Châteaux traditional commercial activities

An important influence on En Primeur release quantities for several chateaux is retaining volumes to maintain established business activities on site and throughout on- and off-trade networks.

Château Beychevelle, Fourth Growth, Saint-Julien 

Philippe Blanc, general manager of Château Beychevelle, stressed to WineCap that the house took local customers into account when making decisions about what levels of wine to release En Primeur.

‘We don’t play the scarcity game, we play the game of En Primeur’, he said. ‘We’ve got over 100 negociant customers, which is a lot, and we sell 85% of our production En Primeur. Before 2016, we were selling 95% or 96%, which is extremely high. We were frustrated to not have any volumes of available wines for doing anything. For example, if tomorrow you decided you wanted to have an event with us, we could make an event because we always have enough wine for drinking, but we have no wine for selling. It was a bit frustrating for us and the merchants here or abroad when they asked for, say, five cases of wine for customers, and we had no wine. So, we decided to decrease the shares sold En Primeur to 85%.’

Blanc went on to explain that, while there had been a decrease in En Primeur volumes, there was no intention to go lower. ‘And why are we so dedicated to En Primeur? Beychevelle, as you probably know, is a wine which increases its value over time, and our golden rule is that the Primeur price is the lowest you can get. We could say, okay, keep more, because the price will go up, but we don’t want this policy, because setting the price at a more reasonable level makes it possible to sell it to the traditional market. So, we stick to that.’

Château Canon, Premier Grand Cru Classé, Saint-Émilion

Nicolas Audebert, winemaker and general manager of the Saint-Émilion estate, has the same perspective on En Primeur with the house operating within its framework. It also considers the on-trade environment when making decisions about wine proportions for the annual campaign.

‘We consider that the En Primeur moment and campaign are extremely important, and we play the game. We do not put a small volume in En Primeur,’ he told WineCap. ‘Of course, we keep some volume here at the chateau to be able to have wine for the next 20 years, to have wine for the bibliothèque, and be able to do fantastic tastings 80 or 100 years from now.’

The chateau puts a minimum of 70% of the production, every year, En Primeur, with Audebert describing it as a ‘fantastic time where everybody’s looking at Bordeaux’ and ‘a win-win for the consumer and for us’.

Château Cheval Blanc, Saint-Émilion

At between 60% and 70%, Pierre-Oliver Clouet, winemaker and the technical manager at the Right Bank house, sometimes commits even lower amounts than peers to the En Primeur campaign.

‘We keep around one-third of our crops to sell in five, ten, or 15 years, to have an opportunity to provide some bottles to restaurants, wine shops, or distributors who don’t have the opportunity to have storage. We alter the model a little between two-thirds En Primeur and one-third available for the market – ready-to-drink, in fact’.                                                                

Wine heritage

For Cos d’Estournel, the annual En Primeur allocation decision relates to the house’s legacy: mitigating the impact of climate change on the classic and recognisable style of the house’s wine is of prime concern.

Cos d’Estournel, Second Growth, Saint-Estèphe

‘Well, in terms of En Primeur, the volumes are quite different compared to before because before, the context was different,’ commercial director Charles Thomas told WineCap. ‘Twenty, 30, or 40 years ago, when you couldn’t sell your wine, you would sell all your wine if you could. Also, when you look at global warming, the style of wine could be a bit different in 20 years. So, in terms of style, it’s also quite important to keep some wine that we make now and to be able to release it later on.’

See also our Bordeaux I Regional Report. 

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How fine wine investment attitudes differ in the UK and US

  • UK investors are moving faster than their US counterparts in handing over to a younger, tech-savvy generation, with a sharper decline in ‘very experienced’ participants.
  • US portfolios still allocate more to fine wine on average, reflecting a greater appetite for alternative assets despite similar downward trends in allocation.
  • Both markets are embracing digital tools and AI-driven insights, but the UK appears slightly ahead in integrating fine wine into a broader fintech-enabled investment strategy.

The fine wine investment market in 2025 is experiencing a paradigm shift on both sides of the Atlantic. While the United Kingdom and the United States share many overarching trends like the rise of a younger, tech-savvy investor base and the repositioning of fine wine as a strategic asset, the nuances in their trajectories highlight key cultural, financial, and strategic differences.

A shared generational shift at different paces

Both the UK and US reports depict a clear generational handover in fine wine investment. Baby boomers, once the stalwarts of the market, are selling off holdings accumulated over decades. In their place, a new cohort of Millennial and Gen Z investors is emerging – individuals who see wine less as a consumable luxury and more as a data-driven, alternative investment.

*UK

However, the pace of this transition is more pronounced in the UK. Only 32% of UK investors in 2025 are now classified as ‘very experienced’, a sharp drop from 52% in 2024. In contrast, the US market still holds a stronger base of experienced investors, with 44% falling into that category – a modest decline from 48% in 2024.

*US

This suggests that while the UK is undergoing a more aggressive generational overhaul, the US market remains slightly more anchored in legacy investor behaviors. This could reflect cultural factors, such as the USA’s longer-standing tradition of wine collection, or structural elements like the greater maturity of digital investment platforms in the UK.

Diverging portfolio allocations

In both markets, fine wine is increasingly treated as a complementary asset class rather than a core holding. This shift is evident in declining portfolio allocations. In the UK, the average portfolio allocation to fine wine has dropped from 10.8% in 2024 to 7.8% in 2025. US investors have larger allocations overall, which have still declined from 13% to 10.7% on average year-on-year.

While both reductions are linked to recent price corrections and broader diversification strategies, the US still shows a greater willingness to commit higher portions of wealth to fine wine. Notably, 40% of US investors still allocate 11–20% of their portfolio to wine, compared to 18% in the UK.

This discrepancy may be driven by different attitudes toward risk, or a reflection of the US investor’s broader enthusiasm for alternatives – including crypto, art, and collectibles – where fine wine fits comfortably into a high-yield mindset.

Technology and the new investor toolkit

One unifying force across both markets is the use of AI, data analytics, and digital platforms. The new generation of investors is not relying on intuition; they’re using dashboards, price trends, and machine learning models to inform their trades.

*UK

This transformation is blurring the line between emotional and analytical investment, enabling fine wine to shed its image as a passion-led endeavor and gain legitimacy as a financial tool. However, the UK appears slightly more mature in this regard, perhaps due to a tighter integration between fintech and alternative asset platforms.

*US

Market sentiment: recalibration, not retreat

Despite recent price softening, neither the UK nor US market is retreating. Instead, both are recalibrating. Experienced investors are taking profits, newer investors are entering at lower price points, and portfolio managers are redefining what role wine should play – most now agree it’s a diversifier, not a pillar.

Crucially, both markets anticipate that today’s corrections will lay the groundwork for tomorrow’s gains. Historically, fine wine has shown resilience and rebound capacity. The current dip may ultimately broaden participation and enhance long-term sustainability.

Two markets, one destination

The UK and US fine wine investment landscapes are converging in vision, yet diverging in pace and personality. The UK is evolving faster – more volatility-tolerant, more digitally advanced, and more dynamic in reallocating portfolios. The US, by contrast, remains a more anchored, cautiously progressive market, with higher average allocations but slower risk adoption.

Yet both markets are ultimately moving toward the same future: a fine wine investment world that is younger, smarter, more inclusive, and increasingly strategic.

As fine wine sheds its elitist past and embraces a tech-enabled future, investors on both sides of the Atlantic recognise fine wine’s growing potential.

Looking for more? See also: 

WineCap Wealth Report 2025: UK Edition

WineCap Wealth Report 2025: US Edition

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Bordeaux En Primeur 2024: critic scores and best releases

  • There have been some notable releases in a quieter En Primeur campaign. 
  • All of the top releases have represented the best entry point into their respective brands in the last decade. 
  • Critics have emphasised selectivity in a challenging vintage.

One month in since the start of the Bordeaux 2024 En Primeur campaign, which seems to be nearing its end, we look at critic scores and price trends to evaluate the best releases.

What the critics are saying

After the Wine Advocate’s William Kelley called Bordeaux 2024 ‘the weakest vintage of the last decade’, other critics have echoed his concerns with greater nuance. 

For Jane Anson, ‘the vintage was better than expected […] and clearly better than, for example, 2013 – and 2021 in the best cases.’

Meanwhile, Antonio Galloni (Vinous) observed: ‘The 2024s are all over the place in terms of quality and style, so readers will have to be selective. Within that context, the very best wines have a lot to offer.’ His ‘magnificent eight’ were Beychevelle, Clos Puy Arnaud, Cos d’Estournel, Jean Faure, Larcis Ducasse, Lascombes, La Conseillante and Rauzan-Ségla.

Neal Martin concluded his report, arguing that 2024 is ‘the ideal vintage for a reset’. He noted that ‘given the obstacles placed along the growing season, any 2024 that scores above 90 points is a success’. Martin’s highest barrel range was 96-98 points for La Mission Haut-Brion Blanc. Among the reds, his top wines with 95-97 points were Lafite Rothschild, Trotanoy, Lafleur and Vieux Château Certan.

The state of the market

As Bordeaux continues to lose market share to other regions, and fine wine prices overall are in a correction phase, releasing En Primeur has only worked with heavy discounts. We spoke with leading producers on how they determine their release prices, with strategies ranging from consulting négociants  and importers, and weighing in volumes and vintage quality. 

In his report, Martin speaks of the following reality: ‘There is no saviour riding over the horizon, no emerging country of insatiable Bordeaux-lovers, all against a backdrop of a vine-pull scheme […] and the fact that Bordeaux is wrestling with an image crisis.’ 

The solution? He goes back to the beginning of his career, when ‘off-vintages in the mould of 2024 would be discounted, and […] nobody lost face, including the grandest châteaux, and crucially, it kept the primeur system flowing, bottles passing through the distribution chain to the all-important final consumer’.

Within this context, we look at the releases that have worked so far – where pricing has aligned with trade and consumer expectations, and has offered a window for long-term profitability. 

Best En Primeur releases to date

One of the standout releases of the campaign has been First Growth Château Lafite Rothschild.

The 2024 vintage emerged as the most attractively priced Lafite in recent memory. In fact, only one other vintage from the past 40 years comes within 25% of its release price. Even lower-rated vintages like 2013 and 2007 – both released before the transformative investments that elevated Lafite’s quality – now trade at considerably higher levels.

Much like Lafite, the 2024 Mouton Rothschild represents a rare opportunity. It is the best-priced Mouton vintage currently available on the market. Adjusted for inflation, only one other vintage in the last two decades compares in affordability. 

Moreover, Mouton has been the best-performing First Growth over the last five years, while also being Wine-Searcher’s most searched-for wine globally. 

History shows that these ‘less celebrated’ vintages often outperform their more hyped counterparts. For both Lafite and Mouton, vintages such as 2007, 2008, 2013, and 2014 have significantly outpaced the more acclaimed 2009, 2010, or 2016 in price performance.

Another notable performer is Calon Ségur. While it may have flown slightly under the radar, its 2024 release represents the best entry point into the brand in over a decade. Calon has built a strong reputation among critics, frequently earning 95+ scores from Wine Advocate and Vinous. 

Its investment credentials are equally impressive: between 2015 and 2023, Calon prices surged more than 80%. Even with recent market dips, our Calon Ségur index remains 75% higher than it was ten years ago – making it one of Bordeaux’s most dynamic performers.

Looking for more? Read our Bordeaux Regional Report.

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Fine wine in the age of AI

  • AI has emerged as a transformative force in investment management. 
  • 98% of UK wealth managers expect AI to have a significant impact on fine wine investment in the next five years. 
  • Key areas include greater investor control, wider market acceptance and improved transparency.

Artificial intelligence (AI) has emerged as a transformative force in investment management, reshaping industries through advanced data analysis, predictive modelling, and automation. From equities to property, AI-powered tools can process vast amounts of information, identify patterns, and spotlight opportunities with unprecedented speed.

The fine wine sector, traditionally reliant on expert opinion, historical market trends, and insider knowledge, is now at the cusp of a similar transformation. AI is set to redefine how fine wine is valued, traded, and perceived within investment portfolios. Only 2% of WineCap’s latest survey respondents believe AI will have no impact on fine wine investment in the next five years. This overwhelming consensus highlights the disruptive potential of AI and its role in increasing market efficiency, accessibility, and transparency.

So, how exactly is AI poised to reshape fine wine investment? Insights from industry participants highlight several key areas of transformation.

Greater investor control: A shift away from brokers?

The most significant impact predicted by 76% of respondents is that AI will make it easier for investors to control their investments independently.

Historically, fine wine investment has required expertise from brokers, consultants, and wine merchants who provide insights into market pricing, provenance, and expected returns. 

However, AI-driven platforms might reduce reliance on intermediaries by offering investors real-time valuations based on live market transactions and historical performance, automated risk assessments and tailored portfolio strategies.

This shift means that both new and experienced investors will have more tools at their disposal to make informed decisions, potentially leading to a more democratised market.

Fine wine as a more widely accepted asset class

AI’s ability to provide data-backed insights is expected to enhance the credibility of fine wine as an alternative investment category. According to our survey, 72% of UK wealth managers believe AI will make fine wine a more widely accepted asset class.

Currently, one of the biggest barriers to institutional investment in fine wine is valuation inconsistency and market opacity. Unlike stocks, which trade on transparent exchanges, fine wine prices may vary across different auction houses and merchants. 

AI can help solve this problem through improved risk modelling, more accurate valuation algorithms and enhanced demand forecasting to predict which wines will appreciate over time.

With these advancements, institutional investors and wealth managers will find it easier to allocate capital to fine wine, increasing its legitimacy alongside other alternative assets like gold and property. 

Attracting a new generation of investors

Nearly 48% of our survey respondents believe AI will make fine wine investment more appealing to younger generations. This shift is critical as baby boomers – who have traditionally dominated fine wine collecting – begin to exit the market, and younger investors with a digital-first mindset step in.

AI-driven platforms might lower entry barriers for new investors by offering intuitive user interfaces similar to modern trading apps like Robinhood or Wealthfront and providing personalised investment recommendations based on user preferences and risk tolerance.

By enhancing accessibility, AI can help bring fine wine investment into the mainstream of digital wealth management, positioning it alongside equities and ETFs as a viable portfolio component.

Improved transparency in the fine wine market

Lack of transparency has long been a challenge for fine wine investors, making it difficult to track pricing trends, authenticate bottles, and assess liquidity risks. However, AI-powered analytics are poised to change this by introducing new levels of visibility and accuracy into the market.

According to the survey, 38% of respondents believe AI will bring greater transparency to the industry. Key improvements might include live tracking of historical price movements, enhanced authentication processes, and supply-chain analytics;

These improvements will increase investor confidence, reduce information asymmetry, and create a more efficient secondary market.

WineCap Wealth Report 2025: UK Edition

What does the future hold?

While AI is still in the early stages of adoption in fine wine investment, the technology is already proving its value by enhancing investor control, broadening market access, and increasing transparency. The next five years are likely to see even greater integration of AI into fine wine investment strategies. Potential developments include blockchain integration, predictive analytics, and automated trading platforms.

As the fine wine investment landscape evolves, those who embrace AI-powered insights will gain a competitive edge, benefiting from greater market clarity and data-driven decision-making. The fine wine sector is on the brink of a technological revolution – one that could reshape how investors interact with and perceive this centuries-old asset class.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

 

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Mixed signals: correction continues but top wines prove the exception

  • Despite a broader market correction, some fine wines have risen over 10% year-to-date. 
  • The top-performers are united by their strong value proposition. 
  • The 2024 En Primeur is all about momentum and timing, given the mixed quality and the availability of well-priced older vintages.

Despite a broader market correction – with the Liv-ex 1000 index declining 2.1% year-to-date – select fine wines have demonstrated remarkable resilience. A closer look at Q1’s top performers reveals a diverse spread across key wine regions: Bordeaux, Piedmont, the Rhône, and Burgundy.

The best performing wines

The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%. The long-term trajectory of the brand has been upwards, with a 54% rise in value over the past decade.

The second spot was taken up by Pichon Baron 2013 with a 22.6% rise. Often overlooked due to the vintage’s cooler weather, it now stands out for its relative value and strong long-term potential. Over the past ten years, the brand’s prices have climbed by 58% on average.

From the Northern Rhône, Guigal’s La Landonne secured two spots on the leaderboard: the 2012 vintage rose 11.1%, while the 2014 – 10.6%. Across the past decade, the La La wines have appreciated by 47%, affirming their iconic status among Rhône collectors.

From Barolo, the 2001 Bruno Giacosa Serralunga d’Alba made the top ten with a 21.2% rise, showcasing continued demand for aged, cellar-ready Nebbiolo from one of Piedmont’s most revered producers.

Regional trends: pressure persists

While these individual wines bucked the trend, broader regional indices tell a more sobering story. Both Burgundy and Bordeaux, the primary pillars of the fine wine market, fell by 2.9% in Q1. Even regions that showed resilience – such as the Rhône, which rose 1.1% in March – remain down overall for the quarter.

This pattern underscores the current investor mindset: cautious, value-driven, and increasingly selective.

2024 En Primeur: momentum and timing

The 2024 Bordeaux En Primeur campaign has landed in challenging terrain. With the market in retreat and the specter of new U.S. tariffs, producers have had no choice but to re-evaluate pricing strategies. The first releases came in below last year’s prices, and before critic scores were published.

While these adjustments reflect an awareness of the macroeconomic environment, price cuts alone don’t guarantee demand. Investors are weighing these new offers against older vintages available at comparable – or better – value.

The swift pace and early start of this year’s campaign echo the successful 2019 En Primeur release, which capitalised on momentum and timing. However, given the mixed vintage quality and volatile market, strategic selectivity is more essential than ever.

Looking for more? Read our Q1 2025 Fine Wine Report.