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Pockets of growth: Where the fine wine market is starting to turn

Opus One winery
  • Market confidence is returning, with fine wine prices posting their first quarterly gain since the downturn began.
  • Selective regions are leading the rebound, with Champagne, Tuscany, and California showing the strongest signs of growth.
  • Stabilisation signals a turning point, as price declines slow and demand strengthens.

After two years of subdued performance, the fine wine market may finally be entering a new phase. Signs of stabilisation are emerging across key benchmarks, and selective pockets of growth suggest that investor confidence is beginning to return. While the broader market remains uneven, improving bid activity, regional resilience, and a shift in sentiment all point to a turning point — one that could lay the foundation for the next cycle of fine wine appreciation.

Confidence returns: Benchmark momentum

One of the clearest signals of renewed optimism comes from the bid:offer ratio — a measure of market confidence based on the proportion of active bids to offers on the secondary market. This ratio has been steadily rising, reflecting stronger buying interest and a more balanced trading environment. The shift is also visible in performance indices: the Liv-ex 100, which tracks the world’s most sought-after investment-grade wines, rose by 1.1% in September, offsetting earlier summer losses and delivering its first quarterly gain since the downturn began.

This rebound was mirrored across broader indicators. The Liv-ex 1000, which captures a wider cross-section of the market, slipped 0.5% over the quarter but also gained 0.4% in September — a sign that the market’s base may be firming. Even the First Growths Index, a bellwether for Bordeaux’s top estates, recorded a 0.7% gain in September. Though it remained slightly down for the quarter, the performance underscores a market that is recalibrating.

Where growth is emerging: key regional categories

The nascent recovery is not evenly distributed. Instead, certain regions and categories are emerging as clear leaders — offering clues about where value-seeking investors are positioning their capital.

Champagne: Resilience meets renewed demand

Champagne has once again proved its resilience. The region held near-flat over Q3 and remains one of the strongest performers of 2025, buoyed by rising demand from Asia and the US. This sustained appetite reflects Champagne’s unique position in the market: a luxury category with strong brand recognition, limited supply, and consistent global demand. For investors seeking stability and long-term performance, Champagne continues to justify its reputation as a defensive yet rewarding allocation.

Italy: Tuscany outpaces Piedmont

Italian fine wine remains a story of two regions. Tuscany has seen the most notable improvement, with the Italy 100 index climbing as buyers return to iconic Super Tuscans and Brunello producers. Piedmont, by contrast, still faces a softer bid environment, suggesting that investors are prioritising wines with immediate liquidity and strong global followings. The divergence illustrates a broader theme in today’s market: capital is flowing toward estates with established demand and clear brand equity.

California: Opus One leads a rebound

California has also been a bright spot. Opus One — one of the region’s most recognisable labels — has seen its strongest bid activity since January 2024. Over recent weeks, Liv-ex reported a surge in demand, with the US accounting for 40% of bid volume, closely followed by Asia at 39%. The UK and EU trail at 14% and 7% respectively, but this transatlantic interest highlights growing enthusiasm for top-tier Californian wines. As collectors seek quality and scarcity beyond Europe, California’s flagship estates are once again capturing attention.

Sector performance: Signs of a bottom forming

While some areas continue to lag, the broader data suggests that the worst of the correction may be behind us. Regional indices delivered a mixed performance in Q3, but declines moderated significantly, and September brought widespread gains.

Bordeaux remains the weakest performer in aggregate — the Bordeaux 500 fell 1.7% — but even here, signs of improvement are visible. Half of the region’s sub-indices gained in September, including those tracking First Growths, Second Wines, and leading Right Bank labels. Burgundy, too, was only marginally lower (-0.2%), with top domaines maintaining impressive resilience despite broader headwinds.

Regional fine wine performance 2025

Together, these indicators suggest a market that may be finding its floor. Price declines have slowed, buyers are becoming more active, and selective demand is driving performance in certain regions and producers. This kind of stabilisation typically precedes a period of gradual re-pricing — and potentially, recovery.

The next phase: Selectivity, scarcity, and strategy

The third quarter of 2025 was a transitional one for fine wine. With mainstream assets recovering and investor sentiment stabilising, the asset class is beginning to reassert itself as a reliable store of value and a portfolio diversifier. The coming quarters are likely to be defined by three key drivers:

  • Scarcity: Limited-production wines from renowned estates continue to attract demand, particularly as global supply chains tighten and yields remain historically low.
  • Selectivity: Investors are becoming more discerning, focusing on regions and producers with strong fundamentals rather than chasing broader market exposure.
  • Reputation: Brand equity and consistent critical acclaim remain decisive factors, with top names enjoying disproportionate interest as confidence returns.

While the pace of recovery will vary by region and price tier, the data points to a market that is stabilising and, in some segments, already turning higher. For investors with a medium- to long-term horizon, the current environment offers attractive entry points into historically strong-performing categories.

Looking for more? Read our latest quarterly report: Q3 Fine Wine Report

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

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Top-performing fine wines of 2025 so far

Domaine Vieux Telegraphe
  • Several fine wine regions made gains over the last month, including Burgundy, California, and the Rhône.
  • ‘Off’ vintage Bordeaux wines have delivered the best returns so far in 2025. 
  • The spread between the top-performing fine wines (+18% on average) and the Liv-ex 1000’s broad decline (around -4.7%) highlights why selection is key.

The fine wine market remains subdued in 2025, continuing the recalibration that began in late 2022. Yet even in a broadly negative environment, certain wines have surged ahead (see H1 winners), delivering double-digit gains and reaffirming that in fine wine investment, selectivity defines success.

Signs of stability emerge across key fine wine regions

After more than two years of correction, there are tentative signs of stabilisation. Several regional indices posted positive month-on-month (MoM) movements in September, hinting that momentum could be shifting beneath the surface.

The Liv-ex Burgundy 150, California 50, Rhône 100 and Rest of the World 60 indices each rose 0.6–0.7% month-on-month. These modest upticks may not yet signal a broad recovery, but they do suggest that the worst of the selling pressure may be easing.

Still, the year-to-date picture remains negative across the board:

Wine region performance

Even as indices remain in the red, the range of outcomes within them has widened, revealing a growing divergence between outperformers and laggards. A select few wines have posted strong gains – a reminder that even in downturns, opportunities persist.

The top-performing wines so far this year

Best performing wines 2025 table

‘Off’ vintage Bordeaux leads the way

Despite the Bordeaux 500 Index falling 7.2% year-to-date, four of the ten best-performing wines come from the region, proving that careful vintage and producer selection remain key.

Château Les Carmes Haut-Brion 2013 stands out as the year’s star, up 38.2%. The 2013 vintage, long dismissed due to challenging weather conditions, has found new appreciation as enthusiasts and investors rediscover its finesse.

Over the past decade, prices for the brand have risen 148%. The 2014 and 2017 vintages are other attractive ‘off’ vintage alternatives. 

Les Carmes Haut-Brion fine wine performance

Château Beychevelle 2013 follows a similar line. Once overlooked, its reputation in Asian markets and steady critic support have lifted prices 22.2% year-to-date. Likewise, Château Canon 2014 and Château Smith Haut Lafitte 2014 each gained over 13%, highlighting a broader off-vintage resurgence in the region.

These gains suggest that Bordeaux’s correction phase may be creating attractive entry points for investors willing to look beyond the obvious trophy years.

The Rhône: The value region continues to deliver

The Rhône 100 remains the best-performing regional index of 2025, down just 2.7% year-to-date, with a recent 0.6% month-on-month gain adding to its reputation as a steady performer.

The standout is Vieux Télégraphe La Crau Rouge, appearing twice in the top five for its 2020 (26.1%) and 2021 (18.3%) vintages. The wine’s longevity, critical consistency, and relative affordability have made it a favourite among both collectors and long-term investors.

Vieux Telegraph wine performance vs Liv-Ex

Meanwhile, Paul Jaboulet Aîné’s Hermitage La Chapelle 2014 climbed 15.3%, underscoring the growing investor appetite for Rhône’s great single-vineyard wines. With smaller yields and limited back-vintage supply, demand has begun to outpace availability – a sign that the Rhône’s ‘quiet outperformance’ may continue into 2026.

Burgundy and Sauternes: Scarcity reigns supreme

Though the Burgundy 150 Index remains 5.8% down so far this year, its top producers continue to enjoy demand driven by scarcity.

Domaine de la Romanée-Conti (DRC) Grands Échezeaux Grand Cru 2021 rose 13.3%, proving once again that rarity trumps sentiment. Over the last decade, prices for the wine have risen on average 300%. 

Sauternes has also enjoyed a quiet renaissance so far this year, with Château Suduiraut 2016 making it into the top ten, with a 13% rise in value.  With prices still well below their historical highs, the sweet wines segment could offer contrarian upside heading into 2026.

California: Cult wines stay strong

Although the California 50 index is down 5.6% year-to-date, the 0.7% rise last month hints at price recovery. This year, despite softer global sentiment, high-end Napa continues to attract attention domestically and abroad (from Asia in particular). 

The region’s top label, Screaming Eagle Cabernet Sauvignon 2012, has advanced 12.4% year-to-date.  

As previously noted, Screaming Eagle remains the top traded US wine by value. With six perfect 100-point scores in just 13 vintages, it sits in a league of its own among American wines. Prices for the brand have risen more than 200% in the last 20 years, making it one of the most lucrative long-term holds in the fine wine market.

Divergence defines 2025

The spread between the top-performing wines (+18% on average) and the Liv-ex 1000’s broad decline (around -4.7%) reveals just how uneven performance has become.

Wines that combine scarcity, maturity, and reputation have emerged as the safest harbours, while those driven by hype or youth have seen steeper declines. Investors who focused on undervalued vintages (2013, 2014), critically reliable producers and globally recognised names (DRC, Screaming Eagle) have fared significantly better than the market at large.

Looking ahead: A market finding its floor

With multiple indices turning slightly positive month-on-month, the fine wine market may be approaching an inflexion point. The next phase of the cycle could favour those already positioned in high-quality, limited-production wines that have held steady during the downturn.

As 2025 enters its final stretch, it has become even clearer that scarcity, selectivity, and substance continue to outperform broader market sentiment.

For more on the fine wine market, read our Q3 2025 Fine Wine Report. 

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

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Bordeaux Rising Stars: Has investment paid off?

Chateau Rauzan Segla estate
  • Bordeaux’s rising stars have outperformed the wider market, with prices rising faster than the broader Bordeaux indices.
  • Targeted investment and stylistic shifts have transformed estates like Rauzan-Ségla, Beau-Séjour Bécot, and Pichon Comtesse into modern benchmarks.
  • Critical acclaim has surged, with 95–100 point scores cementing their reputation.

Defining a ‘rising star’

Bordeaux is a region where history runs deep, but tradition does not always guarantee progress. Over the last decade, a handful of estates have managed to transcend their classifications and reputations through bold investment and stylistic reinvention. At WineCap, we define a rising star as a château that:

  • Commits capital to long-term improvement – from vineyard mapping and replanting to new cellars and eco-conscious viticulture.
  • Delivers a clear stylistic shift – moving toward balance, finesse, and terroir transparency.
  • Achieves consistent critical acclaim – with 95-100 point scores becoming the standard.
  • Outperforms the broader market – delivering secondary market returns ahead of the broader Bordeaux indices.

These factors create estates that not only excite drinkers but also offer compelling opportunities for collectors and investors.

Bordeaux Fine Wine performance

Rauzan-Ségla (Margaux, 2ème Cru Classé)

The transformation: Rauzan-Ségla has benefitted from Chanel’s ownership since the 1990s, but the past ten years have marked a decisive leap forward. Under winemaker Nicolas Audebert, the estate has embraced intra-parcel vinification, gentler extraction, and more sustainable vineyard practices. These refinements have elevated Rauzan-Ségla from ‘solid Second Growth’ status to a Margaux benchmark.

Critical acclaim: Since 2015, Rauzan-Ségla has routinely scored in the 95-98 point range from Wine Advocate, Vinous, and Jane Anson. The 2018 and 2020 vintages are considered modern icons.

Market performance: As the chart illustrates, critic scores have risen progressively and significantly. Still trading at a discount to First Growth Margaux, Rauzan-Ségla represents both relative value and rising prestige.

Chateau Rauzan Segla wine performance

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

The transformation: Troplong Mondot was once synonymous with high-octane, heavily extracted Saint-Émilion. The 2017 ownership change brought in Aymeric de Gironde (ex-Cos d’Estournel MD), who executed a dramatic stylistic shift: earlier harvests, lighter extraction, larger oak formats, and lower alcohol levels. The result is fresher, more terroir-driven wines.

Critical acclaim: William Kelley (Wine Advocate) called the changes a ‘wholesale stylistic revolution’. From 2018 onwards, scores have remained in the 95–97+ range, showing critics’ approval of the new direction.

Market performance: The market has embraced the transformation. Prices for Troplong Mondot have outpaced the broader Saint-Émilion index, rewarding early believers in the estate’s rebirth.

Chateau Troplong Mondot wine performance

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

The transformation: A generational change in 2017, with Juliette and Pierre Bécot taking over Beau-Séjour Bécot, brought a new vision. The appointment of consultant Thomas Duclos in 2018 marked a stylistic reset: higher Cabernet Franc usage, limestone expression, and precision over power. Parcel-by-parcel vinification and lower new oak usage have further refined the profile.

Critical acclaim: Antonio Galloni (Vinous) awarded the 2022 vintage a perfect 100 points, calling it ‘a benchmark wine’. Last year, he ranked it among the ‘most improved’ estates in Bordeaux, noting that ‘Juliette Bécot and Julien Barthe have raised the bar here meaningfully over the last handful of years’. William Kelley (Wine Advocate) has praised the château’s run of form since 2018, consistently awarding 95–98 points. Jane Anson describes Beau-Séjour Bécot as ‘one of the Right Bank’s most exciting transformations’.

Market performance: The correlation between rising scores and rising prices is clear. Once overlooked in Saint-Émilion, Beau-Séjour Bécot is now in the same conversation as Canon and Figeac, while still offering relative value.

Beau-Sejour Becot wine performance

Beauséjour Duffau-Lagarrosse (Saint-Émilion, Premier Grand Cru Classé B)

The transformation: Known for its legendary 1990 vintage, Beauséjour struggled with consistency until a new era began. In 2021, ownership passed to Joséphine Duffau-Lagarrosse and the Clarins family, ushering in major investment and a vision for precision-driven winemaking. A new winery project is underway, and viticultural improvements have already shown results.

Critical acclaim: Recent vintages have gained strong momentum, with the 2022 praised by Wine Advocate as a turning point. Jane Anson has written about the estate’s ‘rebirth’, noting how the new regime is restoring its rightful status among Saint-Émilion’s elite.

Market performance: Anticipation of quality improvements has translated into rising secondary market demand. Prices, once stagnant, now track sharply upward, reflecting buyer confidence in the new ownership.

Pichon-Longueville Comtesse de Lalande (Pauillac, 2ème Cru Classé)

The transformation: Under Nicolas Glumineau since 2012, Pichon Comtesse has become the textbook definition of a rising star. Investment in geological surveys, vineyard restructuring, and higher Cabernet Sauvignon content has redefined the wine’s character: elegant, structured, and deeply Pauillac.

Critical acclaim: The 2016 vintage earned multiple 100-point scores, confirming Pichon Comtesse as a ‘Super Second’ capable of challenging First Growths. Recent vintages (2019, 2020, 2022) have sustained that trajectory, with critics routinely scoring in the 97-99 range.

Market performance: Prices have risen in lockstep with quality. Today, Pichon Comtesse trades at levels that rival the First Growths, a clear signal of market recognition.

Pichon-Longueville Comtesse de Lalande

Rising stars in the broader Bordeaux market

Wine Track data shows a clear trend: Bordeaux rising stars have not only achieved higher critic scores, they have also outperformed the wider Bordeaux market in price growth over the past 10 years. Investors who identified these estates early have benefited from both quality recognition and rising demand.

While Bordeaux’s classification system is famously rigid, the market rewards progress. The stories of Rauzan-Ségla, Beau-Séjour Bécot, Beauséjour Duffau-Lagarrosse, Pichon Comtesse, and Troplong Mondot prove that the Bordeaux hierarchy is not fixed. Strategic investment and stylistic courage can turn once-overlooked châteaux into modern icons.

Estates that invest in vineyards, rethink style, and deliver critically acclaimed wines are being re-rated by both critics and investors. In turn, investors who make informed decisions could benefit from the brands’ improved quality and growing reputation.

Looking for more? Read our Bordeaux Regional Report.

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La Place 2025: Key fine wine releases beyond Bordeaux

Masseto fine wine vineyard
  • The La Place 2025 campaign has continued its expansion with more than 130 wines offered via the historic network.
  • As the campaign unfolds against a backdrop of economic uncertainty, some estates have paused their involvement while others see it as an even more necessary tool to secure sales.
  • We analyse the value and investment potential of some of the most important La Place releases.

The La Place 2025 campaign has continued its expansion with more than 130 wines offered via the historic network.

Firstly, what is La Place? Traditionally, La Place de Bordeaux (as it is called in full) was the centuries-old distribution system through which Bordeaux châteaux released their wines to international merchants. Over the past two decades, it has transformed into a global platform, with leading estates from Tuscany, California, Chile, and beyond joining to tap into its worldwide reach. For investors, La Place matters because it provides access to many of the world’s most sought-after wines at the moment of release – making it a barometer for both pricing trends and collector demand.

As the campaign unfolds against a backdrop of economic uncertainty, some estates have paused their involvement while others see it as an even more necessary tool to secure sales. We analyse the value and investment potential of some of the most important La Place releases.

La Place in 2025: what has changed

This year’s campaign unfolds against a backdrop of economic uncertainty, with the fine wine market still in the grip of a downturn that began in late 2022. Lower release prices have become more of an expectation, with the need to adapt to softer demand more noticeable than ever. Some estates have chosen to step back, pausing their La Place involvement for now, while others have come to view the system as key to securing global recognition and distribution. 

What remains unchanged is the underlying pull of La Place: demand among producers to gain access to this international sales platform continues to grow, ensuring a steady stream of new entrants even as others bow out.

Departures and pauses

Not every name is present this year. Montes Muse, Destiny Bay, and Bibi Graetz’s ultra-limited Balocchi are no longer part of the roster. Certain wines are absent due to production constraints rather than strategy: Penfolds Bin 169 was not made in 2023, while Cloudburst skipped its 2022 Malbec. Within Bibi Graetz’s portfolio, the white Testamatta and Colore were made in such small volumes that they will not be offered via La Place.

Shifting timelines

Another notable trend is the shift in release windows. Several well-known estates have moved from September to March releases, including Hermitage La Chapelle, Napa’s Favia, Chile’s Viñedo Chadwick, and Jackson Family Wines’ Cardinale. This rescheduling might help reduce bottlenecks during the crowded September calendar.

New arrivals

Despite some exits, the list of debutants reinforces La Place’s increasingly diverse profile. New highlights include:

  • Argentina (Mendoza): Zuccardi’s El Camino de las Flores
  • Australia (Clare Valley): Jim Barry Florita
  • Australia (Tasmania): Arras Grand Vintage
  • France (Loire): Vincent Delaporte (Sancerre), Domaine Luneau Papin (Muscadet), Laurent Lebrun (Pouilly-Fumé), Sébastien Brunet (Vouvray)
  • Spain (Ribeira Sacra): Cornamús (F. Algueira)
  • USA (California): Flowers (Pinot Noir & Chardonnay)

Most in-demand La Place releases

Some La Place releases command attention year after year. These include the Super Tuscans, California’s cult labels, and Bordeaux/New World collaborations such as Seña and Almaviva. But where do their latest vintage releases sit in the current market and the overall brand performance?

Masseto

Masseto was the first Italian wine to join La Place de Bordeaux back in 2009, offering its 2006 vintage through the international distribution system. It was also the first wine with no specific Bordeaux ties to join the platform, paving the way for other fine wines from around the world.

Earlier this month saw the release of its latest 2022 vintage at £6,140 per 12×75, down 1% on last year. The wine achieved 95 points from Antonio Galloni (Vinous) – his lowest score since the 2014. Still, he described it as ‘elegant and polished’ and ‘super refined’.

When it comes to value for money, the 100-point 2021 vintage makes a better buy. The lower-priced but higher-scored 2018 and 2017 vintages also offer better value. All of these vintages sit below the average brand price of £7,812 per case. Notably, our Masseto index has risen 67% over the past decade. 

Masseto fine wine prices

Solaia

Another notable Super Tuscan follows a similar trajectory. Solaia 2022 was released at £3,300 per 12×75, flat on the 2021, which has since fallen in value. Comparing critic scores for the two weighs in favour of last year’s release, which earned 100 points from Galloni. The lower-priced 2018 Solaia also looks more attractive.

Over the past decade, our Solaia index has risen an impressive 113%. Even with the current market downturn, Solaia values have held relatively steady – up 3% in the last six months. 

Solaia fine wine prices

Opus One 

Moving past the Super Tuscans, the 2022 vintage of the USA’s most popular wine, Opus One, was released earlier this month at £2,820 per 12×75. The wine received 92+ points from Galloni, 96 points from Jane Anson and 95-97 points from Lisa Perrotti-Brown MW. Higher-rated vintages like 2018 and 2019 look better poised for investment.

The overall performance trajectory of Opus One has been positive: the brand is up 4% in the last six months, 18% in the last five years, and 95% in the last decade.

Opus One Napa Valley fine wine prices

Penfolds Grange 


Penfolds, Australia’s leading wine brand, released its 2021 vintage slightly below 2020 but above most readily-available older vintages. The new release achieved 98 points from Jane Anson and Erin Larkin (Wine Advocate). Still, buyers will find better value in 2015 and 2016 – two of the most sought-after Penfolds Grange vintages.

Penfolds Grange Australian fine wine prices

Seña

The 2023 vintage of Seña, which received 95 points from Joaquin Hidalgo (Vinous) and Jane Anson, was released at £720 per 12×75, down 36% on last year. Still, the 95-point 2018 and 96-point 2019 remain available at lower prices. 

In the last six months, our Seña index has risen 2%; over the past decade, it is up 70%.

Mondavi and Chadwick Sena fine wine prices

Almaviva

Almaviva, the most popular Chilean wine brand, also offered its 2023 vintage via La Place this September, at £924 per 12×75 case. The new vintage was awarded 96 points from Joaquin Hidalgo, placing it on par with the 2021 and 2019 vintages. The 2023 Almaviva has been one of the better value La Place releases, although from its back vintages, 2020 and 2019 look equally or even more attractive.

Almaviva fine wine prices

In terms of overall brand performance, our Almaviva index is up 141% in the last decade. The brand’s average price per case now stands at £1,565.

Almaviva fine wine index

The 2025 La Place campaign inevitably reflects the global economic climate as well as the challenges and the resilience of today’s fine wine market. A cautious economic backdrop and softer demand have prompted some estates to step aside and others to lower prices, yet La Place continues to expand in scope and influence.

The arrival of new producers from Argentina, Australia, the Loire, and California highlights its ongoing globalisation, while established icons like Masseto, Solaia, Opus One, and Almaviva still command worldwide attention. The key for buyers remains having a selective and comparative approach. While new releases carry prestige and immediate buzz, back vintages often provide stronger value and proven performance. 

Want to learn more? See also: Is buying early always the best investment?

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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Champagne harvest under scrutiny as region bounces back

Moet and Chandon Champagne vineyard
  • To promote the highest standards, Champagne set the 2025 yield limit at the lowest level since the pandemic, though early projections suggest a 10–17% year-on-year increase in the natural crop.
  • Comité Champagne introduced “Together for the Champagne Harvest” to align all producers with welfare standards.
  • Champagne’s investment market is beginning to show subtle signs of recovery, supported by improving conditions across the region.

Harvest 2025: Notable yield cap upholds high standards

In July, Champagne stakeholders set a yield cap of 9,000 kg/ha for the 2025 harvest, making it the lowest since the 2020 pandemic year. The industry decision-making body, the Comité Champagne called the move “responsible” citing market uncertainty, geopolitical tensions, and volatile consumer behaviour making forecasting more difficult, as the reasons for the limit.

Yield caps since 2020 (kg/ha)

  • 2020: 8,000
  • 2021: 10,000
  • 2022: 12,000
  • 2023: 11,400
  • 2024: 10,000

The objective of the 2025 reduction is not only to balance production with sales projections: it also aims to support high standards and preserve the exclusivity of Champagne. This investment in quality and new worker welfare measures are positioning the region’s top wines for worthwhile and sustainable investment opportunities.

Champagne key facts

  • Located in northeastern France
  • Received Champagne AOC in 1936
  • 16,000 grape growers & 320 producers
  • 300 million bottles yearly
  • Annual revenue exceeds €5 billion
  • The third most important fine wine investment region after Bordeaux and Burgundy

What is the Comité Champagne?

Established in 1941 and headquartered in Épernay, the Comité Champagne operates as the umbrella organisation for the Champagne industry. This interprofessional organisation promotes cooperation between the Syndicat Général de Vignerons de Champagne (SGV) and the Union des Maisons de Champagne (UMC), two professional groups representing more than 16,000 winegrowers and 350 Champagne houses.

New health, safety, and well-being measures

As the 2025 harvest begins, the Champagne appellation is under observation, with the region determined to counter a tarnished reputation after poor seasonal worker treatment in 2023 recently led to the jailing of three harvest crew contractors. Around 120,000 seasonal harvest workers are arriving across the region to work 34,000 hectares of vines, with their welfare being closely watched.

Following the infamous 2023 season, it’s not only harvest team wellbeing in the spotlight: the protection of the Champagne region’s name and value are also of parallel importance. In line with this two-pronged mission, the Comité Champagne has addressed the challenges with the “Together for the Champagne Harvest” scheme, responding to both the needs of Champagne professionals and the expectations of seasonal workers. 

What is the “Together for the Champagne Harvest”?

Following more than a hundred purpose-driven meetings in 2024, when the sector trialled new measures to improve the safety of seasonal workers, “Together for the Champagne Harvest” was born. The initiative takes the form of a series of guides and talks, informing stakeholders of the labor regulations in force. Aimed at making the Champagne harvest more ethical, collaborative, and organised, the scheme brings together four areas of top priority industry focus:

  • health and safety during harvest
  • collective accommodation for seasonal workers
  • service provision
  • recruitment 

The areas contribute to an emphasis on broader sustainable wine production. All stakeholders were involved in the process: Champagne winegrowers and houses, government departments, inspection services, Mutualité Sociale Agricole, France Travail, prevention and emergency services, employee unions, and service providers. 

What are the Moët & Chandon wellbeing measures?

Global Champagne name, Moët & Chandon, has been a leader in harvest crew welfare for years. During the harvest season, Moët & Chandon employs more than 4,000 people, the lion’s share of whom work in the vineyards. With such a huge operation, the focus is constantly on safety, grape harvest crew welfare, and operational efficiency.

Each harvester receives safety training and a full set of protective equipment for all weather conditions, with health and safety officers present in the field to provide stand-by. Additionally, since 2018, Moët & Chandon has also welcomed 18 physiotherapists to their accommodation centers to support physical well-being.

Moët & Chandon continues to invest in modern and comfortable accommodation for directly-contracted workers. The grape pickers employed by external partners enjoy the same high standards, with the house auditing accommodation ahead of the harvest and inspecting sites during picking.

All sites are equipped with dedicated spaces for relaxation and leisure. Last year, the house established a weekly rest day. In the morning, grape pickers can take part in relaxing activities, followed by behind-the-scenes visits to Moët’s pressing centers.

The aim is to allow harvesters to see how their work contributes to the creation of the Champagnes, and to participate in the story of Moët & Chandon.

Moët & Chandon key facts

  • Founded in 1743 in Épernay, France, where it’s headquartered
  • Part of Wines & Spirits division under Moët Hennessy, which is part of LVMH
  • Moët & Chandon tends 1,150 hectares of vines
  • Vineyards in Montagne de Reims, Vallée de la Marne, and Côte des Blancs
  • Their flagship label, Dom Pérignon Vintage, has risen almost 100% in value in the last decade

A quick look at Champagne’s wine investment market

After more than a year of declines, Champagne market trends are pointing to stabilisation. 

Since 2020, there have been two clear phases in market movement: initially, there was a 93.9% swell from March 2020 to October 2022, then a 34.7% decline that restored prices to 2021 levels. Although modest, June saw the first price uptick, paired with consolidation among top brands, indicating that the bearish market might soon be over. 

Fundamentals such as scarcity, ageing potential, sustainability, and global demand are intact, with more attractive entry points increasing the appeal of Champagne investment. The region is well positioned to be the first fine wine area to re-enter growth, making wine portfolio diversification opportunities difficult to ignore.

For more, read our Champagne Regional Report.

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Pound strength creates opportunity in Californian fine wine

  • Sterling strength against the US dollar, combined with Californian fine wine prices down 11.4% year-on-year create prime buying conditions for European investors.
  • From Screaming Eagle and Opus One to Bond Melbury and Aubert Chardonnay, select Californian wines are showing resilience and strong returns.
  • US wines are not subject to the same tariffs as European wines entering America, amplifying the current opportunity.

Currency tailwinds meet market softness

With pound sterling trading near its strongest levels against the US dollar in almost a decade, European fine wine buyers are enjoying a rare currency advantage. In addition, prices for Californian fine wine have fallen 11.4% on average in the last year – a steeper drop than Burgundy, Champagne, Italy and the Rhône. And while European exports are now subject to a 15% tariff in America, American wines enter the EU with only minimal import duties. 

For those looking west, this means more than just favourable exchange rates – it’s a window of opportunity to acquire some of California’s top investment-grade wines at effectively lower prices. The combination of market softness in the US and a relatively strong pound has created a buying climate that hasn’t been so compelling in years.

California’s investment appeal

California has long been America’s fine wine powerhouse, with its top labels regularly commanding global attention alongside Bordeaux First Growths and Burgundy Grand Crus. The state offers remarkable diversity, from the cult Cabernet Sauvignons of Napa Valley to the elegant Chardonnays of the Sonoma Coast.

Yet it is also a market where fine wines have historically been harder to acquire in Europe. Limited allocations, strong domestic demand, and brand-loyal followings have often kept supply tight. In the current environment, however, these barriers have eased slightly. Some of California’s most iconic names are trading at multi-year lows, as part of the wider correction in the global fine wine market.

Screaming Eagle: The US investment benchmark

Screaming Eagle remains the top traded US wine by value, with a market history as intense as its scarcity. With six perfect 100-point scores in just 13 vintages, it sits in a league of its own among American wines. Over the past two decades, Screaming Eagle’s prices have climbed more than 200%, making it one of the most lucrative long-term holds in the fine wine market.

That said, the past few years have been volatile. After peaking in 2022, prices fell as broader market sentiment cooled, particularly in the ultra-high-end segment. The Screaming Eagle index has since shown signs of stabilisation, rising more than 5% year-to-date. For investors, this is often the sweet spot – when a correction has bottomed and momentum begins to turn.

Screaming Eagle wine performance

The 2021 vintage is especially compelling. A 100-point release, it remains the most affordable among the perfect-score cohort. For those seeking a rare combination of topmost quality, brand prestige, and relative value, this vintage offers an unusually attractive entry point.

Other Californian fine wines to watch

While Screaming Eagle often dominates the conversation, California’s investment landscape is far broader. Several names have shown resilience or are quietly building momentum:

  • Opus One – This Franco-American collaboration has traded in higher volumes this year on Liv-ex than European stalwarts such as Léoville Las Cases, Ornellaia, and Pol Roger Sir Winston Churchill. Year-to-date, our Opus One index is up 4%, with healthy liquidity that makes it attractive for active traders.
  • Joseph Phelps Insignia – A model of consistency, Insignia’s prices have risen through the broader market downturn. The index is up 7% over the past six months and has appreciated more than 70% in the last decade. Its track record makes it one of the most reliable US names for long-term investment.
  • Dominus – Known for its Bordeaux-style Napa blends, Dominus has declined just 1% in the past year. More recently, it has begun consolidating, with a 2% rise since January 2025, suggesting a potential base is forming for the next move higher.

These examples highlight an important point: not all Californian wines follow the same market rhythm. While the ultra-luxury segment can be more volatile, there are pockets of stability and even steady growth available to more risk-conscious investors.

Top-performing US wines over the past year

According to Wine Track, several Californian labels have posted double-digit gains despite general market challenges and political uncertainty. This once again underscores the value of selective buying, even in a cooling market.

Top performing US wines

Bond Melbury and Screaming Eagle The Flight lead the field, each posting gains of 30% or more – an impressive performance given the overall market softness. Both wines share similar investment traits: small production, critical acclaim, and established brand prestige.

The appearance of Aubert Chardonnay and Occidental Pinot Noir on this list also highlights a growing trend: high-quality Californian whites and Pinot Noirs are attracting more collector attention, offering diversification beyond Cabernet Sauvignon and Bordeaux-style blends.

Investment takeaways

The combination of currency tailwinds and a market correction presents a rare opportunity for European buyers. For investors, the strategy is twofold:

  1. Target icons at cyclical lows: Screaming Eagle, Opus One, and Dominus are trading below peak levels, offering the potential for recovery-driven gains.
  2. Diversify with proven mid-tier performers: wines like Bond Melbury, Aubert Chardonnay, and Chappellet have delivered strong recent returns and often come with lower volatility than the ultra-cult names.

With sterling strong and US prices still subdued, this is a moment where timing and selectivity could translate into meaningful portfolio gains. California may be half a world away, but for European investors, the opportunity has rarely felt closer.

For more, read our United States Regional Report.

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

Domaine de la Romanee Conti (DRC) wine

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

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

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

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

Average case price: £212,246

Ten-year performance: +138%

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

2. Liber Pater – Graves, Bordeaux, France

Most expensive wine: Liber Pater

Average case price: £142,237

Ten-year performance: N/A

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

3. Domaine Leroy – Burgundy, France

Most expensive wine: Domaine Leroy, Richebourg Grand Cru

Average case price: £117,178

Ten-year performance: +522%

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

4. Domaine Jean Louis Chave – Rhône, France

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

Average case price: £62,771

Ten-year performance: +191%

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

5. Screaming Eagle – Napa Valley, USA

Most expensive wine: Screaming Eagle, Cabernet Sauvignon

Average case price: £37,466

Ten-year performance: +84%

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

6. Château Petrus – Pomerol, Bordeaux, France

Most expensive wine: Château Petrus

Average case price: £30,655

Ten-year performance: +61%

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

7. Le Pin – Pomerol, Bordeaux, France

Most expensive wine: Le Pin

Average case price: £27,957

Ten-year performance: +78%

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

8. Krug – Champagne, France

Most expensive wine: Krug, Clos du Mesnil

Average case price: £16,027

Ten-year performance: +123%

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

9. Giacomo Conterno – Piedmont, Italy

Most expensive wine: Giacomo Conterno, Barolo, Monfortino Riserva

Average case price: £11,651

Ten-year performance: +183%

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

10. Henschke – Eden Valley, Australia

Most expensive wine: Henschke Hill of Grace

Average case price: £8,205

Ten-year performance: +148%

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

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

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Is Champagne’s investment market bouncing back?

Krug Champagne vineyard

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

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

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

Champagne’s market performance

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

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

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

Of these 50 reference-point wines:

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

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

Champagne fine wine indices

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

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

Early signals for a recovery cycle

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

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

Champagne’s investment appeal

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

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

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

See also: Champagne Investment Report 

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

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

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

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

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

The macroeconomic backdrop: volatility returns

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

Reignited trade tensions

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

Subdued Asian demand 

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

Monetary pressures impact

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

A tepid Bordeaux En Primeur campaign

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

Liv-ex indices reflected the climate:

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

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

Regional performance – H1 2025

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

best performing wine regions half 1 2025

The best-performing region: the Rhône

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

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

The worst-performing regions: Bordeaux, Burgundy and California

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

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

H1 2025 top performers: the outliers that defied the trend

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

best performing wines half 1 2025

Insights from the standouts

The Rhône leads with Chave’s Hermitage

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

Sweet wines surged

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

US cult wines hold their own

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

Champagne’s prestige cuvées still sparkle

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

Key takeaways for investors

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

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

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

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

Selectivity as the strategy for H2 2025

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

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

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

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

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

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Bordeaux wine labels: role in wine investment?

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

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

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

Classic Left-bank style: Château Margaux, First Growth

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

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

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

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

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

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

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

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

Historic story: Château Beychevelle, Fourth Growth

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

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

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

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

Bold and colourful: Château Lafon-Rochet, Fourth Growth

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

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

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

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

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

Dignity and blossoms: Château La Conseillante

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

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

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

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

See also our Bordeaux I Regional Report. 

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