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Fine wine market starts 2026 on firmer footing

Bordeaux fine wine bottles 2026
  • The fine wine market has closed 2025 on a positive note, with prices rising for four consecutive months.
  • Despite improving momentum, fine wine prices remain close to five-year lows, creating buying opportunities. 
  • Market broadening is a defining feature of rising markets, and 2026 is likely to mark the early stages of this transition.

After three years defined by correction, caution and recalibration, the fine wine market enters 2026 in a notably stronger position. Prices have stabilised, liquidity has improved, and demand is beginning to broaden – all signs that the market has moved beyond its most challenging phase and is laying the foundations for a sustainable recovery.

While it would be premature to describe the current environment as a full rebound, the early months of 2026 mark the firmest starting point the fine wine market has seen since 2022. For investors with a medium- to long-term horizon, this combination of stabilising prices and still-attractive valuations presents one of the most compelling opportunity windows in several years.

A firmer start to the year than at any point in the past three years

In our final article of 2025, we examined the performance of Bordeaux, Burgundy and Champagne – the three most important fine wine regions for investors – and highlighted pockets of growth across each. Crucially, that momentum has not faded with the turn of the calendar year.

Fine wine prices have now risen for four consecutive months, closing 2025 on a positive note and carrying that strength into early 2026. This sustained improvement matters. Rather than a short-term technical bounce, it signals a market that is beginning to find equilibrium after a prolonged period of repricing.

Key indicators suggest the market is now operating on firmer footing:

  • Prices have stabilised after reaching five-year lows
  • Liquidity has improved across leading regions and producers
  • Buyers are returning with greater confidence and selectivity
  • Multiple regions are now participating in early recovery trends

Taken together, these developments point to a healthier, more balanced fine wine market entering the new year.

Buying opportunities remain as prices hover near five-year lows

Despite improving momentum, fine wine prices remain close to five-year lows across many regions and vintages. Historically, this late-stage downturn phase – when prices stabilise before rising meaningfully – has offered some of the most attractive entry points for long-term investors.

Importantly, recovery does not begin with uniformly rising prices. Instead, it starts with price consolidation, followed by gradual gains concentrated in the most liquid and well-recognised segments of the market. That is precisely the pattern emerging today.

For investors, this creates a rare alignment of conditions:

  • Valuations remain compelling
  • Downside risk has diminished compared to previous years
  • Demand is rising without speculative excess
  • Portfolio construction can prioritise quality and value

Rather than signalling missed opportunity, the current environment suggests that disciplined, data-driven allocation remains well-timed.

Demand is rising and signs of recovery are becoming clearer

Demand has strengthened steadily since the second half of 2025, with improving sentiment evident across both private collectors and wealth managers. While activity remains selective, confidence has clearly returned.

Several regions have already begun to turn:

  • Champagne has benefited from strong global recognition, accessible entry points and consistent liquidity
  • Bordeaux has stabilised, particularly in older vintages and First and Second Growths
  • Burgundy continues to demonstrate resilience driven by scarcity and long-term demand
  • Tuscany and the Rhône have seen renewed interest as investors look beyond the most concentrated names

This multi-regional participation is an important signal. Recoveries that are confined to a single region tend to be fragile; recoveries that broaden tend to endure.

Momentum from late 2025 has been sustained

One of the most encouraging developments is the continuity of momentum. This matters for two reasons. First, it suggests that buyers are responding to fundamentals rather than short-term catalysts. Second, it indicates that confidence is building gradually, allowing the market to recover in a measured, sustainable way.

Sustained momentum also reinforces the importance of patience. Fine wine recoveries rarely follow sharp, V-shaped trajectories. Instead, they evolve through phases of stabilisation, selective appreciation and eventual broadening.

The case for market broadening in 2026

Market broadening is a defining feature of rising markets, and 2026 is likely to mark the early stages of this transition.

During periods of falling or uncertain prices, demand tends to narrow. Investors concentrate on the most established names, mature vintages and highest-liquidity wines. This was a defining theme throughout much of 2024 and 2025 global wine investment trends.

As confidence improves, the opposite dynamic emerges:

  • Buyers begin to search for relative value
  • Secondary regions and vintages re-enter consideration
  • Portfolios become more diversified
  • Opportunity expands beyond a small group of blue-chip wines

In 2026, this process is likely to unfold gradually, with selective broadening, supported by brand strength and the search for value.

Tariffs and the macro backdrop: a potential catalyst

Another factor shaping early 2026 sentiment is the evolving global trade environment. Tariffs remain under review by the US Supreme Court after lower courts deemed them illegal. While outcomes remain uncertain, the broader implications extend well beyond fine wine.

Should tariff pressures ease, the effects could ripple across global markets:

  • Improved trade clarity
  • Increased capital availability
  • Stronger investor confidence
  • Renewed appetite for alternative assets

In periods when liquidity improves and uncertainty recedes, portfolio diversification tends to increase. As a top-performing collectible and passion investment, historically, fine wine has benefited from such shifts. 

Fine wine remains the most in-demand collectible

According to the WineCap 2025 Wealth Reports, fine wine is the most in-demand collectible asset among wealth managers and financial advisers, outperforming art, watches, whisky and luxury handbags.

Several factors continue to underpin this appeal:

  • Proven long-term performance
  • Increasing market transparency
  • Global liquidity and established secondary markets
  • Growing acceptance within diversified portfolios

Fine wine’s evolution from passion asset to mainstream alternative investment has been gradual, but it is now firmly established.

Looking ahead: The 2026 Wealth Report

As the market enters this next phase, attention will increasingly turn to how wealth managers and financial advisers are adapting their allocation strategies. WineCap’s upcoming 2026 Wealth Report will examine these shifts in detail, exploring how fine wine is being integrated into portfolios amid changing economic conditions.

Early indications suggest that fine wine’s role as a diversification tool is strengthening, supported by improved data access, transparency and liquidity.

A healthier starting point for 2026

The fine wine market enters 2026 at a point where prices have stabilised, demand is rising, and opportunity is broadening. For investors, this marks a healthier phase of the cycle. After three challenging years, the market is finally positioned to move forward on firmer footing – and for those willing to act selectively, the early stages of recovery often prove the most rewarding.

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

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Q3 2025 Fine Wine Report

Q3 2025 Fine Wine Report

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

Executive summary

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

The trends that shaped the fine wine market

Market optimism sets the stage for fine wine stability

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

Fine wine market starts to turn

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

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

La Place autumn campaign fails to shift momentum

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

Mainstream markets lead Q3; fine wine re-emerges

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

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

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

Fine wine vs mainstream markets

Regional fine wine performance in Q3

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

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

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

Regional fine wine performance 2025

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

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

The best performing wines so far in 2025

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

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

Best performing wines 2025 table

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

  • ‘Off’ vintage Bordeaux is back in vogue

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

 

  • The Rhône’s value overdelivers

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

 

  • Scarcity runs the market

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

 

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

Q3 releases: Spotlight on Taittinger Comtes de Champagne 2014

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

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

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

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

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

Taittinger Champagne index

Market snapshot

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

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

Q3 Fine wine news: Lafleur withdraws from Pomerol AOC

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

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

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

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

Market context

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

Pavie vs angelus wine performance

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

Performance and relative strength

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

Lafleur fine wine performance

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

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

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

Q3 summary and a look ahead to Q4

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

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

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

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Understanding Burgundy’s quality and ownership divisions

Burgundy wine region

Following on from our guide on Burgundy’s sub-regions, we turn our focus to the region’s quality and ownership divisions, which are equally integral to understanding what makes Burgundy’s wines so exceptional.

Quality divisions

Grand Cru
At the pinnacle of Burgundy’s wine hierarchy are the 33 Grand Crus, which represent around 2% of total production. These wines are the epitome of excellence, with yields restricted to a maximum of 35 hectolitres per hectare (hl/ha) and often far lower. Revered for their age-worthiness, these wines generally require five to seven years to begin showing their potential, with many capable of aging for decades. Grand Cru wines are among the most prestigious and collectible in the world.

Premier Cru
Premier Cru wines, comprising 12% of Burgundy’s production, are crafted from 640 officially recognized superior vineyard sites. With permitted yields of up to 45 hl/ha, these wines showcase the terroir’s expressive character. They typically require three to five years of aging but can develop even greater complexity with extended cellaring. These wines are highly regarded by connoisseurs for their balance of quality and accessibility.

Village Wines
Village wines account for 36% of Burgundy’s production and are produced under 44 communal appellations. These wines can be blends from various vineyards within a village or from single, unclassified plots. With a yield allowance of 50 hl/ha, Village wines offer excellent value for money and are known for their approachable nature. While they are often enjoyed young, many can be aged for two to four years or more, depending on their origin and vintage.

Regional Appellations
Regional appellations, collectively known as Vin de Bourgogne, make up nearly half of Burgundy’s total production. With yields of up to 70 hl/ha for reds and 75 hl/ha for whites, these wines are ideal for everyday enjoyment. While they lack the investment potential of higher classifications, they offer an accessible introduction to the region’s styles and are valued for their straightforward appeal.

Ownership Divisions

Monopoles
Monopoles are vineyards with a single owner, a rarity in Burgundy where fragmented ownership is the norm. There are fewer than 50 monopoles in the entire region, and many are associated with some of the most iconic wines. Examples include Domaine de la Romanée-Conti’s Romanée-Conti, Domaine du Comte Liger-Belair’s La Romanée, and Domaine du Clos de Tart’s Clos de Tart. These monopoles exist across Grand Cru, Premier Cru, and Village levels, and their exclusivity adds to their allure.

Domaine Wines
A domaine refers to an estate that grows its own grapes and produces its wine in-house. This approach allows the producer complete control over viticulture and winemaking, ensuring consistency and quality. Domaine wines are highly esteemed for their reflection of the estate’s unique terroir and meticulous craftsmanship. These wines are considered benchmarks of Burgundy’s artisanal winemaking tradition.

Négoce Wines
A négociant is a merchant who sources grapes, juice, or finished wine from growers and produces wine under their own label. While some perceive négociant wines as inferior, many are of exceptional quality due to the long-standing relationships between négociants and growers. This collaborative model enables access to fruit from top-tier vineyards, allowing skilled winemakers to craft extraordinary wines. Prestigious négoce producers, such as Maison Leroy, often rival their domaine counterparts in quality and acclaim.

Looking for more? Read our Burgundy Regional Report, which delves into the fundamentals of this fascinating region and the development of its investment market.

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A guide to Burgundy wine regions

Burgundy France wine region

Burgundy is one of the world’s most revered and historically significant wine regions. For centuries, it has captivated collectors and wine lovers with its ability to express terroir more precisely than almost anywhere else on earth. Understanding the regions in Burgundy is essential to understanding why it produces some of the most sought-after fine wines in the world.

Unlike larger wine regions defined by broad styles or dominant producers, Burgundy is a mosaic of tiny appellations, historic villages, and meticulously delineated vineyard parcels. Here, value, quality, and reputation are shaped not by château names, but by vineyard location, soil composition, and microclimate. This is a region where a few metres of land can dramatically change a wine’s character – and its price.

At the heart of Burgundy’s complexity lies its regional structure. While thousands of climats and individual vineyards exist, the region is fundamentally organised into five core Burgundy wine regions, each contributing something distinct to Burgundy’s identity. From the cool, mineral-driven whites of Chablis to the warmer, expressive wines of the Mâconnais, these regions together form one of the most intricate wine landscapes in the world.

Regions in Burgundy: structure

Geographically, Burgundy forms a long, narrow corridor of vineyards running from north to south through eastern France. It is divided into four contiguous regions and one satellite region, each with its own climate, soils, and stylistic identity.

Although Beaujolais is sometimes associated with Burgundy through tradition and grape variety, administratively it belongs to the Rhône and is not considered part of Burgundy’s official wine regions.

Burgundy’s vineyard area totals approximately 30,000 hectares, with more than 80% classified under the AOC system. Despite producing only around a quarter of Bordeaux’s volume, Burgundy’s influence on the fine wine market is disproportionately large. Its emphasis on scarcity, site specificity, and classification has made it a benchmark for quality worldwide.

Chablis (Satellite)

Located just two hours southeast of Paris, Chablis is Burgundy’s northernmost outpost and one of the world’s great sources of white wine. Unlike the rest of Burgundy, Chablis sits geographically apart from the Côte d’Or, forming a satellite region with a distinct climate and geological identity.

Chablis produces wines exclusively from Chardonnay grapes, yet its style is markedly different from the richer whites of the south. This is largely due to its Kimmeridgian limestone soils, formed from an ancient seabed rich in fossilised marine life.

Characteristics of Chablis wines

Chablis wines are renowned for their:

  • purity and tension

  • minimal oak influence

  • pronounced chalky minerality

  • long ageing potential at Premier Cru and Grand Cru levels

Cool continental temperatures preserve acidity, giving Chablis its linear structure and precise expression.

Appellations of Chablis

Chablis is divided into four hierarchical appellations:

  • Petit Chablis

  • Chablis

  • Chablis Premier Cru

  • Chablis Grand Cru

The Grand Cru vineyards – just seven climats clustered along the Serein River – represent one of Burgundy’s smallest and most prestigious fine wine zones. Premier Cru sites such as Vaillons, Montmains, Fourchaume and Vaulorent also play a crucial role in defining Chablis’ quality hierarchy.

Côte de Nuits: the heart of Pinot Noir

The Côte de Nuits forms the northern half of the Côte d’Or and is widely regarded as the spiritual home of the world’s greatest Pinot Noir. This narrow strip of east-facing limestone slopes produces some of the most expensive and sought-after red wines on earth.

Key villages include Gevrey-Chambertin, Morey Saint-Denis, Vosne-Romanée, Chambolle-Musigny, and Nuits-Saint-Georges. The region is also home to the most iconic Burgundy estate of all: Domaine de la Romanée-Conti.

Monastic origins and vineyard classification

Viticulture in the Côte de Nuits dates back to Roman times, but it was Benedictine and Cistercian monks who laid the foundations of Burgundy’s modern vineyard system during the Middle Ages. Through centuries of observation, they identified which vineyard parcels consistently produced superior wines, giving rise to the concept of climats and, eventually, grand cru vineyards.

Côte de Nuits Grand Crus

Some of the world’s most revered grand crus are located here, including:

  • Chambertin

  • Clos Saint-Denis

  • Clos de Vougeot

  • Échézeaux

  • Richebourg

  • Romanée-Conti

  • La Tâche

These wines command extraordinary prices due to their rarity, tiny production levels, and global demand. Even in weaker market cycles, Côte de Nuits grand crus remain among the most liquid assets in fine wine.

The Côte de Nuits forms the northern half of the Côte d’Or and is the spiritual home of the world’s greatest Pinot Noir. This narrow strip of hillside produces some of Burgundy’s most celebrated bottles – home to legendary appellations like Gevrey-Chambertin, Morey Saint-Denis, Vosne-Romanée, and the most iconic estate of all, Domaine de la Romanée-Conti.

Côte de Beaune: elegance, balance and great white wines

The Côte de Beaune forms the southern half of the Côte d’Or and is centred around the historic town of Beaune, the commercial heart of Burgundy. This region is unique in producing both exceptional red and white wines, with a stronger emphasis on Chardonnay than its northern neighbour.

A region of diversity

Before the introduction of the AOC system in 1936, wines from this area were broadly referred to as “Beaune wines.” Today, the Côte de Beaune encompasses a complex patchwork of villages, Premier Cru climats, and celebrated grand cru sites.

Iconic appellations include Puligny-Montrachet, Chassagne-Montrachet, Meursault, and Aloxe-Corton. White wines from grand cru vineyards such as Corton-Charlemagne and Montrachet are widely considered among the finest Chardonnay expressions in the world.

The Côte de Beaune contains more than 40 Premier Cru climats, producing wines prized for their balance, structure, and ageing potential.

Côte Chalonnaise: value and tradition

Situated south of the Côte de Beaune, the Côte Chalonnaise is often overlooked yet it plays a vital role in Burgundy’s ecosystem. The region produces high-quality wines from Pinot Noir, Chardonnay, and Aligoté, often at more accessible price points than the Côte d’Or.

Notable appellations of the Côte Chalonnaise

Key villages include:

  • Mercurey

  • Givry

  • Rully

  • Montagny

These appellations offer excellent value while maintaining Burgundian character. Historically, the Côte Chalonnaise also played a key role in the development of Crémant de Bourgogne, with early sparkling wine production centred around Rully and Mercurey.

Mâcconais: warmth, fruit and approachability

The Mâconnais is Burgundy’s southernmost wine region, defined by rolling hills, warmer temperatures, and dramatic limestone formations. Monastic orders, particularly the Abbey of Cluny, were instrumental in establishing viticulture here as early as the 10th century.

Wine styles and grape varieties

Around 80% of vineyards are planted to Chardonnay, producing wines that are generally riper and more fruit-forward than those of northern Burgundy. The region also grows Gamay and smaller amounts of Pinot Noir.

Notable regional appellations include:

  • Pouilly-Fuissé

  • Pouilly-Vinzelles

  • Saint-Véran

  • Viré-Clessé

These wines consistently offer strong quality and value, making the Mâconnais an increasingly important region for collectors seeking Burgundy character without Côte d’Or pricing.

Final thoughts on Burgundy wine regions

Burgundy’s complexity is not a barrier – it is its greatest strength. From the steely minerality of Chablis to the haunting depth of Vosne-Romanée and the crystalline precision of Puligny-Montrachet, each region offers its own interpretation of Pinot Noir and Chardonnay.

Together, these Burgundy wine regions form one of the most intellectually rewarding and historically rich wine landscapes in the world. Defined by centuries of observation, monastic influence, and an unparalleled focus on terroir, Burgundy continues to set the global benchmark for fine wine – captivating collectors, investors, and wine lovers alike.

Looking for more? Read our Burgundy Regional Report, which delves into the fundamentals of this fascinating region and the development of its investment market. 

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Burgundy En Primeur 2023 and the current market

  • The 2023 Burgundy vintage is bountiful but heterogeneous in quality.
  • Careful selection of reputable domains and top producers is necessary when making purchasing decisions.
  • In the secondary market, Burgundy prices have fallen 15.2% in the last year.

The Burgundy En Primeur 2023 campaign brings a vintage full of potential and expectations: potential due to the quality but mostly quantity of the vintage in a region defined by scarcity, and expectations for reduced pricing given producers’ desire to sell.

The campaign arrives at a pivotal moment for the region. Following years defined by scarcity, rising prices, and intense demand, Burgundy now presents a markedly different proposition: a large-volume vintage released into a softening market.

The 2023 Burgundy vintage is widely described as bountiful but heterogeneous. Production volumes exceeded the regional average by approximately 30%, offering a level of availability rarely seen in Burgundy. Yet quality varies significantly by site, grape variety, and producer, making careful selection essential.

This article explores the 2023 Burgundy En Primeur vintage, comparing reds and whites, assessing critical perspectives, and placing the campaign within its broader market context. For collectors and investors alike, the campaign presents both opportunity and complexity.

A bountiful but heterogeneous Burgundy vintage

The defining feature of the 2023 Burgundy vintage is quantity. After consecutive years of frost, hail, and drought-induced scarcity, growers welcomed yields well above average. However, volume alone does not define quality in Burgundy.

Weather conditions throughout the growing season were challenging. Episodes of heat, drought, and localized flooding tested vineyard management skills, and outcomes varied sharply depending on producer decisions.

As Sarah Marsh MW summarised:

“The 2023 Burgundy was a bounteous but heterogeneous vintage in which the white wines outshone the reds.”

This assessment has been echoed across early tastings and reports from critics including Jasper Morris MW and Neal Martin (Vinous).

Climatic conditions and alcohol levels in 2023

A key moment in the 2023 growing season was a late-season heat spike, which accelerated ripening across much of the Côte d’Or.

  • Chardonnay benefited from earlier harvests, preserving acidity and freshness before the most intense heat.

  • Pinot Noir, while generally successful, required precise yield control to avoid dilution and over-ripeness.

Alcohol levels across the vintage typically fall between 13% and 13.5%, reflecting healthy ripeness without excessive warmth. Where growers managed canopy and yields carefully, wines show clarity and balance rather than heaviness.

Reds vs whites: where the vintage excels

White wines: the clear winners of 2023

Across tastings, white wines consistently outperform reds in the 2023 vintage. Chardonnay handled the climatic challenges with greater resilience, producing wines marked by:

  • Fresh acidity

  • Mineral tension

  • Precise fruit expression

Cooler, high-quality sites performed particularly well. Standout appellations include:

  • Puligny-Montrachet Caillerets

  • Meursault Perrières

  • Chassagne-Montrachet higher-altitude parcels

Producers such as Jean Chartron, Violot-Guillemard, and Comte de Vogüé have received strong early praise for whites that combine structure with approachability.

Red wines: quality depends on discipline

The Pinot Noir wines of 2023 are more variable. Where yields were controlled and harvest timing was precise, reds show transparency and charm. However, less disciplined viticulture resulted in wines that lack concentration.

Critics note that the best reds favour elegance over power, making careful producer selection essential.

Notable successes include:

  • Bonnes Mares, noted for opulence and structure

  • Strong examples from Domaine Dujac and Domaine de la Vougeraie

Comparing 2022 vs 2023 Burgundy

Comparisons between the 2022 and 2023 Burgundy vintages are inevitable.

  • 2022: Riper, more consistent, immediately impressive, smaller volumes

  • 2023: Larger quantities, greater variability, more precision-driven wines

Several growers and critics have likened the 2022/23 pairing to classic contrasts such as 2015/16 or 2009/10 – where one vintage delivers power and the next refinement.

For buyers, this means 2023 should be approached selectively, rather than broadly.

Burgundy 2023 in market context

The Burgundy En Primeur 2023 campaign unfolds against a markedly different market backdrop than previous releases.

  • Burgundy prices have fallen 15.2% over the past year, the steepest decline among major fine wine regions.

  • Seven Burgundy brands dropped out of the Top 100 Most Powerful Wine Brands in 2024.

  • At the same time, Burgundy retains a 25–30% share of the global fine wine market, underlining its enduring importance.

In short, Burgundy remains a powerhouse – but no longer an automatic buy at any price.

Burgundy 150 index

Pricing strategies and producer behaviour

Recognising market conditions, many producers are adjusting their approach to pricing in 2023.

Key dynamics include:

  • Stable or reduced release prices from several domaines

  • A desire to maintain cash flow amid rising production costs

  • Awareness that buyers are comparing new releases with older vintages now available at lower prices

The large 2023 yields contrast sharply with expectations for significantly smaller 2024 harvests, reinforcing the value proposition of the current campaign.

Competition from the secondary market

A critical factor shaping the Burgundy En Primeur 2023 campaign is competition from the secondary market.

As prices have softened, older, well-stored Burgundy wines from strong vintages have re-emerged at attractive levels. For buyers, this creates a choice:

  • Purchase 2023 En Primeur at adjusted pricing

  • Acquire proven older vintages with established track records

This dynamic increases pressure on producers to price realistically and rewards buyers willing to compare value across vintages.

How buyers should approach Burgundy En Primeur 2023

The 2023 campaign is not one for indiscriminate buying. Instead, success depends on selectivity and discipline.

Key considerations include:

  • Producer reputation and vineyard management

  • Performance of specific sites rather than appellations alone

  • Quality of whites versus reds

  • Pricing relative to older vintages

  • Long-term positioning rather than short-term hype

For collectors, the vintage offers opportunities to secure high-quality white Burgundy and select red wines at more accessible price points than seen in recent years.

Burgundy’s long-term position in fine wine

Despite short-term market adjustments, Burgundy’s long-term fundamentals remain intact:

  • Unmatched vineyard specificity

  • Strong global demand for top domaines

  • Cultural and historical prestige

  • Continued scarcity at the very top end

The Burgundy En Primeur 2023 campaign reflects a region in transition, adapting to climatic realities and market forces while retaining its core appeal.

Final thoughts on Burgundy En Primeur 2023

The 2023 Burgundy vintage offers a rare combination of volume, selective quality, and evolving pricing strategies. While the wines are not uniformly great, the best examples – particularly among the whites – deliver precision, energy, and strong value relative to recent campaigns.

For informed buyers, the current market environment creates a strategic window to engage with Burgundy thoughtfully, balancing new releases against opportunities in the secondary market.

As Burgundy continues to navigate climatic and economic challenges, its enduring prestige remains undiminished but success now depends more than ever on careful selection.

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 wine investment regions in 2024

Super Tuscan wine region Italy
  • Italy’s market performance has been the most resilient across all fine wine regions.
  • Burgundy prices have fallen the most in the last year. 
  • Champagne is showing consistent signs of recovery.  

The market downturn has affected all fine wine regions, arguably making it a great time to invest while prices are low. Today we take a deep dive into the performance of individual regions – identifying the most resilient markets, the best opportunities, and the regions offering the greatest value.

Italy: the most resilient market

Prices for Italian wine have fallen 4.1% in the past year – less than all other fine wine regions. By comparison, fine wine prices have fallen 11.6% on average, according to the Liv-ex 1000 index. 

Italy’s secondary market has been stimulated by high-scoring releases, like Sassicaia and Ornellaia 2021. Beyond the Super Tuscans, which are some of the most liquid wines, the country continues to offer diversity, stable performance and relative value. 

Some of the best-performing wine brands in the last year are Italian – all with an average price under £1,300 per 12×75, like Antinori Brunello di Montalcino Vigna Ferrovia Riserva (£1,267, +38%).

Other examples under £1,000 per case include Le Chiuse Brunello di Montalcino (+28%), Gaja Rossj-Bass (+27%), and Speri Amarone della Valpolicella Classico Monte Sant Urbano (+25%).

Regional wine indices chart

Burgundy takes a hit

Burgundy’s meteoric rise over the past two decades made it a beacon for collectors, but its steep growth left it vulnerable to corrections. In the past year, Burgundy prices have fallen 14.7%, making it the hardest-hit region. This downturn has released more stock into the market, creating opportunities for investors to access wines in a region often defined by scarcity and exclusivity.

Wines experiencing the largest declines include include Domaine Jacques Prieur Meursault Santenots Premier Cru (-41%), Domaine Arnoux-Lachaux Nuits-Saint-Georges (-35%), and Domaine Rene Engel Clos de Vougeot Grand Cru (-28%). For new entrants, these price drops offer a rare chance to acquire prestigious labels at relatively lower costs.

Champagne: on the road to recovery

Champagne has changed its trajectory over the last year: from a fast faller like Burgundy to more consistency and stability. While prices are down 10.6% on average, the dips over the last few months have been smaller than 0.6%. The index also rose in February and August this year, driven by steady demand. 

Some of the region’s most popular labels have become more accessible for buyers like Dom Perignon Rose (-14%), Philipponnat Clos des Goisses (-13%) and Krug Clos du Mesnil (-12%).

Meanwhile, the best performers have been Taittinger Brut Millesime (+29%) and Ruinart Dom Ruinart Blanc de Blancs (+28%), which has largely been driven by older vintages such as the 1995, 1996 and 1998.

The fine wine market in 2024 reflects a unique moment of transition. Italy’s resilience, Burgundy’s price corrections, and Champagne’s recovery illustrate a diverse set of opportunities for investors. With prices across the board at lower levels, this could be an ideal time to diversify portfolios with high-quality wines from these regions, anticipating long-term growth as the market stabilises.

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

 

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Q3 2024 Fine Wine Report

The fine wine market continued its downward trend throughout Q3 2024, but there are reasons for cautious optimism. Our Q3 2024 Fine Wine Report highlights the main themes that shaped the market, from regional performance to specific brand successes, and provides an outlook for the remainder of the year.

Executive summary

  • Since October 2022, fine wine prices have been in consistent decline, with a 4% drop on average in Q3 2024.
  • Bordeaux experienced the steepest fall at 4.4%, while Champagne defied the trend with a modest 0.4% increase last quarter.
  • Steady demand for fine wine continues to suggest a price recovery on the horizon.
  • Certain brands have outperformed the market, including Ruinart, Taittinger, and Château de Beaucastel.
  • Krug Vintage Brut 2004 has been the best-performing wine year-to-date, up 21.6%.
  • This year has already seen several broken auction records, including for high-profile Burgundy, which points to continued interest in fine wine.
  • Nine wines received perfect 100-point scores by Jane Anson in her recent Bordeaux 2009 and 2010 vintage retrospective.
  • France’s 2024 harvest is projected to be down 22% compared to last year, and 15% below the five-year average.
  • Looking ahead to Q4 2024, the market continues to present attractive buying opportunities, especially for investors with a long-term vision.

The trends that shaped the fine wine market

Global market recovery driven by rate cuts

In Q3 2024, global markets showed signs of recovery, bolstered by central banks pivoting towards interest rate cuts as inflation began to ease. Following turbulence in early August, stock markets rebounded, setting new records by the end of the quarter. Central banks, including the US Federal Reserve, the European Central Bank (ECB), and the Bank of England, all shifted their focus from inflation control to stimulating economic growth. The Fed’s September rate cut – the first since 2020 – catalysed a surge in US stocks, and similar moves from other central banks supported this global rebound. Despite lingering concerns about a potential US recession and Japanese market volatility, the overall global outlook improved, with lower rates and better economic conditions presenting growth opportunities.

Fine wine prices fall 4% in Q3

In contrast to the broader economic recovery, the fine wine market remained bearish, with a 4% average drop in prices in Q3. The Liv-ex 100 index saw its steepest fall of the year, down 1.7% in October. Bordeaux led the decline, with a 4.4% drop, although there was a slight uptick in Sauternes prices. Champagne offered a bright spot, rising 0.4% last quarter, with brands like Dom Ruinart Blanc de Blancs and Taittinger posting strong returns (over 30% in the last six months). This mixed performance underscores the complexity of the fine wine market, where price movements can vary widely by region and brand.

New fine wine releases beyond Bordeaux

As always, autumn brought the highly anticipated La Place de Bordeaux campaign, with major New World brands such as Almaviva, Seña, and Penfolds Grange releasing their latest vintages. However, this year’s campaign fell flat, with many new releases priced similarly to last year, despite older vintages showing better value and investment potential due to price corrections. Investors may find more favourable opportunities in back vintages that boast higher critic scores at lower prices.

Regional fine wine performance in Q3

The fine wine market has now returned to its 2021 levels, with prices declining across most regions in Q3 2024, except for Champagne, which recorded a modest 0.4% increase.

Bordeaux experienced the most significant drop, falling 4.4%, driven down primarily by the Second Wine 50 index, which plunged 6.6%, and the Right Bank 50 index, down 4.6%. Many wines from the 2019 vintage, which had previously appreciated in value, have now returned to their original release prices.

Despite this trend, Bordeaux is enjoying steady market demand, taking over a third of the market by value. Moreover, Jane Anson recently revisited the 2009 and 2010 vintages, awarding nine wines 100 points – a move likely to stimulate demand and prices.

When it comes to other regions, Italy and Burgundy also saw a 2% drop in Q3. The Rhône was somewhat more resilient, experiencing a smaller decrease of 0.8%.

The best-performing wines

While the broader market continues to face challenges, certain wines buck the trend, reinforcing the importance of strategic, brand-specific investment decisions.

In Q3 2024, some brands have delivered exceptional returns. The table below showcases the best-performing wines year-to-date, with regions like Tuscany and the Rhône dominating the list.

Leading the pack is Krug 2004, which saw an impressive rise of 21.6%, reflecting the continued strength of Champagne in the investment market. Earlier this year, Antonio Galloni (Vinous) rescored the wine, giving it 98 points. He described it as a ‘gorgeous Champagne that is just beginning to enter its first plateau of maturity’.

Close behind is Domaine du Pégau’s Châteauneuf-du-Pape Cuvée Réservée 2012, which appreciated by 21.2%. Sassicaia 2011 follows with a 21% increase, while its 2015 vintage takes the tenth spot, with a 12.1% rise.

Vega Sicilia Único also features twice with its 2010 and 2011 vintages, demonstrating the increased demand for Spanish wines.

Wines from Bordeaux and the Rhône also make the list, showcasing the diversity of the wine investment market.

The most expensive wines in 2024

The world’s most expensive wines in 2024 are overwhelmingly dominated by Burgundy. At the top of the list is Domaine de la Romanée-Conti’s Romanée-Conti Grand Cru, with an average price of £221,233 per case. Following closely is Domaine d’Auvenay Chevalier-Montrachet Grand Cru, priced at £204,328.

Other notable entries include:

  • Domaine d’Auvenay, Criots-Bâtard-Montrachet Grand Cru at £141,979.
  • Liber Pater, from Bordeaux, priced at £140,009, stands out as the only non-Burgundy wine in the list.
  • Domaine Leroy, Richebourg Grand Cru, valued at £120,007, further establishes Burgundy’s dominance as a highly collectible wine region.

Burgundy producers such as Domaine Leroy and Domaine d’Auvenay appear multiple times on the list. The trend reflects how scarcity, reputation, and critical acclaim are key drivers of value, especially as the market for fine wine becomes increasingly selective in uncertain economic times.

Further entries include:

  • Domaine Leroy, Romanée-Saint-Vivant Grand Cru at £103,844.
  • Domaine d’Auvenay, Mazis-Chambertin Grand Cru at £93,818.
  • Domaine de la Romanée-Conti, Montrachet Grand Cru at £89,529.
  • Domaine Leroy, Corton-Charlemagne Grand Cru at £81,827.
  • Domaine d’Auvenay, Meursault Premier Cru, Les Gouttes d’Or at £80,715.

This dominance by Burgundy reflects its unmatched status in the global wine market, where scarcity and consistent quality continue to command premium prices.

For more information, visit Wine Track.

Fine wine news

The autumn La Place de Bordeaux release campaign

The 2024 La Place de Bordeaux campaign saw the latest releases from Masseto, Solaia, Seña, Penfolds Grange and many more. However, many of these new vintages were released at the same or slightly higher price levels as last year, despite a general market decline, making them less attractive from an investment perspective.

For instance, Masseto 2021 received a perfect 100-point score from Antonio Galloni but was priced at the same level as last year, with back vintages such as 2017, 2018 and 2019 offering better value. Meanwhile, the 100-point Solaia 2021 was released at a 15.7% premium on the 2020 vintage.

From Chile, the 2022 Seña and Viñedo Chadwick were offered at last year’s prices, but older, higher-scoring vintages such as Seña 2019 and Viñedo Chadwick 2021 remain more affordable. Penfolds Grange 2020 saw a small price increase, yet back vintages like the 100-point 2013 offer greater investment potential. Overall, back vintages, with comparable or higher critic scores, often provide better value for investors looking to capitalise on the current market dip.

Historically low yields in France

The 2024 French wine harvest is projected to be one of the smallest in recent history, with regions like Burgundy and Bordeaux experiencing significant declines due to adverse weather conditions.

Burgundy’s output is projected to be down by 25% compared to 2023, while Bordeaux is facing a 10% drop, resulting in the region’s lowest production volume since 2017.

Historically, such scarcity in Burgundy has driven secondary market price increases, as collectors rush to secure rare wines. However, the economic downturn may temper this trend, making selectivity key for investors. In Bordeaux, while smaller harvests often support price stability for premium wines, the broader market conditions may limit price recoveries, especially for mid-tier labels.

Q4 2024 market outlook

The consistent decline in fine wine prices leaves many wondering when the market will stabilise. Despite this downward trend, several factors point toward potential recovery and attractive buying opportunities in Q4.

Firstly, strong demand for select wines persists, particularly for brands that continue to outperform the market. This year has already seen several broken auction records, including for high-profile Burgundy, which points to continued interest in fine wine.

While the market as a whole is facing challenges, strategic investment in the right wines can still yield impressive returns. Investors looking to capitalise on market lows should consider brands which have consistently shown growth despite broader regional declines.

The global economic backdrop also provides reasons for optimism. Central banks, led by the US Federal Reserve, have shifted towards interest rate cuts which could stimulate further investment in alternative assets like fine wine.

In terms of regional performance, the ongoing declines in key regions may start to stabilise, as already seen in Champagne. Despite a 4.4% drop in Q3, Bordeaux remains a dominant player with one-third of the market share by value. With critics such as Jane Anson awarding nine perfect 100-point scores to Bordeaux wines from the 2009 and 2010 vintages, we may see renewed interest in classic vintages.

In summary, Q4 2024 offers a unique window of opportunity for long-term investors. With the current decline, strategic investments in high-performing brands and undervalued vintages could offer substantial returns on the road to recovery.

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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Q2 2024 Fine Wine Report

Chateau Leoville Las Cases

Our Q2 2024 report has now been released. The report examines the macroeconomic factors affecting fine wine prices, the Bordeaux 2023 En Primeur campaign, the best-performing wines, industry news and an outlook for Q3.

Executive summary

  • The second quarter built on the successes of the first, with risk assets delivering another set of positive returns to investors.
  • Global equity markets were buoyed by resilient economic growth and rising investor confidence.
  • UK investment sentiment also improved after a landslide election win for the new Labour government.
  • The fine wine market remains a buyers’ market, with Burgundy and Champagne priced down the most in Q2. 
  • Bordeaux back vintages enjoyed rising demand and prices, following the 2023 En Primeur campaign.
  • The best-performing wine in Q2 was the 100-point Château Léoville Las Cases 2016.
  • This year’s En Primeur yielded mixed results with few great successes despite the general price cuts. 
  • Some of the best releases included the First Growths and their second wines, Beychevelle, and Cheval Blanc.
  • In other news, Sotheby’s Burgundy sale smashed wine auction records and Marchesi Antinori took full ownership of the Washington State winery Col Solare.
  • In buying opportunities, Latour 2009 offers perfect scores at the best possible price on the market.
  • Looking ahead, we anticipate the autumn La Place de Bordeaux campaign following a short summer lull.

The trends that shaped the fine wine market

Economic resilience boasts global markets

The second quarter delivered positive results for global equity markets which were buoyed by resilient economic growth, and supportive earnings and sales expectations. This strong economic foundation has allowed equities to advance, even as stubborn inflation poses potential challenges. Bond markets also appeared attractive; however, the same economic resilience that benefitted equities introduced near-term risks for fixed-income investments.

UK investment sentiment also improved following a landslide election victory for the new Labour government. The British pound, which has been the strongest major currency against the dollar this year, nudged higher when the scale of Labour’s victory became clear. The UK-focused FTSE 250 share index, which has outperformed the more global FTSE 100 year-to-date, rose to its highest level since April 2022, reflecting renewed investor confidence in the country’s economic prospects.

Fine wine – a buyer’s market

Meanwhile, fine wine prices continued to decline. The Liv-ex 1000 index, the broadest measure of the market, is currently at the level it was in August 2021 (388.28). Despite falling prices, trade volumes are higher than this time last year, suggesting that buyers are seizing opportunities to acquire wines at more favourable prices. Moreover, some of the best-performing wines this quarter rose as much as 20% in value. There are opportunities to be had if one follows closely.

En Primeur and Bordeaux’s falling prices

Some of these opportunities arose during the 2023 Bordeaux En Primeur campaign. The best new releases offered a compelling mix of quality and value, with a significant potential for future price appreciation. These included Beychevelle, Cheval Blanc, and the First Growths’ Grand vins and second wines – still, few and far between given the scale of the campaign. In the secondary market, Bordeaux prices fell 1.8% in the second quarter, making back vintages even more attractive. The only index that rose in value as the campaign concluded was the Bordeaux Legends 40 – exceptional older vintages that enjoyed rising demand. 

Regional fine wine performance

Liv-ex regional indices performance chart

As the market’s focus shifted to new releases, prices in the secondary market fell in Q2. The broadest measure, the Liv-ex 1000 index, dipped 2.4%. It was led lower by the Burgundy 150 (-3.9%) and the Champagne 50 (-3.7%). The Rest of the World 60 and the Italy 100 indices experienced the smallest declines of 1.1% and 1.2% respectively.

As the chart above shows, Italy has shown relative resilience in the current bearish market. Despite broader market uncertainties, some Italian brands have even recorded positive movement in the last six months as high as 15%.

In June, the Bordeaux Legends 40 index recorded its first positive movement in almost a year, rising 0.3%. The index tracks the performance of a selection of 40 Bordeaux wines from exceptional older vintages (from 1989 onwards). As we have previously highlighted, older vintages can often be a lucrative investment prospect, offering a combination of quality, value and bottle age. 

The best-performing wines in Q2

Best performing wines Q2 2024

The best-performing wines this quarter were a diverse mix from Bordeaux, Burgundy, Piedmont, the Rhone and Champagne. Leading the charge was the 100-point (WA) Château Léoville Las Cases 2016, with an impressive 19.4% increase. William Kelley described it as ‘one of the high points of this great vintage’. Close behind was Château Angélus 2019, which saw a 19.1% rise.

From Burgundy, Domaine Bonneau du Martray Corton-Charlemagne Grand Cru 2020 came third, up 15.2%. Other wines from the region that rose in value included Domaine de la Romanée-Conti La Tache Grand Cru 2017 and Coche-Dury Meursault 2018. 

Dom Pérignon Rosé 2009 also made the rankings, with a 9.6% rise this past quarter. On average, prices for the wine have risen 83% in the last decade.

Fine wine news

Sotheby’s Burgundy sale smashes records

On July 5, 2024, Sotheby’s conducted its first exclusive single-owner Burgundy sale, breaking eight world records and achieving €2 million ($2.1 million). Held in the historic Caves du Couvent des Cordeliers in Beaune, the auction featured over 175 lots from Taiwanese entrepreneur Pierre Chen’s cellar.

Top highlights included six bottles of Chevalier Montrachet d’Auvenay 2009, which fetched €106,250 (£89,915), and 12 bottles of Domaine Armand Rousseau Chambertin Clos de Bèze 1990, sold for €100,000 (£84,630). Among the record-setting sales were three bottles of 2005 DRC Échezeaux at €10,000 per bottle and a magnum of 2005 DRC La Tâche at €35,000.

Last month, Chen’s collection of fine and rare Champagne achieved €1.35 million (£1.14 million) at Sotheby’s in Paris, with notable sales including three magnums of Salon Le Mesnil Blanc de Blancs 1990 for €25,000 (£19,600) and a magnum of Dom Pérignon P3 1966 for €23,750 (£20,100), both setting new records.

Sotheby’s expects Chen’s collection to fetch a record $50 million (£39.2 million) by the series’ end, with upcoming auctions in New York and Hong Kong.

Antinori expands into Washington

Marchesi Antinori, one of Italy’s oldest family-owned fine wine producers, has taken full ownership of the Washington State winery Col Solare, which was established as a joint venture in 1995 with Ste. Michelle Wine Estate (SMWE). The acquisition includes the winery, the estate vineyard spanning 12 hectares planted primarily with Cabernet Sauvignon, and the brand, which produces around 5,000 bottles annually. Piero Antinori, president of Marchesi Antinori, expressed admiration for Red Mountain AVA’s unique terroir, emphasising the challenge and excitement of producing high-quality Washington red wines.

Juan Muñoz-Oca, COO of Antinori USA, highlighted the significance of this acquisition, reflecting Washington’s growing reputation for luxury wines. This move follows Antinori’s 2022 acquisition of Napa’s Stag’s Leap Wine Cellars, transitioning from a 15% to 100% stake after SMWE was sold to Sycamore Partners for $1.2 billion in 2021. Besides Stag’s Leap, Antinori owns Antica, a 200-hectare estate in Napa Valley, as part of their expansion in the states.

Buying opportunities: Latour 2009

Chateau Latour 2009 wine prices

Château Latour 2009 currently represents a combination of perfect scores and perfect timing. The highest-scoring wine ever at the annual Southwold tasting, Latour 2009 is now at the best price it has been in almost a decade. 

The recipient of no less than five perfect scores from Robert Parker, Lisa Perrotti-Brown MW, Jeff Leve, James Suckling, and Falstaff, Latour 2009 is a stand-out wine among critics. Hailed by Robert Parker as the greatest vintage he’d ever tasted, more recently Neal Martin described it as ‘outstanding’ and a ‘Latour firing on all cylinders’.

Latour is also the highest-scoring 2009 Bordeaux on Cellar Tracker, where it’s also the second-highest-scoring wine of the entire decade, beaten only by Petrus 2000 at more than six times the price.

In terms of price performance, Latour has outperformed all the other First Growths over one, two and five years. 

The 2009 vintage, which is currently available at one of the lowest price points ever, offers value among other prime vintages. Its scores match the 1982 and 1961, both of which come at a significant premium.

It is more affordable than the 2010 as well as the 2000 and 1990 vintages but with superior scores than all of them. The 2009 Latour is a hidden gem that seems particularly good to seek out now.

Outlook for Q3

With the onset of the summer lull, the market is expected to experience a temporary slowdown as usual. Despite this seasonal dip, numerous opportunities remain available. The market for collectibles, including fine wine, is gaining popularity among new investors looking for diversity and uncorrelated market returns.  

Over the next two months, the fine wine market will shift its focus to wines from around the globe as the autumn La Place de Bordeaux campaign takes centre stage. Esteemed producers such as Almaviva, Opus One, Vérité, Seña, Catena Zapata, Masseto, and Solaia will unveil their latest vintages on the international stage, accompanied by numerous other exciting releases.

As the campaign expands to include New World wines, the category is expected to see a surge in secondary market demand, potentially driving up prices. We will continue to spotlight the best investment opportunities where exceptional quality and brand prestige meet attractive pricing.

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 2024 Fine Wine Report

Q1 2024 Fine Wine Report

Our Q1 2024 Fine Wine Report has now been released. The report offers a comprehensive overview of the fine wine market in the last quarter, including the impact of interest rates and geopolitical risks, the best-performing wines and regions, and analysis on the rising popularity of non-vintage Champagne as an investment.

Report highlights:

  • Mainstream markets rallied in Q1 2024, driven by resilient economic growth and expectations for future interest rate cuts by central banks.
  • The first green shoots started to appear in the fine wine market towards the end of Q1.
  • Fine wine prices (Liv-ex 100 index) experienced a smaller decline of 1% in Q1, compared to a fall of 4.2% in Q4 2023.
  • Italian wine enjoyed rising demand amid a flurry of new releases, including the 100-point Sassicaia 2021.
  • A number of Champagne labels that experienced consistent declines last year have started to recover, including Dom Pérignon, Salon Le Mesnil, and Pol Roger.
  • The Burgundy 2022 En Primeur campaign delivered high quality and quantity, with about 10% of producers reducing pricing year-on-year due to the challenging market environment.
  • China lifted tariffs on Australian wine after more than three years.
  • Critics and trade are now preparing for the 2023 Bordeaux En Primeur campaign, which will dominate the news in Q2 2024.

Click below to download your free copy of our quarterly investment report.

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History of Burgundy’s price performance

Burgundy history
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The following article is an extract from our Burgundy regional wine investment report.

  • Burgundy is the region with the highest average bottle prices.
  • It is the best-performing fine wine region, considerably outperforming industry benchmarks.
  • This article analyses its historic performance, the drivers behind its success, and what this might meant for the future of the region.

Burgundy has earned an unrivalled reputation in the global fine wine investment market. Renowned for its scarcity, terroir-driven wines and uncompromising quality, the region has become the outright leader when it comes to average bottle price, long-term performance, and collector demand.

While Burgundy produces both red wine and white wine, it is red Burgundy, made primarily from Pinot Noir, that has driven much of the region’s explosive growth in value. Today, Burgundy wine prices sit comfortably above those of Bordeaux, Italy, and Champagne, cementing the region’s status as the most valuable fine wine category in the world.

Burgundy’s investment market explained

The strength of Burgundy wine prices is best illustrated by the Liv-ex Burgundy 150 index, which tracks the prices of the last ten vintages from 15 of the most actively traded Burgundy producers. This index is widely regarded as the benchmark for Burgundy’s performance in the secondary market.

Since its inception, the Burgundy 150 index has risen by more than 650%, making it the best-performing Liv-ex regional index. It has consistently outperformed Bordeaux, Italy, and Champagne over the long term.

While the index represents only a narrow pool of highly sought-after wines – largely Premier Cru and Grand Cru bottlings – it provides a clear indication of the broader direction of Burgundy wine prices. Importantly, during its decades-long ascent, the index has experienced only one major drawdown of around 15%, reinforcing investor confidence in Burgundy’s long-term trajectory.

Understanding the cost of Burgundy wine

One of the defining features of Burgundy wine cost is its structural scarcity. Unlike many regions where estates can expand vineyard holdings or increase production, Burgundy’s vineyards are rigidly fixed by centuries-old boundaries.

The most valuable wines originate from the Côte de Nuits – home to legendary appellations such as Gevrey-Chambertin, Vosne-Romanée, and Chambolle-Musigny – and the Côte de Beaune, which produces both exceptional red wine and some of the world’s most prestigious white wines.

Within these sub-regions, the hierarchy of Premier Cru and Grand Cru vineyards plays a decisive role in pricing. Grand Cru sites represent less than 2% of Burgundy’s total vineyard area, yet they command the highest Burgundy wine prices due to their historical reputation, proven longevity, and intense global demand.

Historic performance of Burgundy prices

Early growth: 2006–2008

The first major re-rating of Burgundy wine prices occurred between 2006 and 2008, when the Burgundy 150 index doubled in value. This period marked the “awakening” of Burgundy as a serious investment category.

A new generation of wealthy collectors entered the market, empowered by greater access to information online. Influential critics such as Robert Parker and Allen Meadows brought unprecedented attention to individual vineyards and producers, while major auction houses increased their focus on Burgundy fine wine.

Bordeaux’s boom and Burgundy’s pause: 2008–2011

Following the global financial crisis, Burgundy briefly fell into the shadow of Bordeaux. The opening of the Chinese market triggered explosive growth in Bordeaux wine prices between 2008 and 2011, diverting capital away from other regions.

However, this shift proved temporary. When Bordeaux peaked in 2011 and subsequently declined, investors began searching for alternatives with stronger fundamentals and greater scarcity—leading many directly to Burgundy.

Renewed momentum: 2016–2018

From 2016 to late 2018, the Burgundy 150 index doubled once again. This surge reflected Burgundy’s growing liquidity and its recognition as a high-return, low-correlation investment asset.

During this period, Burgundy wine prices benefited from broader participation in the market, improved transparency, and rising international demand. The perception of Burgundy shifted decisively – from a niche collector’s region to a cornerstone of fine wine investment portfolios.

Correction and recovery: 2019–2022

After nearly 15 years without a meaningful downturn, Burgundy experienced a period of correction in 2019 and 2020. This pullback was driven partly by profit-taking and later exacerbated by the Covid-19 pandemic.

However, Burgundy rebounded rapidly. In 2021 and 2022, rising at-home consumption, increased online wine trading, and strong global liquidity pushed prices sharply higher. The Burgundy 150 index reached an all-time high of 909.4 in October 2022, underscoring the region’s resilience.

Market contraction and Opportunity: 2023 Onwards

The broader fine wine market entered a period of contraction in 2023, influenced by geopolitical tensions, lingering post-pandemic effects, high inflation, and rising interest rates. Burgundy was the hardest-hit region, largely due to its elevated price levels.

Despite this correction, the long-term trend in Burgundy wine prices remains firmly upward. Periods of consolidation are historically advantageous for buyers, often offering greater availability and more attractive entry points – particularly for blue-chip Premier Cru and Grand Cru wines.

Burgundy 150 and price trendlines

Why Burgundy continues to command premium prices

Several structural factors underpin Burgundy’s long-term value:

  • Extreme vineyard fragmentation, limiting production volumes

  • Pinot Noir’s sensitivity to terroir, amplifying vineyard differentiation

  • Global demand growth for authentic, terroir-driven red wine

  • A rigid classification system, reinforcing scarcity and prestige

While regions such as Beaujolais offer outstanding value, Burgundy’s top wines remain in a class of their own when it comes to price performance and investment demand.

Final thoughts

Burgundy’s leadership in fine wine investment is no accident. Its combination of limited supply, historic vineyards, global prestige, and exceptional long-term price appreciation has positioned it as the most valuable wine region in the world.

For investors seeking exposure to fine wine, understanding Burgundy wine cost and pricing dynamics is essential. While short-term fluctuations are inevitable, Burgundy’s structural fundamentals suggest that its role at the pinnacle of the fine wine market is set to endure.

To find out more about the investment market for Burgundy wines, read the full report here.