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A year in review: 2025’s top wine investment trends

DRC fine wine bottle

In our final summary of the year, we look back at 2025’s top wine investment stories, from the impact of US tariffs on regional demand to market stabilisation and improvement in the second half of the year.  

Key themes:

WineCap’s round-up of 2025’s top stories presents a picture of a fine wine market that is showing signs of renewal following three years of downturn. Annual UK and US wealth reports reaffirmed fine wine’s growing position in diversified portfolios, despite tariff threats, restrained En Primeur activity, and uneven regional performance influencing sentiment. Early indicators of stabilisation in key regions and vibrant critic endorsement point to a transitioning market, laying foundations for fresh momentum.

UK and US wealth reports predict third-year rise in wine investing 

For the third year running, the year-start WineCap wealth outlook was positive. Predictions of rising demand for fine wine gradually bore out over an uncertain year. 

A combined 95% of wealth managers in the UK and the US said that fine wine would remain a top-performing collectible despite political uncertainty and shifting interest rates. Across both countries, fine wine was seen as one of the best alternative investments, outperforming other luxury assets such as art, watches, whiskey, and handbags.

In the UK, the trend was driven by investors seeking tax efficiency, stability, and diversification benefits, with wine increasingly appearing in higher-risk portfolios and retirement planning.

Factors increasing demand for fine wine investment table

Meanwhile, in the US, the trajectory was similar, with protection from currency volatility an additional attraction of fine wine investment.

 

Benefits of fine wine investment pie chart

Wealth managers from both sides of the Atlantic noted that the proportion of younger, data-driven investors entering the market continues to rise, and an overall shift in fine wine evolving into a broader wealth-building strategy rather than a niche passion.

Key points

  • At the start of the year, 95% of UK and US wealth managers felt positive about fine wine investment.
  • Fine wine is appearing in higher-risk portfolios.
  • Fine wine is moving from specialist investment interest to mainstream strategy.

Trump tariffs bring uncertainty to fine wine market 

With Donald Trump’s return to the White House at the beginning of 2025, the new administration posited fresh economic policies, including the threat of 200% tariffs on alcohol from the EU. The announcement sent a chill through the fine wine market: buyers paused, demand slipped, and prices softened as investors temporarily redirected capital toward equities, property, and currency.

Yet alternative assets held firmer than expected. WineCap’s UK and US Wealth Reports showed that 58% and 74% of respondents respectively continued to view assets such as fine wine as attractive stores of value.

Stability returned in July 2025, when the US and EU agreed to a far more measured 15% tariff on European exports. With clarity restored, buyers re-entered the market – particularly in regions initially hit hardest, such as Champagne and Spain, which were among the first to rebound.

Key points

  • Trump’s EU alcohol tariff threat initially dampened market activity.
  • WineCap wealth reports indicate fine wine remains attractive regardless of the political climate.
  • Tariff consolidation in July saw US buying demand return, especially in the most impacted regions like Champagne and Spain.

Subdued Bordeaux 2024 En Primeur campaign

The annual Bordeaux En Primeur 2024 campaign launched towards the end of April against the background of a cautious market, triggering 20-30% price cuts in the leading French wine region in an attempt to increase demand. With Bordeaux’s global market share losing ground and a general correction in fine wine prices, discounting was a key driver of sales, over vintage (regarded as uneven) and brand. This approach increased access to rare-value opportunities in Bordeaux wine, most notably for First Growth estates, Lafite Rothschild and Mouton Rothschild. The 2024 vintage proved a strong year for white wines, with Haut-Brion and Domaine de Chevalier among the standouts.

Chateau Mouton Rothschild wine performance bar graph

Key points

  • Critics noted that Bordeaux 2024 was the perfect vintage for a reset. 
  • En Primeur demand was soft and price cuts were necessary.
  • First Growths Lafite and Mouton Rothschild were among the campaign’s biggest successes.

Early signs of stabilisation in Champagne and Italy

After two years of consistent declines, the fine wine market hinted at an early reversal in the second half of 2025, with Champagne being the first region to indicate a small upturn, in its first month-on-month gain in a year in June. With the majority of leading vintages of Champagne brands like Dom Pérignon, Cristal, Salon, Krug, and Taittinger flatlining for at least six months, a welcome phase of consolidation was indicated. 

Champagne’s strong recognisability, cellaring capacity, and relatively accessible entry points have positioned it well for a return to growth. Indeed, the region showing resilience throughout the second half of 2025. The Rhône also saw stronger demand, while “off” vintages in Bordeaux trended in a region that, alongside wine from Burgundy, showed signs of finding its bottom.

Momentum characterised the Italian fine wine market too, with the Tuscan region gaining traction as investors looked to Brunello and Super Tuscans like Sassicaia, Ornellaia, and Masseto. Performance for key Piedmont wines, however, remained softer. This was due to owing to investor preference for regions with wider international recognition and greater liquidity in the current economic climate. In California, global demand and strong branding fuelled rising interest for labels such as Opus One and Screaming Eagle.

Key points

  • Fine wine reversal indicated after two years of decline.
  • Champagne and Tuscany were the first to turn positive. 
  • Bordeaux “off” vintages stood out, while strong branding drove demand for Champagne and California’s cult wines.

La Place: strong global reach meets soft sentiment

In September, the 2025 La Place campaign continued its steady expansion beyond French Bordeaux wines with more than 130 labels also representing emblematic estates from Tuscany, California, Chile, Argentina, and Australia, released through the prestigious distribution network. This year’s campaign unfolded against a backdrop of economic ambiguity and a softer fine wine market environment. This naturally led to strategic price cuts. Overall, La Place 2025 underperformed, but this signalled a cautious stance in the market rather than decline.

Key points

  • La Place continued to reflect global quality.
  • Strategic price cuts were a key feature of this campaign.
  • Campaign lagged, but the reason was mostly tied to general market mood and macroeconomic factors. 

Record fine wine auctions in 2025

Against a backdrop of renewed regional stability in the fine wine market in the second half of the year, several record auctions hit the headlines. While multimillion-dollar sales from the likes of William I. Koch ($28.8mln) and Jacqueline (de Rothschild) Piatigorsky ($11.16 mln) displayed appetite for provenance and iconic vintages, they did not reflect the core secondary market. However, analytical investors could detect long-term demand for blue-chip wines and micro-trends in these auction results.

More reliable signals came from the 2025 Hospices de Beaune auction, which achieved €18.75 million, the third-highest total in its 166-year history. Robust bidding for top cuvées – notably the Bâtard-Montrachet Grand Cru “Cuvée Dames de Flandres” at €400,000 per barrel and the Pommard Premier Cru Les Rugiens President’s Barrel, also at €400,000 – confirmed the market’s persistent confidence in Burgundy terroir and mature premium whites. These results paralleled broader trends seen throughout the year with a decisive pivot towards established producers and investment-grade appellations.

Nevertheless, headline auctions hint at fine wine market sentiment at the very top end like DRC and Petrus. They do not reflect the reality of the investment market as a whole. Auction headlines offer pointers to appetite for particular fine wine segments, but data-driven portfolios continue to cultivate the potential for sustainable returns.

Key points

  • Several record-setting fine wine auctions took place in 2025, including a landmark Hospices de Beaune sale.
  • Strong results confirmed appetite for established estates and iconic vintages, but did not reflect the broader market dynamics.
  • A diversified investment portfolio goes beyond the headline-grabbing names to good value alternatives with strong growth potential.

First positive gain for the fine wine market in Q3

The fine wine market started to stabilise in Q3 as global economic sentiment improved and the anticipation of steady rate cuts supported alternative assets. Regions that led this early-stage market equilibrium were Champagne, the Rhône, notably with Domaine du Vieux Télégraphe, Tuscany, famous Napa wineries in California, and First Growth Bordeaux.

In the final months of the year, these regions continued to show resilience. Scarcity, selectivity, and estate reputation drove returns. This phase is signalling a market that is bottoming out and poised for gradual recovery, offering attractive entry points for medium- to long-term investors.

Key points

  • Fine wine market stabilised in H2 2025.
  • Champagne, the Rhône, Tuscany, California, and Bordeaux showed resilience.
  • This laid the ground for positive market movement.

Bordeaux 2022 dominates critics’ top wine choices

The year neared its end with the 2025 global critic rankings highlighting the fine wine market’s increased diversity. Top choices spanned with Bordeaux, California, Italy, South Africa, Etna, Central Otago, and Beaujolais. Bordeaux 2022 was the star region and vintage as Château Giscours, Château Beau-Séjour Bécot, and Château d’Issan earned top positions from Wine Spectator, Vinous, and James Suckling. The selection bolstered Bordeaux’s market significance despite the challenges the region has been facing. Alongside Bordeaux’s success, Italy and New World regions shone (particularly Californian cult labels and South African wine brands), pointing to a rise in quality across the wine world.

Wine Spectator's top 5 wines 2025

Key points

  • Annual critic ratings featured fine wine regional diversity.
  • Bordeaux 2022 was a leading choice across rankings.
  • Quality in New World wines indicated by the rising number of listings.

2025’s top-performing wines

The strongest performers of 2025 were concentrated in a few key regions. The Rhône dominated with 50% of the top movers, followed by Burgundy (30%), Tuscany (10%), and Sauternes (10%). Château Rayas led the rankings, with two vintages taking the year’s top spots. Rayas prices have been particularly volatile following the passing of Emmanuel Reynaud in November. A similar market reaction occurred after the sudden death of Jacques Reynaud in 1997, whose tenure from 1978 cemented Rayas’ reputation as one of the Rhône’s modern icons.

Momentum extended across the Rhône more broadly. E. Guigal’s Cote Rotie Chateau d’Ampuis  2019 climbed 40%, while Paul Jaboulet Aîné’s Hermitage La Chapelle Rouge 2014 gained 35%.

In Burgundy, DRC La Tache 2018 emerged as the region’s standout, up nearly 37% over the year. Tuscany’s top performer was Soldera Casse Basse, which rose 36% and continues its long-term outperformance. Over the past decade, Soldera prices have risen an exceptional 224% – well ahead of the Super Tuscans.

2025 top-performing wines table

Key points

  • The Rhône dominates the list of 2025’s top-performing wines.
  • Château Rayas prices are rising sharply following the death of Emmanuel Reynaud.
  • Soldera Case Basse is Italy’s top performer of 2025 and continues to outperform the Super Tuscans over the long term.

Q4 2025: recovery precedes diversification 

By the final quarter of 2025, the fine wine market had begun to emerge from its most prolonged downturn in over a decade. The recovery remains uneven and cannot yet be described as a full rebound. However, underlying indicators suggest that the foundations for 2026 are firmer than at any point since the correction began.

Prices have stabilised, liquidity has improved, and several leading brands have now posted consistent monthly gains. Importantly, the early recovery has been measured rather than speculative, encouraging renewed participation from both private collectors and wealth managers.

Brand-level movements in late 2025 reinforced this early momentum. Many of the world’s most recognisable estates – across Bordeaux, Champagne, and the Rhône – posted modest but steady price increases, while over half of the most traded wines globally, finished November in the positive territory. A handful of standout performers, including top Bordeaux châteaux, iconic Rhône bottlings, and prestige cuvée Champagnes, delivered some of the strongest month-on-month rises seen all year. Not every segment moved uniformly: a number of cult California and Piedmont labels continued to ease back, underlining that different regions and vintages are still finding their floors at different times. The picture is stabilising, but it remains nuanced.

This complexity will define the transition into 2026. Investors should expect a market composed of multiple micro-cycles, where pricing floors and recovery curves vary by region, style, and vintage. 

Key points

  • Q4 2025 saw stabilising prices and improved liquidity after the longest downturn in over a decade.
  • Over half of the most actively traded wines posted gains in November 2025.
  • Recovery remains uneven, with different regions and vintages finding pricing floors at different times.

Looking ahead to 2026

Looking ahead, diversity is likely to shape the next stage of recovery. As fine wine continued to evolve from into a mainstream portfolio tool, investors will broaden their focus beyond the blue-chips. This shift is supported by the industry’s accelerated modernisation. Expanded global distribution networks, higher transparency, sustainability initiatives, and improved data access are making fine wine more accessible. The sector still faces an image challenge, but meaningful innovation is helping to reshape perceptions.

While a sharp, v-shaped upturn remains unlikely, the groundwork for a slow, sustainable and more widely distributed recovery is now in place. For medium- to long-term investors, 2026 is expected to offer clearer opportunities, improved sentiment, and a more diversified set of growth pathways than the volatile years immediately preceding it.

Key points

  • Broader diversification, stronger branding, and industry modernisation will shape 2026.
  • A steady, sustainable recovery is more likely than a rapid rebound, offering attractive entry points for investors.

FAQs

What were the biggest fine wine investment trends of 2025?
The major themes of 2025 included tariff-driven market volatility, followed by stabilisation in H2. 

Did the fine wine market recover in 2025?
The market began to show early recovery in Q2 and delivered its first positive quarter since 2022 in Q3. Stabilisation strengthened in the second half of the year, although the recovery remains uneven across regions.

Why was 2025 a turning point for the fine wine market?
2025 marked a shift from a three-year downturn to early signs of renewal. Prices stabilised, liquidity improved, younger investors increased their participation, and strong critic support helped reinforce confidence in key regions.

Are US tariffs likely to continue impacting fine wine prices in 2026?
Tariffs remain a key factor to watch, but the market proved resilient in 2025. Wealth managers in both the UK and US still view fine wine as a strong inflation-resistant and diversification asset.

Which wines performed best in 2025?
The Rhône led performance, accounting for around 50% of the year’s top movers, followed by Burgundy, Tuscany and Sauternes. 

Why did Château Rayas prices surge in 2025?
Prices were highly reactive to the passing of Emmanuel Reynaud in November. This echoed the sharp price movements seen after Jacques Reynaud’s sudden death in 1997.

Which regions are expected to lead the 2026 recovery?
Champagne, Tuscany, Napa Valley, the Rhône and top-tier Bordeaux appear to be the clearest candidates for early momentum.

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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Q1 2025 Fine Wine Report

It has been a volatile start to the year, with President Donald Trump’s return to the White House unsettling global markets. The fine wine market continued its measured slowdown, yet optimism persists: wealth managers increasingly view fine wine as a strategic diversifier, with demand expected to rise in 2025. Q1 saw a cautiously successful Burgundy 2023 En Primeur campaign and a mixed round of spring La Place releases – headlined by the highly anticipated, 6×100-point Latour 2016.

This report explores the key trends that shaped Q1, from geopolitical tensions and shifting market sentiment to the top-performing wines and regional highlights.

Executive summary

  • Mainstream markets faltered:
    At the time of writing, the S&P 500 has fallen 7.2% year-to-date, Nikkei 225 dropped 20.5%, and crude oil is down 13.2%.
  • Fine wine prices dipped:
    The Liv-ex 100 declined 2.0% in Q1 2025. The broader Liv-ex 1000 index is down 2.1%.
  • Regional performance:
    Bordeaux and Burgundy were the weakest regions in Q1, each falling 2.9%. Italy continued to show resilience, down just 0.4%.
  • Top performer:
    The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%.
  • La Place spring campaign:
    Expanded further with new entrants. The Latour 2016, backed by six 100-point scores, stood out as one of the most successful and talked-about releases.
  • Looking ahead:
    The Bordeaux 2024 En Primeur campaign, the key fine wine event of Q2, faces heightened price pressure and buyer caution amid broader economic headwinds.

The trends that shaped the fine wine market

Escalating trade war tensions

One of the most disruptive forces in Q1 2025 has been the re-escalation of global trade tensions, largely stemming from President Donald Trump’s newly announced tariffs. The dramatic return to tariffs has created significant headwinds for global markets, and fine wine has not been immune.

Tariffs fluctuated rapidly. In early April, Trump declared 54% tariffs on Chinese goods imported into the US, a figure he raised to 125% just days later. In the same breath, he confirmed 20% tariffs on European goods, before abruptly announcing a 90-day pause on April 9th, during which tariffs for all non-Chinese countries were lowered to 10%. While this provided short-term relief to EU producers, the volatility has caused widespread uncertainty. 

One thing seems clear: the coming months will be pivotal, with trade developments likely to dictate sentiment and demand in key markets.

Markets under stress

In Q1 2025, mainstream financial markets experienced significant volatility, largely driven by the abrupt changes outlined above. The S&P 500 entered correction territory, declining over 10% from its February 19th high, before partially recovering in late March. The energy sector mirrored this instability. Oil prices plunged to a four-year low amid recession fears and heightened tariffs, only to rebound following announcements of tariff pauses. The rapid succession of policy shifts has led to a climate of uncertainty, making it difficult for investors to anticipate market movements.

Fine wine in Q1 2025

The fine wine market similarly felt the pressure. Prices fell 2% on average over the last three months. The broader Liv-ex 1000 index declined 2.1%, highlighting continued softness across the board. Regionally, Bordeaux and Burgundy were the weakest performers, each down 2.9%. Italy once again stood out for its resilience, declining 0.4%, thanks to consistent demand for top names and relatively stable pricing. The top performing wines in Q1 included Bruno Giacosa Barolo Falletto Vigna Le Rocche Riserva 2014 (72.1%), Château Léoville Barton 2021 (30.9%), and Château Rieussec 2019 (22.8%).

Pressure on En Primeur

The ongoing trade war comes at a particularly sensitive time for the Bordeaux 2024 En Primeur campaign, which is about to launch. The system has been under increasing scrutiny in recent years, with release prices often failing to offer meaningful value versus back vintages. The threat of added import costs, even if delayed, puts further pressure on producers and négociants to rethink pricing strategies. With confidence in En Primeur already eroding, this year’s campaign faces a delicate balancing act: justify pricing amid broader market weakness, or risk alienating already-cautious buyers.

Regional fine wine performance in Q1

Since the start of the year, fine wine prices across major regions have fallen 2.1% on average. While some regions experienced temporary increases – the Rhône bounced back by 1.1% in March – the majority were in consistent decline. Burgundy and Bordeaux – the two dominant market forces – fell the most, down 2.9% in Q1. 

Despite falling prices, Liv-ex noted that trade activity is rising – total trade volume and value were up on Q1 2024.

The best-performing wines

Q1’s top performers comprised a varied group from across Bordeaux, Piedmont, the Rhône, and Burgundy. The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%. Pichon Baron 2013 followed with a 22.6% rise. 

Two vintages of Guigal La Landonne also appeared in the rankings, the 2012 (11.1%) and 2014 (10.6%). 

From Barolo, the 2001 Bruno Giacosa Serralunga d’Alba made the top ten with a 21.2% rise in value over the past three months.

The spring La Place campaign

March saw just over 50 wine releases via La Place de Bordeaux, including new Burgundies, grower Champagne and big names like Promontory 2020, Ao Yun 2021 and Latour 2016. 

The latter was particularly notable as the first prime release to hit the market since the château abandoned the En Primeur system. The wine boasts a number of 100-points from major critics including Neal Martin, Antonio Galloni, Lisa Perotti-Brown MW, Jane Anson, Jeff Leve, and Tim Atkin.

The comparisons being made – to 1961, 1982, and 2010 – suggest the wine is already being framed within the estate’s historic lineage. What’s more, while the price reflects its stature, its positioning below recent back vintages like 2009 and 2010 suggests value for money.

In a campaign that highlighted the growing breadth of La Place, Latour served as a reminder of Bordeaux’s enduring ability to dominate the conversation, when it chooses to.

Fine wine enjoys resilient fundamentals and growing confidence

Beneath the surface of a softening market, confidence in fine wine as a long-term investment continues to strengthen. Our recent Wealth Reports released in Q1 revealed a clear trend in investor attitudes: 96% of UK wealth managers expect demand for fine wine to increase in 2025, underscoring its growing role in diversified portfolios.

This optimism is rooted in fine wine’s defining characteristics – low correlation to mainstream markets, long-term price appreciation, and intrinsic scarcity. While short-term volatility and trade disruptions have created a subdued environment, many see this as an attractive entry point. With prices off their peak, the market now offers a rare opportunity to access top names at more favourable levels.

Fine wine is increasingly viewed as a maturing asset class – one that rewards patience rather than speculation. As macroeconomic uncertainty continues to rattle equities and bonds, fine wine’s stability and resilience are drawing renewed attention from high-net-worth individuals and wealth advisors.

Q2 2025 market outlook

All eyes now turn to the Bordeaux 2024 En Primeur campaign – the most significant event in the fine wine calendar and a litmus test for buyer confidence in a fragile market. After a lacklustre few years, the system finds itself at a crossroads. Pressure is mounting for producers and négociants to reset expectations, as past campaigns have struggled to offer compelling value compared to back vintages already available on the secondary market. Adding to the challenge is the uncertain tariff environment. 

At the same time, there is cautious optimism. While prices across Bordeaux have softened, trade volume has increased – a signal that buyers are still engaged, albeit more selective. If producers respond with competitive pricing and clear value propositions, 2024 could mark a turning point for the campaign.

Beyond Bordeaux, Q2 is expected to bring continued price sensitivity, but also renewed interest from investors who see current levels as a buying opportunity. The long-term fundamentals remain intact: scarcity, brand equity, and an increasing role for fine wine in diversified portfolios. In short, while the market remains in a momentary phase of recalibration, Q2 may offer the first signs of recovery if the right tone is struck.

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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‘Snake’ wines for Chinese New Year

1989 Chateau Haut Brion wine bottle
  • 2025 marks the Year of the Wood Snake, with previous vintages under the same zodiac sign including 2013, 2001, 1989, and 1977.
  • The Chinese zodiac has traditionally had an impact on wine demand in Asia, which in turn affects the price performance of highly sought-after wines. 
  • We highlight the best regions and wines from past ‘Snake’ years.

The Chinese zodiac continues to influence fine wine trends in Asia, particularly around Lunar New Year. 2025 marks the Year of the Wood Snake, with previous vintages under the same zodiac sign including 2013, 2001, 1989, and 1977. Below we explore the best regions and wines from these ‘Snake’ years and their investment appeal.

The significance of the snake in Chinese culture

In Chinese tradition, the Snake symbolises wisdom, intuition, and elegance. The Wood Snake specifically reflects growth, creativity, and a steady rooted approach to success. These traits align well with the qualities sought after in fine wines: depth, complexity, and balance. Lunar New Year celebrations often include gifting wines that embody these ideals, making vintages from previous Snake years highly sought-after. 

Past ‘Snake’ vintages

2013

A cooler vintage in many wine regions, 2013 produced exceptional wines in Napa Valley, Burgundy and the Rhône. Burgundy excelled with refined reds and whites celebrated for their freshness and purity, with the best examples coming from notable producers such as Domaine de la Romanée-Conti and Comte Georges de Vogüé.

In Napa Valley, a warm, dry autumn contributed to standout Cabernet Sauvignon wines, including iconic labels like Opus One, Dominus, and Screaming Eagle earning high critical appraisal. These highly sought-after wines are likely to enjoy increased demand and rising prices in light of the year of the Snake. 

The Rhône also over-delivered in 2013, with M. Chapoutier’s Ermitage Le Pavillon and Guigal’s single-vineyard wines demonstrating the vintage’s potential. In Italy, Barolo and Barbaresco shone brightly, with producers like Gaja and Vietti crafting wines with great ageing potential. 

2001

Hailed as a classic vintage across several regions, 2001 is especially prized for high-end Bordeaux, which is now reaching its peak. Highlights include renowned estates such as Château Latour, Château Margaux, and Château d’Yquem. The latter achieved a perfect score from Robert Parker, cementing its status as one of the finest sweet wines of the century.

Italy’s Barolo region experienced a legendary year in 2001. Wines from Bruno Giacosa, Bartolo Mascarello, and Giuseppe Rinaldi are benchmarks of the vintage. Meanwhile, the Rhône delivered one of its best years, with Guigal’s La La wines setting new standards for Syrah.

1989

Widely regarded as one of Bordeaux’s greatest vintages, 1989 produced rich, opulent wines with excellent ageing potential. Standouts include Château Haut-Brion, which earned a perfect score from Robert Parker, and Pétrus. In Sauternes, Château d’Yquem once again delivered a reference point for the region.

Beyond Bordeaux, Germany enjoyed a successful year for Riesling. The Mosel and Rheingau regions produced highly collectible wines, celebrated for their vibrant acidity and age-worthy structure. These Rieslings remain a cornerstone for those seeking top-quality German wines.

1977

1977 was a triumphant year for Port production, which has made vintage Port from producers like Taylor’s, Fonseca, and Graham’s a cornerstone for collectors focused on fortified wines. Noteworthy wines from other regions include Domaine Leroy in Burgundy and Château Pichon Lalande in Bordeaux still surprise with their enduring quality and long drinking windows.

Market appeal of ‘Snake’ vintages

Buyers can find regional highlights across all of these Snake-year vintages that are likely to see increased demand in 2025, whether it is 2013 Napa or 1989 Bordeaux. The cultural significance of the snake adds an extra layer of allure in Asian markets, where symbolism often plays a role in purchasing decisions.

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