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The best fine wines to invest in 2025

Les Carmes Haut Brion wine bottle

How to pick the best investment wines

The fine wine secondary market is still working through a correction that began in late 2022. Prices declined further throughout the first half of this year, with the Liv-ex 100 index down 5.2%. For investors, this means many blue-chip wines are available at levels not seen for years, yet careful selection matters more than ever. 

When choosing fine wines for investment in 2025, the following five criteria should be considered:

  1. Liquidity: depth of secondary market trading 
  2. Scarcity: limited production and strong back-vintage demand. 
  3. Proven vintage quality: critics’ consensus across strong years.
  4. Price momentum and entry point: assets that corrected to historically attractive bands.
  5. Fundamentals: brand power, distribution, and ageing potential.

These filters reflect a cautious market where ‘selectivity and scarcity’ are driving the handful of winners that still posted gains in H1 2025.

Best Bordeaux wines to invest in: value in maturity

Bordeaux’s share of global trade has shrunk over the past decade – from a once dominant force to now accounting for just over a third of the market by value. It’s also been one of the hardest-hit regions in terms of price performance during the recent downturn. On the surface, that may look like a negative but in reality, it has opened a window of opportunity for new buyers.

The recent correction has created compelling value in back vintages. The long-standing myth that ‘the best Bordeaux to invest in is always the latest release’ has been debunked by recent market behaviour and En Primeur campaigns. In 2025, many of the most sought-after Bordeaux wines for investment were not recent releases but mature, well-stored vintages offering proven quality, established critic scores, and immediate drinkability.

Even the 2024 En Primeur campaign underscored this shift in thinking: while release prices were often cut aggressively to stimulate demand, in many cases, comparable back vintages offered more value for money.

Where to focus

  • Classed growth Left Bank from strong years: First Growth prices have fallen with the market, but that’s precisely where patiently-awaited value emerges in proven vintages with long drinking windows.
  • High-momentum châteaux like Les Carmes Haut-Brion: its critical trajectory and scarcity keep it on many ‘accumulate on dips’ lists.
  • Second wines are mixed: prefer estates with consistent quality vs the Grand Vin and strong brand equity.

A cyclical downturn, steeper primary price cuts, and abundant back-vintage supply allow building positions in classic names at 2014-era equivalents.

Best Burgundy wines to invest in: buy selectively

Burgundy, which has fallen 5.8% year-to-date, remains one of the regions most affected by the broader market correction. After leading the charge in the 2020-2022 price surge, it’s now working off those highs, but that’s drawing in patient buyers. Liv-ex recently reported that their Burgundy 150’s bid:offer ratio is climbing as buyers take advantage of softer conditions. 

The best opportunities are in domaines with transparent distribution, consistent critic backing, and production levels that support liquidity. The aim isn’t to chase the rarest unicorns with the widest spreads, but to target ageworthy Premiers and Grands Cru wines from established producers – especially where pricing has stabilised.

Where to focus

Tip: Our full list of best-performing Burgundies is updated live on Wine Track – use it to cross-check performance momentum against your shortlist before committing capital.

Best Italian wines to invest in 2025: Super Tuscans and Piedmont

Italy’s indices have been more resilient than much of the market since 2023, with the Italy 100 showing a ‘tale of two cities’ – some weakness, but better relative performance than Burgundy and Bordeaux in the drawdown. Price discipline at release and broadening global demand help.

Where to focus

For diversification within Italy, combining steady Super Tuscan exposure with carefully chosen Piedmont parcels can balance liquidity with potential upside.

Best Champagnes to invest in 2025: stabilisation & early upside

Champagne combines brand prestige with broad global demand, strong critical reputations, and genuine scarcity in top vintages. After more than a year of declines, Champagne’s investment market is showing its first signs of recovery. In June 2025, the Liv-ex Champagne 50 posted its first monthly gain in twelve months, rising 0.8%. 

Individual brand performances are another encouraging sign. Across 50 flagship vintages from Dom Pérignon, Cristal, Salon, Krug, and Taittinger Comtes, over 85% have halted their price declines, with most holding steady for at least six months, reaching a classic consolidation phase. 

Moreover, demand is back on the rise. Champagne’s market share on Liv-ex has climbed to 12.4% year-to-date, above 2024’s average.

With prices now at more attractive entry points, this could be the first major fine wine region to re-enter growth mode, potentially ahead of Bordeaux, Burgundy, and Italy in the recovery cycle.

Where to focus

For investors seeking diversification with cyclical upside, the signs suggest Champagne may soon be popping again.

Best California wines to invest in 2025: pound strength opportunity

Sterling’s strength against the US dollar – at near decade highs – has combined with an 11.4% year-on-year price decline in Californian fine wine to create one of the most attractive buying climates in recent memory for European investors. 

Market leaders such as Screaming Eagle, Dominus and Opus One offer strong recovery potential, relative scarcity and top quality. Screaming Eagle’s long-term track record is particularly impressive, with six 100-point vintages in just 13 releases, and index growth of over 200% in the last two decades.

Where to focus

  • Icons at cyclical lows: Screaming Eagle 2021, Opus One, and Dominus for recovery-driven gains.
  • High-growth, small-production labels: Bond Melbury and Screaming Eagle The Flight, combining scarcity with recent strong momentum.
  • Diversification beyond Cabernet: Aubert Chardonnay and Occidental Pinot Noir for breadth and reduced volatility in US exposure.

With pricing, currency, and availability aligning, California offers a unique short-term window to secure both blue-chip icons and emerging stars at levels not seen in years.

Best investment vintages: quick compass in 2025

2005 (Bordeaux & beyond):
Now entering a glorious drinking window for Left Bank and Right Bank; quality is broadly exceptional with structure to age. Availability exists across the spectrum, often at meaningful discounts to 2022 highs. Great for ‘drink or hold’ strategies.

2009 (Bordeaux):
Riper, glamorous wines with huge critical appeal. Prices inflated in prior cycles, but the correction has pruned excess. Choose château by château; prime cellaring histories command premiums, but fair value has returned for top Left Bank and Right Bank bottlings. 

2016 (Bordeaux + Italy):
Among the most investable ‘modern classics’. Left Bank 2016 remains a reference point for balance, precision, and longevity; Tuscany 2016 (including Bolgheri) also shines. If you want one core vintage anchor for Bordeaux exposure in 2025, 2016 is the workhorse – especially as prices have softened. 

2020 (Burgundy + Tuscany + select Bordeaux):
A high-quality, warm year with strong critic support in many regions. In Burgundy, 2020 reds can be concentrated yet poised; in Tuscany, 2020 offers ripe, polished profiles for Ornellaia and peers. Corrections since 2023 have made select Bordeaux 2020s attractive relative to peak price points. 

En Primeur 2024 (context for new allocations):
Not a ‘vintage to chase at any price’, but the pricing is the story: releases down roughly 30% from 2023 at top estates, in several cases the lowest since 2014. If you buy En Primeur in 2025, do it for value vs readily available back vintages and only for estates with a clear historical discount at release.

Producers to watch in 2025

  • Les Carmes Haut-Brion combines small volumes, soaring critical trajectories, and a style that has captivated collectors. Pricing cooled with the market – use corrections to build modest positions with strict provenance.
  • Piedmont rarities with widening global followings, like Roagna’s single-vineyard Barbarescos and Barolos and Bartolo Mascarello. Watch for select back vintage offers post-correction.
  • Bolgheri peers beyond the ‘Big Three’ such as Le Macchiole Paleo and La Messorio, Tua Rita Redigaffi, and Soldera.
  • Select white Burgundy domaines with stronger availability (e.g. PYCM, Leflaive, Dauvissat). There is renewed interest in mature whites amid the broader correction.

Fine wine market 2025: why timing matters

Several data points contextualise 2025 positioning:

  • Market performance: Liv-ex’s broad Fine Wine 1000 is down 10.1% over one year and 20.9% over two years, illustrating the size of the reset. H1 2025 specifically saw the Fine Wine 100 fall roughly 4.4%, below the trade’s own start-of-year expectations.
  • Investor demand: Our primary research among wealth managers in both the UK and US showed they expect fine wine demand to rise this year – the highest expectation across luxury assets – despite the price falls. That tells you professional allocators are eyeing the dip.
  • Trade news: Quarterly round-ups from the wine trade echo the general market softness, highlight pockets of strength and cross-asset diversification appeal.

How to invest in fine wine in 2025

  1. Favour maturity or proven classics over speculative juveniles. The 2024-2025 buyer trend is toward ready-to-drink, mature vintages at corrected prices; that’s often the cleanest risk-adjusted exposure right now.
  2. Cross-check new releases vs back vintages for value. If the new release isn’t clearly cheaper than equal-or-better scored back vintages, skip it.
  3. Diversify by region and producer style. Italy’s relative resilience helps balance Burgundy/Bordeaux cyclicality; include Champagne/Rhône sleeves if your strategy allows.

Key takeaway: best fine wines to invest in 2025

2025 remains a buyers’ market. Liquidity is uneven, but the combination of cheaper Bordeaux, normalised Burgundy, and resilient Super Tuscans offers a compelling entry point. The market correction is still visible in the broader benchmark indices, but the best names at the right vintages and prices are being quietly accumulated again.

View our full Fine Wine Investment Guide. 

FAQs: Fine wine investment in 2025

1) Is fine wine a good investment in 2025?
Yes. 2025 remains a buyer’s market after a multi-year correction. Returns will be driven by selectivity (region/producer/vintage), provenance, and a longer holding period rather than quick flips.

2) Which regions offer the best value right now?
Bordeaux (mature back vintages), Burgundy (disciplined buys; mature whites and select 2019–2020 reds), Italy (Super Tuscans with steady liquidity), Champagne (early stabilisation), and California (GBP strength vs USD creating entry points).

3) How long should I hold investment wine?
Plan for 5-10+ years. Liquidity varies, but blue-chip Bordeaux can require 10-20 years to peak; Super Tuscans and Champagne often realise value earlier. Shorter holds increase friction and pricing risk.

4) What’s the minimum budget to start?
Practically, £5k-£25k builds a diversified starter portfolio. 

5) En Primeur or back vintages – which is better in 2025?
Often back vintages: you avoid waiting, see real critic consensus, and can compare prices like-for-like. Buy En Primeur only when the release clearly beats equivalent back vintages.

6) How important is provenance and storage?
Critical. Favour in-bond stock, original cases, full paper trails, professional storage, and inspection photos. 

7) How do currency and tariffs affect returns?
FX can add or subtract several percentage points. Tariff and duty regimes differ by route and change over time.

8) How do I manage liquidity?
Diversify across regions and styles and buy wines with established secondary market depth. 

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Ten of the most expensive wine brands in the world (2025 Edition)

Domaine de la Romanee Conti (DRC) wine

When it comes to fine wine, prestige, rarity, and provenance often drive its value – and in the upper echelons of the market, a handful of brands consistently command staggering prices. Whether prized for their historical significance, microscopic production volumes, or cult-like global following, these wine estates represent the pinnacle of luxury and investment potential.

In this 2025 refresh, we explore ten of the most expensive wine brands in the world based on average price per bottle, auction records, and consistent placement in investment portfolios.

1. Domaine de la Romanée-Conti (DRC) – Burgundy, France

Most expensive wine: Domaine de la Romanee-Conti, Romanee-Conti Grand Cru 

Average case price: £212,246

Ten-year performance: +138%

Often considered the Holy Grail of wine, Domaine de la Romanée-Conti consistently tops the list of the world’s most expensive brands. With vineyards rooted in Grand Cru Burgundy terroir and production capped at painfully low quantities, demand vastly outstrips supply. The Romanée-Conti monopole, in particular, sees bottles fetching upwards of £100,000 at auction. In 2018, it broke records when the 1945 vintage sold for $558,000 (£422,663) at a Sotheby’s auction in New York.

2. Liber Pater – Graves, Bordeaux, France

Most expensive wine: Liber Pater

Average case price: £142,237

Ten-year performance: N/A

Perhaps the most controversial wine brand on this list, Liber Pater makes microscopic quantities of Bordeaux wines using rare pre-phylloxera varietals alongside classic regional grapes like Cabernet Sauvignon, and ancient winemaking methods. With production of just a few hundred bottles, and a fierce commitment to historical authenticity, Liber Pater has redefined scarcity and pricing. However, the wine’s investment potential is debatable. The owner and winemaker, Loïc Pasquet, says: ‘I take care, myself, where I sell my wine because I want to be sure they are not on the secondary market. I want to be sure people buy and drink’.

3. Domaine Leroy – Burgundy, France

Most expensive wine: Domaine Leroy, Richebourg Grand Cru

Average case price: £117,178

Ten-year performance: +522%

Led by Lalou Bize-Leroy, Domaine Leroy offers some of the most fastidiously biodynamic and low-yield wines in Burgundy. Its Musigny, Richebourg, and Romanée-St-Vivant bottlings are among the rarest – and priciest – in the world. The brand consistently tops Liv-ex’s Power 100 list – a ranking of the most powerful wine brands in the world – based on a combination of year-on-year price performance, secondary market trade by value and volume, number of wines and vintages traded, and average price of the wines in a brand. Leroy itself has been a big driver behind Burgundy’s rising share of the investment market.

4. Domaine Jean Louis Chave – Rhône, France

Most expensive wine: Domaine Jean Louis Chave, Hermitage, Ermitage Cathelin

Average case price: £62,771

Ten-year performance: +191%

A name revered in the Northern Rhône and far beyond, Domaine Jean-Louis Chave represents the pinnacle of Hermitage winemaking. With a family lineage stretching back to 1481, the estate combines centuries of tradition with exacting modern standards. Its flagship Hermitage Rouge, a masterful blend of parcels including Le Méal, Les Bessards, and L’Hermite, is one of the most celebrated and age-worthy Syrahs in the world. Even rarer is the Cuvée Cathelin, produced only in exceptional vintages and released in microscopic quantities. These wines can fetch upwards of £5,000 per bottle, placing it among the rarest wines of France.

5. Screaming Eagle – Napa Valley, USA

Most expensive wine: Screaming Eagle, Cabernet Sauvignon

Average case price: £37,466

Ten-year performance: +84%

No list would be complete without California’s cult wine crown jewel, Screaming Eagle. Its Cabernet Sauvignon is produced in minuscule quantities and sold primarily through an exclusive mailing list – allocation only. First released in the early 1990s, it’s now an ultra-luxury brand synonymous with elite American wine. In 2000, it broke the record for the most expensive wine sold at auction with a 6-litre bottle of its 1992 vintage sold for $500,000 (£378,815) at the Napa Valley Auction.

6. Château Petrus – Pomerol, Bordeaux, France

Most expensive wine: Château Petrus

Average case price: £30,655

Ten-year performance: +61%

Made almost entirely from Merlot, Château Petrus leads the Right Bank in both quality and price. The vineyard’s unique terroir, characterised by an iron-rich clay soil known as ‘crasse de fer,’ is considered a crucial factor in the wine’s distinctive character and depth. The brand enjoys legendary status among wine investors and critics alike, with top vintages like 1982, 2000, and 2009 often commanding five-figure sums per bottle.

7. Le Pin – Pomerol, Bordeaux, France

Most expensive wine: Le Pin

Average case price: £27,957

Ten-year performance: +78%

Tiny, exclusive, and almost mythically rare, Le Pin is one of the most coveted names in Bordeaux and the world. Situated on just 2.7 hectares in the heart of Pomerol, Le Pin was virtually unknown until the late 1970s, when Belgian entrepreneur Jacques Thienpont purchased the land and began producing micro-parcel Merlot in a garage-like setting. Le Pin swiftly ascended to cult status, helped by sky-high critic scores, minuscule production, and a hedonistic, opulent style that captivated the market. Made entirely from Merlot and produced in quantities of only 500 to 600 cases per year, Le Pin is the ultimate Pomerol rarity. 

8. Krug – Champagne, France

Most expensive wine: Krug, Clos du Mesnil

Average case price: £16,027

Ten-year performance: +123%

Synonymous with prestige in the world of Champagne, Krug blends traditional craftsmanship with luxurious finesse. While the non-vintage Krug Grande Cuvée already sits at the top end of the NV market, it’s the single-vineyard bottlings – Clos du Mesnil (Blanc de Blancs) and Clos d’Ambonnay (Blanc de Noirs) – that elevate Krug into the investment realm. With just over one hectare under vine and extremely limited production, Clos du Mesnil represents one of the rarest and most coveted bottlings in Champagne. Each vintage is vinified separately and aged extensively in Krug’s cellars before release, often emerging more than a decade after harvest. The result is a wine of remarkable tension, mineral depth, and ageability, commanding prices that rival top Burgundy whites and outperforming many in terms of demand and investment potential.

9. Giacomo Conterno – Piedmont, Italy

Most expensive wine: Giacomo Conterno, Barolo, Monfortino Riserva

Average case price: £11,651

Ten-year performance: +183%

Widely regarded as the benchmark for traditional Barolo, Giacomo Conterno is a name that commands deep respect. The crown jewel of the estate is the Barolo Monfortino Riserva, which has seen prices rise 183% on average in the last decade. Fermented in old wooden vats and aged for up to seven years in large Slavonian oak casks, Monfortino’s scarcity and critical acclaim have made it one of Italy’s most sought-after wines.

10. Henschke – Eden Valley, Australia

Most expensive wine: Henschke Hill of Grace

Average case price: £8,205

Ten-year performance: +148%

One of Australia’s most storied and respected family-owned wineries, Henschke has been producing wine in South Australia’s Eden Valley since 1868. Now in its sixth generation, the estate is led by Stephen and Prue Henschke, who have turned it into a pioneer in biodynamic viticulture and a benchmark for site-driven Australian wine. While Henschke produces a range of acclaimed wines, its global reputation is anchored by a single, sacred site: Hill of Grace. First bottled in 1958, Hill of Grace is sourced from a tiny, pre-phylloxera vineyard planted in the 1860s – among the oldest Shiraz vines in the world. Hill of Grace is made only in exceptional vintages, and with limited production – sometimes fewer than 2,000 cases – it has become one of the most collectible and expensive wines from the Southern Hemisphere.

For a deeper look at wine investment opportunities in top-tier producers, explore Wine Track, or speak with our team about sourcing bottles from these benchmark estates.

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The rise of wine influencers and the power of the brand: Bordeaux Diaries Part II

Chateau Pavie barrel room winery

Explore the rise of wine influencers and how Bordeaux estates balance authenticity, identity, and changing consumer expectations.

As wine criticism continues its transformation, a new force has emerged alongside traditional voices – the influencer. While formal critics retain a place of authority, many Bordeaux estates now acknowledge that digital personalities play a growing role in shaping perceptions, influencing purchases, and spreading the message of wine.

  • Influencers now shape opinions through social media, though their messaging often lies outside producers’ control.
  • Bordeaux estates are prioritising authenticity and estate identity.
  • Producers increasingly view the customer as the ultimate judge, trusting loyal drinkers over trends.

How wine influencers are shaping modern criticism

The majority of the chateaux interviewed by WineCap referred to the widespread use of social media as a tool in the wine critique space, recognising the parallel role of influencers to conventional commentary. Several also noted that quality and precision of influencer messaging was usually beyond a producer’s control, and not as accessible for them to engage with or oversee as traditional critique.  

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

‘Robert Packer was definitely the most influential critic in the world of wine, and for Bordeaux particularly, and he’s actually done a lot of good things for Pavie, because he scored us 100 points four times in ten vintages, which is quite unique in Bordeaux,’ Olivier Gailly, commercial director at Pavie explained to WineCap. ‘Since he retired, we’ve seen more and more wine critics. Actually, almost every day we see new critics who are quite influential within his or her community or his or her country.’

Gailly described such personalities as ‘half influencer, half critic’.

‘We have to adapt. There is a lot of social media and there are influencers throughout this medium. The most important thing is to make sure they relay the right messages. They relay the truth of our terroir, of what the team is doing, and they talk through to the work we do with quality.’

Château Pape Clément, Grand Cru, Pessac-Léognan

‘The role of critics and journalists remains, but in my opinion, Parker was the best taster. I’ve never known any that were better, more precise, more honest in their decisions,’ said Bernard Magrez from Château Pape Clément. ‘Now, there are not just journalists but also influencers. There’s digital media that features a lot of short but quality programmes, with the mission to advise wine lovers.’

‘These programmes are often made by quality people, but not always,’ Magrez added. In any case, they provide the service of engaging with consumers, so they do not ‘make a mistake when choosing wine’. 

Estate identity and customer loyalty in modern wine marketing

As the wine world becomes increasingly noisy with a blend of critics, influencers, and online commentary, many producers are returning to the fundamentals: authenticity, estate identity, and customer loyalty.

Château Saint-Pierre, Fourth Growth, Saint-Julien

‘It is sometimes so difficult to handle, that we think that the main thing is to simply be proud of what we produce,’ explained owner of Château Saint-Pierre Jean Triaud to WineCap. ‘During En Primeur, there are maybe 30, 40, or even 50 people telling us they can offer influence for the wine. You get professionals, but you also get all the guys you don’t know writing online and maybe followed by, I don’t know, 100,000 people.’

Triaud said it was impossible and undesirable to produce wine that everybody liked. ‘So, we try to keep the identity of the wine and what the family wants to do.’

Château La Conseillante, Pomerol

‘Since Parker retired, the world of journalists has changed a lot. Now we do not have one journalist, we have a lot of journalists with different tastes,’ said Marielle Cazaux, general manager of Château La Conseillante. ‘So, for me, the wine has to keep its identity with all these different journalists. Before, with Parker, you had to just please one taste. Now it’s more and maybe it is a good thing’.

Château Beychevelle, Fourth Growth, Saint-Julien 

Philippe Blanc, general manager at Château Beychevelle, was adamant that the customer, and not the critic, was “king”.

‘The role of wine critics is very important but, as I am a very rude person, I said to somebody one day in London at a seminar that the most important people were the customers and not the journalists. Everybody laughed in the room, but I still believe that,’ he told WineCap. ‘Journalists are extremely important, they are knowledgeable, they are good guides but I think the best guide you can get is a customer himself. Now, if you need help, you can follow some journalists that you trust.’

With a multitude of journalists and influencers today, Blanc said he was not sure one single person took the lead. ‘I think as customers, you have to find the people you feel good with and then stick to them – but the most important thing is to open a bottle, to share it with friends and see if you like it and you give the mark you want then. It is important to feel comfortable with what you taste and not to follow somebody like you follow the shepherd’. 

Château Lynch-Bages, Fifth Growth, Pauillac

Perhaps the most direct remark about putting house identity first in today’s complex wine critique space came from Jean Charles Cazes, CEO of several properties, including Château Batailley and Château Ormes de Pez alongside Lynch-Bages.

‘We have had a consistent style and consistent practices over generations. I think it is important that you follow your style because fashions always evolve and change. If you try to follow the fashion, it will be out of date very quickly. So, we follow our own path.’

In today’s fast-moving and fragmented wine commentary landscape, the critic no longer reigns alone. Influencers bring reach and relatability, digital media expands access, and consumers themselves wield increasing influence over what succeeds. Yet amid this evolution, Bordeaux’s finest estates are charting a steady course – staying true to their identity, their terroir, and the loyal customers who bring their wines to life in glasses around the world.

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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Is Champagne’s investment market bouncing back?

Krug Champagne vineyard

After a long correction, Champagne is showing early signs of recovery. Discover which brands are stabilising and why now may be the time to invest in Champagne.

  • In June 2025, the Liv-ex Champagne 50 index saw its first monthly rise in a year, suggesting stabilisation across top brands like Dom Pérignon, Krug, and Taittinger. 
  • Our analysis of 50 flagship vintage Champagnes shows widespread price flatlining, indicating consolidation. 
  • With rising demand seen in its market share, Champagne may offer early-cycle upside potential for fine wine investors looking for value and brand prestige.

After more than a year of price corrections, Champagne’s investment market may be turning a critical corner. June brought a notable shift: the Liv-ex Champagne 50 index was the first regional fine wine index to post positive month-on-month growth, rising 0.8%. Though modest, the move could signal a broader turning point when seen in the context of individual brands’ performance within the region.

Champagne’s market performance

Over the past five years, Champagne’s market performance has resembled a game of two halves. From March 2020 to October 2022 – a span of 31 months – prices rose steadily, climbing 93.9% to reach a record high. In the 31 months since that peak, they have steadily declined, falling 34.7%. The index is now trending at 2021 levels. However, following a period of consolidation, June marked its first monthly gain in a year, with a modest rise of 0.8%.

Coinciding with the broader Champagne market recovery, several of the region’s most iconic wines are beginning to show signs of renewed investor confidence.

To validate this emerging trend, WineCap analysed the ten most recent vintages of the five most-searched Grand Marque Champagnes (often considered some of the best Champagne for fine wine collectors):

Of these 50 reference-point wines:

  • 43 have seen arrests to their price declines
  • 40 have remained stable for at least six months

Aggregate brand indices are flatlining – a classic sign of consolidation.

Champagne fine wine indices

Dom Pérignon led the stabilisation trend, with its index bottoming out in November 2024, while Krug and Taittinger have more recently entered plateau territory, indicating synchronisation across the broader Champagne landscape.

Demand for Champagne is back on the up too. Just in Q2 (see our Q2 Fine Wine Report), the region experienced a full cycle, with US demand temporarily retreating on tariff threat in April, to climb back up over May and peak in June. Year-to-date, the region’s market share on Liv-ex is above 2024 levels.  

Early signals for a recovery cycle

This alignment of brand-level stability and regional index uplift could mark the beginning of a new investment cycle for Champagne. It’s a phase where prices consolidate before potentially trending upward, as supply scarcity and brand equity reassert themselves.

Investor sentiment is beginning to reflect this reality. Liv-ex data shows Champagne’s market share by value has risen to 12.4% year-to-date, up from an annual average of 11.8% in 2024. This re-engagement suggests confidence in Champagne’s medium-term upside potential.

Champagne’s investment appeal

Champagne’s investment appeal lies in its accessibility and worldwide distribution. Despite economic difficulties, Champagne is still seen as a celebratory tipple, enjoying consumption as well as investment interest. The region today features more than just brand prestige – its fundamentals are strong, with critical acclaim, ageing potential, scarcity, and collector loyalty. 

With prices now having corrected to more attractive entry points, many of the region’s flagship wines offer value relative to their historic highs.

If current trends hold, Champagne may become the first major fine wine region to re-enter growth territory, outpacing peers who are still midway through correction. For investors seeking diversification or cyclical opportunity, the signs are clear: Champagne may be popping again soon.

See also: Champagne Investment 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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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 resisted 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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News

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.