Tag: Bordeaux

Categories
News

Top-performing fine wines of 2025 so far

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

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

Signs of stability emerge across key fine wine regions

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

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

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

Wine region performance

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

The top-performing wines so far this year

Best performing wines 2025 table

‘Off’ vintage Bordeaux leads the way

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

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

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

Les Carmes Haut-Brion fine wine performance

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

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

The Rhône: The value region continues to deliver

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

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

Vieux Telegraph wine performance vs Liv-Ex

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

Burgundy and Sauternes: Scarcity reigns supreme

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

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

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

California: Cult wines stay strong

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

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

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

Divergence defines 2025

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

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

Looking ahead: A market finding its floor

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

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

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

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

Categories
Learn Report

Q3 2025 Fine Wine Report

Q3 2025 Fine Wine Report

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

Executive summary

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

The trends that shaped the fine wine market

Market optimism sets the stage for fine wine stability

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

Fine wine market starts to turn

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

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

La Place autumn campaign fails to shift momentum

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

Mainstream markets lead Q3; fine wine re-emerges

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

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

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

Fine wine vs mainstream markets

Regional fine wine performance in Q3

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

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

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

Regional fine wine performance 2025

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

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

The best performing wines so far in 2025

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

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

Best performing wines 2025 table

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

  • ‘Off’ vintage Bordeaux is back in vogue

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

 

  • The Rhône’s value overdelivers

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

 

  • Scarcity runs the market

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

 

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

Q3 releases: Spotlight on Taittinger Comtes de Champagne 2014

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

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

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

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

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

Taittinger Champagne index

Market snapshot

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

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

Q3 Fine wine news: Lafleur withdraws from Pomerol AOC

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

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

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

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

Market context

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

Pavie vs angelus wine performance

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

Performance and relative strength

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

Lafleur fine wine performance

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

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

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

Q3 summary and a look ahead to Q4

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

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

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

Categories
Learn

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

Chateau Pavie barrel room winery

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

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

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

How wine influencers are shaping modern criticism

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

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

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

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

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

Château Pape Clément, Grand Cru, Pessac-Léognan

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

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

Estate identity and customer loyalty in modern wine marketing

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

Château Saint-Pierre, Fourth Growth, Saint-Julien

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

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

Château La Conseillante, Pomerol

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

Château Beychevelle, Fourth Growth, Saint-Julien 

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

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

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

Château Lynch-Bages, Fifth Growth, Pauillac

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

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

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

See also our Bordeaux I Regional Report. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. 

Start your wine investment journey with WineCap’s expert guidance.

Categories
News

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.

Categories
Learn

Do wine critics still matter in 2025? Bordeaux Diaries Part I

Chateau Clinet vineyard

Discover how wine critics influence Bordeaux wine investment in 2025 and whether Robert Parker’s legacy still shapes today’s market.

Provenance, a good vintage, scarcity, and brand are all factors that influence the price of fine wine, and hence the world of wine investment. Another factor that has, traditionally, impacted wine value is the critic. A top score can inspire confidence in the price performance of a wine, while an unfavourable rating can have the opposite effect. 

However, is the role of the wine critic as important as it was in the past? With the retirement of the hegemonic world-renowned wine reviewer, Robert Parker, who helped put Bordeaux, California and the Rhône at the forefront of wine buyers’ minds, and the rise of digital media, what does the future hold?

WineCap met figures from leading Bordeaux estates for their insights into the place of wine criticism in 2025 and the years ahead. In Part I, we discuss the legacy and the evolving role of the wine critic.

  • Robert Parker’s era of singular influence is over – today’s wine criticism is a collective effort.
  • Critics still shape wine investment decisions, but their role is now one of many in a more democratic media landscape.
  • The rise of digital voices and ‘wine educators’ is expanding access and perspective in the fine wine world.

Wine criticism in transition: legacy vs digital influence

Several producers saw formal wine criticism as a keystone of information for customers, but also recognised that it was part of a developing media ecosystem largely because of the impact of the internet.

Château Valandraud, Premier Grand Cru Classé B, Saint-Émilion

Jean-Luc Thunevin, owner of Château Valandraud, thinks the importance of the traditional wine critic remains important for his château as the legacy of Robert Parker endures.

‘Parker had a hegemonic position; that is, he represented 80% of global influence. Today, in any case, there are collaborators who worked for him, who are very talented and who, two or three years ago, represented Parker’s influence,’ Thunevin told WineCap. ‘We can say that today, when you are a wine merchant, we use five or six major journalists, and we get an idea of what the wine is worth.’

Château Cheval Blanc, Saint-Émilion

‘In terms of the impact of the wine critics on the fame of our wines, we are very respectful of the job of the critics,’ Pierre-Oliver Clouet, technical manager at Château Cheval Blanc, explained. ‘We produce wine, there are wine distributors there to distribute the wine, there are wine collectors that collect the wine, and there are wine critics, who have to critique the wine. So, everybody has their own job in the wine world.’

The vast and varied selection of wine makes the role of the critic key, with Clouet adding that ranking wine estates, vintages, appellations, countries, and regions is important for consumers. 

‘The impact of critics is so important for the final client because the number of wines available on the market is huge. You have to find the critique who has your taste, and you have to follow him or her. This is the job: to help the consumer, to know more about what they’re going to purchase’.

Château Clinet, Pomerol

Ronan Laborde, managing director and owner at Château Clinet, is adamant that professional criticism is still an important fixture in the wine world, but acknowledges that information is more accessible to collectors and laymen alike today than in decades past. ‘We still need wine critique. When Robert Parker was reviewing and ranking, there was less wine criticism, and the web was not so widespread. Nowadays, there continue to be a lot of highly respectable wine critics.’

Laborde added that clients also have opportunities to bolster critic ratings with their own first-hand experience. ‘There are a lot of people who are really interested in wine and have the chance to visit wineries, taste the wines, and import the wines. So, it’s easier nowadays to try and have your own opinion than before. Robert Parker was a reference at the time he was active, but nowadays, it’s more split.’

Wine critique landscape in 2025: complexity and change

Château Margaux, First Growth, Haut-Médoc

Philippe Bascaules, managing director at Château Margaux, had an open-minded perspective on the shifting, changing, landscape of wine critique, not jumping to any conclusive opinion on its direction for the time being.

‘We are in a time when it’s very difficult to know the direction of journalists and social media and all this new communication, and how the consumers will use all of it to buy wine,’ he said. ‘Of course, it used to be so simple. Today, it’s much more complex and I think probably it’s even a good evolution, I would say, because then it can be a little bit more diverse, and everyone can find his own advisor. I think we are in transition and will know later exactly where it will lead and what it will mean.’

Château Coutet, Premier Cru, Sauternes

Other producers echo this sentiment. At Château Coutet, marketing director Aline Baly appreciates the rise of ‘wine educators’ who help spread awareness about lesser-known properties. 

‘In the last decade, we’ve seen a lot of new wine critics, or I also like to call them “wine educators” because they’re helping us get the message out there,’ marketing director Aline Baly told WineCap. ‘Some of the vineyards in this region are very tiny. We can’t be everywhere. We can’t be travelling and opening our wines and describing these wines. So, the wine critics, or wine educators help us get the message out.’

Regarding the growing number of critics, Baly was enthusiastic. ‘There is definitely a change from having very few people who are the spokespeople for all the vineyards in the world to a larger group of individuals who’ve come to visit, who’ve tasted wines and helped us get the message out there.’

Why wine critics still matter: education and expertise

Château Calon-Ségur, Third Growth, Saint-Estèphe

‘At the time of the Primeurs, we host many journalists from France and around the world,’ general director and owner of Château Calon-Ségur Vincent Millet said. ‘Today we have about fifteen journalists who come to taste the Primeurs every year. But what is also interesting is that these are the same journalists who will taste the wines when they are bottled, or a few months after bottling. So, they have a vision of a very young wine and a wine that has been aged in barrels, as well as a few months after bottling.’

This educational insider experience was invaluable for consumers, he added. ‘Today, what is interesting to see is that journalists have a culture of wine, follow the properties, follow the history of the property, and in some ways, these same journalists become true authorities on our wines. Even if we work with the brokers and merchants, the consumer will still look at the notes and comments of these same journalists. It is important for us to be able to explain how we work and what our philosophy is so that journalists can better understand the wines when they taste them’.

From Parker to pluralism: collective influence in wine

Several producers agree: the days of one critic dominating the wine conversation are behind us.

Château Pichon-Longueville Baron, Second Growth, Pauillac

‘I don’t think that we will ever again see one critic have such a completely dominant position as Robert Parker had. It was an accident of history in many ways. He just started at the right time, in 1982, when America was discovering the great wines of Bordeaux, and became accepted as the utterly reliable guide that he was,’ explained Christian Seely, managing director of AXA Millésimes, owner of Pichon-Baron. 

‘Today, there are many talented wine tasters and critics, and I think that it’s more of a collective influence. So, there will be perhaps a dozen really major critics who move the market, and I think on a collective basis, this is actually a much healthier thing. I think that for one person to have so much influence was probably slightly unbalanced and dangerous. These days, you can choose, as a consumer, from a number of very good critics and decide which ones you like best and follow them.’

Château La Mondotte, Premier Grand Cru Classé, Saint-Émilion

‘The time of the likes of Robert Parker is completely finished,’ said owner of Château La Mondotte Stéphane von Neipperg. ‘Now we will have perhaps five to ten well known wine critics for the consumer. So, it will be a much more open game. Parker was an important guy because he made what makes a good wine understandable for a lot of people. However, it is also good to have different opinions.’

Von Neipperg pointed to the 2021 vintage as an example of how critic viewpoints can vary significantly, supporting his view of the benefits of such diversity. ‘If you read about the ratings of 2021, there were sometimes five to ten points difference for the same wine.’

As Bordeaux and the broader wine world evolve, so too does the role of the critic – moving from singular gatekeeper to a chorus of trusted voices, guiding collectors, investors, and enthusiasts through an increasingly nuanced landscape.

See also our Bordeaux I Regional Report. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. 

Start your wine investment journey with WineCap’s expert guidance.

Categories
News

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.

Categories
Learn

How fine wine investment attitudes differ in the UK and US

  • UK investors are moving faster than their US counterparts in handing over to a younger, tech-savvy generation, with a sharper decline in ‘very experienced’ participants.
  • US portfolios still allocate more to fine wine on average, reflecting a greater appetite for alternative assets despite similar downward trends in allocation.
  • Both markets are embracing digital tools and AI-driven insights, but the UK appears slightly ahead in integrating fine wine into a broader fintech-enabled investment strategy.

The fine wine investment market in 2025 is experiencing a paradigm shift on both sides of the Atlantic. While the United Kingdom and the United States share many overarching trends like the rise of a younger, tech-savvy investor base and the repositioning of fine wine as a strategic asset, the nuances in their trajectories highlight key cultural, financial, and strategic differences.

A shared generational shift at different paces

Both the UK and US reports depict a clear generational handover in fine wine investment. Baby boomers, once the stalwarts of the market, are selling off holdings accumulated over decades. In their place, a new cohort of Millennial and Gen Z investors is emerging – individuals who see wine less as a consumable luxury and more as a data-driven, alternative investment.

*UK

However, the pace of this transition is more pronounced in the UK. Only 32% of UK investors in 2025 are now classified as ‘very experienced’, a sharp drop from 52% in 2024. In contrast, the US market still holds a stronger base of experienced investors, with 44% falling into that category – a modest decline from 48% in 2024.

*US

This suggests that while the UK is undergoing a more aggressive generational overhaul, the US market remains slightly more anchored in legacy investor behaviors. This could reflect cultural factors, such as the USA’s longer-standing tradition of wine collection, or structural elements like the greater maturity of digital investment platforms in the UK.

Diverging portfolio allocations

In both markets, fine wine is increasingly treated as a complementary asset class rather than a core holding. This shift is evident in declining portfolio allocations. In the UK, the average portfolio allocation to fine wine has dropped from 10.8% in 2024 to 7.8% in 2025. US investors have larger allocations overall, which have still declined from 13% to 10.7% on average year-on-year.

While both reductions are linked to recent price corrections and broader diversification strategies, the US still shows a greater willingness to commit higher portions of wealth to fine wine. Notably, 40% of US investors still allocate 11–20% of their portfolio to wine, compared to 18% in the UK.

This discrepancy may be driven by different attitudes toward risk, or a reflection of the US investor’s broader enthusiasm for alternatives – including crypto, art, and collectibles – where fine wine fits comfortably into a high-yield mindset.

Technology and the new investor toolkit

One unifying force across both markets is the use of AI, data analytics, and digital platforms. The new generation of investors is not relying on intuition; they’re using dashboards, price trends, and machine learning models to inform their trades.

*UK

This transformation is blurring the line between emotional and analytical investment, enabling fine wine to shed its image as a passion-led endeavor and gain legitimacy as a financial tool. However, the UK appears slightly more mature in this regard, perhaps due to a tighter integration between fintech and alternative asset platforms.

*US

Market sentiment: recalibration, not retreat

Despite recent price softening, neither the UK nor US market is retreating. Instead, both are recalibrating. Experienced investors are taking profits, newer investors are entering at lower price points, and portfolio managers are redefining what role wine should play – most now agree it’s a diversifier, not a pillar.

Crucially, both markets anticipate that today’s corrections will lay the groundwork for tomorrow’s gains. Historically, fine wine has shown resilience and rebound capacity. The current dip may ultimately broaden participation and enhance long-term sustainability.

Two markets, one destination

The UK and US fine wine investment landscapes are converging in vision, yet diverging in pace and personality. The UK is evolving faster – more volatility-tolerant, more digitally advanced, and more dynamic in reallocating portfolios. The US, by contrast, remains a more anchored, cautiously progressive market, with higher average allocations but slower risk adoption.

Yet both markets are ultimately moving toward the same future: a fine wine investment world that is younger, smarter, more inclusive, and increasingly strategic.

As fine wine sheds its elitist past and embraces a tech-enabled future, investors on both sides of the Atlantic recognise fine wine’s growing potential.

Looking for more? See also: 

WineCap Wealth Report 2025: UK Edition

WineCap Wealth Report 2025: US Edition

Categories
Learn

How does Bordeaux set its release prices?

In the springtime of each year, all eyes turn to Bordeaux as the region begins its extended En Primeur campaign when châteaux across this prominent region set their wine prices.

Such decisions require the navigation of multiple factors within a delicate financial and cultural ecosystem. WineCap spoke with eminent producers for insights into what influences the all-important price setting.

  •         Previous vintages and price key influences
  •         Profitability for all players is an important driver
  •         Compelling price point for customers is critical
  •         Brand and critical ratings have some impact

Château Smith Haut-Lafitte, Grand Cru Classé, Graves

“Don’t believe people say, ‘I do it all by myself’,” said Florence Cathiard who co-owns the Graves house with her husband Daniel. “It’s a long process and very delicate because we have to take several parameters into account.”

These include contemplating pushing prices higher because of swift sales in previous years, the vintage quality, and the general global environment.

“We also take advice from some of the best négociants, brokers, and even some importers — not those who are just trying to put the price down, to sell high, but the real friends.”

Château Pichon-Longueville Baron, Second Growth, Pauillac

Christian Seely, managing director of AXA Millésimes, owner of Château Pichon-Longueville Baron, has devised a formula for the optimal release price of a Grand Cru Wine.

“The ideal price is the highest price possible at which my existing customers will buy the wine with enthusiasm,” he said. “It has to be the highest price possible, otherwise I might get fired. But it has to be the highest price possible at which my existing customers will buy the wine with enthusiasm. If you go too high, your existing customers might buy it without enthusiasm. If you go much too high, maybe your existing customers won’t buy it, and that would be terrible. It’s a personal judgment based on experience.”

Château Pichon Comtesse, Second Growth, Pauillac

Nicolas Glumineau, CEO and winemaker of Château Pichon Comtesse, combines mathematics with common sense.

“To price the wine correctly, you have to be very respectful of your market. And what we do is to have a very sharp eye on market prices,” he explained. “We consider that each step of the distribution chain has to get remuneration. It’s very important for each of us to earn money thanks to the distribution of Pichon Comtesse.”

Château Cheval Blanc, Saint-Émilion

Pierre-Oliver Clouet, Managing Director at Château Cheval Blanc has a similarly logical approach.

“En Primeur should be forever the lowest price you can find in your bottle,” he told WineCap. “The release price depends on many things: the quality of the vintage, the economic context in the world, and, as well, the price of new vintages available on the market. So, ultimately, the definition of the price En Primeur is not something difficult to reach. This is something mathematical.”

Château Canon, Premier Grand Cru Classé, Saint-Émilion.

Nicolas Audebert also follows mathematical logic in the pricing game. “If you go En Primeur, the interest for the consumer, the guy buying the bottle is that ‘if I buy en primeur, the bottle that I will put in my cellar and not able to drink now, it has to be at a lower price of the same quality I can buy in the market and drink now’,” he told WineCap.

Audebert takes an equivalent quality vintage from recent years, considers the margin, does some precision-calculations, and arrives at a price that offers a ‘win-win’ for all parties.

“Of course, afterwards, you can have ‘plus-value’ on the exceptional quality of the vintage or something like that. But if we play primeur, we have to play the game of logical pricing.”

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

“There are some secrets,” jokes Olivier Gailly, commercial director for the Perse wine family at the renowned house. “There are a lot of different factors, which are, first of all, the history of your château, the different vintages and prices in the past, and how successful it was.

If the market demands, you have to push some, but you have to listen to it as well. Of course, ratings still play a role, meaning the feedback from the customers when they come and taste during the En Primeur week in Bordeaux. We then meet with Monsieur Perse and take the decision together. The final one will be his, being the owner of the property.”

Château La Mondotte, Premier Grand Cru Classé, Saint-Émilion

“If you have the wrong price, it’s a disaster,” Stéphane von Neipperg, owner of the Right Bank house said. “Nobody wants a lot of people wh don’t want to buy the wine.”

When his team goes to the market, they consider the global economy, the local market price direction, and information from brokers and négociants. “You have to absolutely test the price with negotiants, brokers, and also with your friends, the importers. Then we can say, ‘well, this would be a good price’. A good price is when everyone in the business makes money.”

Cos d’Estournel, Second Growth, Saint-Estèphe

Charles Thomas, commercial director of the Left Bank château, places an emphasis on quality and the good value the region offers when deciding on price. “I would be lying if I said it doesn’t depend sometimes on the exchange rate,” he said. “But also, it’s according to the quality we have — and this is the most important thing. Bordeaux is not expensive when you look at Burgundy and Napa Valley and some wine from other appellations.”

Vintage has more of an impact than elsewhere and can link to market price, Thomas added. “Of course, in Bordeaux you have the vintage effect that you don’t always have in other parts of the world. We try to be more stable for the client or the consumer, though, so they can accept any necessary price variation.”

Château Angelus, Saint-Émilion

As well as previous vintage pricing in Bordeaux and internationally, for Château Angelus CEO Stéphanie de Boüard-Rivoal, two more factors are key influences when the prestigious house goes to market.

“The volume as well, of course, because it makes a real impact,” she explained. “I’d say the strength of the brand as well.”

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.

Categories
News

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.

Categories
News

Part II Bordeaux climate change: adaptive viticulture the way forward?

Climate change Bordeaux

With vineyard temperatures on the rise in Bordeaux, WineCap spoke with leading Bordeaux estates about how they’re fighting back to protect both wine heritage and future generations.

  • Adaptive viticulture is a widespread method of coping with climate change.
  • Traditional and experimental moderating methods are both in use.
  • High temperatures can be beneficial for recent and, potentially, near-term vintage quality.

Vineyard layout, clones, rootstocks, and varietal proportion: Château Beau-Séjour Bécot, Château Margaux, Château La Conseillante, and Château Pavie

To moderate the impact of climate change, Julien Barthe, co-owner of Beau-Séjour Becot has implemented a radical vineyard layout change to prevent berry burn. ‘The vineyard was formerly planted in an east-west direction. From mid-day to 1 pm, the sun arrived on the west side, right on the berries. This is why we changed the orientation from north to south ­— to avoid the same effect.’

Philippe Bascaules, managing director of Château Margaux has taken the same approach. ‘We decided to change the orientation of our rows,’ he told WineCap.

Barthe also explained that the house is using new clonal selections of Cabernet Franc to help retain the freshness in its Merlot-dominant blends.

Cultivating resilient vines was, similarly, the approach of Marielle Cazaux, the general manager of La Conseillante. ‘Climate change is a big question. We are thinking long term about rootstocks and grape variety.’

Referring to early-ripening Merlot’s vulnerability to climate change, Cazaux stressed the importance of preserving its classic wine profile. ‘We are adapting the rootstock to be more resilient against hydraulic stress and thinking about changing the clones a little bit.’

Olivier Gailly from Château Pavie said that his team had already begun experimenting with climate-resistant proportions of grape varietals at the turn of the century. The house replanted its vineyards with an increased quantity of later-ripening Cabernet Sauvignon and similarly-behaving Cabernet Franc to blend with Merlot. This proportion has helped to maintain wine freshness as temperatures rise. 

Adaptive vineyard management: Château Cheval Blanc, Château Angelus, and Château Calon Segur

Traditional vineyard management techniques such as dense canopy cultivation, durable old vine revival, and biodiversity practices that support the mitigation of climate change have been intensified around Bordeaux since at least the millennium. While some methods have a short time frame, Pierre-Oliver Clouet, winemaker and technical manager at Château Cheval Blanc, which famously voluntarily withdrew from the Saint-Émilion classification system in 2021, spoke about the need for a long-term view.

‘We should adapt today to preserve Cheval Blanc in 20 years,’ he told WineCap. ‘Global warming is going to be a problem because, with two or three more degrees, the wine quality is still going to be good enough, but the identity will not be the same.’

Clouet said the château implements cover crop techniques to protect the soil from high temperatures, enhance soil nutrients and resilience, and to conserve rainwater more efficiently. He has also planted trees to expand cooling shade for vines and is training plants that are heat- and disease-resistant.

Saint-Émilion peer Château Angelus, which also opted out of the appellation’s classification system in 2022, uses a device that assists with hydrating and cooling vines in a region with stringent irrigation rules. President and CEO Stéphanie de Boüard-Rivoal explained: ‘For hail, we have a device that is a balloon that auto launches. It’s blown with helium and contains salt crystals so when it’s swollen by a cloud, it spreads out the salt and allows the ice to melt. Instead of having hail, we have rain,’ she told WineCap.

Cooling heat-stressed plants was also a priority for Vincent Millet, general manager of Château Calon Ségur. He told WineCap how he and his team are refining a mechanism to conserve cooling dampness in vineyard plots: ‘We are setting up specific enclosure systems which can trap and return humidity to the plant.’

Research and experimentation: Château La Dominique

While age-old vineyard methods are adapted to counter the perils of global warming, innovation is a key part of Château La Dominique’s philosophy.

General manager, Gwendoline Lucas, detailed the producer’s efforts in this area. ‘We are very concerned about climate change, so we started working with Bordeaux Sciences Agro years ago to do some research about how we can better manage our vineyard,’ she told WineCap. ‘We are also part of VitiREV, which is the first European fund specialising in viticultural ecological transition. We are like a laboratory testing new solutions from startups. We see a lot of proposals and when we think that something is quite interesting, we try it in our vineyard.’

Beneficial natural environment: Château Pavie, Château Canon, Cos d’Estournel, and Château Margaux

While acknowledging the potential hazards of climate change, several producers told WineCap that they had, to date, avoided any serious consequences of rising temperatures across Bordeaux by dint of resilient terroir. Whether location or soil composition, nature provides a mitigating influence to the heat, ensuring balance and traditional character in yield and wines.

‘We are fortunate to have this exceptional limestone terroir which really keeps a lot of freshness in the wine,’ said Olivier Gailly, commercial director of Saint-Émilion house Château Pavie. ‘Then we have the forests around the château which are very important to keep a bit cooler.’

Soil make-up was also cited by Nicolas Audebert, winemaker and general manager at fellow Saint-Émilion house, Château Canon. Referring to climate change, he said: ‘We see it in berry ripeness every day, but we still have a long way to go before we get into trouble because we are on a fantastic, limestone terroir.’

The water-retaining freshness of limestone guarantees that vines do not suffer severe heat stress, Audebert added, also noting the benefits of micro-practices.

‘There are a lot of fantastic wine producing regions in the world where the climate is warmer than here and they manage,’ he said. ‘I spent ten years in Argentina making wine so I have some experience of how we can evolve our viticulture to protect it. There are thousands of small things we can adapt to keep that elegant, vibrant, precise, style we like.’

Vineyard coolness was also cited by Charles Thomas, commercial director at Cos d’Estournel. ‘We are lucky enough to be in the north part of the Médoc where we have the Gironde River providing freshness to the vineyard.’

Not all Bordeaux producers regard climate change unfavourably and are optimistic that, with a responsive approach, the trials of the decades ahead will be overcome.

‘I think we are just at the beginning,’ Philippe Bascaules of Château Margaux told WineCap. ‘For the last ten years, summer drought and heat have helped us to make even better wine. But, of course, we know that if the temperatures continue to increase, we will be in big trouble because it will not only change the quantity of wine but also the style of the wine we want to produce.’

To this end, the chateau continues to be attentive and flexible in the face of global warming. ‘At least for the next 50 years, I’m quite optimistic that we will find the parameters and the techniques to continue to produce the wine of Château Margaux as it exists today,’ he said. ‘I don’t know about after that because who knows what the temperature will be in Bordeaux in 50 years?’

See also our Bordeaux I Regional Report.