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Bordeaux vs Burgundy: The two pillars of wine investment

Chateau Margaux Bordeaux barrel room
  • Bordeaux and Burgundy are the pillars of fine wine investment portfolios, together offering stability and price performance. 
  • One of the clear contrasts between the two regions lies in their production volumes, which lead to very different market behaviour: Bordeaux is the more liquid market and Burgundy is more volatile.
  • In recent years, Burgundy has increasingly captured Bordeaux’s market share and challenged its dominance as the most important fine wine region.

In the world of fine wine, two regions dominate both conversation and investment portfolios: Bordeaux and Burgundy. While they share France as a homeland, their histories, winemaking philosophies, and market trajectories are strikingly different. For investors, the choice between Bordeaux and Burgundy is not just about taste preferences, but about risk appetite, strategy, and long-term goals.

This article explores the history, styles, secondary market performance, and investment potential of both regions.

A brief history of winemaking

Bordeaux

Bordeaux’s history as a trading hub dates back to the 12th century, when Eleanor of Aquitaine’s marriage to Henry II of England opened English markets to its wines. This commerce played an important role in the region’s development over the following centuries. By the 1855 Classification, Bordeaux had codified its top estates, cementing its position as the epicentre of fine wine commerce. The prestige of First Growths – Lafite, Latour, Margaux, Haut-Brion, and later Mouton Rothschild – has underpinned Bordeaux’s dominance in the secondary market. Their Second Wines, which provide a lower entry point into the best brands, are often among the market’s most reliable performers.

Burgundy

Burgundy’s winemaking dates back even further, with monastic orders (Cistercians and Benedictines) mapping out terroirs as early as the Middle Ages. Unlike Bordeaux, Burgundy did not rely on grand châteaux but on small, family-run domaines. The Napoleonic Code fractured vineyards into tiny parcels, resulting in an extraordinarily complex patchwork of holdings. This fragmentation still defines Burgundy today, where a single vineyard such as Clos Vougeot may have dozens of owners, with each case  commanding a different price.

Wine styles

Bordeaux

Known for blends dominated by Cabernet Sauvignon (Left Bank) or Merlot (Right Bank), Bordeaux produces structured, powerful wines built for ageing. Acclaimed, age-worthy sweet wines like Sauternes produced by esteemed names such as Château d’Yquem add another layer of prestige.

Burgundy

Focused almost exclusively on Pinot Noir for reds and Chardonnay for whites, Burgundy is about terroir expression. Each parcel conveys subtle differences in soil and microclimate, producing wines celebrated for finesse, balance, and aromatic depth.

Production levels and volumes

The sheer difference in production scale between Bordeaux and Burgundy is one of the sharpest contrasts between the two regions – and a key factor for investors.

Bordeaux has over 110,000 hectares under vine, producing on average 500–600 million bottles each year. Even its most prestigious estates typically release several thousand cases annually. This volume underpins Bordeaux’s liquidity and accessibility in the secondary market.

Burgundy, by contrast, is far smaller, with around 30,000 hectares of vineyards and total production closer to 150 million bottles annually. At the pinnacle, many grands crus yield only a few hundred cases. This extreme scarcity amplifies price pressure whenever global demand rises, making Burgundy both highly desirable and more volatile.

The wine investment market: A journey from Bordeaux to Burgundy

Bordeaux: The original pillar 

Bordeaux was the foundation of the global secondary wine market. In 2010, Bordeaux accounted for a staggering 96% of trade by value. The En Primeur system, global brand recognition, and high production volumes made it the natural gateway for collectors and investors.

Bordeaux remains:

  • The most liquid market: Wines trade frequently, with transparent pricing.
  • Stable: While not immune to downturns, Bordeaux prices show less volatility.
  • Accessible: Entry-level investment opportunities exist at lower price points than Burgundy, especially among rising stars like Rauzan-Ségla and Beauséjour-Bécot, which have undergone major capital improvements and now outperform peers.

See also: WineCap Bordeaux Regional Report 

Burgundy: The new destination

Following the China-led boom of the late 2000s and early 2010s, Bordeaux’s dominance began to wane. Chinese buyers initially focused almost exclusively on the region’s First Growths, driving rapid price escalation, but as demand cooled, the market corrected sharply. Investors, collectors, and sommeliers then began to look elsewhere, sparking what has since been described as the ‘Burgundy moment’.

Between 2016 and 2018, and again from 2020 to 2022, Burgundy prices climbed dramatically. Burgundy prices surged ahead of broader fine wine benchmarks, reflecting growing international recognition of the region’s scarcity and quality. Burgundy’s appeal was further amplified by global trends toward terroir-driven, artisanal wines, contrasting Bordeaux’s image of large-scale production.

Scarcity remains Burgundy’s greatest market driver. Many grands crus produce fewer than 500 cases annually, which means that even modest increases in demand create significant price pressure. As a result, blue-chip producers such as Domaine de la Romanée-Conti (DRC) and Domaine Leroy now command astronomical valuations, cementing Burgundy’s role as fine wine’s most exclusive frontier.

See also: WineCap Burgundy Regional Report 

Market share shifts

  • In 2012, Bordeaux held 87.5% of market share, while Burgundy represented just 4.2%.
  • By 2025, Bordeaux is down to 36%, while Burgundy has climbed to 24%.

This data underscores Burgundy’s emergence as a true rival to Bordeaux’s dominance. 

The most expensive Burgundy wines

Most expensive Burgundy wines table

The most expensive Bordeaux wines

Most expensive Bordeaux wines table

As the tables above show, Bordeaux’s most prestigious names remain far more affordable than Burgundy’s icons, even as they maintain global popularity.

Also see The most expensive wines in the world (2025 edition).

Investment considerations

Bordeaux

Pros:

  • Deep liquidity and stable pricing
  • Lower entry points for investors
  • Consistent branding and global recognition

Cons:

  • Slower appreciation compared to Burgundy
  • Susceptible to cyclical demand booms (e.g., China-driven surge)

The best Bordeaux vintages

The top Bordeaux vintages are admired for their balance, structure, and cellaring potential, with particular years becoming winemaking benchmarks. Against this background, there are two vintage categories that are relevant for wine investors: “on” years and “off” years.

“On” years are legendary vintages with ideal weather conditions. They include years like 2000, 2005, 2009, 2010, 2015, 2016, 2018, 2019, 2020, and 2022. Such years appear consistently on lists of the best Bordeaux vintages for their fruit purity, elegant tannins, and notable longevity. However, while impressive, they are not necessarily the best years of Bordeaux wines for investment, with lower-priced alternatives (“off” years) potentially offering more favourable opportunities.

So-called “off” years, for example, 2008, 2011, and 2013, don’t always receive the same attention as more critically-acclaimed Bordeaux, but they often present excellent investment opportunities. They can be especially ideal for newcomers seeking good vintages from Bordeaux without the premium prices. Such more accessible releases can perform well over time and, especially when they hail from highly-esteemed châteaux, deliver impressive returns.

Worth noting is that there is no single formula for selecting the right vintage for investing. Producer reputation, terroir expression, critic scores all need to be taken into consideration.

Burgundy

Pros:

  • Exceptional price appreciation potential
  • Extreme scarcity drives prestige and value
  • Global demand from collectors, sommeliers, and investors

Cons:

  • Very high entry points for blue-chip domaines
  • Lower liquidity and fewer trading opportunities
  • Greater price volatility

The best Burgundy vintages

The best Burgundy vintages are sought after for their elegance, purity, and terroir expression, with certain years representative of the region’s ability to produce a pinnacle expression of Pinot Noir and Chardonnay.

Standout “on” years include 1999, 2002, 2005, 2009, 2010, 2015, 2019, 2020 and 2022. These vintages benefited from favourable growing conditions and are, as such, frequently highlighted among the best Burgundy years for their complexity and outstanding ageing potential. However, high quality and price do not always have a direct correlation with long-term investment performance.

So-called “off” years, or vintages that don’t grab the headlines, include 2007, 2011, 2013 and 2017. These years can offer attractive value, especially from well-regarded domaines that are known for consistency regardless of weather challenges. Since Burgundy production is limited and highly appellation-specific, it can be misleading to be guided by broad vintage generalisations, with in-depth domaine-by-domaine analysis often offering a better approach.

Both great Burgundy vintages and overlooked years can be the source of exceptional investment potential, reflecting the diversity and subtlety of the region. In such a granular environment, it is worth aligning investment research and strategy accordingly.

Balancing stability and scarcity

For newcomers to wine investment, Bordeaux remains the most sensible entry point. It is affordable, liquid, and stable, offering opportunities to build a solid foundation in fine wine. Rising stars such as Rauzan-Ségla, Troplong Mondot and Beauséjour-Bécot highlight how estate-level improvements can translate into market outperformance.

For seasoned investors, Burgundy provides the high-risk, high-reward play. While volatile and scarce, the region offers unparalleled potential for price appreciation. The allure of owning rare bottles from DRC or Leroy is both emotional and financial.

Ultimately, a balanced portfolio should include both. Bordeaux provides the security and breadth of a bedrock investment, while Burgundy offers the exclusivity and upside that can truly elevate a collection.

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.