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Wine auctions vs wine investing – which offers the best growth strategy?

Chateau Petrus wine bottle
  • Both auctions and portfolio approaches have a role to play in wine investment, but the latter is a more viable route to steady growth.
  • Auctions can provide useful signals, but investors should identify and avoid market noise and hype.
  • An expertly-managed portfolio focuses on growth, diversification, and liquidity over chasing auction trophy wines.

The wine world frequently makes headlines for astronomical prices at attention-catching auctions. Bottles can fetch sky-high sums as multimillion-dollar collections capture international interest. For investors, such record-breaking spectacles can appear to be proof of fine wine’s irresistible upwards trajectory.

However, glamorous and inspiring as they are, these auctions are not the market. They are the sharpest tip of it – distinct moments where scarcity, storytelling, and sentiment come together. A pristine bottle of Domaine de la Romanée-Conti or Château Pétrus with impeccable provenance might clear 20–50% above its estimate in a single-owner sale. While impressive, such outliers don’t speak of underlying market performance.

Understanding the difference between prices that make the news and the reality of the market is essential for any serious wine investor.

What ‘auction price’ really is

An auction price is more than meets the eye; it’s a composite shaped by multiple components. What does that sales figure really mean? 

Hammer vs all-in costs

The hammer price is the winning bid declared by the auctioneer – but that’s not the final price. The buyer then pays a buyer’s premium (10%–25%), plus taxes, shipping, and insurance. A bottle that hits the headlines at £100,000 could ultimately cost the buyer £120,000.

Single-owner vs mixed-owner sales

Provenance is all-important. Bottles from single-owner collections, especially with engaging stories and original documentation, often command premiums far above market average. In contrast, mixed-owner sales tend to be a more accurate mirror of demand.

Estimate bands and marketing psychology

Auction houses set low and high estimates to guide bidding – and to generate excitement. These figures act equally as marketing tools and predictive indicators. Only a lot that exceeds the high parameter of its estimate band hits the news; one that sells within its estimated range represents the quieter reality.

True liquidity

A record price for a single bottle does not automatically translate into similar highs for other lots. Headline-making hammer prices are outliers, influenced by rarity, media coverage, and competitive auction frenzy rather than a broader trend in the market. 

Wine auction record setters

The following are examples of headline-making auctions which illustrate the factors that drive remarkable performance: wine rarity, media frenzy, storytelling, and collector pedigree.

$34.5 mln – Henri Jayer, “The Heritage” (2018, Geneva)

  • Legendary producer’s last 855 bottles from private cellar.
  • 209 coveted magnums.
  • Rare Vosne-Romanée vintages.

$28.8 mln – William I. Koch, “The Great American Wine Collector” (2025, New York)

  • 750 large formats (Jeroboams, Methuselahs, Salmanazars).
  • Leading Bordeaux, Burgundy, Rhône, Napa, and Piedmont wines.
  • Single-owner collection.

$25.3 mln – Joseph Lau, “Iconic Wines” I–III (2022–2025, Hong Kong)

  • Rare Burgundy and Bordeaux.
  • Single-owner collection auctioned over three years created story.

$16.8 mln – Pierre Chen, “The Epicurean’s Atlas” (2023–2025, Hong Kong, Paris, Burgundy, New York)

  • Iconic Burgundy, Bordeaux, Champagne, and New World wines.
  • Legendary vintages.

$11.16 mln – Jacqueline Piatigorsky (2025, New York)

These auctions were hugely successful, but outcomes weren’t solely due to wine calibre. The unique auction environment also played a role. Such heady sums are not necessarily representative of wider market pricing.

What auctions can tell investors

While not presenting a definitive picture, auctions do generate a treasure trove of information. However, it’s important to follow results with a discerning eye because not all of the information is useful for a wine investor. You need to learn how to separate signal from media noise to understand the true meaning of auction prices.

Useful signals for investors

  • Provenance premiums: Illustrates how much collectors are willing to pay for documented bottles over generic lots. Formats, condition, and original packaging often contribute to worthwhile premiums.
  • Bidding depth: The number of bidders within the estimate band indicates genuine demand. Likewise, consistent competition across lots can point to authentic appetite that exists beyond the auction house.
  • Regional and vintage momentum: Repeated strong results across particular regions or vintages can signal emerging segments rather than one-off auction-driven prices.
  • Thin trading: The highest-profile bottles typically sell only once a decade. Such rare transactions can provide valuable insights into the wider market.

Limits and noise

  • Selection bias: “Survivorship bias” can distort average values. For a range of reasons, some wines survive the test of time while others don’t. Not every mature wine deserves high valuation.
  • Seasonality and venue effects: Marquee sales held in the spring and summer tend to attract more bidders and media coverage, inflating prices temporarily. The location of the auction can also impact results.
  • Story premium: Worth repeating is the character of the narrative surrounding an auction can elevate prices far beyond what would be achievable in normal market conditions. Celebrity collections, charity sales, and unique stories fall into this category.

Buying at auction

Auctions offer both opportunity and challenge for collectors and investors. Understanding their structure sets realistic expectations before bidding.

Pros

Cons

Building a wine investment portfolio with a trusted manager

While auctions can offer wine performance insights, a structured, portfolio-driven approach is most optimal for serious investors. This method focuses on growth, diversification, and liquidity planning in response to the genuine market, rather than chasing one-off, high-performer auction house bottles. In short, headline bottles make news; diversified cases make portfolios.

Strategy-led

Discipline drives serious wine investment. A considered portfolio allocates across regions, producers, and vintages. Tiered maturity and style diversification help smooth returns and reduce volatility.

Execution

Acquiring wine at scale requires access to multiple channels: primary releases, négociant networks, ex-château allocations, and selective secondary market opportunities. Professional execution ensures consistent quality, provenance verification, and optimal pricing.

Expert oversight

A trusted manager maximises successful outcomes by safeguarding custody, insurance, and exit strategies, targeting holding periods and rebalancing, to shield investments from market swings.

Research & data

Continuous market monitoring is critical to disciplined investment. This data-driven strategy identifies trends and fair-value bands, so investors can avoid the pitfall of overpaying for hype and market noise.

Cost clarity

Unlike auctions, wine investment portfolio costs – custody, insurance, execution – are transparent upfront, allowing granular knowledge of charges for clear return comparisons.

fine wine auction summary table

Next steps

The fine wine world will always carry glamour, but serious investors should see auction headlines as stories, not signals. The real market for fine wine investment and value growth is built on data, liquidity, and expert execution rather than the excitement of ‘show-stopping’ headlines.

Key takeaways:

  • Don’t fixate on record breakers – they rarely mirror market performance.
  • Focus on repeatability and liquidity for sustainable returns.
  • Calculate all-in costs for true value comparison.
  • Diversify and plan exits through portfolio management for resilience.

Fine wine investment is guided by expertise, patience, data, and structure, separating steady compounding from the volatile environment of speculation.

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 long should you hold your wine investment?

Fine wine investment holding period
  • Fine wine investment differs significantly from traditional markets because supply diminishes with time.
  • Holding periods determine whether an investor benefits from liquidity windows, maturity or scarcity premiums.
  • Investors should not expect uniform results across all wines or timeframes.

When it comes to fine wine investment, most discussions focus on the what: which wines, which vintages, which regions. Equally critical, but less often addressed, is the when: how long you hold your investment.

Holding periods can dramatically shape your returns, mitigate risks, and define your overall strategy. Unlike equities or bonds, fine wine is both a physical asset and a cultural commodity, with unique cycles of demand and consumption. Understanding how time interacts with these cycles is essential for building a resilient portfolio.

Why holding periods matter in wine investment

Fine wine investment differs from traditional markets in one key respect: supply diminishes over time. Bottles are uncorked and consumed, which means that scarcity increases naturally as years pass. At the same time, the wines themselves evolve in bottle, often improving in complexity and desirability. This dual dynamic of shrinking availability and increasing quality drives long-term price appreciation.

However, investors cannot expect uniform results across all wines or timeframes. Some wines appreciate rapidly within a few years, while others demand decades of patience. Holding periods determine whether an investor benefits from:

  • Liquidity windows – when supply and demand align to create strong secondary market interest.
  • Maturity premiums – when wines are at or approaching their drinking peak.
  • Scarcity premiums – when older vintages are nearly impossible to source.

Short-term wine investment holds (1–3 years): Potential high gains?

Short-term holding in fine wine is less common but not without opportunity. Investors might target wines with clear catalysts for appreciation in the near future:

  • Critical acclaim: A 100-point score from leading critics such as Robert Parker, Neal Martin, or Antonio Galloni can trigger immediate demand.
  • Market cycles and estate events: Certain vintages or regions may benefit from renewed attention during En Primeur campaigns or La Place de Bordeaux releases. Similarly, external factors such as a change of ownership, the passing of a renowned winemaker, or a significant new investment in the estate can act as a catalyst. These events often lead to brand repositioning and higher release prices for new vintages, which in turn push up the value of older vintages as buyers seek relative value.
  • Macro-drivers: Currency fluctuations, tariff shifts or geopolitical events can create short-term arbitrage opportunities.

That said, short-term holds may carry higher volatility. Transaction costs – storage, insurance, brokerage fees – also eat more heavily into returns when compounded over only a few years. As a result, short-term trading tends to suit sophisticated investors with high market awareness rather than long-term collectors.

Medium-term wine investment holds (5–10 years): The sweet spot?

The medium-term horizon is often considered the sweet spot for many wine investors. This is when:

  • Wines mature: Many Bordeaux, Burgundy, and Champagne houses see optimal secondary market demand when their wines are 5–10 years post-vintage. At this stage, they have begun to show character but remain relatively youthful, making them appealing to both collectors and drinkers.
  • Supply drops: The first wave of consumption removes weaker hands from the market, while professional storage ensures the surviving bottles command a premium.
  • Liquidity is strong: Buyers – both private and institutional – seek wines that are ready-to-drink but still have substantial cellaring potential.

This period allows investors to capture meaningful appreciation without committing to decades of illiquidity. For many, the medium-term strategy provides a balance of growth potential and portfolio flexibility.

Long-term wine investment holds (10–20+ years): Scarcity and compounding value?

For truly iconic wines, long-term holding unlocks the greatest rewards. Scarcity compounds dramatically after 15–20 years, and mature bottles often become the centrepiece of collectors’ cellars. Wines that especially benefit from this approach include:

  • First Growth Bordeaux: Château Lafite, Latour, and Margaux often reach their full secondary market potential decades after release.
  • Grand Cru Burgundy: Producers like Domaine de la Romanée-Conti or Armand Rousseau are prized for aged expressions, which are scarce even at release.
  • Prestige Champagne: Top cuvées such as Krug or Salon are often held back by maisons themselves, releasing older vintages at a premium.

The trade-off is clear: long-term holding requires patience, optimal storage, and careful insurance. Illiquidity can become an issue if capital is needed suddenly. However, for investors with a multi-decade outlook, these holds can deliver extraordinary compounding returns – often well outperforming traditional assets.

Factors that impact value over time

Not all wines follow the same trajectory. Determining how long to hold depends on a mix of factors:

  1. Region and style
    • Bordeaux and Napa Cabernet: typically longer arcs, rewarding 10–20+ years.
    • Burgundy Pinot Noir: often peaks earlier (7–15 years), though the best can go much longer.
    • Champagne: prestige cuvées benefit from extended ageing, while non-vintage wines are less suited to investment.
  2. Producer reputation
    Iconic names command steady demand across all stages, while lesser-known producers may see sharper peaks tied to critical acclaim.
  3. Vintage quality
    Strong vintages (e.g., Bordeaux 2000, Champagne 2008) often sustain demand longer, while weaker vintages may peak quickly.
  4. Critic scores and re-releases
    A re-rating or late-release program can extend or shift the ideal holding window.
  5. Market conditions
    Global economic health, currency exchange rates, and tariffs can all affect when it’s most profitable to sell.

Risks of mistimed holding

Holding periods are not without risk. Selling too early can mean missing out on peak premiums. Selling too late risks encountering diminishing returns as wines pass their drinking window. Additionally, improper storage can compromise value, no matter the holding period. There are also liquidity risks: Even top wines may face temporary illiquidity in weak markets.
This is why professional portfolio management and exit planning are critical in fine wine investment.

Practical guidance for wine investors

  1. Diversify holding periods: Mix short, medium, and long-term positions across your portfolio. This smooths out returns and provides liquidity when needed.
  2. Match horizon to goals: If you expect to need capital in five years, avoid exclusively long-term wines.
  3. Work with data: Tools like Wine Track can help identify optimal exit windows by tracking price curves and critic sentiment.
  4. Reassess regularly: Market conditions evolve. A wine planned for long-term holding may benefit from earlier exit if demand spikes unexpectedly.

In fine wine investment, holding periods are the mechanism by which wine transforms from a consumable product into an appreciating asset. Short-term traders may profit from timing and market-driven gains, medium-term investors enjoy liquidity and strong demand, and long-term holders benefit from scarcity-driven premiums.

The best approach often combines all three, balancing risk and opportunity across different time horizons. With the right strategy, time becomes your most powerful ally – quietly compounding value as the bottles rest in the cellar.

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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Q3 2025 Fine Wine Report

Q3 2025 Fine Wine Report

In our Q3 summary of the fine wine market we look at how the global economic landscape is shaping investment strategies, the road to recovery in fine wine, and the best-performing regions and wines so far this year. Read on for more on Lafleur’s recent classification withdrawal, the autumn La Place de Bordeaux campaign, and other industry-defining trends.

Executive summary

  • Market backdrop strengthens: Global equities advanced in Q3 amid optimism for gradual rate cuts and corporate earnings. Improving sentiment and policy clarity provided a firmer foundation for alternative assets, including fine wine.
  • Fine wine stabilises: After two years of correction, the fine wine market showed early signs of recovery. The Liv-ex 100 posted its first quarterly gain since the downturn began.
  • Regional divergence narrows: Champagne, Rhône, and Italy led the quarter, while Bordeaux and Burgundy also showed improvements; evidence of a maturing market phase approaching equilibrium.
  • Selectivity drives returns: The best performing wines came from overlooked vintages, particularly Bordeaux 2013/2014, alongside Rhône’s consistent value names and global icons such as DRC and Screaming Eagle.
  • La Place campaign underwhelms: The autumn La Place de Bordeaux campaign failed to shift market momentum. Demand remained subdued as release prices offered limited value versus back vintages in most cases.
  • News – Lafleur withdraws from Pomerol AOC: In a significant development, Château Lafleur announced its withdrawal from the Pomerol AOC, citing the need for greater viticultural flexibility in response to climate change. We explore how this might affect its market performance.

The trends that shaped the fine wine market

Market optimism sets the stage for fine wine stability

Global markets rallied through Q3 2025, driven by renewed optimism over growth and the prospect of gradual rate cuts, even as inflation proved sticky. US equities extended record highs, powered by strong earnings and ongoing enthusiasm for AI-related sectors, while Europe delivered mixed results amid weak German data but resilience in France and the UK. Gold surged as investors sought safety from lingering geopolitical tensions and trade uncertainties linked to US tariff policy. Bond markets posted modest gains as central banks maintained a cautious stance. Overall, investor sentiment steadied following a turbulent first half, with risk appetite supported by policy optimism and improving economic data, creating a firmer backdrop for alternative assets, such as fine wine, heading into Q4.

Fine wine market starts to turn

Signs of stability continued to build across the fine wine market in Q3, reinforcing the gradual improvement noted in our Q2 Fine Wine Report. After two years of consistent decline, several regional indices turned positive over the quarter. Five of the Liv-ex regional indices rose in August and September, and for the first time in three years, the Liv-ex 50, which tracks the prices of the Bordeaux First Growths, experienced monthly growth.

Broader market measures also improved. The Liv-ex 100 rose 1.1% in September, and the bid:offer ratio – a key gauge of demand relative to supply – reached 0.70, its highest level since April 2023. This sustained rise suggests buyers are gradually re-entering the market, drawn by attractive pricing and renewed confidence following a prolonged correction. While it is too early to call a full recovery, these movements point to a maturing phase of the downturn where value-seeking activity replaces reactive selling. 

La Place autumn campaign fails to shift momentum

A key event of the third quarter every year is the La Place de Bordeaux autumn campaign, which saw the release of over 130 wines from around the globe in September. However, in 2025, the campaign did little to shift momentum. New releases that did not offer value in the context of back vintages available in the market largely fell short, and demand was tepid even for the traditionally most sought-after labels like Opus One, Masseto, Ornellaia, Solaia and Penfolds. Tariff uncertainty, oversupply and general market cautiousness were a structural drag. Unless prices and allocation discipline improve, the campaign is likely to continue to alienate buyers.

Mainstream markets lead Q3; fine wine re-emerges

Global equities posted solid gains in Q3, buoyed by growing optimism around prospective interest-rate cuts and resilient corporate earnings. While mainstream markets outpaced most alternatives, select segments of the alternative asset universe – particularly private credit and real assets – showed signs of resilience. Fine wine also staged a modest recovery.

The Liv-ex 100 Index, which tracks the performance of the most sought-after investment-grade wines, recorded its first quarterly gain since the market downturn began, rising 0.4% over the quarter. Losses in July and August were offset by a 1.1% rebound in September, signalling renewed confidence. The broader Liv-ex 1000 Index slipped 0.5% over Q3, though it, too, recovered 0.4% in September, suggesting stabilisation across a wider basket of fine wines.

Meanwhile, the First Growths Index – a barometer for Bordeaux’s top estates – rose 0.7% in September but remained 0.7% lower for the quarter overall, reflecting the uneven pace of recovery across regions and price tiers. Nonetheless, after several quarters of decline, Q3 marked a turning point where fine wine once again began to move in step with the broader risk-on sentiment seen in global markets.

Fine wine vs mainstream markets

Regional fine wine performance in Q3

Regional fine wine indices displayed a mixed picture in Q3, but the pace of decline eased, and several categories began to rise. The Liv-ex 1000 ended the quarter 0.6% lower, yet September brought a broad uptick across most regions – an encouraging sign after months of subdued activity.

Champagne held its ground best, maintaining near-flat performance over the quarter and retaining its position as one of the most resilient categories in 2025. The region benefited from increased demand from Asia and the US. The Rhone 100 also improved modestly, ending Q3 just above its Q2 level as buyers continued to favour regions offering relative value.

Italy (0.4%) and the Rest of the World 60 (0.3%) both saw small gains in Q3, hinting at early signs of renewed confidence beyond the traditional strongholds of Bordeaux and Burgundy, which fell in Q3.

Regional fine wine performance 2025

The Bordeaux 500 declined 1.7%, while the Bordeaux Legends 40 dipped just 0.6%, as mature Bordeaux continued to attract active buyers. However, of the six Bordeaux sub-indices, three went up in September – those measuring the performance of the First Growths, their Second Wines, and the top 100 wines from the Right Bank. Burgundy prices softened slightly, down 0.2%, but its top wines remained among the most robust performers since the 2022 peak.

The combination of improving sentiment, selective buying, and greater market stability suggests that regional fine wine prices may be nearing their floor, setting the stage for a more balanced close to 2025.

The best performing wines so far in 2025

Even in a broadly subdued market, 2025 has shown that fine wine remains a story of selectivity and scarcity. A handful of standout wines have delivered strong double-digit returns, proving that, even during correction phases, the right names and vintages can outperform significantly.

The spread between the top-performing fine wines (+18% on average) and the Liv-ex 1000’s broad decline year-to-date (around -4.7%) highlights exactly why selection is paramount.

Best performing wines 2025 table

Three key themes stand out among the top-performing wines in 2025 year-to-date:

  • ‘Off’ vintage Bordeaux is back in vogue

Wines from cooler or once-overlooked vintages – such as Bordeaux 2013 and 2014 – have led the pack. Collectors appear increasingly willing to reward finesse, drinkability, and scarcity over hype, with Château Les Carmes Haut-Brion (+38.2%) and Château Beychevelle (+22.2%) exemplifying this trend.

 

  • The Rhône’s value overdelivers

Rhône wines continued to prove their value credentials. Vieux Télégraphe’s 2020 and 2021 vintages and Jaboulet’s La Chapelle 2014 all posted impressive gains, driven by limited production, consistent critical endorsement, and comparatively attractive pricing.

 

  • Scarcity runs the market

At the very top end, scarcity remains the strongest currency. Domaine de la Romanée-Conti, and Screaming Eagle demonstrated that rare, blue-chip wines continue to attract capital regardless of broader sentiment.

 

Investors focusing on authenticity, producer pedigree, and under-appreciated vintages have outperformed the broader market, suggesting that quality and insight remain the keys to long-term success.

Q3 releases: Spotlight on Taittinger Comtes de Champagne 2014

Champagne has proven one of the most resilient categories in 2025, with the Champagne 50 Index outperforming most regional peers in Q3 (up 0.3%). The region is also enjoying renewed global demand as buyers take advantage of the attractive price levels post its 2022 peak. Within this steadying landscape, Champagne house Taittinger released the 2014 vintage of its Comtes de Champagne.

Awarded 97 points by both Yohan Castaing (The Wine Advocate) and Antonio Galloni (Vinous), it ranks among the highest-rated Comtes vintages ever – and Galloni notably compared it to the legendary 2008, which trades at a nearly 40% premium.

The 2014 release also carries historical significance. As the last truly cool-climate vintage in Champagne, it represents a stylistic milestone unlikely to be replicated amid the region’s ongoing warming trend – a factor that enhances its long-term collectability.

From an investment perspective, Comtes has been a quiet outperformer. The Taittinger Comtes de Champagne index has risen steadily over the past decade, outpacing both Dom Pérignon and Louis Roederer Cristal during the bull market of 2020–2023, and showing notable price stability throughout 2025.

‘Taittinger consistently stands out as one of the best values among top-tier Champagnes, frequently outperforming many other Grand Marques tête-de-cuvée offerings.’
 – Yohan Castaing, The Wine Advocate

Taittinger Champagne index

Market snapshot

  • 2014 Release price: £1,190 per 12×75
  • Critic scores: 97 points (Vinous, The Wine Advocate)
  • Ranking: 62nd in the 2024 Liv-ex Power 100 (up nine places year-on-year)

With exceptional critic consensus, proven secondary market demand, and a price point that remains competitive, the 2014 Taittinger Comtes de Champagne exemplifies why the region continues to attract buyers, whether for enjoyment or investment. 

Q3 Fine wine news: Lafleur withdraws from Pomerol AOC

In August, Château Lafleur confirmed that from the 2025 vintage onward, its wines will no longer carry the Pomerol AOC designation, instead being labeled Vin de France. The decision extends across the Guinaudeau family’s portfolio, including Les Pensées, Les Perrières, and Grand Village.

The estate cited the need for greater viticultural flexibility in the face of accelerating climate change. In correspondence with trade partners, the Guinaudeau family wrote: ‘Climate is changing fast and hard… We must think, readapt, act.’ 

The withdrawal allows Lafleur to implement adaptive farming methods not currently authorised under the appellation’s 1936 regulations, such as controlled irrigation, soil covering to reduce evaporation, canopy shading, and adjusted planting density. 

Lafleur’s independence enables it to act without the procedural delays that constrain larger or corporate-owned estates. The move is consistent with its reputation for long-term thinking and precision farming, aligning vineyard practice more closely with environmental reality.

Market context

Historically, classification changes in Bordeaux have affected perception and pricing. The 2012 promotions of Pavie and Angélus within Saint-Émilion’s hierarchy, for instance, coincided with rapid market repricing, even though the wines themselves did not change. Lafleur’s withdrawal represents the opposite: the relinquishment of an appellation name rather than an elevation within it.

Pavie vs angelus wine performance

In the short term, pricing impact is likely to be neutral, as Lafleur’s identity and market position are defined by brand equity rather than by appellation. The château’s production is limited, its critical reputation exceptional, and its collector base highly stable. Over time, however, label differentiation could influence liquidity and buyer psychology, particularly between the final ‘Pomerol’ labelled vintages and the inaugural ‘Vin de France’ release, both of which may acquire added significance in secondary trading.

Performance and relative strength

Over the past decade, Lafleur’s secondary market performance has outpaced that of both the First Growths and its Right Bank peers, Pavie and Angélus. Despite the broader Bordeaux market correction since 2022, Lafleur has retained a significant premium, perhaps reflecting scarcity and confidence in the Guinaudeau family’s brand.

Lafleur fine wine performance

Should the transition to ‘Vin de France’ labelling prove commercially seamless, the move could even enhance Lafleur’s individuality, reinforcing its cult status as a technically driven, terroir-first estate. 

All in all, Lafleur’s withdrawal prompts a broader structural question for Bordeaux: how the appellation system adapts to climate change through balancing regional reputation with innovation arising from global-warming challenges. For Lafleur, the decision appears evolutionary rather than disruptive, designed to preserve vineyard resilience and wine quality in a shifting climate.

If Lafleur’s performance continues to mirror its past decade – where brand identity outweighed classification – this change may ultimately serve to strengthen, rather than dilute, its market position.

Q3 summary and a look ahead to Q4

The third quarter of 2025 marked a transition phase for the fine wine market. With mainstream assets recovering and investor sentiment stabilising, fine wine has begun to re-establish its footing after a protracted two-year downturn. Indicators such as the rising bid:offer ratio and renewed regional resilience point toward a more balanced market environment heading into Q4. Price declines have largely moderated, and value-seeking capital is returning, particularly to regions offering long-term quality at attractive entry points.

Looking ahead, the key drivers of performance will continue to be scarcity, selectivity, and producer reputation. Top estates with disciplined production, strong brand equity, and adaptability are well-positioned to outperform as the market moves toward recovery. As Q3 showed, the correction appears to have reached maturity; the next phase is likely to be characterised by gradual re-pricing, focused accumulation, and renewed confidence in fine wine as a stable, long-term asset.

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 tax benefits of fine wine investment

Fine wine bottles

All you need to know about fine wine investment and tax: Why 80% of wealth managers expect demand to rise?

  • Fine wine investment offers significant tax benefits.
  • 80% of UK wealth managers believe demand for fine wine will rise due to its Capital Gains Tax exemption.
  • Fine wine is also a suitable asset for lifetime gifting.

Fine wine has always held allure – whether for its rich history and cultural value, collectability, or as a tangible luxury asset. But in today’s financial landscape, its unique tax status in the UK is also becoming a key driver of demand.

Under HMRC taxation rules, most fine wines are classed as “wasting assets” – physical goods with a useful life of under 50 years – making them exempt from Capital Gains Tax (CGT). At a time when tax-free allowances are shrinking and effective rates are rising, this treatment is increasingly attractive.

According to the primary research conducted for our WineCap Wealth Report 2025, 80% of wealth managers believe demand for fine wine will rise, specifically due to its CGT exemption. Beyond portfolio diversification and inflation-resistance, fine wine offers a compelling investment case owing to its tax efficiency. 

CGT tax pie chart

Why taxation matters in fine wine investment

When building a wine portfolio, most investors focus on selecting the right producers, vintages, and entry points. Yet, tax treatment can be just as important in shaping overall returns. Unlike stocks and bonds, fine wine occupies a nuanced space in UK tax law as both a chattel and a wasting asset.

By understanding these rules, investors can:

  • Shield profits from unnecessary tax erosion.
  • Structure transactions more strategically.
  • Plan inheritance and succession more effectively.
  • Reduce the risk of HMRC challenges.

CGT and fine wine

One of the most common questions investors ask is: “Do I pay Capital Gains Tax on fine wine?”

The General Rule

Most fine wine sales do not attract CGT, setting wine apart from property, art, or stocks. However, key exemptions and thresholds apply:

Wasting Asset exemption

  • Wines with a useful life under 50 years are classed as wasting assets and are generally CGT-exempt.
  • HMRC may challenge this in cases involving fortified wines or rare bottles intended for very long-term storage.
  • Best practice: Retain expert evidence at purchase to support expected lifespan.

Chattels exemption

  • Applies where a single bottle or set is sold for under £3,000.
  • If profits from a non-wasting asset (e.g., certain collectible bottles) do not exceed £3,000, CGT will not apply.
  • Where a “set” of bottles is sold to one buyer (e.g., a full case commanding a premium), the £3,000 limit applies to the total transaction, not each bottle.

Current allowances and rates

  • Annual CGT allowance: £3,000 (individuals) / £1,500 (trusts).
  • Gains above allowances taxed at: 18% (basic rate), 24% (higher rate).

Income Tax and fine wine

For most investors, Income Tax is not a concern. However, frequent trading could blur the line between investing and business activity.

  • If HMRC deems an individual a ‘trader’, profits may be taxed as income (up to 45%).
  • Occasional investors are safe, but high-volume sellers should seek specialist advice.

Inheritance Tax (IHT) and gifting

Unlike CGT, fine wine offers no special IHT reliefs. Upon death, portfolios are valued at market price and added to the estate:

  • IHT rate: 40% on estate value above £325,000 (nil-rate band).
  • Potentially higher thresholds: up to £500,000 if leaving a home to direct descendants, or £1 million for married couples/civil partners, depending on eligibility.

Fine wine, however, can be well-suited to lifetime gifting strategies – particularly where gifts qualify under Wasting Asset or Chattels Exemptions. As with all tax-sensitive decisions, individual advice is essential.

Best practices for tax-efficient fine wine investment

To optimise returns and reduce risk, investors should:

  • Keep meticulous records: purchase dates, prices, provenance, storage, lifespan assessments.
  • Support claims with expert evidence: especially for lifespan-based exemptions.
  • Seek independent tax advice: rules vary, and personal circumstances matter.
  • Plan long-term: consider inheritance and succession early.
  • Work with specialists: firms like WineCap provide research, portfolio monitoring, and guidance aligned with tax efficiency.

Investor sentiment: Beyond tax efficiency

While tax advantages are increasingly influential, they are not the sole driver. According to WineCap Wealth Report 2025, sustainability (60%), stability (50%), and tax efficiency (42%) are among the strongest forces shaping fine wine demand.

Fine wine demand

This blend of financial resilience, cultural heritage, and tax efficiency makes fine wine a unique and attractive addition to diversified portfolios.

While UK tax rules provide significant advantages – especially via CGT exemptions – structuring portfolios correctly and planning for inheritance remain essential. By combining careful portfolio building with tax-aware strategies, investors can unlock fine wine’s full potential as a stable, inflation-resistant, and tax-efficient asset class.

At WineCap, we offer the insights and expertise to help investors navigate both the markets and the tax landscape with confidence.

Read our up-to-date Fine Wine Taxation Guide.

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The 2025 guide to investing in alternative assets

Fine wine investing

Alternative assets are investments outside traditional stocks and bonds. These can range from property, private credit and venture to collectibles such as fine wine, art, watches and classic cars. In 2025, fine wine stands out for its low correlation with equities, global demand, finite supply, strong brands, and the ability to build diversified portfolios from blue-chip regions such as Bordeaux, Burgundy, Tuscany, Piedmont, and Champagne. Success comes from rigorous selection, professional storage, long investment horizons (5-10+ years), and data-driven decision making.

What are alternative assets – and why they matter in 2025

Alternative assets cover three broad categories:

  • Collectibles: fine wine, whisky, art, classic cars, watches, rare coins.
  • Private markets: private equity & credit, venture capital, real estate, infrastructure.
  • Hedge strategies: market-neutral, macro, commodities, and other absolute-return approaches.

The Chartered Alternative Investment Analyst Association (CAIA) frames “alternatives” by their limited liquidity, pricing opacity, and non-traditional risk/return drivers compared with public markets.

Why diversification with alternative assets matters

Many alternatives move differently from listed equities and bonds, which means they can dampen portfolio swings when traditional markets are volatile.

Fine wine is a strong example. Studies have shown it has low – and sometimes negative – correlation with equity markets, improving portfolio efficiency when included alongside traditional assets. In 2025, demand for fine wine has risen by 16% due to its independence from mainstream financial markets. Notably, 34% of UK wealth managers now cite wine’s self-contained nature as a key factor in its resilience during periods of market volatility, up from 30% in 2024.

Fine wine performance statistics

Hedge funds aim for the same goal: delivering returns that aren’t tied too closely to market cycles. In 2024-25, hedge fund results have varied across strategies, but overall performance has improved, highlighting their role as diversifiers rather than trackers of stock indices.

Alternative assets and inflation

One of the strongest advantages of alternative assets is their ability to preserve purchasing power when inflation erodes the value of money. Unlike fixed-income instruments, where interest payments may lag rising prices, many alternatives are underpinned by tangible scarcity and global demand, which supports value through inflationary cycles.

  • Private real assets such as infrastructure and opportunistic real estate have historically passed on rising costs more effectively than their listed counterparts, offering stronger inflation protection.
  • Collectibles benefit from their finite nature. The OIV reported 2024 global wine production at a near 60-year low, underlining how supply limits create pricing power. Fine wine is particularly resilient here: each bottle consumed makes the remaining stock rarer, while global demand ensures international relevance. Over time, well-stored vintages not only hold their value but often appreciate at a pace that outstrips inflation, similar to how gold is viewed as a store of value.
  • Art and luxury goods also serve as currency diversifiers. While the global art market saw values contract by 12% in 2024, activity levels remained robust, showing continued demand for tangible assets that trade across currencies and borders.

In effect, alternatives hedge inflation in ways traditional portfolios cannot. By anchoring value in scarcity, durability, and global liquidity, they help investors preserve real wealth.

Why timing and selection are important

Alternative assets do not present a uniform return stream, and fine wine illustrates this better than most. Outcomes differ dramatically depending on region, producer, vintage, and even release timing. Burgundy, for instance, can respond to very different dynamics than Bordeaux, while Champagne and Tuscany follow their own cycles. Within each region, a benchmark producer may hold value through downturns while lesser names fade.

Even within a single estate, the vintage effect is powerful: the release prices and the performance of First Growth Bordeaux shows a wide gap between celebrated vintages like 2000 or 2009 and those considered ‘off’ years. Variables like provenance and storage, widen the gap further. 

Just as in private equity or hedge funds, where manager selection drives returns, in the fine wine market, knowledge and timing are decisive. 

How liquid are alternative assets?

Liquidity in alternative assets differs from mainstream markets. Public equities and bonds trade daily on exchanges with instant settlement. By contrast, most alternatives – whether private funds or fine wine – take longer to change hands. A sale depends on finding a buyer, agreeing on price, and, in some cases, waiting for a trading window.

This slower pace can be advantageous. Investors willing to commit capital for longer are often rewarded with an extra return for patience. In fine wine, the best opportunities often come from holding rare vintages through periods of scarcity, then releasing them to market when demand peaks.

Access, however, is improving. Just as private credit has grown through evergreen and interval funds, fine wine platforms now make trading more efficient and transparent. Still, liquidity remains uneven: blue-chip Bordeaux or Burgundy may find a ready market, while niche producers or lesser vintages can take longer to sell.

The role of fine wine in 2025

Among alternative assets, fine wine stands out. In 2025, for the third year in a row, it came on top as the most in-demand collectible among financial advisors and wealth managers in both the UK and US. Fine wine is a viable alternative investment avenue for the following reasons: 

  • Scarcity meets demand: Production is both finite and shrinking, while rising global wealth continues to fuel steady demand.
  • Global and brand-driven: Iconic names such as Lafite Rothschild, DRC, and Salon are recognised worldwide and have a track record of delivering consistent value.
  • Diversifiable: Unlike art or cars, fine wine offers broad exposure across regions, producers, and vintages. With hundreds or thousands of cases produced each year, valuations are more transparent and portfolios easier to build.
  • Historically resilient: Fine wine has shown stability in market downturns and attractive long-term returns. Investors can track the performance of individual labels – or entire portfolios – directly through Wine Track.

In 2025, alternatives are no longer niche: they are central to how sophisticated investors diversify, preserve wealth, and seek differentiated returns. Fine wine brings together the key qualities that define successful alternatives: tangible scarcity, global demand, and return dispersion that rewards knowledge and timing.

Fine wine investment FAQs

Is fine wine a good hedge against inflation?
It can help preserve purchasing power over multi-year horizons due to finite supply and global demand, but outcomes vary. Diversify and keep realistic horizons.

How much do I need to start?
You can build a credible, diversified starter portfolio with a five-figure GBP budget; larger allocations allow more breadth and depth.

How long should I invest for?
Plan for 5-10+ years to capture ageing-related scarcity and demand. Tactical positions may realise sooner.

Where should I store wine?
In bonded, climate-controlled facilities with full insurance and documented chain of custody.

What returns should I expect?
Returns are not guaranteed. Focus on selection quality, costs, and disciplined process.

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Is buying early always the best investment?

Italian wine cellar
  • The common concept in fine wine investment has been that buying early (at release) often translates into the best possible price.
  • The concept has its roots in Bordeaux’s En Primeur system but the principle has been challenged in the last decade.
  • Ageing potential is important, but it is not the only factor in price performance.

Timing is crucial when it comes to almost every decision. While not all investments have a lifespan, some do – and fine wine is a prime example of a perishable good that evolves, peaks and declines in quality and value. 

The common concept in fine wine investment has been that buying early or at release often translates into buying at the best possible (lowest) price. Recent Bordeaux En Primeur campaigns have worked against this principle. Individual wine indices, such as those on Wine Track also show that the price performance of a wine is driven by numerous factors beyond age. The value arc does not simply follow the life cycle of the product but responds to demand, critic scores, and brand popularity among other factors.

So, is buying early always the best investment? The answer, as we’ll see, is far more nuanced.

The origins of buying early: Bordeaux En Primeur

The concept of buying wine early has its roots in Bordeaux’s En Primeur system. Emerging in the post-war decades of the 20th century, it was designed to provide much-needed cash flow to châteaux, while offering buyers privileged access to top wines before they were bottled.

En Primeur still works broadly the same way today: buyers purchase wine in the spring following the harvest, while the wine is still ageing in barrel. Delivery follows one to two years later, once bottling has taken place.

For decades, this system benefitted both producers and buyers. Châteaux received upfront financing, while collectors and investors gained access to some of the most prestigious wines in the world at prices significantly lower than they would command once bottled.

The traditional promise of buying early

The original attraction of En Primeur was simple: buy early, secure allocations, and enjoy price appreciation once the wine is released to the wider market. In exceptional vintages like 1982, 2000, or 2005, those who bought early often saw spectacular returns.

For investors, the logic was straightforward:

  • Scarcity effect: Once the wine left the château, supply only diminished as bottles were consumed.
  • Pricing advantage: En Primeur pricing was historically lower than post-release retail.
  • Access to top names: For blue-chip estates like Lafite, Latour, and Margaux, early purchases guaranteed allocations that might otherwise be difficult to secure later.

In these circumstances, buying early equates to buying smart.

When buying early backfires

The past decade, however, has challenged this principle. Several Bordeaux En Primeur campaigns, most notably in 2017 and even 2020, saw release prices set so high that early buyers struggled to achieve returns. In some cases, wines could be purchased at equal or lower prices a year or two after bottling.

The reasons are clear:

  • Aggressive pricing by châteaux: A stronger global demand for fine wine has emboldened producers to set ambitious release prices.
  • Market corrections: Economic slowdowns, global trade disruptions, and shifting consumer preferences have softened demand after release.
  • Vintage variation: Lesser or more challenging vintages often lack the critical acclaim needed to sustain premium En Primeur pricing.

For investors, this has underscored the risk of assuming that ‘earliest means cheapest’.

What makes fine wine different from other assets

To understand why timing matters so much in wine investment, it’s important to recognise how wine differs from other asset classes:

  • Finite supply: Unlike companies that can issue more shares, every bottle consumed reduces global availability.
  • Physical lifespan: Wine matures and eventually declines; it is not a perpetual store of value like gold.
  • Quality peaks: Different wines have different drinking windows, meaning investors must consider not just price but also maturity and market timing.
  • Luxury demand drivers: Beyond fundamentals, fine wine is influenced by critic scores, branding, and even lifestyle trends among global collectors.

This blend of scarcity, perishability, and cultural cachet makes wine a unique – and uniquely complex – investment.

Beyond age: the real drivers of value

Ageing potential is important, but it is not the only factor in price performance. Modern wine indices and case studies reveal a more layered picture. Key drivers include:

  • Critic scores: A 100-point rating from Robert Parker, Neal Martin, or William Kelley can send prices soaring overnight.
  • Producer reputation: Estates like Domaine de la Romanée-Conti, Screaming Eagle, or Krug often outperform peers regardless of vintage quality.
  • Market cycles: Broader economic forces, from currency fluctuations to tariff policies, can depress or lift wine prices.
  • Brand popularity: Rising interest in regions like Champagne or Tuscany can create waves of demand that drive prices beyond what traditional models predict.

In other words, while time and age matter, they are not the sole determinants of performance.

When buying early makes sense

Despite these caveats, buying early can still be an excellent strategy under the right conditions.

  • Exceptional vintages: En Primeur remains compelling in universally acclaimed years, where demand is strong and release pricing is competitive.
  • High-demand producers: Cult estates with limited production – such as Château Lafleur in Pomerol or Domaine Leflaive in Burgundy – make early buying critical for securing allocations.
  • Collector profiles: For those who value access as much as investment return, buying early provides peace of mind.

For these buyers, the combination of access, scarcity, and potential upside makes early purchase attractive.

Alternative timing strategies

If early purchase is no longer a guarantee of success, what are the alternatives?

  • Back-vintage buys: Many investors now prefer to target wines once bottled and scored, when pricing stabilises and market sentiment is clearer.
  • Diversification by region: Burgundy, Champagne, and Italy’s Super Tuscans increasingly offer opportunities outside the Bordeaux En Primeur cycle.
  • Mixed approach: A blend of early allocations (for access) and carefully chosen back-vintage purchases (for value) often proves the most resilient strategy.

By broadening their scope and diversifying their portfolios with different regions and vintages, investors can reduce risk and capture opportunities across global markets.

See also: The best fine wines to invest in 2025

The role of La Place de Bordeaux today

It’s also worth noting that the traditional Bordeaux system has evolved. La Place de Bordeaux, the centuries-old distribution network, now offers not just En Primeur but also back vintages and non-Bordeaux icons such as Opus One, Masseto, and Almaviva.

These September releases are already bottled and ready to ship, offering global investors access to top wines without the risks of futures. In many ways, they reflect the modernisation of fine wine trading: access, liquidity, and global reach, without the same timing pressures as En Primeur.

The art of timing in investment

The idea that buying early is always the best investment belongs to another era. While there are still moments when buying at release delivers the greatest value, these are no longer guaranteed.

Fine wine is unlike any other asset: it is finite, perishable, and driven as much by culture and reputation as by supply and demand. Successful investors understand that while time is crucial, it is not the only variable.

The smart investor balances early buying in exceptional vintages with selective secondary market purchases, diversifies across regions and producers, and pays close attention to global demand trends.

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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Fine wine investment returns: if you’d put £1,000 in 10 years ago

Piemonte Italy wine region

Fine wine has long been celebrated as both a pleasure to own and a source of steady, inflation-beating returns. But how much difference can the choice of region, producer, and timing make over the long term?

Using Wine Track data, we’ve taken a decade-long view – from 2015 to 2025 – to see exactly how a £1,000 investment in some of the world’s most sought-after wines would have performed. The results reveal disparities between regions and labels, driven by factors such as scarcity, critical acclaim, brand momentum, and the fluctuations of global demand.

In some cases, your £1,000 would have barely kept pace with inflation. In others, it could have doubled, tripled, or even more – often in places you might not expect. What’s more, because fine wine is a cyclical market, today’s leaders aren’t always tomorrow’s winners, and periods of market correction can present some of the best opportunities for future growth.

This analysis explores several key regions, showing not just the percentage returns but also what your £1,000 investment would be worth today, and what you could have bought then compared with now.

Bordeaux: a decade of divergence

In 2015, a £1,000 investment in a top Bordeaux could have taken very different paths over the following decade. If you had chosen Château Figeac, your £1,000 would now be worth £2,310 – more than doubling your money thanks to a +131% average return over the past decade. This performance has been fuelled by Figeac’s promotion to Premier Grand Cru Classé A and consistently high-scoring vintages.

Château Les Carmes Haut-Brion in Pessac-Léognan has been another star performer, climbing 163% over the past ten years. This is a rare combination of strong brand momentum, critical acclaim, and relative scarcity, making it one of the most compelling growth stories in the Bordeaux market.

By contrast, the First Growths have had a more subdued performance. Looking at the current average market prices for the several blue-chip Pauillac labels and their second wines, the past decade has been anything but uniform:

  • Château Lafite Rothschild sits today at around £5,106 per case, up just 6% over the last decade. This reflects both its lofty 2015 starting point and the cooling of the top-tier Bordeaux segment in recent years. However, some vintages have outperformed the overall brand.
  • Château Latour is similar, with a 10-year rise of 4%, now averaging £4,960 per case.
  • Château Mouton Rothschild fared better, with a 22% decade-long gain to £4,496 per case, thanks partly to strong demand for key vintages in the late 2010s.

The best relative value in the First Growth orbit has often been found in their second wines:

This ‘second wine premium’ over the decade illustrates a key point for investors: sometimes the best relative value comes not from the pinnacle labels, but from their immediate tier below. These wines benefit from the halo effect of the grand vin’s reputation while offering lower starting prices.

However, the current context matters. The performance of the Liv-ex 50 (First Growths) and Bordeaux 500 (broader region) shows how the 2022 peak has given way to a sharp correction, with prices now trending towards 2015 levels. This is classic market cyclicality: those who bought during the previous trough and held through the rally have realised strong gains; those entering now may be positioning themselves at the start of the next upswing.

Burgundy: the market reset

If Bordeaux’s decade has been a story of cyclical swings and selective outperformance, Burgundy’s has been one of explosive gains followed by a sharp correction. The Liv-ex Burgundy 150 index more than quadrupled between 2015 and its 2022 peak, fuelled by surging global demand for small-production, high-prestige domaines. Since then, prices have retraced significantly, but remain far above their 2015 levels, underscoring the long-term wealth-generating power of the region’s top wines.

At the very top sits Domaine de la Romanée-Conti, Romanée-Conti Grand Cru, whose sky-high starting point means it was always going to operate in a different financial stratosphere to most wines. Over the past decade, prices have risen by 147%, elevating the wine’s average price per case to £213,303.

Among the biggest long-term winners is Domaine René Engel, Vosne-Romanée Premier Cru Aux Brûlées, which has climbed 1,482% in the past decade. That’s enough to turn £1,000 into a staggering £15,820 today. Engel’s cult status has only intensified since the sudden passing of Philippe Engel in 2005, leaving the estate without a clear successor, and its eventual sale to François Pinault, who renamed it Domaine d’Eugénie.

Meanwhile, Domaine Leroy Richebourg Grand Cru has appreciated by 507% over the same period, due to a combination of biodynamic viticulture, minuscule yields, and demand consistently outstripping supply.

The sheer magnitude of these returns reflects Burgundy’s unique market dynamics:

  • Scarcity at every level – often just a handful of barrels per cru.
  • Global demand from Asia to the Americas.
  • Producer-led brand power that eclipses even vintage variation in driving prices.

Yet the post-2022 decline in Burgundy shows that even this hallowed region is not immune to market cycles. For investors, today’s lower prices could represent a rare opportunity to enter or rebalance Burgundy holdings – though the barriers to entry at the very top remain as formidable as ever.

Champagne: the market fizzes with potential

Champagne has traditionally been viewed as a steady, blue-chip corner of the fine wine market: less volatile than Burgundy and Bordeaux, yet capable of delivering strong long-term growth. Over the past decade, the Champagne 50 index has shown a clear upward trajectory, punctuated by a sharp rally between 2019 and 2022 before a mild correction. 

The most eye-catching long-term gains have come not only from the established houses but also from small-production grower-producers like Egly-Ouriet, Brut Millésime Grand Cru, which has surged 633% in the last decade. That growth has been fuelled by a wave of sommelier-driven interest in terroir-driven Champagne and limited allocations reaching the market.

Prestige cuvées from major houses have also rewarded patient investors. Salon Le Mesnil-sur-Oger Grand Cru has delivered a 298% return, while Billecart-Salmon Le Clos Saint-Hilaire climbed 203%.

A particularly notable outlier is Cédric Bouchard, Rosé de Saignée Le Creux d’Enfer, with an extraordinary 418% return – turning £1,000 into £5,180 – reflecting the explosive demand for rare, artisanal Champagne in recent years.

Champagne’s appeal lies in its dual identity: both a luxury good for immediate enjoyment and a serious investment asset. With the market cooling slightly from 2022 highs, current conditions may offer attractive entry points for those looking to secure allocations before the next phase of appreciation.

Italy: quiet consistency and standout performers

Italy’s fine wine market has been a story of steady, broad-based growth over the past decade, delivering consistent returns and avoiding some of the more extreme volatility seen in Burgundy or Champagne. 

At the very top of the performance table sits G.B. Burlotto Barolo Monvigliero, with a remarkable 1,162% return over the last ten years. In Tuscany, Soldera Casse Basse, Brunello di Montalcino Riserva has been a powerhouse, rising 280% over the decade. The modern Tuscan icon Masseto has also posted a healthy 79%, taking £1,000 to £1,790.

Italy’s appeal lies in its combination of relative affordability, quality across multiple regions, and improving international distribution. While Piedmont’s and Tuscany’s top names have led the charge, there’s also significant breadth in the country from Abruzzo, Veneto, and beyond, giving investors multiple entry points into a market with both stability and pockets of spectacular growth.

Lessons from a decade of fine wine investing

Looking back from 2025, one reality stands out: fine wine is not a single market, but a patchwork of micro-markets, each with its own rhythm, risks, and rewards. 

For investors, three lessons are clear:

  1. Selection is everything – Even within a single region, the difference between a modest gain and a market-beating return can be measured in multiples.
  2. Cycles create opportunity – Market peaks and troughs are inevitable; buying quality during a correction often positions you for the next rally.
  3. Diversification pays off – Spreading capital across regions and producer tiers balances the potential for growth with the stability of blue-chip holdings.

As the market sits in a post-2022 cooling phase, parallels with earlier cycles suggest that this may be a moment for strategic accumulation. History shows that the investors who pair patience with informed selection tend to enjoy the richest rewards – sometimes quite literally.

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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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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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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.