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 wines of 2024

James Suckling 2024 top wine Bertani Amarone della Valpolicella Classico 2015
  • American critic James Suckling has released his top 100 wines of 2024 list.
  • 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. Each year his team tastes tens of thousands of bottles, releasing comprehensive tasting reports, regional rankings, and ultimately selecting their wine of the year.

For 2024, the top honour went to Bertani Amarone della Valpolicella Classico 2015 – a wine Suckling describes as a perfect expression of “the greatness of time and place.” It received a perfect scoring of 100 points.

This article summarises the key findings from the James Suckling Top 100 and highlights notable regional trends, emerging regions, and value-driven opportunities for collectors.

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

James Suckling’s methodology is built on scale. In the past year alone, Suckling and his tasters reviewed more than 40,000 wines, producing hundreds of tasting reports, vintage overviews, and regional analyses. These include everything from everyday wines priced below $20 to rare cuvées from the world’s most prestigious estates.

What makes the James Suckling Top 100 uniquely valuable is that it distills this enormous volume of data into a curated list shaped not only by quality, but also by value, emotional impact, and availability. To be considered, wines must meet key criteria:

  • Minimum production of 5,000 bottles

  • Median release price below $500 (£385)

  • A score typically ranging from 97–100 points

  • A “wow factor” — Suckling’s term for the emotional reaction a wine can provoke

This creates a final list that balances prestige with approachability.

Regional overview: Italy dominates the top spots

While Suckling’s tastings spanned traditional and emerging regions worldwide, Italy once again emerged as the strongest performer. Italian producers submitted more than 9,100 wines for review, slightly surpassing France’s 9,000, and coming ahead of the 6,800 bottles tasted from the United States.

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 from countries such as Greece, Hungary, Canada, Uruguay, and China

Countries featured in the James Suckling Top 100

Despite fierce global competition, Italy secured 26 positions in the top 100. These included a mix of Amarone, Barolo, Alto Adige whites, Brunello, and Super Tuscan wines. France followed with 18, showcasing a strong lineup of Bordeaux, Champagne, and Rhône releases.

The United States delivered 15 wines to the list, highlighting the continuing excellence of producers in Napa Valley and Oregon. Germany contributed 12 wines, a remarkable showing that underscores its rising profile among critics and consumers alike.

Chile, Australia, Argentina, and Spain all delivered respectable performances, and notably, China secured one place with Ao Yun Shangri-La 2020 – evidence of China’s growing relevance in the fine wine market.

James Suckling’s Wine of the Year: Bertani Amarone della Valpolicella Classico 2015

At the top of the ranking stands Bertani’s Amarone della Valpolicella Classico 2015, a wine that Suckling calls “one of the great Amarones.” Awarded a perfect 100-point score, it showcases deep concentration, complexity, and finesse.

Suckling describes the wine as “full-bodied and elegant, with ripe, filigree tannins, long acidity, and a toasty, savory aftertaste.” Its combination of structure, balance, and aromatic depth makes it a quintessential example of Amarone’s potential when produced in a traditional, long-ageing style.

The selection of an Amarone as the wine of the year reinforces a broader trend: the rising international appreciation for Italy’s great red wines beyond the usual Barolo and Brunello icons.

James Suckling top wine scores 2024

Value and accessibility: A core theme of the 2024 rankings

Despite the prestige associated with many wines on the list, a significant number of selections in the James Suckling Top 100 fall into surprisingly approachable price brackets. According to Suckling:

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

  • Many top-performing whites, including Italian Sauvignon Blancs and Austrian Rieslings, remain accessible

  • Even the second-ranked wine is priced around $65 (£50)

This emphasis on accessibility reflects Suckling’s commitment to highlighting wines that deliver outstanding value, especially at a time when the global wine market is facing both economic pressure and shifting consumer behaviour.

Notable regional highlights

Germany’s breakthrough year

Germany’s outstanding performance – with 12 wines in the Top 100 – confirms the exceptional quality of recent vintages, particularly for dry Riesling. The Künstler Riesling Rheingau Hölle GG 2023 serves as the benchmark, showcasing precision, structure, and aromatic clarity.

Austria’s continued rise

Austria’s representation reflects its steady upward trajectory in global tastings. The wines selected – especially from Wachau – show impressive consistency and terroir expression.

China’s growing presence

The placement of Ao Yun Shangri-La 2020 demonstrates China’s expanding role in the fine wine space. Produced in the foothills of the Himalayas at high elevation, this wine emphasises craftsmanship, innovation, and a distinctive style uncommon in traditional European regions.

What collectors should take away from the 2024 Top 100

The James Suckling Top 100 is more than a “best of” list. It offers insight into:

  • Shifting stylistic preferences

  • Regions delivering strong value

  • Vintages worth buying now

  • Wines with long-term investment potential

  • Global developments beyond traditional wine regions

For collectors and investors, the list serves as a tool for building a diversified cellar, especially at a time when the fine wine market is recalibrating.

Whether your interest lies in high-scoring Amarone, precision-driven Riesling, or ambitious New World expressions, the 2024 rankings provide a highly curated list of wines that blend excitement, accessibility, 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.