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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 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 wine 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, Harlan Estate, 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 are the key ingredients behind eye-watering price tags. In the upper echelons of the market, a handful of estates consistently command staggering values  –  whether due to microscopic production, historic vineyard sites, or legendary performances at Christie’s and Sotheby’s auctions. Many of these benchmark producers have earned cult-like status, making their bottles of wine some of the rarest luxury assets in the world.

Quick highlights

  • These ten producers represent the highest average bottle prices in the world, based on auction records, secondary-market performance, and long-term price appreciation.

  • Many of the wines on this list are produced in tiny quantities, making them some of the rarest wines in the world and highly sought after by collectors.

  • Several estates have shown exceptional investment returns, with Burgundy and Piedmont leading global price performance over the last decade.

In this 2025 refresh, we explore the world’s most valuable wine brands – benchmark estates whose bottles of wine continually reinforce their place at the pinnacle of luxury and investment potential.

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

Costliest wine: Domaine de la Romanee-Conti, Romanee-Conti Grand Cru 

Average case price: £212,246

Ten-year performance: +138%

Often referred to as the Holy Grail of wine, DRC sits at the pinnacle of global fine wine. Its Grand Cru vineyards – including La Tâche, Richebourg, and Romanée-St-Vivant – produce some of the rarest wines in the world, but it is the Romanée-Conti monopole that commands the highest prices. A single bottle can surpass £100,000 at auction, with the record set at a Christie’s auction in 2018, when a 1945 vintage sold for $558,000 (£422,663). This remains one of the most expensive bottles ever purchased.

2. Liber Pater – Graves, Bordeaux, France

Average case price: £142,237

Ten-year performance: N/A

Liber Pater has rewritten the rulebook on rarity. Producing only a few hundred bottles per vintage using pre-phylloxera varietals and ancient winemaking techniques, the estate has become one of the most controversial names in fine wine. Loïc Pasquet’s mission to revive Bordeaux’s historical identity has resulted in some of the priciest wines in the world – but he famously restricts resale. As Pasquet puts it: ‘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%

Under the leadership of Lalou Bize-Leroy, Domaine Leroy produces Burgundy’s most meticulously farmed biodynamic wines. 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

Top 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

Average case price: £37,466

Ten-year performance: +84%

California’s most famous cult wine and one of the rarest wines in the world, Screaming Eagle Cabernet Sauvignon is available almost exclusively via a fiercely protected mailing list. At auction, bottles can reach astonishing levels: at the Napa Valley Auction in 2000, a 6-litre bottle of the 1992 vintage sold for $500,000 (£378,815). Its combination of scarcity, critical acclaim, and celebrity demand has cemented it as the crown jewel of American fine wine.

6. Château Petrus – Pomerol, Bordeaux, France

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

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

Priciest wine: Krug, Clos du Mesnil

Average case price: £16,027

Ten-year performance: +123%

Krug sits at the top of the Champagne hierarchy. While its Grande Cuvée is a staple among collectors, the single-vineyard bottlings – Clos du Mesnil (Chardonnay) and Clos d’Ambonnay (Pinot Noir) – are among the most expensive Champagnes on the market. With just over one hectare of vines and extremely limited production, Clos du Mesnil rivals the world’s greatest white wines in both prestige and investment potential.

9. Giacomo Conterno – Piedmont, Italy

Top 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

Costliestpr 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.

A final word

From Burgundy’s legendary monopoles to Napa’s cult Cabernet and Bordeaux’s Right Bank icons, these estates represent the pinnacle of fine wine. Whether you’re seeking a particularly rare wine, a historically significant bottle once adored by collectors like Thomas Jefferson, or simply exploring the most prestigious wines in the world, these producers remain foundational pillars of any serious investment portfolio.

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.

FAQ: The World’s Most Expensive Wine Brands

What makes a wine brand so expensive?

A combination of factors drives high prices: tiny production volumes, unique terroir, historic vineyards, consistent critic acclaim, and strong performance on the secondary market. Provenance and auction history also play major roles.

Which wine has sold for the highest price at auction?

One of the highest recorded prices is the 1945 Domaine de la Romanée-Conti, which sold at Christie’s for $558,000. Other icons like Château Lafite Rothschild, Petrus, Cheval Blanc, and historic bottles linked to famed collectors have also achieved extraordinary auction results.

Are expensive wines a good investment?

Top-tier wines from Burgundy, Bordeaux, Champagne, and Piedmont have shown strong long-term performance, with several producers on this list achieving triple-digit growth over the past decade. However, liquidity, vintage selection, and provenance are crucial.

Do red wines or white wines dominate the luxury market?

Red wines remain the dominant force at the top end of the market – Burgundy, Bordeaux, Napa, and Piedmont lead in both value and volume. However, rare white wines such as Krug Clos du Mesnil, DRC Montrachet, and elite German Riesling can reach equally impressive price tags.

How can I buy bottles from these estates?

Fine wine merchants, private client brokers, and trusted investment platforms like WineCap can help source rare wines from benchmark producers, often with verified provenance and storage.

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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.

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Lower En Primeur volumes: Bordeaux estates explain

The nature of Bordeaux’s En Primeur campaign varies each year depending on growing conditions and market forces. However, one aspect is emerging as a strong trend across vintages: volumes released during En Primeur are decreasing.

WineCap spoke with prominent Bordeaux producers for deeper insights into the reasons for this pattern.

  • Interviewed châteaux release between 60% and 90% En Primeur.
  • Rising temperatures and organic farming reduce yields and En Primeur offerings.
  • Châteaux need to consider both on- and off-trade customers.
  • Climate change necessitates holding wine for style, and brand preservation in future.
  • Competition to produce the highest quality reduces volume.

Decreased production and adaptable approach

Several producers WineCap interviewed explained that, in addition to the variable vintages typical of the Bordeaux region, global warming and changing vineyard practices are lowering yields.

Château Pichon Comtesse, Second Growth, Pauillac

Nicolas Glumineau, CEO and winemaker, recognised lower yields and wine volumes in recent years as contributing to the changing dynamics of the En Primeur system.

‘For Pichon Comtesse, it’s not due to the fact that we want to retain more volumes here in the cellars,’ Glumineau told WineCap. ‘I really do believe in the En Primeur system, despite seeing less and less volume of wine released this way. Volumes released have gone down because of lower yields over the last ten to 15 years. Still, I want to play the game of En Primeur, so that’s why we release something like 80% of our production every year’.

Château Smith Haut-Lafitte, Grand Cru Classé, Graves

Florence Cathiard, co-owner with her husband Daniel of Château Smith Haut-Lafitte, said that low yields influenced their decisions to reduce En Primeur volumes but commented that it was possible some maneuvering occurred.

‘For us, it’s not voluntary. It’s because of organic certification, which means we tend to have too low volumes,’ she said. 

Château Margaux, First Growth, Haut-Médoc

‘The En Primeur volume, of course, is lower than ten or 20 years ago because the yield is much lower than before. Also, we are much more demanding in our selection for Château Margaux. So the total volume of Château Margaux has decreased tremendously,’ managing director, Philippe Bascaules, told WineCap. ‘That said, the quantity of En Primeur hasn’t changed a lot. Depending on the vintage, we can sell 70% to 85% of the production’.

Bascaules emphasised that it was the level of the yield and strict selection for quality control, rather than the house’s reluctance to participate, that created an impression of reduction. ‘En Primeur is very important for us’.

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

‘At Château Pavie, we haven’t really changed the policy of let’s release less wine or let’s release more wine,’ Olivier Gailly, commercial director, said. ‘We adapt vintage to vintage. There is no strict rule as to what we want to release; the percentage might change vintage after vintage, depending on the dynamic of the market and of the vintage itself’.

Château Clinet, Pomerol

‘I think the main reason for the reduction in En Primeur volumes is the fact that sustainable viticultural practices reduce the volumes made per producer,’ Ronan Laborde, managing director and owner, explained.

‘Also, there is a strong competition to produce the best wine possible. You cannot do this with high volumes. So that’s why you also see more and more Bordeaux wine producers offering second wines or sometimes third wines. So, the quantity produced on the first wine is reduced. I think these are the two main reasons why the En Primeur volumes that are offered seem to be smaller than in the past’.

Customer choice

While some Bordeaux producers have a flexible strategy to their En Primeur releases, others believe that such versatility can have drawbacks, and that producer marketing and client demand should dictate stability in decision-making.

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

Ferréol du Fou, commercial director of Troplong Mondot, described lowering En Primeur quantities as ‘a huge mistake’, citing customer appetite as a key driver to the house’s stance.

‘Our strategy is to release 80% of the production every year, even if production is low. People need wines, and we need to show the label to the world. En Primeur is a way to offer a good deal for the consumer’.

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

Julien Barthe, who co-owns Château Beau-Séjour Bécot with his wife Juliet, has a similar position.

‘I think it’s a big mistake for many châteaux because they want to increase their prices, so they deliver a small volume. I really don’t think it’s a good way to promote your wine,’ he told WineCap. ‘This is not the case at Beau-Séjour Becot. We release around 85% to 90% of our production every year because we want to offer a good number of bottles to all our clients. We want to say ‘thanks, guys, you buy my wine, we are happy, we will be happy when you drink this wine’’.

Château Pichon-Longueville Baron, Second Growth, Pauillac

Christian Seely, managing director of AXA Millésimes, which owns Château Pichon-Longueville Baron, also believes that offering customers options is crucial, even if this involves holding a substantial amount of stock.

‘We release about half of our production of Grand Vin En Primeur, and we keep the other half back for a number of years,’ he said. ‘The reason we do that is that it gives our customers two options; if they want to buy En Primeur, they can. If they don’t feel like buying En Primeur and would like to come back and buy the wine from the property five years later, we still have stocks of wine for them here. The chances are it’s going to be a little bit more expensive a few years later, but it would have been kept in the perfect location at the property. So, by doing half En Primeur and half stock available at the château, we feel that we’re offering our customers the choice’.

Châteaux traditional commercial activities

An important influence on En Primeur release quantities for several chateaux is retaining volumes to maintain established business activities on site and throughout on- and off-trade networks.

Château Beychevelle, Fourth Growth, Saint-Julien 

Philippe Blanc, general manager of Château Beychevelle, stressed to WineCap that the house took local customers into account when making decisions about what levels of wine to release En Primeur.

‘We don’t play the scarcity game, we play the game of En Primeur’, he said. ‘We’ve got over 100 negociant customers, which is a lot, and we sell 85% of our production En Primeur. Before 2016, we were selling 95% or 96%, which is extremely high. We were frustrated to not have any volumes of available wines for doing anything. For example, if tomorrow you decided you wanted to have an event with us, we could make an event because we always have enough wine for drinking, but we have no wine for selling. It was a bit frustrating for us and the merchants here or abroad when they asked for, say, five cases of wine for customers, and we had no wine. So, we decided to decrease the shares sold En Primeur to 85%.’

Blanc went on to explain that, while there had been a decrease in En Primeur volumes, there was no intention to go lower. ‘And why are we so dedicated to En Primeur? Beychevelle, as you probably know, is a wine which increases its value over time, and our golden rule is that the Primeur price is the lowest you can get. We could say, okay, keep more, because the price will go up, but we don’t want this policy, because setting the price at a more reasonable level makes it possible to sell it to the traditional market. So, we stick to that.’

Château Canon, Premier Grand Cru Classé, Saint-Émilion

Nicolas Audebert, winemaker and general manager of the Saint-Émilion estate, has the same perspective on En Primeur with the house operating within its framework. It also considers the on-trade environment when making decisions about wine proportions for the annual campaign.

‘We consider that the En Primeur moment and campaign are extremely important, and we play the game. We do not put a small volume in En Primeur,’ he told WineCap. ‘Of course, we keep some volume here at the chateau to be able to have wine for the next 20 years, to have wine for the bibliothèque, and be able to do fantastic tastings 80 or 100 years from now.’

The chateau puts a minimum of 70% of the production, every year, En Primeur, with Audebert describing it as a ‘fantastic time where everybody’s looking at Bordeaux’ and ‘a win-win for the consumer and for us’.

Château Cheval Blanc, Saint-Émilion

At between 60% and 70%, Pierre-Oliver Clouet, winemaker and the technical manager at the Right Bank house, sometimes commits even lower amounts than peers to the En Primeur campaign.

‘We keep around one-third of our crops to sell in five, ten, or 15 years, to have an opportunity to provide some bottles to restaurants, wine shops, or distributors who don’t have the opportunity to have storage. We alter the model a little between two-thirds En Primeur and one-third available for the market – ready-to-drink, in fact’.                                                                

Wine heritage

For Cos d’Estournel, the annual En Primeur allocation decision relates to the house’s legacy: mitigating the impact of climate change on the classic and recognisable style of the house’s wine is of prime concern.

Cos d’Estournel, Second Growth, Saint-Estèphe

‘Well, in terms of En Primeur, the volumes are quite different compared to before because before, the context was different,’ commercial director Charles Thomas told WineCap. ‘Twenty, 30, or 40 years ago, when you couldn’t sell your wine, you would sell all your wine if you could. Also, when you look at global warming, the style of wine could be a bit different in 20 years. So, in terms of style, it’s also quite important to keep some wine that we make now and to be able to release it later on.’

See also our Bordeaux I Regional Report. 

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Bordeaux En Primeur 2024: critic scores and best releases

  • There have been some notable releases in a quieter En Primeur campaign. 
  • All of the top releases have represented the best entry point into their respective brands in the last decade. 
  • Critics have emphasised selectivity in a challenging vintage.

One month in since the start of the Bordeaux 2024 En Primeur campaign, which seems to be nearing its end, we look at critic scores and price trends to evaluate the best releases.

What the critics are saying

After the Wine Advocate’s William Kelley called Bordeaux 2024 ‘the weakest vintage of the last decade’, other critics have echoed his concerns with greater nuance. 

For Jane Anson, ‘the vintage was better than expected […] and clearly better than, for example, 2013 – and 2021 in the best cases.’

Meanwhile, Antonio Galloni (Vinous) observed: ‘The 2024s are all over the place in terms of quality and style, so readers will have to be selective. Within that context, the very best wines have a lot to offer.’ His ‘magnificent eight’ were Beychevelle, Clos Puy Arnaud, Cos d’Estournel, Jean Faure, Larcis Ducasse, Lascombes, La Conseillante and Rauzan-Ségla.

Neal Martin concluded his report, arguing that 2024 is ‘the ideal vintage for a reset’. He noted that ‘given the obstacles placed along the growing season, any 2024 that scores above 90 points is a success’. Martin’s highest barrel range was 96-98 points for La Mission Haut-Brion Blanc. Among the reds, his top wines with 95-97 points were Lafite Rothschild, Trotanoy, Lafleur and Vieux Château Certan.

The state of the market

As Bordeaux continues to lose market share to other regions, and fine wine prices overall are in a correction phase, releasing En Primeur has only worked with heavy discounts. We spoke with leading producers on how they determine their release prices, with strategies ranging from consulting négociants  and importers, and weighing in volumes and vintage quality. 

In his report, Martin speaks of the following reality: ‘There is no saviour riding over the horizon, no emerging country of insatiable Bordeaux-lovers, all against a backdrop of a vine-pull scheme […] and the fact that Bordeaux is wrestling with an image crisis.’ 

The solution? He goes back to the beginning of his career, when ‘off-vintages in the mould of 2024 would be discounted, and […] nobody lost face, including the grandest châteaux, and crucially, it kept the primeur system flowing, bottles passing through the distribution chain to the all-important final consumer’.

Within this context, we look at the releases that have worked so far – where pricing has aligned with trade and consumer expectations, and has offered a window for long-term profitability. 

Best En Primeur releases to date

One of the standout releases of the campaign has been First Growth Château Lafite Rothschild.

The 2024 vintage emerged as the most attractively priced Lafite in recent memory. In fact, only one other vintage from the past 40 years comes within 25% of its release price. Even lower-rated vintages like 2013 and 2007 – both released before the transformative investments that elevated Lafite’s quality – now trade at considerably higher levels.

Much like Lafite, the 2024 Mouton Rothschild represents a rare opportunity. It is the best-priced Mouton vintage currently available on the market. Adjusted for inflation, only one other vintage in the last two decades compares in affordability. 

Moreover, Mouton has been the best-performing First Growth over the last five years, while also being Wine-Searcher’s most searched-for wine globally. 

History shows that these ‘less celebrated’ vintages often outperform their more hyped counterparts. For both Lafite and Mouton, vintages such as 2007, 2008, 2013, and 2014 have significantly outpaced the more acclaimed 2009, 2010, or 2016 in price performance.

Another notable performer is Calon Ségur. While it may have flown slightly under the radar, its 2024 release represents the best entry point into the brand in over a decade. Calon has built a strong reputation among critics, frequently earning 95+ scores from Wine Advocate and Vinous. 

Its investment credentials are equally impressive: between 2015 and 2023, Calon prices surged more than 80%. Even with recent market dips, our Calon Ségur index remains 75% higher than it was ten years ago – making it one of Bordeaux’s most dynamic performers.

Looking for more? Read our Bordeaux Regional Report.

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Mixed signals: correction continues but top wines prove the exception

  • Despite a broader market correction, some fine wines have risen over 10% year-to-date. 
  • The top-performers are united by their strong value proposition. 
  • The 2024 En Primeur is all about momentum and timing, given the mixed quality and the availability of well-priced older vintages.

Despite a broader market correction – with the Liv-ex 1000 index declining 2.1% year-to-date – select fine wines have demonstrated remarkable resilience. A closer look at Q1’s top performers reveals a diverse spread across key wine regions: Bordeaux, Piedmont, the Rhône, and Burgundy.

The best performing wines

The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%. The long-term trajectory of the brand has been upwards, with a 54% rise in value over the past decade.

The second spot was taken up by Pichon Baron 2013 with a 22.6% rise. Often overlooked due to the vintage’s cooler weather, it now stands out for its relative value and strong long-term potential. Over the past ten years, the brand’s prices have climbed by 58% on average.

From the Northern Rhône, Guigal’s La Landonne secured two spots on the leaderboard: the 2012 vintage rose 11.1%, while the 2014 – 10.6%. Across the past decade, the La La wines have appreciated by 47%, affirming their iconic status among Rhône collectors.

From Barolo, the 2001 Bruno Giacosa Serralunga d’Alba made the top ten with a 21.2% rise, showcasing continued demand for aged, cellar-ready Nebbiolo from one of Piedmont’s most revered producers.

Regional trends: pressure persists

While these individual wines bucked the trend, broader regional indices tell a more sobering story. Both Burgundy and Bordeaux, the primary pillars of the fine wine market, fell by 2.9% in Q1. Even regions that showed resilience – such as the Rhône, which rose 1.1% in March – remain down overall for the quarter.

This pattern underscores the current investor mindset: cautious, value-driven, and increasingly selective.

2024 En Primeur: momentum and timing

The 2024 Bordeaux En Primeur campaign has landed in challenging terrain. With the market in retreat and the specter of new U.S. tariffs, producers have had no choice but to re-evaluate pricing strategies. The first releases came in below last year’s prices, and before critic scores were published.

While these adjustments reflect an awareness of the macroeconomic environment, price cuts alone don’t guarantee demand. Investors are weighing these new offers against older vintages available at comparable – or better – value.

The swift pace and early start of this year’s campaign echo the successful 2019 En Primeur release, which capitalised on momentum and timing. However, given the mixed vintage quality and volatile market, strategic selectivity is more essential than ever.

Looking for more? Read our Q1 2025 Fine Wine Report.

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Wine Advocate’s top-scoring Bordeaux 2024 wines

  • William Kelley defines Bordeaux 2024 as the ‘weakest vintage of the last decade’.
  • The vintage is characterised by challenges – weather and economic. 
  • Kelley’s top three wines achieved a barrel range of 94-96 points.

The Wine Advocate was among the first to release their Bordeaux 2024 En Primeur report last week, with William Kelley calling it the ‘weakest vintage of the last decade’. The report, titled ‘Ripeness is all’, highlights the challenging weather conditions and the growers ability to time the harvest, which played a crucial role in the making of the best wines. 

The style of the vintage

For Kelley, 2024 is not a Left or a Right Bank vintage; he argued that it ‘can only be understood on a producer basis’. 

For him, it is ‘more of a throwback, exhibiting flavors more familiar from the decade of the 1990s than more recent years’. The best wines show ‘the estate signature’ style and possess a ‘strong identity’. 

Kelley explained that ‘the most compelling 2024s are intensely flavored middleweights with good structure and energy, exhibiting integrated acidity and ripe tannin’.

‘A handful of wines, often thanks to a riskily late harvest and generally from early-ripening sites, even possess a density and mid-palate amplitude that transcends the year and which will render them hard to identify in blind tastings a decade from now’, he continued.

To achieve these results, terroir was crucial: ‘better-drained, earlier-ripening plots fared best’ in a year defined by cold and rain. Sorting was important too but only for fully ripe grapes.

Vintage challenges

Bordeaux 2024 will go down in history as a challenging vintage – first, due to the weather, and second, the macroeconomic context, including the waning sentiment towards the En Primeur system.

When it comes to the weather, it was a year of negative records. Kelley noted that ‘March-May saw 35% more rainfall than the 20-year average, making 2024 the third wettest spring recorded, after 1979 and 2008’. This delayed flowering, leading to uneven ripeness within bunches, which could have only been mitigated by patience. 

Rain and falling temperatures in September presented more obstacles – botrytis, and slower degradation of acidities and pyrazines. Many producers were quick to harvest – often underripe grapes; those that dared to wait gained ‘mid-palate amplitude and degrading pyrazines in the process, even if analytical maturity alone registered little change’.  

Now that the vintage is being released onto a downward market, Bordeaux is facing mounting pressure. In his report, Kelley wrote: ‘An excellent vintage at a very fair price might perhaps have been capable of reigniting some interest in en primeur, but it seems unlikely that 2024, beyond a handful of châteaux, will be able to achieve that.’

He concluded that ‘if Bordeaux rides high in good times, it is unavoidable that the region should also experience market lows particularly acutely. Bordeaux will be back, of course, it’s only a matter of time.’

Selectivity is key

Given this vintage background, strict selectivity when purchasing Bordeaux 2024 will be key. Beyond pricing, which has to be fair in the context of older vintages, critic scores play an important role. 

Kelley’s highest score for this vintage was a barrel range of 94-96 points, which went to three wines: Cheval Blanc, La Conseillante and Pontet-Canet (released on 23 April).

Of the three, La Conseillante has been the best price performer on a brand level, rising over 70% in value over the past decade, and considerably outperforming the broader Bordeaux market. 

For Kelley, these three wines were the ‘stars of the vintage’. For Cheval Blanc, he explained that ‘Pierre-Olivier Clouet and his team conducted an aggressive green harvest and also, exceptionally, used densimetric sorting to mitigate heterogenous maturity between and within bunches, accepting losses to rot in pursuit of full maturity.’ 

Sorting was also strict at Conseillante, which is ‘a blend of 80% Merlot and 20% Cabernet Franc that produced 22 hectoliters per hectare after extensive sorting’.

When it comes to Pontet-Canet, Kelley said that the final wine ‘underlines the fact that daring to harvest late paid dividends in this challenging vintage, wafting from the glass with aromas of cassis, black raspberries and plums mingled with accents of rose petals, licorice and exotic spices.’

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.