Month: November 2024

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The best wine investment regions in 2024

Super Tuscan wine region Italy
  • Italy’s market performance has been the most resilient across all fine wine regions.
  • Burgundy prices have fallen the most in the last year. 
  • Champagne is showing consistent signs of recovery.  

The market downturn has affected all fine wine regions, arguably making it a great time to invest while prices are low. Today we take a deep dive into the performance of individual regions – identifying the most resilient markets, the best opportunities, and the regions offering the greatest value.

Italy: the most resilient market

Prices for Italian wine have fallen 4.1% in the past year – less than all other fine wine regions. By comparison, fine wine prices have fallen 11.6% on average, according to the Liv-ex 1000 index. 

Italy’s secondary market has been stimulated by high-scoring releases, like Sassicaia and Ornellaia 2021. Beyond the Super Tuscans, which are some of the most liquid wines, the country continues to offer diversity, stable performance and relative value. 

Some of the best-performing wine brands in the last year are Italian – all with an average price under £1,300 per 12×75, like Antinori Brunello di Montalcino Vigna Ferrovia Riserva (£1,267, +38%).

Other examples under £1,000 per case include Le Chiuse Brunello di Montalcino (+28%), Gaja Rossj-Bass (+27%), and Speri Amarone della Valpolicella Classico Monte Sant Urbano (+25%).

Regional wine indices chart

Burgundy takes a hit

Burgundy’s meteoric rise over the past two decades made it a beacon for collectors, but its steep growth left it vulnerable to corrections. In the past year, Burgundy prices have fallen 14.7%, making it the hardest-hit region. This downturn has released more stock into the market, creating opportunities for investors to access wines in a region often defined by scarcity and exclusivity.

Wines experiencing the largest declines include include Domaine Jacques Prieur Meursault Santenots Premier Cru (-41%), Domaine Arnoux-Lachaux Nuits-Saint-Georges (-35%), and Domaine Rene Engel Clos de Vougeot Grand Cru (-28%). For new entrants, these price drops offer a rare chance to acquire prestigious labels at relatively lower costs.

Champagne: on the road to recovery

Champagne has changed its trajectory over the last year: from a fast faller like Burgundy to more consistency and stability. While prices are down 10.6% on average, the dips over the last few months have been smaller than 0.6%. The index also rose in February and August this year, driven by steady demand. 

Some of the region’s most popular labels have become more accessible for buyers like Dom Perignon Rose (-14%), Philipponnat Clos des Goisses (-13%) and Krug Clos du Mesnil (-12%).

Meanwhile, the best performers have been Taittinger Brut Millesime (+29%) and Ruinart Dom Ruinart Blanc de Blancs (+28%), which has largely been driven by older vintages such as the 1995, 1996 and 1998.

The fine wine market in 2024 reflects a unique moment of transition. Italy’s resilience, Burgundy’s price corrections, and Champagne’s recovery illustrate a diverse set of opportunities for investors. With prices across the board at lower levels, this could be an ideal time to diversify portfolios with high-quality wines from these regions, anticipating long-term growth as the market stabilises.

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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Neal Martin’s top-scoring Bordeaux 2020 wines from the Southwold tasting

Southwold wine tasting
  • Vinous published Neal Martin’s assessment of Bordeaux 2020 from the annual Southwold tasting.
  • Martin placed the 2020 vintage ahead of the 2018 but behind 2019 and 2022.
  • With 99 points, Pichon-Longueville Comtesse de Lalande was Martin’s top-scoring wine. 

The annual Southwold tasting presents major critics with the opportunity to blind taste a Bordeaux vintage four years on in peer groups, mostly within appellations. 

Last week, Vinous published Neal Martin’s assessment of Bordeaux 2020 – a vintage ‘born in a tumultuous world,’ due to the onset of the Covid-19 pandemic. Despite the challenges, the critic argued that it bestowed ‘Bordeaux-lovers with a bevy of outstanding wines that should stand the test of time.’ 

Neal Martin’s thoughts on Bordeaux 2020

Martin described the dry whites as a ‘little hit-and-miss’ and the Sauternes as ‘very good rather than excellent.’ When it comes to the reds, however, the critic said that they ‘are going to give a great deal of pleasure.’

In terms of vintage comparisons, Martin placed 2020 ahead of 2018 but behind 2019 and 2022, which were more ‘crammed with legends in the making’. He wrote: ‘Perhaps 2020 doesn’t quite possess the vaulting ambition of those two vintages, though in some cases, it surpasses the best of both.’

His favourite appellation was Saint-Julien, which ‘raised the bar with a cluster of outstanding wines.’ The critic argued that this flight ‘solidified 2020 as a bona fide great vintage on the Left Bank.’ He described Margaux as ‘solid,’ with the ‘real superstar’ being the First Growth.

From Saint-Estèphe, Martin highlighted Montrose as ‘the standout of the appellation,’ with the biggest surprise being the 2020 Phélan Ségur, ‘one of the best values given its reasonable price.’

Neal Martin’s top-scoring Bordeaux 2020 wines

Due to the nature of the Southwold blind tasting – wines grouped by appellation – Martin’s scores were ‘a little lower than when [he] encountered these wines at the end of 2022’.

His top-scoring wine, Pichon-Longueville Comtesse de Lalande, received 99 points. He described it as ‘a fabulous Pauillac that flirts with perfection.’ 

The rest of the wines in the top ten received 98 points. The highest-scored First Growth was Margaux, which the critic claimed was ‘among the greatest wines of the 2020 vintage.’ The ‘captivating’ and ‘mesmerising’ Cheval Blanc also scored among the best wines from the vintage. So did Trotanoy (‘an outstanding Pomerol’), and Canon (‘God made wine so it can taste as good as this’).

Investing in Bordeaux 2020

All of Martin’s top 2020 wines have fallen in value since release, apart from Trotanoy. 

This is partly because of the overall market direction in the last two years, but also due to the availability of older and in some cases higher-rated vintages available at a discount.

As Martin rightly noted, ‘the top wines in this report not only compete against each other, but also with themselves in terms of alternative available vintages.’

The lower-than-average prices at the moment, however, present great buying opportunities, especially for brands with a positive long-term performance. 

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 impact of trade wars and tariffs on fine wine investment

The impact of trade wars and tariffs on fine wine investment
  • As an internationally traded asset, fine wine is affected by economic and political factors including trade wars and tariffs.
  • Demand for certain wines and regions can shift as tariffs directly impact pricing, availability and liquidity.
  • Diversification and strategic investment are key to navigating the fine wine market amid trade wars and tariffs.

Over the past two decades, fine wine has transitioned from a luxury product to a well-established internationally traded investment asset. Like any asset enjoying global demand, fine wine is subject to the economic and political forces that shape international trade. 

Legislative decisions, such as changes in taxation and import duties, can directly impact its pricing and accessibility. Trade wars, tariffs, and protectionist policies further add layers of complexity, affecting demand, market stability, and ultimately, investment returns. This article explores how these trade factors influence the fine wine investment market and what investors need to consider.

How trade wars affect wine demand and pricing

Trade wars often involve the imposition of tariffs or import duties on goods traded between countries, which can create a ripple effect across industries and markets. When tariffs are imposed on wine, they can create price volatility, limit access to certain markets, and reduce liquidity, which can impact the investment performance of the affected wines and regions.

For example, in the ongoing trade tensions between the United States and the European Union, wine has frequently been a target for tariffs. In 2019, the USA imposed a 25% tariff on certain European wines in response to a dispute over aircraft subsidies. This tariff included wines under 14% alcohol, impacting popular wine-producing regions such as France, Spain, and Germany, but excluded Champagne and Italy. As a result, Champagne and Italy took an increased market share in the US; when the tariffs were lifted, Bordeaux and Burgundy enjoyed an immediate uptick.  

Market impact of the 2019 US tariffs on European wine: In 2019, Bordeaux accounted for 48% of the US fine wine market on average, according to Liv-ex. From October 2019 to the end of 2020, Bordeaux’s average share of US buying fell to 33%. Burgundy’s share also declined – from 13% before the tariffs to 8%. Conversely, demand for regions exempt from the tariffs rose significantly during this time. Champagne rose from 10% to 14%, Italy from 18% to 25% and the Rest of the World from 4% to 10%. Regions exempt from the 25% US tariffs also saw the biggest price appreciation in 2020. For the first time on an annual basis, Champagne outperformed all other fine wine regions. This led to its global surge. 

Market impact of the 2020 Chinese tariffs on Australian wine: In 2020, China imposed tariffs on Australian wine amid a series of blows to Australian exports, which had a profound impact on Australia’s budding secondary market. Since the tariff introduction, prices for some of the top wines dipped, creating pockets of opportunity. For instance, the average price of Henschke Hill of Grace fell 4%, while Penfolds Bin 707 went down 9%. Since the tariff suspension earlier this year, Australian wine is coming back into the spotlight. 

When it comes to pricing, tariffs can drive up the end cost of imported wine, particularly impacting markets where fine wine demand is driven by consumers with limited domestic alternatives. When tariffs make imported wines prohibitively expensive, consumers may turn to other regions or domestic products. 

From an investment perspective, the unpredictability of trade policies requires a strategic approach that accounts for potential regulatory changes in key markets.

Strategic wine hubs in tariff-influenced markets

In response to tariffs, some regions have positioned themselves as strategic wine trading hubs by offering tariff-free or reduced-tariff environments for wine trade. Hong Kong, for example, abolished its wine import duty in 2008, aiming to become the “wine trading hub” of East Asia. 

This decision has proven instrumental for the fine wine market in Asia, as investors from mainland China and other countries can access European wines without the additional costs that would apply if purchased domestically. As a result, Hong Kong has emerged as a leading location for wine auctions and a key destination for collectors and investors in Asia.

The role of trade agreements

For regions with established wine industries, trade agreements and economic alliances play a significant role in shaping wine tariffs and market access. The European Union, for instance, has trade agreements with multiple countries, allowing for reduced tariffs on wines imported from places like Australia and Chile. However, Brexit has introduced new complexities, as the United Kingdom – one of the largest fine wine markets – now operates independently from the EU. 

For investors navigating the fine wine market amid trade wars and tariffs, diversification and strategic storage are essential. Diversifying across different wine regions and vintages can help minimize exposure to trade barriers affecting specific countries. 

Additionally, storing wine in bonded warehouses can mitigate the risk of sudden tariff impositions on wine imports, preserving the asset’s value. Monitoring geopolitical developments is also crucial, as policy shifts can happen quickly and have immediate effects on wine prices. 

While trade wars and tariffs present complexities, they also create opportunities in the fine wine investment market. In a politically charged landscape, understanding the influence of trade policies on wine markets is critical. By staying agile and responsive to policy changes, investors can better navigate the complexities of wine investment in a globalised yet fragmented market.

Want to learn more about fine wine investment? Download our free guide.

 

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James Suckling’s top 100 wines of 2024

James Suckling 2024 top wine Bertani Amarone della Valpolicella Classico 2015
  • James Suckling’s top 100 wines of 2024 list has been released.
  • His wine of the year is Bertani Amarone della Valpolicella Classico 2015. 
  • Italy dominates the rankings followed by France and the US.

American critic James Suckling has released his top 100 wines of 2024 list, along with his wine of the year. Based on tens of thousands of bottles tasted and rated over the year, the list highlights wines that combine exceptional quality, character, and accessibility.

For 2024, Suckling’s Wine of the Year is Bertani Amarone della Valpolicella Classico 2015, awarded a perfect 100-point score. Italy dominates the rankings overall, followed by France and the United States, reflecting both traditional strongholds and evolving global demand.

This article breaks down the James Suckling Top 100, explains how the list is compiled, explores regional performance, and highlights what collectors and investors can learn from the 2024 results.

How the James Suckling Top 100 is compiled

James Suckling’s rankings are underpinned by scale and consistency. Over the past year, Suckling and his international tasting team reviewed more than 40,000 wines, producing detailed tasting reports, vintage analyses, and regional breakdowns.

Unlike many critics, Suckling’s approach is deliberately broad. The bottles tasted and rated span:

  • Everyday wines priced below $20

  • Estate wines from leading regions such as Bordeaux, Burgundy, and Napa Valley

  • Limited-production cuvées from small, high-quality producers

The Top 100 list is then selected from this vast dataset, based on more than just numerical scores.

Criteria for inclusion in the Top 100

To qualify for the James Suckling Top 100, wines must meet several key criteria:

  • Minimum production of approximately 5,000 bottles

  • Median release price below $500 (£385)

  • A score typically between 97 and 100 points

  • What Suckling describes as a “wow factor” – an emotional impact that elevates a wine beyond technical excellence

This ensures the final list balances prestige with real-world availability, creating a list of wines that is both aspirational and practical for collectors.

A record year of tasting: More than 40,000 wines reviewed

The scale of Suckling’s tasting operation is unmatched. In 2024 alone:

  • More than 40,000 bottles tasted and rated

  • Hundreds of tasting reports published

  • Wines assessed across all major regions and styles

Each wine is evaluated blind where possible, with scores reflecting overall quality, balance, structure, and ageing potential. These tasting notes form the backbone of the final Top 100 ranking.

Regional overview: Italy leads the James Suckling top 100

Italy once again emerged as the strongest-performing country in the 2024 rankings.

Total wines reviewed in 2024

The countries with the largest representation included:

  • Italy – 9,100 wines

  • France – 9,000 wines

  • United States – 6,800 wines

  • Spain – 3,800 wines

  • Argentina – 2,300 wines

  • Germany – 2,000 wines

  • Australia – 1,700 wines

  • Chile – 1,550 wines

Additional tastings included wines from Greece, Hungary, Canada, Uruguay, and China, highlighting the increasingly global scope of Suckling’s work.

Countries featured in the James Suckling Top 100

Despite intense competition, Italy secured 26 places in the Top 100 – more than any other country. These wines span a wide range of styles and regions, including:

  • Amarone della Valpolicella

  • Barolo

  • Brunello di Montalcino

  • Alto Adige whites

  • Super Tuscan blends

France followed with 18 wines, led by Bordeaux, Champagne, and the Rhône Valley. Burgundy Grand Crus and structured Rhône reds continue to perform strongly, reinforcing France’s long-standing reputation for producing great wine.

The United States placed 15 wines on the list, driven largely by Napa Valley Cabernet Sauvignon and Oregon Pinot Noir. This confirms the continued global appeal of top-tier American producers.

Germany delivered 12 wines, a standout performance that underscores the growing recognition of dry Riesling as one of the world’s most precise and age-worthy styles.

Chile, Australia, Argentina, and Spain also featured, while China made a notable appearance with Ao Yun Shangri-La 2020, reflecting its rising status in the fine wine market.

Wine of the Year 2024: Bertani Amarone della Valpolicella Classico 2015

At the top of the ranking is Bertani Amarone della Valpolicella Classico 2015, which received a perfect 100-point score.

James Suckling describes the wine as a benchmark expression of Amarone, praising its balance between power and elegance. His tasting notes highlight:

  • Full-bodied structure

  • Filigree, refined tannins

  • Bright, persistent acidity

  • A long, savoury, and complex finish

Suckling calls it a wine that expresses “the greatness of time and place”, emphasising its ability to age gracefully while remaining compelling today.

The selection of an Amarone as Wine of the Year is particularly significant. It reflects growing international appreciation for Italy’s traditional red wines beyond the established icons of Barolo and Brunello.

James Suckling top wine scores 2024

Value and accessibility: a defining theme of 2024

One of the most striking aspects of the James Suckling Top 100 Wines of 2024 is its focus on accessibility.

According to Suckling:

  • Nine wines in the Top 100 are priced between $30 and $60

  • Many highly rated white wines remain attractively priced

  • The second-ranked wine on the list retails for around $65 (£50)

This emphasis on value reflects changing market dynamics, where consumers and collectors alike are seeking great wine without excessive price inflation.

Notable regional highlights

Germany’s breakthrough year

Germany’s strong showing confirms the exceptional quality of recent vintages, particularly for dry Riesling. Wines such as Künstler Riesling Rheingau Hölle GG 2023 demonstrate precision, minerality, and ageing potential.

Austria’s continued rise

Austria continues to build momentum, especially with wines from Wachau. These bottlings offer clarity of terroir and consistency across vintages.

China’s growing presence

The inclusion of Ao Yun Shangri-La 2020 marks a milestone for Chinese wine. Produced at high altitude in the Himalayan foothills, it showcases craftsmanship, innovation, and a distinct regional identity.

What collectors can learn from the James Suckling Top 100

The Top 100 is a snapshot of the global fine wine landscape.

For collectors and investors, it highlights:

  • Shifting stylistic preferences

  • Regions delivering strong value

  • Wines with long-term ageing potential

  • Emerging regions beyond traditional powerhouses

Whether searching alphabetically by winery, sorting by vintage score, or exploring tasting reports, the list offers a curated starting point for building a diverse and forward-looking cellar.

Final thoughts

The James Suckling Top 100 Wines of 2024 reflects a wine world in transition which values authenticity, balance, and accessibility alongside technical excellence.

From Amarone in Veneto to Riesling in Germany and Cabernet Sauvignon in Napa Valley, the list captures the diversity and excitement of today’s fine wine market. For collectors, it provides a reliable guide to wines that deliver both immediate pleasure and long-term promise.

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.