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Bordeaux Regional Report

Bordeaux regional report 2025

Our Bordeaux Regional Report examines the evolution of its investment market, the First Growths, their second wines and En Primeur.

Bordeaux has long been the backbone of the fine wine market. Its unique combination of history, scale, and globally recognised brands has positioned it not just as a leading wine region, but as the reference point for fine wine investment worldwide.

As early as 1787, Thomas Jefferson recognised the collectible potential of Bordeaux’s finest estates. More than two centuries later, that early insight still holds true. While the fine wine market has diversified significantly in recent years, Bordeaux continues to play a defining role – often setting the tone for broader market performance.

At its peak in 2010, Bordeaux accounted for an extraordinary 96% of the fine wine market by value. Although its share has since moderated as regions such as Burgundy and Champagne have risen, Bordeaux remains the most influential and liquid region in the investment landscape.

WineCap’s Bordeaux Regional Report explores why this remains the case – and where the most compelling opportunities now lie.

Key findings from the Bordeaux Regional Report

Bordeaux remains the most important fine wine investment region

Despite increased diversification, Bordeaux still accounts for over a third of the fine wine market by value today. Its long-established distribution networks, global demand, and deep secondary market continue to underpin its dominance, particularly for investors prioritising liquidity and long-term stability.

The First Growths continue to anchor the market

The Bordeaux First Growths – Château Lafite Rothschild, Château Latour, Château Margaux, Château Haut-Brion, and Château Mouton Rothschild – remain the cornerstones of fine wine portfolios. While their share of total trade has declined from historic highs, they still represent around 30% of Bordeaux’s secondary market activity, reinforcing their role as pricing benchmarks and confidence indicators.

Second Wines and “Super Seconds” offer compelling value

One of the most notable trends highlighted in the report is the growing importance of second wines and so-called “Super Second” estates. These wines benefit from the same terroirs and technical expertise as their flagship counterparts but offer more accessible entry points. In many cases, they have delivered stronger relative performance over the past decade, driven by rising quality and growing global recognition.

Older vintages are often undervalued

The report shows that some of the most attractive opportunities in Bordeaux today lie not in the latest releases, but in older, overlooked vintages. These wines frequently trade at favourable price-to-quality ratios and can offer greater upside potential than more recent En Primeur releases, particularly in a more price-sensitive market environment.

En Primeur’s influence has weakened

While En Primeur remains a defining feature of Bordeaux, its role has evolved. Pricing misalignment in recent campaigns has reduced its appeal, shifting the focus towards disciplined, selective participation. The report highlights that En Primeur can still present opportunities, but only when release prices reflect broader market conditions and long-term value.

Bordeaux’s role in a diversified market

As the fine wine market has broadened to include Burgundy, Champagne, Italy, and California, Bordeaux has increasingly positioned itself as the region of stability. Its slower but steadier appreciation, combined with unrivalled liquidity, continues to make it a foundational allocation within diversified fine wine portfolios.

Explore the full report

WineCap’s Bordeaux Regional Report provides a detailed analysis of the region’s evolution, historic performance, key investment estates, and future outlook in an increasingly diversified fine wine market.

Download the full Bordeaux Regional Report to explore the data, insights, and opportunities shaping one of the world’s most important fine wine regions.

 

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Mouton Rothschild: 2022 label and market performance

Mouton Rothschild 2022 wine bottle label
  • The 2022 Mouton Rothschild label has been revealed. 
  • Mouton Rothschild is the best performing First Growth over the last decade. 
  • The wine has also outperformed the Liv-ex 100 and Bordeaux 500 indices.

Unveiling the 2022 label

Bordeaux First Growth Château Mouton Rothschild revealed its 2022 label design on December 1st.  Created by French artist Gérard Garouste, the original artwork commemorates the 100th anniversary of Baron Philippe de Rothschild’s leadership at the family estate. 

The label showcases the château’s iconic front wall and a grapevine, elegantly framed by a portrait of Philippe de Rothschild and a ram, his signature emblem.

The tradition of artist-designed labels began in 1945, when Baron Philippe de Rothschild marked the end of World War II with a special artwork featuring a ‘V’ for victory, designed by Philippe Jullian.

As previously explored, this practice has significantly enhanced Mouton Rothschild’s collectability, and the wine’s value has typically risen in the month following the label reveal. 

Mouton Rothschild 2022 wine bottle label

Mouton Rothschild: ahead of the pack

While the artist designed labels alone are not the key drivers of Mouton Rothschild’s investment performance, the wine does lead the way among its peers. It is the best performing First Growth over the last decade. 

Mouton Rothschild prices have risen 50.3%, compared to 42.3% for Margaux and 36.9% for Haut-Brion. Both Lafite Rothschild and Latour have increased by close to 30% over the same period.

Bordeaux First Growths Wine chart

From the market’s low in June 2014 to its peak in September 2022, Mouton Rothschild recorded a 76% increase. It was the first First Growth to recover from the correction following the China-driven wine boom. 

During the recent market downturn, Mouton Rothschild has exhibited relative resilience. Prices have fallen 13.8% since its peak. Only Haut-Brion has seen a smaller decline of 13.1%. The biggest faller has been Lafite Rothschild, down 22.8% since September 2022. 

Mouton Rothschild and the broader market

Mouton Rothschild is also nicely positioned in the broader wine investment market. It has outperformed the industry benchmark, the Liv-ex 100 index, which is up 40.9% over ten years. It has also fared better than the Liv-ex 50 (17.5%), which tracks the price movements of the First Growths, and the broader Bordeaux 500 index (27.8%).

Mouton Rothschild performance

Mouton Rothschild has demonstrated consistent strength in the fine wine market, supported by its established history and strategic positioning. The estate’s practice of commissioning artist-designed labels has enhanced its collectability, strengthened by its reputation for quality.

The release of the 2022 label marks another milestone in the estate’s history. Mouton Rothschild’s performance, both in terms of relative resilience during market downturns and long-term growth, highlights its role as a reliable component in a well-diversified wine investment portfolio.

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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Finding value in the Bordeaux second wines

Lafite Rothschild
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  • The average First Growth case price is £5,300, while second wines come in at £1,941.
  • Le Clarence de Haut-Brion is the most affordable second wine.
  • Le Petit Mouton has been the best performer over the last decade.

Following our article last week examining the performance and value of the Bordeaux First Growths, we now turn to an important but often overlooked category within Bordeaux wines: second wines. These wines offer investors a compelling balance between brand prestige and affordability, making them increasingly relevant in today’s fine wine market.

This analysis explores what second wines are, how they compare to their Grand Vins, how they are priced, and why their long-term performance makes them attractive within a wine investment portfolio.

What are second wines?

Most leading Bordeaux châteaux – particularly those classified under the 1855 Classification – produce more than one wine per vintage. Alongside the Grand Vin, many estates bottle a second wine (sometimes referred to as a “2nd wine” or “wine or second label”), and a handful may even produce third or fourth wines depending on vineyard size and stylistic goals.

Second wines generally come from:

  • younger vines, which may not yet deliver the depth required for the Grand Vin

  • vineyard parcels that do not fully meet Grand Vin quality in a given year

  • fruit that is stylistically better suited to an earlier-drinking profile

Despite this, second wines often receive the same technical treatment – from vineyard work to vinification – as the flagship label. They may use fruit from the same renowned terroirs, the same cellars, and benefit from the expertise of the same winemaking team.

For investors, this means second wines offer brand access at a significantly lower price, while still carrying the hallmarks of top Bordeaux estates.

Second wines: Pricing and Value Dynamics

Price Comparison: First Growths vs. Second Wines

The average First Growth case price sits around £5,300, reflecting their iconic status within Bordeaux’s hierarchy. In contrast, the average price for a second wine is £1,941 – less than half the price, yet still benefiting from strong brand associations.

This pricing gap offers investors a more approachable entry point to the top tier of growth wines, particularly within Saint-Julien, Pauillac, and Pessac-Léognan, where some of the world’s most admired estates are located.

Where prices diverge

Interestingly, the price hierarchy of the Grand Vin does not always replicate itself in the second-wine market.

Second wines prices and scores

For example:

  • Château Latour produces one of the most expensive Grand Vins after Lafite Rothschild.

  • Yet its second wine, Les Forts de Latour, sits mid-range in pricing compared with its peers.

  • Meanwhile, Le Petit Mouton (from Mouton Rothschild) and Carruades de Lafite (from Lafite Rothschild) are priced higher, reflecting exceptionally strong brand demand.

 

Similarly, Le Clarence de Haut-Brion – the second wine of Château Haut-Brion, one of the most historically significant estates in the 1855 classification – remains the most affordable of the second wines despite its pedigree.

This shows that market demand, not just classification, shapes pricing for second wines.

Scores and price-per-point

When examining value for money, score-based metrics offer useful perspective.

  • Le Clarence de Haut-Brion holds the lowest price-per-point (£16) among second wines, mirroring Haut-Brion’s reputation for over-delivering relative to price.

  • However, while Haut-Brion Grand Vin scores very highly on the Wine Track Index, Le Clarence’s score is comparatively lower.

This disconnect illustrates a key point: For second wines, price does not always correlate closely with critical ratings.

Instead, a different dynamic typically governs their appreciation.

Second wines behave differently from the Grand Vin

With Grand Vins, price is strongly driven by quality, scores, and global demand.

For second wines, however, the dominant relationship is between price and age. As bottles are consumed and availability reduces, the scarcity effect naturally lifts prices.

In this way, second wines often follow the traditional wine investment ageing curve, appreciating steadily regardless of whether they score as highly as their Grand Vin counterparts.

They also present:

  • brand access for collectors who may be unwilling to open a £500+ bottle

  • earlier drinking windows, which attract both consumers and restaurants

  • strong demand on release, especially for estates like Mouton Rothschild, Haut-Brion, and Lafite Rothschild

Second wines therefore fulfil both a consumption and investment role, ultimately supporting more stable long-term price performance.

Performance of the Bordeaux second wines

Over the past decade, second wines from the top estates in Saint-Julien, Pauillac, Saint-Estèphe, and Pessac-Léognan have shown strong appreciation.

Top performers (10-year performance)

  1. Le Petit Mouton (Mouton Rothschild)
    +111.9% – The strongest performer, reflecting exceptional brand equity and global demand.

  2. Le Clarence de Haut-Brion (Château Haut-Brion)
    +76.2% – Undervalued on release, this wine has delivered impressive mid-term returns.

  3. Carruades de Lafite (Lafite Rothschild)
    +64.7% – One of the most globally recognised second wines, with strong demand across Asia.

  4. Pavillon Rouge du Château Margaux (Margaux)
    +63.1% – A consistently sought-after second label with stable year-on-year appreciation.

Second wines performance

These figures highlight how second wines from Bordeaux’s most prestigious châteaux can generate meaningful returns, often outperforming mid-tier Grand Vins and offering a lower-risk route into blue-chip Bordeaux.

Why Bordeaux second wines matter for investors

Second wines sit at the intersection of:

  • prestige (access to top-tier châteaux)

  • affordability (compared to Grand Vins)

  • liquidity (strong global recognition)

  • age-driven price increases (steady appreciation over time)

For investors building a Bordeaux wine portfolio, second wines provide:

  • diversification across vintages and price points

  • exposure to world-class estates without First Growth pricing

  • earlier consumption windows (driving market demand)

  • long-term stability and predictable growth

In short, second wines are one of the most efficient ways to gain exposure to the upper tier of Bordeaux wines while balancing cost and performance.

Final thoughts

Second wines from Bordeaux – whether Les Forts de Latour, Le Petit Mouton, Pavillon Rouge, Carruades de Lafite, or Le Clarence de Haut-Brion – offer compelling value for both collectors and investors. While they may not always achieve the prestige of their Grand Vins, their strong brand associations, increased affordability, and favourable ageing dynamics make them attractive assets within a diversified wine investment strategy.

As global demand continues to grow, particularly for leading estates in the Médoc and Graves, second growth Bordeaux wines and second labels are likely to remain a highly relevant segment of the fine wine market.

FAQ: Second Wines

What are second wines in Bordeaux?

Second wines are wines made by top Bordeaux châteaux using fruit from younger vines or parcels not selected for the Grand Vin.

Are second wines considered good for wine investment?

Yes. Many second growth Bordeaux wines and second labels have demonstrated strong long-term performance.

How do second wines differ from the Grand Vin?

While they come from the same vineyards and winemaking teams, second wines are generally earlier-drinking and less complex. The key difference is selection – the Grand Vin uses only the highest-quality fruit.

Why are second wines cheaper than First Growths?

Price differences reflect hierarchy, brand prestige, and selection. First Growths such as Lafite Rothschild, Mouton Rothschild, and Haut-Brion command premium pricing due to their status in the 1855 Classification. Their second wines, like Carruades de Lafite or Le Petit Mouton, offer similar pedigree at a fraction of the cost.

Do second wines age well?

Yes, though typically not as long as their Grand Vins. They often reach peak condition earlier, making them attractive for both drinkers and investors.

Which second wines show the best historical performance?

Over the past decade, leading performers include:

  • Le Petit Mouton de Mouton Rothschild

  • Le Clarence de Haut-Brion

  • Carruades de Lafite

  • Pavillon Rouge du Château Margaux

These wines have delivered returns between 63% and 112%, depending on estate and vintage.

Are second wines a good entry point for Bordeaux investment?

Absolutely. They offer affordability, strong brand recognition, and proven liquidity, making them one of the most efficient ways to gain exposure to top-tier Bordeaux wines.

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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Which Bordeaux First Growth has the lowest price per point?

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  • First Growth Bordeaux is historically the most significant fine wine market segment.
  • The price-per-point metric allows for a comparison of wines based on their market price and perceived quality.
  • Despite belonging to the same classification, the Bordeaux First Growth’s relative value differs substantially.

The price-per-point metric offers a powerful way to compare wines based on their market price relative to critic quality scores. By dividing the average case price by the average critic score, collectors and investors can identify which wines offer the best value, regardless of prestige or brand strength. This approach is especially insightful when analysing the First Growth Bordeaux châteaux, the most liquid and historically significant group within the wines of Bordeaux.

The First Growths – Château Lafite Rothschild, Château Mouton Rothschild, Château Margaux, Château Haut-Brion, and Château Latour – were formalised in the official Classification of 1855, a system that still shapes global perceptions of quality today. These Left Bank estates sit at the top of the Bordeaux hierarchy, alongside the region’s premier cru properties, commanding some of the highest prices in the fine wine market. Despite belonging to the same classification, their relative value differs substantially when measured through price per point.

Why First Growth Bordeaux dominates the fine wine investment market

First Growth Bordeaux occupies a unique position in the fine wine market, combining historic prestige with unmatched liquidity. Since the 1855 Classification, these estates have become global reference points for quality, consistency, and collectability. As a result, they are among the most actively traded wines on the secondary market, forming the backbone of indices such as the Liv-ex 50.

Liquidity is a critical consideration for collectors and investors alike. First Growth wines benefit from:

  • deep, global demand

  • consistent critic coverage

  • strong institutional recognition

  • regular market pricing across multiple vintages

This makes them easier to buy, sell, and value compared to wines from less-established regions or producers. Even during periods of broader market weakness, First Growths continue to trade, providing clearer price discovery and lower execution risk.

Importantly, this liquidity also makes First Growth Bordeaux particularly well-suited to price-per-point analysis. Because these wines trade frequently and attract consistent critical attention, their prices and scores offer a reliable dataset for assessing relative value. In contrast, rarer or less liquid wines may show distorted price-per-point figures due to limited availability or infrequent trades.

For this reason, First Growth Bordeaux remains the most analytically robust segment of the fine wine market – and a natural starting point for value-focused investors.

First Growth Bordeaux – price per point

An average case price of £4,429 makes Château Haut-Brion the most affordable of the First Growths. Meanwhile, it has the highest average Wine Track score of 95.9 points. While there is divergence in prices and scores on a vintage-specific level, Château Haut-Brion has the lowest price per point among the First Growths overall.

First Growths average prices and scores

At the other end of the spectrum, Château Lafite Rothschild has the highest price per point of £64, owing to the highest average case price of £6,129 and a Wine Track score of 95.8.

Château Margaux, Château Latour, and Château Mouton Rothschild sit between these two extremes. Each offers exceptional critic scores and historic vintages, though their price-per-point efficiency varies depending on market cycles, En Primeur release prices, and vintage-specific trading volumes. Investors often compare these cru classé wines not only by absolute cost but by consistency of score relative to long-term performance.

Price per Point vs Prestige: When brand strength stops paying a premium

One of the most revealing aspects of price-per-point analysis is how it exposes the cost of brand prestige. While all First Growths command significant premiums, those premiums are not always matched by proportionally higher critic scores.

Château Lafite Rothschild is the clearest example. Its global brand recognition, particularly in Asian markets, has historically driven prices well above its peers. While Lafite consistently receives outstanding scores, its higher average case price results in the highest price per point among the First Growths. This reflects not weaker quality, but stronger demand driven by reputation and symbolism.

By contrast, Château Haut-Brion has historically benefited from a more restrained pricing profile. Despite delivering equally elite critic scores, it has avoided the same speculative price surges seen elsewhere, resulting in a lower price per point and reduced volatility.

From an investment perspective, this distinction matters. Wines with lower price-per-point metrics often:

  • experience smaller drawdowns during market corrections

  • recover more quickly following downturns

  • offer better risk-adjusted returns over long holding periods

This does not mean prestige-driven wines lack investment merit. Rather, it highlights that value and brand leadership do not always align. Investors allocating across First Growth Bordeaux may therefore choose to balance holdings – combining globally recognised icons with value-oriented performers to smooth portfolio volatility.

What does this mean for the First Growths’ performance?

Historically, all First Growths have followed similar trajectories in terms of market highs and lows.
Key patterns include:

  • A dramatic surge during the China-led bull market (H1 2011)

  • A deep pullback in the years following

  • A recovery after the Brexit referendum, stabilising at higher levels

  • A recent decline in line with broader fine wine indices

The Liv-ex 50, which tracks the First Growths, is down 15.3% over the past year, mirroring the performance of the broader Liv-ex 1000 index.

Among the individual estates:

  • Lafite Rothschild saw the sharpest rise during the 2011 peak

  • It has also seen the largest recent fall (-19%)

  • Haut-Brion, despite never reaching the same peaks, has been more stable – dipping only 10% in the last year

This relative stability reinforces Haut-Brion’s status as a high-value First Growth brand. Its lower price per point and historically steadier performance make it appealing to collectors seeking reduced volatility without sacrificing Bordeaux pedigree.

First Growths performance

First Growth wines that offer value perform the best

In the case of Haut-Brion, value plays an important role in market performance. POP wines (those with a lower price per point) have outperformed the rest over 15 years. These include vintages 2002, 2004, 2006, 2007, 2008, 2011, 2012, 2013, 2014, 2017 and 2019 (the only prime vintage among the POP wines).

The second-best-performing index comprises older ‘prime’ vintages – wines with high scores pre-2000. However, this index has shown higher volatility due to the limited availability and trading volumes of these wines.

The index comprising younger ‘on’ vintages like 2015, 2016, 2018 and 2020 has underperformed the rest of the pack. However, these wines have also had less time in the market and their evolution is yet to be seen.

Haut-Brion vintage performance

Historically, Bordeaux prime vintages often show accelerated growth after 10–15 years in bottle, meaning these more recent releases could see substantial performance shifts as they move further from their en primeur release period.

In conclusion, price per point offers an effective way to assess both value and quality, helping buyers look beyond brand prestige to uncover genuine opportunities. However, investors should also consider:

  • long-term market behaviour

  • storage and provenance

  • volatility of older vintages

  • the impact of global economic cycles

When combined with historical performance analysis, price per point becomes a powerful tool for building a balanced fine wine portfolio – identifying stable performers like Haut-Brion, premium prestige wines like Lafite Rothschild, and long-term growth opportunities across the First Growth category.

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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Price ratio: comparing regional First Growths

  • We compare the price performance of Château Lafite Rothschild to other regions’ respective ‘First Growths’.
  • The rising ratio highlights the increased value to be had in the Bordeaux First Growths.
  • Today, one can get 29 bottles of Lafite for the price of Romanée-Conti and almost five for Pétrus and Screaming Eagle.

How many bottles of Château Lafite Rothschild can one get for the price of other regions’ respective ‘First’ wines?

With changing market dynamics at play that have seen the balance between Bordeaux and other regions change, we examine the price ratio between some of the most popular investment-grade wines.

Below we compare the performance of the Bordeaux First Growth Château Lafite Rothschild to Burgundy’s highest echelon Domaine de la Romanée-Conti, the Super Tuscan Sassicaia, the Right Bank Château Pétrus, the Californian cult wine Screaming Eagle, and the most in-demand Champagne, Dom Pérignon. These are all wines that symbolise and even transcend their geography.  In the same way that Lafite has long been the mainstay of Bordeaux, the other wines are bellwethers for their regions.

The ratio between these wines is somewhat reflective of broader trends within their respective regions. Over the last decade, the ratio has risen consistently, highlighting the increased value to be had in the First Growths, as other regions gather momentum.

How many bottles of Lafite for the price of DRC?

Today, one can get on average 29 bottles of Lafite Rothschild for the price of Romanée-Conti. The ratio has risen considerably since 2013 when one could buy just 14 bottles of Lafite for one DRC. It peaked in December 2022, when it stood at 30:1.

As the chart below shows, the Domaine de la Romanée-Conti index hit a record high in December last year. Meanwhile, the Lafite index has not seen any of the price volatility witnessed by DRC. Year-to-date, prices for both labels have dipped but the fall has been sharper for DRC.

The DRC:Lafite price ratio is somewhat reflective of broader trends within their regions. In the last decade, Burgundy emerged as Bordeaux’s main contender. After Bordeaux peaked at the end of the China-led bull market in 2011, buyers started to seek out other corners of the fine wine world and it was Burgundy that attracted the greatest attention. The allure of rarity and quality meant that demand quickly outstripped already tight supply. Prices for Burgundy peaked, while Bordeaux ran quietly in the background.

For Bordeaux, the period between 2013 and 2015 saw contraction at the tail end of the Chinese correction. The market turned again in October 2015, and since then, Lafite Rothschild has been the second-best-performing First Growth, with some vintages doubling in value. However, it has not managed to catch up with Burgundy’s stellar rise.

Left vs Right Bank

It is also interesting to compare performance within Bordeaux’s Left and Right Bank. Today 4.6 bottles of Lafite gets you a bottle of Château Pétrus, up from 3, ten years ago.

As the chart below shows, Lafite and Pétrus have followed a similar trajectory up to September 2021, when prices for the First Growth flattened while Pétrus continued its rise.

Similar to Burgundy, rarity plays a key role in Pétrus’ appeal and investment performance. Pétrus is produced in much smaller quantities (around 3,000 cases per year) compared to Lafite (around 25,000 cases). Despite commanding a higher price tag, the wine has considerably outperformed Lafite in the last decade.

Dom Pérignon vs Lafite Rothschild

Recent years have seen a surge in Champagne’s market share and price performance. This has been reflected in the performance of its most traded label – Dom Pérignon.

Produced in much larger quantities than Lafite and more widely available, Dom Pérignon has started to catch up with the First Growth. In the last decade, the ratio between them has doubled – from 0.2 to 0.4.

Champagne prices, with Dom Pérignon at the helm, have made considerable gains since the early 2020s. In the last decade, our Dom Pérignon index is up 120%, compared to 20% for Lafite.

Sassicaia vs Lafite Rothschild

Similarly, the Super Tuscans have been getting more expensive. The most liquid and heavily traded group of Italian wines, their performance has been further boosted by critical acclaim and brand strength, with Sassicaia at the helm.

The ratio between Sassicaia and Lafite has risen from 0.2 ten years ago to 0.42 today.

As the chart below shows, Sassicaia has seen stable and consistent growth. 2019-2022 was a period of upheaval for the brand, which benefited from excellent vintages that captured investors’ interest.

Screaming Eagle vs Lafite Rothschild

The price ratio between Screaming Eagle and Lafite Rothschild tells a story of increased volatility, which can largely be ascribed to the Californian cult wine. Screaming Eagle has seen bigger price rises, followed by sharper falls.

Today one can now get 4.8 bottles of Lafite for the price of Screaming Eagle, up from 2.7 a decade ago. The ratio peaked in February 2022, when it stood at 5:1.

California has enjoyed serious investment interest which has been reflected in its market share. Today the region holds around 7% of the fine wine trade by value and is the most important New World player.

While Lafite has come to represent better value when compared to other top wines, this is largely due to shifting regional market dynamics. The First Growth continues to entice buyers with brand strength, high-quality releases and returns on investment.

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 place of the Bordeaux First Growths in a changing fine wine market

  • Once the dominant force in the fine wine market, the Bordeaux First Growths have lost market share due to its broadening.
  • In the last decade, Château Mouton Rothschild has been the best price performer, up 43.2%.
  • Château Haut-Brion offers the best value, with the highest average critic score and the lowest average price per case.

The Bordeaux First Growths in a broadening market

The Bordeaux First Growths have long been the cornerstone of the fine wine investment market. Back in 2010, they made up close to 90% of all Bordeaux trade by value – at a time, when Bordeaux’s share of the total market stood at 96%.

With the broadening of the market, their share has decreased and they now regularly account for around 30% of all Bordeaux secondary market trade (which itself has fallen below 35% annual average).

This trend was also reflected in the 2022 Power 100 list, which offered a snapshot of the ever-changing landscape of the secondary market. For the first time ever, no Bordeaux wines featured among the top ten most powerful fine wine labels.

Even if trade for these brands remains consistent or increases, the First Growths are facing greater competition. Still, they are among the wines with the greatest liquidity, attracting regular demand and high praise from critics year after year.

First Growths’ price performance

In terms of price performance, the five First Growths have followed a similar trajectory (i.e. rising post-Covid and dipping in the last year in line with the current market reality). The relative outcast has been Château Latour, whose performance was impacted by the decision to leave the En Primeur system in 2012. The wine has been the worst-performing First Growth, up just 17.9% in the last decade.

The best performer has been Château Mouton Rothschild, with an increase of 43.2%. Recent releases have elevated the performance of the brand, like the 2020 vintage, which boasts 100-points from The Wine Advocate’s William Kelley, 99-100 from James Suckling, 98-100 from Jeff Leve and 99 from Antonio Galloni (Vinous). ‘Off’ vintages like 2011, 2013 and 2014, which have greater room to rise, have also fared well over the last five years.

The second-best performer has been Château Margaux, which is also the second most affordable First Growth. Similarly, its biggest price risers have been 2014, 2011 and 2013. Less classical years reveal the strength of these brands, as demand for the First Growths remains consistently high regardless of the vintage.

First Growths’ price and score comparison

The table below shows the average price per case and critic score of the First Growths for vintages since 2000.

Château Haut-Brion tops the list with the highest average score (95.9) and the lowest average price per case (£4,595). With a price per point of £48, the wine seems to offer the best value among the First Growths. Vintages that have received 100-points from The Wine Advocate include 2018 (LPB), 2016 (LPB), 2015 (LPB), 2009 (LPB) and 2005 (RP).

Looking at the average prices, Château Lafite Rothschild stands out as the most expensive of the First Growths. The wine has achieved 100-points from The Wine Advocate for its 2019 (WK), 2018 (LPB), 2010 (LPB) and 2003 (RP) vintages.

In conclusion, the First Growths remain an important part of the changing secondary market, offering brand strength, consistently high quality and stable growth.

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 legacy of the 1855 Bordeaux Wine Classification and global rankings

  • The 1855 Bordeaux Wine Classification continues to serve as a touchstone that has shaped not only Bordeaux but also global perceptions of what constitutes a ‘fine wine’.
  • Wine-producing regions worldwide have developed their own unique classification frameworks, based on quality, price, and terroir.
  • Wine classifications serve as guides to quality standards, geographical origins, and historical context.

Wine classifications play a vital role in the global wine industry. They help consumers, collectors, and investors navigate quality, geographical origin, and prestige in an increasingly complex market. From Bordeaux’s classified growths to Burgundy’s vineyard-based crus, these frameworks provide structure in a world where thousands of producers and regions compete for attention.

Among all wine classification systems, none has shaped perceptions of “fine wine” more profoundly than the 1855 Bordeaux Wine Classification. Commissioned under Napoleon III, this historic ranking established a hierarchy of growth wines that continues to influence how quality, rarity, and value are defined nearly 170 years later. While wine-producing regions across the world have since developed their own classification frameworks, the 1855 system remains a benchmark – both commercially and culturally – for what constitutes a truly great wine.

As the global wine market has evolved, classifications have adapted alongside it, offering insight into tradition, terroir, and shifting consumer preferences. Yet the enduring relevance of the 1855 Bordeaux Classification underscores the lasting power of reputation, consistency, and market trust in fine wine.

The enduring legacy of the 1855 Bordeaux Wine Classification

The Bordeaux Wine Official Classification of 1855 was commissioned for the Exposition Universelle de Paris, a world fair designed to showcase France’s greatest achievements. Napoleon III tasked the Bordeaux Chamber of Commerce with identifying the region’s finest wines. Rather than relying on tastings, the Chamber turned to wine brokers – the commercial gatekeepers of the time – who ranked estates based on historical reputation and long-established trading prices.

The classification focused primarily on prominent Left Bank estates, particularly in the Médoc, with one notable exception: Château Haut-Brion in Graves. These wines were divided into five hierarchical tiers:

  • Premier Cru (First Growth)

  • Deuxième Cru (Second Growth)

  • Troisième Cru (Third Growth)

  • Quatrième Cru (Fourth Growth)

  • Cinquième Cru (Fifth Growth)

Together, these tiers formed the foundation of Bordeaux’s system of classified growths, creating a permanent hierarchy that defined the region’s most prestigious growth wines.

The classification also recognised the exceptional sweet wines of Sauternes and Barsac, which enjoyed enormous international demand in the 19th century. At the pinnacle stood Château d’Yquem, placed alone in the rank of Premier Cru Supérieur — a distinction that remains unique in the wine world.

Remarkably, the classification has remained largely unchanged. Its most significant revision came in 1973, when Château Mouton Rothschild was promoted from Second Growth to First Growth. Baron Philippe de Rothschild famously marked the occasion with the words: “First I am, second I was, Mouton does not change.”

Criticism and evolution of a historic system

Despite its prestige, the 1855 Classification has long attracted criticism. Because it was based on 19th-century market prices, detractors argue that it fails to reflect modern viticulture, advances in winemaking, or evolving stylistic preferences. Over time, some non-classified estates have surpassed classified growths in quality, while benefiting from greater flexibility and innovation.

This rigidity has been both a strength and a weakness. On one hand, it has preserved clarity, brand power, and investment confidence. On the other, it has frozen a snapshot of historical market dynamics into a permanent hierarchy. In response to this tension, the global wine exchange, Liv-ex, has created a similar classification that uses price alone to determine a hierarchy of the leading fine wine labels in the market.

Nevertheless, the longevity of the 1855 system demonstrates the enduring value of reputation and consistency in the fine wine market.

How wines were ranked in the 1855 Bordeaux Classification

To understand why the 1855 Bordeaux Classification remains so influential today, it is essential to examine how the wines were ranked in the first place. Unlike many modern systems that rely on tasting panels or regulatory oversight, the 1855 framework was fundamentally commercial in nature.

A market-driven system

At the request of Napoleon III and the Bordeaux Chamber of Commerce, wine brokers ranked estates according to decades of trading data, merchant pricing, and auction records. Growth status was awarded based on sustained demand, reliability, and reputation rather than the performance of a single vintage.

The focus was firmly on red wines from the Left Bank, particularly the Médoc. These were organised into five growth tiers, creating a clear hierarchy of prestige. First Growth estates such as Château Margaux were already recognised in the 19th century for consistency and refinement, helping to cement their position at the top of the classification.

While red wines dominated, sweet white wines from Sauternes and Barsac were also included, reflecting their immense popularity at the time. The system culminated in the singular elevation of Château d’Yquem as Premier Cru Supérieur – a status unmatched by any other wine.

Notably, dry white Bordeaux was excluded altogether. At the time, these wines lacked the commercial prominence of red and sweet white wines, highlighting how closely the classification mirrored market realities rather than stylistic diversity.

Once established, growth status became fixed. Over time, this transformed a commercial ranking into a permanent hierarchy of classified growths, a structure that continues to shape demand for Bordeaux growth wines today.

The economic weight of the 1855 Classification

From an investment perspective, the 1855 Classification remains one of the most powerful brand frameworks in fine wine.

Today, the five First Growths – Château Lafite Rothschild, Château Latour, Château Margaux, Château Haut-Brion, and Château Mouton Rothschild – remain among the most recognised wines in the world. Their classified growth status directly correlates with market dominance:

  • They anchor indices such as the Liv-ex 50

  • They command sustained global demand, particularly in the US and Asia

  • Their brand prestige supports price resilience during economic downturns

  • Their growth wines are among the most actively traded worldwide

Beyond bottle prices, classification status also influences land values. Vineyards designated as crus classés command significantly higher prices than non-classified sites, shaping long-term investment, production strategy, and estate positioning across Bordeaux.

The Saint-Émilion Classification

Bordeaux’s Right Bank offers a completely different approach through the Saint-Émilion Classification, first introduced in 1955. Unlike the 1855 system, Saint-Émilion revises its rankings roughly every ten years, allowing producers to move up or down the hierarchy. Its tiers include:

  • Premier Grand Cru Classé A

  • Premier Grand Cru Classé B

  • Grand Cru Classé

The dynamism of this model fosters competition, encouraging châteaux to innovate, invest in vineyards, and elevate their winemaking standards.

However, the classification has experienced its share of controversy. The most notable recent development was the withdrawal of three top estates – Châteaux Ausone, Cheval Blanc and Angélus – from the classification amid disputes over evaluation criteria. This highlighted the tensions between heritage, modern wine styles, and market realities.

Despite these challenges, the Saint-Émilion system offers a compelling alternative to Bordeaux’s more rigid 1855 structure, showcasing a model that evolves with the industry.

Classifications beyond Bordeaux 

Burgundy’s cru system: terroir above all

Burgundy takes a fundamentally different approach, classifying wines by vineyard site rather than producer. Its hierarchy includes:

  • Grand Cru

  • Premier Cru

  • Village

  • Regional

Because vineyards are often shared among multiple producers, two wines from the same site can vary significantly. This terroir-driven model has influenced regions worldwide, particularly in the New World, where vineyard identity increasingly defines top-tier wines.

Germany’s VDP Classification

Germany’s VDP system draws inspiration from Burgundy, with top vineyard designations such as Grosse Lage (Great Growth) and Erste Lage (First Growth). These categories identify sites capable of producing world-class wines, particularly Riesling, while allowing stylistic diversity.

Italy’s Barolo and Barbaresco crus

In Piedmont, Barolo and Barbaresco rely on an unofficial but widely recognised cru system. Vineyard names such as Cannubi, Brunate, and Rabajà carry prestige and influence pricing. The introduction of Menzione Geografica Aggiuntiva (MGA) in 2010 formalised many of these distinctions, strengthening the region’s terroir identity.

Portugal’s Douro Classification

The Douro Valley boasts one of the world’s earliest vineyard classification systems, dating back to 1756. Based on factors such as altitude, soil, and exposure, it predates Bordeaux by nearly a century and laid the groundwork for modern terroir-based classification models.

Concluding thoughts

The 1855 Bordeaux Wine Classification remains one of the most influential frameworks in the history of fine wine. Its hierarchy of classified growths continues to shape global perceptions of quality, prestige, and value, particularly for investment-grade growth wines.

At the same time, more flexible models – from Saint-Émilion’s evolving rankings to Burgundy’s terroir-driven crus – demonstrate how classification systems can adapt to changing markets and consumer expectations. Together, these frameworks help define how wine is understood, traded, and collected worldwide.

From Europe to the New World, wine classifications act as both historical artefacts and modern benchmarks, guiding today’s collectors and investors through an ever-evolving fine wine landscape.

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