Tag: Global fine wine market

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Bordeaux wine labels: role in wine investment?

Alongside ‘provenance’, ‘scarcity’, and ‘vintage’, another key influence on wine investment potential is ‘producer and brand reputation’. These words encompass tradition, track record, trust, and market recognition, and there’s little that more instantly communicates these features than a wine label.

WineCap spoke with prestigious Bordeaux châteaux and learned about the importance of connection to heritage behind the vast array of wine labels found in the leading wine investment region.

  • Classic châteaux images inspire confidence with age-old legacy.
  • Colour is a strong signal of recognisable brand association.
  • Historic tales showcase links to the region’s heritage.

Classic Left-bank style: Château Margaux, First Growth

One label that has barely altered over time is that of Château Margaux. Displaying an image of the house’s legendary neo-classical château, after rebranding in recent years, the label’s font harks back to the style used by the estate in the late 1800s

Philippe Bascaules, managing director, commented to WineCap on the pedigree of the overall design and the value of immediate recognition. ‘The label of the bottle of Château Margaux is very old. It was designed at the beginning of the 19th century. It’s just the image of the château, which became our logo. I think it’s probably one of the most famous wine labels.’

Regal opulence, eastern allure: Château Ducru-Beaucaillou, Second Growth

Combining Western and Eastern finesse, the label of Château Ducru-Beaucaillou displays an oblique line illustration of the majestic estate set against a luxuriant golden-hued backdrop.

‘This label was created by the Johnstons, who owned the estate at the end of the 19th century, and, except for only slight changes, it has never changed,’ Bruno Borie, co-owner and manager of the Sant-Julien château, told WineCap. ‘It has always been this beautiful yellow, orange, and gold. I think the inspiration was the Venetian Palladian palaces that were painted in this beautiful yellow colour. Also, the late 19th-century Nathaniel Johnston married Princess Mary of Caradja from Istanbul, and she was a princess from a Greek family installed in Turkey who were very close to the sultan. Mary probably introduced this beautiful yellow colour, which was eastern – Orientalism was a style that was very fashionable at the end of the 19th century.’

Borie added that the label’s hue was possibly also influenced by contemporary trade with the Far East. “I don’t know if it was the intention, but I think that they were already shipping to Asia in those days, and gold was the colour of the Chinese Emperor.”

Borie noted the prominence of the house labelling. ‘When you are in front of a shelf or when you are in a restaurant, you immediately recognise that Ducru-Beaucaillou label. It’s a unique label that you need probably half a second to find.’

On the secondary market, the wine’s value has risen 50% over the last decade.

Historic story: Château Beychevelle, Fourth Growth

Breaking from the tradition of displaying a grand Bordeaux estate on the label, Château Beychevelle features an arresting black-and-white illustration of a vessel on a river. The boat is adorned with a griffon-like figurehead that looks ahead confidently as it floats on the calm river waters. Its sail is lowered and bears a cluster of grapes, while a pennant flag flutters gracefully from the mast.

The depiction honours the estate’s 17th-century foundations, when the first Duke of Épernon – a renowned and admired French admiral – owned the Gironde River château. His presence commanded such high regard that ships sailing by on the river would lower their sails in respect. This historic tale inspired both the estate’s emblem and name Beychevelle, from the Gascon phrase ‘Bêcha vêla,’ translating as ‘lower the sails’.

‘You don’t see a building, you don’t see a chateau or a gate, which is very common on wine labels,’ managing director of the Saint-Julien house, Philippe Blanc, told WineCap. ‘You’ve got this white corner cut label with a boat, which is quite rare and is very definitely recognisable as Beychevelle. Some people think the boat is a Viking boat, but it’s not. It’s a local boat going along the River Gironde and lowering its sail to show respect to the Duke.’

Over the past 12 months, the average case price of Chateau Beychevelle has dipped in value by 7%, but in the past 10 years, it has increased by 55%.

Bold and colourful: Château Lafon-Rochet, Fourth Growth

When Saint-Estèphe producer Château Lafon-Rochet transformed the appearance of its buildings from muted grey to vivid colour, the influence extended beyond its premises to its label.

Today, featuring a striking mustard-yellow backdrop, the house’s label displays a front-facing illustration of the elegant château, with diagonal vineyard lines in the foreground adding a sense of dynamism.

‘The label’s colour was inspired by my father,’ said general manager Basile Tesseron. ‘He disliked the grey façade and experimented with painting the château yellow, green, and red – one colour per year.’

In the end, yellow came out on top. ‘In 2000, he decided that if the château would stay yellow, the label should match. It may be bold, but now it’s unmistakably ours.’

The wine investment performance of Lafon-Rochet has been equally unmistakable – up 65% over the last decade, outperforming all the First Growths.

Dignity and blossoms: Château La Conseillante

The elegant grayscale label of Pomeral house, Château La Conseillante, quietly communicates family prestige. It features a shield-shaped emblem carrying the letters “L” and “N” for founder Louis Nicolas, which is framed by intricate, stylised berries and florals.

‘The inspiration is very simple – it’s the original logo of Louis Nicolas,’ general manager Marielle Cazaux told WineCap. ‘In French, we call it the ‘armoirée’.’

The classic design of the label is further enhanced by the bottle’s violet neck foil, which, as Cazaux said, subtly mirrors the floral violet notes often found in wine’s aromas and flavours.

Château La Conseillante prices have seen an increase of 81% over the last ten years.

See also our Bordeaux I Regional Report. 

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

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How UK and US investors react to tariffs

  • Wealth managers in both the UK and US anticipated increased demand for equities, real assets, and alternatives amid shifting trade policy landscapes.
  • US respondents showed stronger confidence in alternative assets, while UK managers leaned more toward traditional equities and property.
  • Fine wine was viewed in both markets as a resilient, inflation-resistant asset with long-term appeal, especially in portfolios seeking diversification.

With President Donald Trump back in the White House, global markets have once again entered a period of trade policy uncertainty. In late May 2025, the administration proposed sweeping 50% tariffs on European Union imports, initially planned for June 1 but now delayed until July 9 following negotiations with European Commission President Ursula von der Leyen. The move echoes earlier policy cycles that disrupted cross-border commerce, and while implementation remains uncertain, it has revived conversations about portfolio resilience and asset class performance under changing geopolitical conditions.

In our Wealth Management survey earlier this year, investors across both sides of the Atlantic were asked to consider how a renewed focus on domestic trade policy and market protectionism might shift capital allocation preferences. Their responses revealed an appetite for assets considered resilient, global, and responsive to consumer growth.

A recalibration of confidence across core and alternative assets

Across both markets, wealth managers projected increased demand for a wide range of asset classes, albeit with slightly different emphases. In the United Kingdom, demand was strongest for traditional equity exposures, particularly US stocks (94%) and emerging markets (90%), reflecting a continued belief in global growth opportunities despite the shifting trade backdrop. Property and non-US developed stocks also garnered attention, as did cash and bonds – indicating a balanced appetite for both growth and defensive positions.

*UK

In the US, the tone was more expansive and optimistic. US stocks topped the list at 98%, with similarly high sentiment for non-US developed markets (92%), cash (90%), and emerging market equities (86%). However, American wealth managers also showed a greater inclination toward alternatives – digital currency (88%), real estate (80%), startups (76%), and luxury collectibles (74%) all ranked notably high. This suggests that, even in the face of policy shifts, US investors were inclined to look for opportunity amid change, particularly in sectors with strong long-term narratives or tangible value.

*US

A nuanced position for fine wine and luxury assets

Fine wine and other luxury collectibles were not among the top-tier asset classes in the survey but nevertheless held their own as part of a well-rounded diversification strategy. 

While only 58% of UK respondents expected an increase in demand for luxury collectibles compared to 74% in the US, both figures reflect a belief in the long-term value of tangible, non-correlated assets – especially during periods of policy uncertainty.

Historically, fine wine has performed well in such climates. Its low correlation with traditional financial markets, combined with intrinsic scarcity and global appeal, positions it as an attractive option for wealth preservation. 

US respondents in particular noted that if Trump’s policies were to echo those from his previous term – most notably tax cuts that increased disposable income among high-net-worth individuals – then demand for luxury goods, including fine wine, could grow in tandem with consumer confidence.

Inflation resistance and tangibility remain key themes

Another through-line in both markets is the recognition that tangible, inflation-resistant assets may offer stability when macroeconomic or policy environments shift. While digital assets and equities continue to dominate discussions, the inclusion of fine wine and real estate in both countries’ top ten expected demand growth areas suggests a common view: that real, finite goods still hold a trusted place in long-term strategies.

This sentiment aligns with broader investment trends of the past five years, during which fine wine has steadily gained credibility as an alternative asset. From a performance standpoint, it has demonstrated resilience through downturns and delivered attractive risk-adjusted returns over the long term. And as more platforms offer increased liquidity and data transparency, fine wine is becoming more accessible to wealth managers seeking both diversification and durability.

Looking ahead

While our survey preceded the most recent tariff developments, the views it captured reflect a broader mindset already taking shape among global investors. As the July 9 tariff deadline approaches, and with the potential for further policy changes, these pre-existing preferences offer a lens into how wealth managers may continue to allocate in an evolving geopolitical environment.

For fine wine in particular, its dual role as both a passion asset and a portfolio stabiliser could prove increasingly valuable. Whether driven by renewed domestic consumption or a search for global, inflation-resistant stores of value, fine wine appears poised to remain a quiet but meaningful part of the wealth management conversation on both sides of the Atlantic.

Looking for more? See also: 

WineCap Wealth Report 2025: UK Edition

WineCap Wealth Report 2025: US Edition

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Lower En Primeur volumes: Bordeaux estates explain

The nature of Bordeaux’s En Primeur campaign varies each year depending on growing conditions and market forces. However, one aspect is emerging as a strong trend across vintages: volumes released during En Primeur are decreasing.

WineCap spoke with prominent Bordeaux producers for deeper insights into the reasons for this pattern.

  • Interviewed châteaux release between 60% and 90% En Primeur.
  • Rising temperatures and organic farming reduce yields and En Primeur offerings.
  • Châteaux need to consider both on- and off-trade customers.
  • Climate change necessitates holding wine for style, and brand preservation in future.
  • Competition to produce the highest quality reduces volume.

Decreased production and adaptable approach

Several producers WineCap interviewed explained that, in addition to the variable vintages typical of the Bordeaux region, global warming and changing vineyard practices are lowering yields.

Château Pichon Comtesse, Second Growth, Pauillac

Nicolas Glumineau, CEO and winemaker, recognised lower yields and wine volumes in recent years as contributing to the changing dynamics of the En Primeur system.

‘For Pichon Comtesse, it’s not due to the fact that we want to retain more volumes here in the cellars,’ Glumineau told WineCap. ‘I really do believe in the En Primeur system, despite seeing less and less volume of wine released this way. Volumes released have gone down because of lower yields over the last ten to 15 years. Still, I want to play the game of En Primeur, so that’s why we release something like 80% of our production every year’.

Château Smith Haut-Lafitte, Grand Cru Classé, Graves

Florence Cathiard, co-owner with her husband Daniel of Château Smith Haut-Lafitte, said that low yields influenced their decisions to reduce En Primeur volumes but commented that it was possible some maneuvering occurred.

‘For us, it’s not voluntary. It’s because of organic certification, which means we tend to have too low volumes,’ she said. 

Château Margaux, First Growth, Haut-Médoc

‘The En Primeur volume, of course, is lower than ten or 20 years ago because the yield is much lower than before. Also, we are much more demanding in our selection for Château Margaux. So the total volume of Château Margaux has decreased tremendously,’ managing director, Philippe Bascaules, told WineCap. ‘That said, the quantity of En Primeur hasn’t changed a lot. Depending on the vintage, we can sell 70% to 85% of the production’.

Bascaules emphasised that it was the level of the yield and strict selection for quality control, rather than the house’s reluctance to participate, that created an impression of reduction. ‘En Primeur is very important for us’.

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

‘At Château Pavie, we haven’t really changed the policy of let’s release less wine or let’s release more wine,’ Olivier Gailly, commercial director, said. ‘We adapt vintage to vintage. There is no strict rule as to what we want to release; the percentage might change vintage after vintage, depending on the dynamic of the market and of the vintage itself’.

Château Clinet, Pomerol

‘I think the main reason for the reduction in En Primeur volumes is the fact that sustainable viticultural practices reduce the volumes made per producer,’ Ronan Laborde, managing director and owner, explained.

‘Also, there is a strong competition to produce the best wine possible. You cannot do this with high volumes. So that’s why you also see more and more Bordeaux wine producers offering second wines or sometimes third wines. So, the quantity produced on the first wine is reduced. I think these are the two main reasons why the En Primeur volumes that are offered seem to be smaller than in the past’.

Customer choice

While some Bordeaux producers have a flexible strategy to their En Primeur releases, others believe that such versatility can have drawbacks, and that producer marketing and client demand should dictate stability in decision-making.

Troplong Mondot, Premier Grand Cru Classé B, Saint-Émilion

Ferréol du Fou, commercial director of Troplong Mondot, described lowering En Primeur quantities as ‘a huge mistake’, citing customer appetite as a key driver to the house’s stance.

‘Our strategy is to release 80% of the production every year, even if production is low. People need wines, and we need to show the label to the world. En Primeur is a way to offer a good deal for the consumer’.

Château Beau-Séjour Bécot, Premier Grand Cru Classé B, Saint-Émilion

Julien Barthe, who co-owns Château Beau-Séjour Bécot with his wife Juliet, has a similar position.

‘I think it’s a big mistake for many châteaux because they want to increase their prices, so they deliver a small volume. I really don’t think it’s a good way to promote your wine,’ he told WineCap. ‘This is not the case at Beau-Séjour Becot. We release around 85% to 90% of our production every year because we want to offer a good number of bottles to all our clients. We want to say ‘thanks, guys, you buy my wine, we are happy, we will be happy when you drink this wine’’.

Château Pichon-Longueville Baron, Second Growth, Pauillac

Christian Seely, managing director of AXA Millésimes, which owns Château Pichon-Longueville Baron, also believes that offering customers options is crucial, even if this involves holding a substantial amount of stock.

‘We release about half of our production of Grand Vin En Primeur, and we keep the other half back for a number of years,’ he said. ‘The reason we do that is that it gives our customers two options; if they want to buy En Primeur, they can. If they don’t feel like buying En Primeur and would like to come back and buy the wine from the property five years later, we still have stocks of wine for them here. The chances are it’s going to be a little bit more expensive a few years later, but it would have been kept in the perfect location at the property. So, by doing half En Primeur and half stock available at the château, we feel that we’re offering our customers the choice’.

Châteaux traditional commercial activities

An important influence on En Primeur release quantities for several chateaux is retaining volumes to maintain established business activities on site and throughout on- and off-trade networks.

Château Beychevelle, Fourth Growth, Saint-Julien 

Philippe Blanc, general manager of Château Beychevelle, stressed to WineCap that the house took local customers into account when making decisions about what levels of wine to release En Primeur.

‘We don’t play the scarcity game, we play the game of En Primeur’, he said. ‘We’ve got over 100 negociant customers, which is a lot, and we sell 85% of our production En Primeur. Before 2016, we were selling 95% or 96%, which is extremely high. We were frustrated to not have any volumes of available wines for doing anything. For example, if tomorrow you decided you wanted to have an event with us, we could make an event because we always have enough wine for drinking, but we have no wine for selling. It was a bit frustrating for us and the merchants here or abroad when they asked for, say, five cases of wine for customers, and we had no wine. So, we decided to decrease the shares sold En Primeur to 85%.’

Blanc went on to explain that, while there had been a decrease in En Primeur volumes, there was no intention to go lower. ‘And why are we so dedicated to En Primeur? Beychevelle, as you probably know, is a wine which increases its value over time, and our golden rule is that the Primeur price is the lowest you can get. We could say, okay, keep more, because the price will go up, but we don’t want this policy, because setting the price at a more reasonable level makes it possible to sell it to the traditional market. So, we stick to that.’

Château Canon, Premier Grand Cru Classé, Saint-Émilion

Nicolas Audebert, winemaker and general manager of the Saint-Émilion estate, has the same perspective on En Primeur with the house operating within its framework. It also considers the on-trade environment when making decisions about wine proportions for the annual campaign.

‘We consider that the En Primeur moment and campaign are extremely important, and we play the game. We do not put a small volume in En Primeur,’ he told WineCap. ‘Of course, we keep some volume here at the chateau to be able to have wine for the next 20 years, to have wine for the bibliothèque, and be able to do fantastic tastings 80 or 100 years from now.’

The chateau puts a minimum of 70% of the production, every year, En Primeur, with Audebert describing it as a ‘fantastic time where everybody’s looking at Bordeaux’ and ‘a win-win for the consumer and for us’.

Château Cheval Blanc, Saint-Émilion

At between 60% and 70%, Pierre-Oliver Clouet, winemaker and the technical manager at the Right Bank house, sometimes commits even lower amounts than peers to the En Primeur campaign.

‘We keep around one-third of our crops to sell in five, ten, or 15 years, to have an opportunity to provide some bottles to restaurants, wine shops, or distributors who don’t have the opportunity to have storage. We alter the model a little between two-thirds En Primeur and one-third available for the market – ready-to-drink, in fact’.                                                                

Wine heritage

For Cos d’Estournel, the annual En Primeur allocation decision relates to the house’s legacy: mitigating the impact of climate change on the classic and recognisable style of the house’s wine is of prime concern.

Cos d’Estournel, Second Growth, Saint-Estèphe

‘Well, in terms of En Primeur, the volumes are quite different compared to before because before, the context was different,’ commercial director Charles Thomas told WineCap. ‘Twenty, 30, or 40 years ago, when you couldn’t sell your wine, you would sell all your wine if you could. Also, when you look at global warming, the style of wine could be a bit different in 20 years. So, in terms of style, it’s also quite important to keep some wine that we make now and to be able to release it later on.’

See also our Bordeaux I Regional Report. 

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2025 investment trends: Trump’s impact on global markets

We have conducted our wealth management survey again in 2025. Here is what UK wealth managers expect to happen with investment demand under Trump’s policies.

  • 94% of UK wealth managers favour US equities under Trump’s pro-business policies, and 90% predict growth in emerging markets.
  • 82% see UK property as a strong hedge against inflation, signalling a shift toward stability-focused investment strategies.
  • 58% of respondents highlight fine wine, art, and classic cars as attractive investments, reinforcing the trend toward tangible, wealth-preserving assets amid economic uncertainty.

With the return of Donald Trump to the White House in 2025, the global investment landscape is experiencing heightened volatility. Events could unfold in any direction given President Trump’s inherent unpredictability – making it more crucial than ever for investors to prepare for the unexpected.

His administration’s tax and trade policies – historically pro-business, protectionist, and favouring domestic production – are already creating ripple effects far beyond US borders. For UK investors, this means a reassessment of how political developments shape financial decisions.

While Trump’s policies could drive stock market rallies, lower corporate taxes, and encourage capital repatriation, they also pose potential risks – such as renewed tariff wars, increased market fragmentation, and a more aggressive stance on trade negotiations. 

The last time Trump held office, his administration imposed tariffs on European wines, disrupting trade and affecting fine wine markets in both the US and UK. In 2025, the geopolitical and economic landscape is vastly different, and while tariffs remain a possibility, the bigger picture suggests that alternative assets – including fine wine – may play an increasingly important role in UK investment strategies.

Investment trends forecast

The expected increase in demand for assets under Trump’s tax and trade policies underscores a broader flight toward stability, alternative assets, and tangible wealth preservation. The following results are based on a 2025 survey among UK wealth managers and independent financial advisors. 

Strongest performing asset classes

US stocks
US equities are projected to see the biggest increase in demand, favoured by 94% of investors. This is a continuation of the 2024 trend, fuelled by expectations of corporate tax cuts, deregulation, and a more business-friendly environment. Historically, Trump’s economic policies have supported stock market growth, and investors appear confident in a similar outcome this time around.

Emerging market stocks
Emerging markets follow closely, with 90% of respondents anticipating increased demand. During Trump’s first term, emerging markets posted positive results, achieving 13.6% annualised growth. However, with Trump’s history of trade wars and potential geopolitical tensions, investors are likely to tread cautiously, focusing on regions that align with US trade interests.

Property
UK property is also enjoying rising demand, according to 82% of wealth managers. At the start of 2025, buyer activity rose 13% year-over-year, with new sales agreed up 12% over 2024. More properties are reaching sale-agreed status, and a 10% increase in listings suggests previously hesitant buyers are re-entering the market. As real estate remains a hedge against inflation, demand for prime and luxury properties is expected to strengthen further.

Cash
The old adage ‘cash is king’ rings true for 80% of investors, reflecting a preference for liquidity amid economic and geopolitical uncertainty. With interest rates still elevated and market volatility expected, investors appear to be holding significant cash reserves, waiting for the right moment to deploy capital.

Alternative and safe-haven assets

Bonds
As fiscal policy and interest rate expectations evolve, 72% of investors see bonds as an attractive asset class. With central banks adapting to economic shifts, fixed-income investments may serve as a stabilising force in portfolios.

Non-US developed market stocks
While US stocks dominate, 72% of investors also foresee demand for non-US developed markets, particularly in regions that may benefit from a changing trade landscape.

Startups & venture capital
With Trump’s pro-business policies likely to fuel entrepreneurial activity, 70% of respondents see an uptick in demand for venture capital and angel investing. Lower corporate tax rates and deregulation could further incentivise innovation and high-growth sectors.

Luxury collectibles
The category that includes fine wine, art, and classic cars is expected to see greater demand, with 58% of respondents highlighting it as an attractive asset class. Given fine wine’s historical resilience during economic downturns and inflationary periods, investors may see it as a store of value amid uncertainty.

Moderate to low confidence assets

Digital currency
Despite Trump’s previous scepticism toward cryptocurrency, his recent endorsement of digital assets may explain why exactly half of respondents see further growth in this sector. While regulatory uncertainty persists, crypto remains a potential high-risk, high-reward investment.

Precious metals
Traditionally a go-to safe haven during market turmoil, precious metals received the lowest investor confidence in our survey. With only 48% forecasting increased demand, this suggests investors may be looking toward more dynamic, yield-generating alternatives rather than passive gold holdings.

Stay tuned for the 2025 edition of the WineCap Wealth Report – published next week.

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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What makes a great vintage?

Chateau Angelus vineyard
  • Grape quality and winemaking are central to vintage calibre.
  • The importance of the vintage varies according to the region.
  • An ‘average’ vintage can also increase in value.

‘A year of extremes’, ‘good yields’, ‘a cool start and wet finish’, ‘poor’, ‘outstanding’. These are typical phrases that describe the character of a particular vintage – but how do they, ultimately, translate into quality? Anyone interested in wine investment needs to be aware of the vintage impact on price and performance.

This article explores the factors that shape a ‘great vintage’ – from vineyard conditions to winemaking methods. Key figures at Bordeaux estates also weigh in with their comments on their preferred vintages from their châteaux. 

What does vintage mean?

The vintage indicates the year grapes were harvested. The wine made from such fruit reflects the weather conditions that the vine growth cycle experienced. Features like terroir and winemaking methods also impact the quality and character of a wine. However, winemakers often comment that wine is made in the vineyard meaning that the condition of the fruit is the dominant factor in a wine’s profile, cellar-worthiness and, ultimately, value. 

Is vintage always important?

The vintage year is of vital importance in some regions but of little significance in others. This depends on the local climate. 

If a climate features variable weather conditions each season, the resulting wine will display different traits every year. For example, in one particular year, grapes could contain higher or lower acidity than in previous vintages, more or less fruit concentration, or different sugar levels. Such factors affect the quality and identity of the wine, its age-worthiness, its valuation and the potential for this valuation to grow.

Regions where weather conditions are inconsistent year-on-year include Bordeaux, Burgundy, Champagne, the Rhône Valley, Napa Valley, Tuscany, and parts of Australia. This is why vintages from these areas frequently feature in discussion on drinkability, ageing potential and wine investment opportunities.

In places where climate and weather are more stable and wine character more uniform, vintage is, generally, less important. Such wine-producing countries and regions include Argentina, Chile, Spain, parts of California and New Zealand.

What factors influence a vintage’s quality?

The natural factors that contribute to the quality of a particular vintage include optimal weather conditions. Throughout the growth cycle of the vine, a balance of adequate rainfall, warm and dry conditions during the growing season, and cool nights aid the development of quality fruit. This means that the harvested berries contain an ideal balance of acidity, sugars, and tannic potential for the style of wine being made. Extremes like frost, hail, heatwaves and heavy rain can negatively impact the delicate equilibrium of these features, influencing the calibre of the wine. 

On the occasions when all environmental conditions line up harmoniously, the result is exceptional fruit and what is often referred to as a ‘legendary’, ‘exceptional’ or ‘outstanding’ vintage. Such years are rare and, therefore, memorable with resulting wines much sought after. 

The human influence on vintage quality encompasses a wide spectrum of vineyard practices that are utilised whenever necessary to mitigate unfavourable weather. Skilled vineyard management includes:

  1. Protection against frost with vineyard heating strategies.
  2. Organic and/ or biodynamic practices that can affect wine quality and potential.
  3. Disease pressure tackling to help prevent damaging vine ailments like rot or mildew.
  4. Hydric stress or excess rainfall management implemented at key stages to ensure balanced grape flavour concentration.
  5. Canopy management and foliage thinning to enhance grape quality.
  6. Timely harvest for optimal flavour and ripeness balance.

These vineyard approaches are the outcome of years, decades and even centuries of vinicultural experience and constitute part of the heritage of each wine region, adding to a vintage’s esteem and worth. Winemaking expertise similarly contributes to enhancing the value of a vintage.

Can vintage value evolve?

In wine investment, the value of a vintage is not necessarily fixed. While great vintages tend to enjoy ongoing value growth, other years can also display value development potential.

In short, while vintage is an anchor for a wine’s value in regions where it is a factor, it does not bear the sole influence on valuation. Other important determinants include:

  • Provenance
  • Age-worthiness
  • Producer/ winemaker/ brand reputation
  • Critic scores
  • Storage conditions 
  • Scarcity
  • Market trends

The Bordeaux perspective

WineCap asked Bordeaux winemakers which of their own vintages they would purchase and why. The replies illustrated some of the elements that make a great vintage.

Stéphanie de Boüard-Rivoal, co-owner and CEO of Château Angelus spoke of cellaring potential. ‘I would get a 2016,’ she said. ‘It is an incredible vintage, particularly for its depth, its complexity, and 100 years plus aging potential’.

Nicolas Audebert, winemaker and General Manager of Second Growth Château Rauzan-Ségla in Margaux mentioned how a vintage with a small crop led to an unexpectedly notable wine. ‘The concentration, the roundness, juiciness and intensity of the fruit in the 2018 is fantastic. It is a little bit outside of the classic, elegant style of Rauzan and Margaux, but so interesting in the reflection of the climate we had that year’.

Aline Baly, co-owner of Château Coutet, in the Barsac appellation highlighted excellent conditions and vineyard management for her choice: ‘The 2009 vintage is a combination of exceptional weather and exceptional work in the vineyard’.

For General Manager of Saint-Émilion Grand Cru Classé, Château La Dominique, Gwendoline Lucas, provenance and reputation were key to her vintage selection. ‘That would be 2019, because it’s the first vintage we created with Yann Monties, the technical director and also it is the 50th vintage for the Fayat family because they bought the château in 1969. So it is a very good vintage in terms of quality, but also full of history’.

Rarity and value-for-money drove the choice for Stéphane von Neipperg, owner of Château La Mondotte, a Premier Grand Cru Classé house in Saint Emilion. ‘It is very difficult to find 2009 of La Mondotte, but a very outstanding vintage if you want to invest in it in the future. Also, it is not so expensive’. 

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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Bordeaux winemakers reveal their top vintages for investment

Pontet-Canet vineyard, Bordeaux

WineCap has spoken with key figures from leading Bordeaux estates on their wine investment preferences. They share their thoughts about where they would invest €10,000 today.

  • Vintage quality is cited as the main driver of choice.
  • There is a variety of investment-worthy vintages across the region.
  • All interviewees chose vintages younger than 2015. 

Château Clinet, Pomerol – 2020 vintage

‘If I had €10,000 to spend on a vintage of Château Clinet for collecting, that would probably be the 2020 vintage’, said Ronan Laborde, Managing Director and owner of the house. ‘The 2020 vintage is a wine with a lot of qualities. It is very smooth, highly complex and has lot of vibrating intensity.’ 

Laborde said that, in terms of recent vintages, it was probably the one he was most proud of and recognised that 2020 had been highly supported by great weather conditions – plus ‘sometimes you have luck on your side’. ‘When I taste the wine now, I say, wow, it is the one I would like to invest for collection,’ he told WineCap.

The 2020 vintage was an illustration of how optimal weather conditions throughout the growing season and harvesting support excellent wine quality. The wine received 94 points from Neal Martin and 95 points from Antonio Galloni (Vinous), who called it ‘hugely impressive, as it was from barrel’. Jeb Dunnuck awarded it 98 points, naming it ‘one of the finest Pomerols in the vintage’. The wine has fallen 13.5% in value since release. On a brand level, Clinet has enjoyed a 47% increase in the last decade. 

Château Pontet-Canet, Pauillac – vintage diversity

Justin Tesseron, co-owner of Château Pontet-Canet had a more philosophical approach, emphasising ‘vertical’ cellaring for variety and value growth potential. ‘I would buy wine for every occasion…wine to drink now…wine to keep. I would buy wine for the future generations,’ he told WineCap.

‘But I think what is good in wine is to have one vintage for every kind of occasion. So, I would not spend €10,000 on one vintage. I would buy maybe the last ten vintages or similar.’

The majority of the last decade of Bordeaux vintages fell into ‘excellent’ and ‘legendary’ categories with 2015, 2016 and 2018 in Pauillac particularly notable years. When it comes to value and growth potential, the 2014, 2017 and 2020 vintages stand out. Prices for Pontet-Canet are up 11% in the last five years, and 28% over the last decade.

Château Troplong Mondot, Saint-Émilion – 2015 & 2019 vintages

For Ferréol du Fou, Commercial Director and Sales Manager of the château, dividing such a sum between collectible and ready-to-drink wines and among several vintages would be the best approach. 

‘If you have to invest, then invest in 2015,’ he said. ‘It still has a very good price and it will increase in the future, I’m sure. It is a huge vintage’. 

At the ten-year mark, critics have started to re-taste the 2015 vintage. The 2015 Troplong-Mondot currently sits 6.8% below its release price. For Antonio Galloni, it was ‘one of the stars of the vintage’ and ‘a viscerally exciting, resonant wine’. When writing for the Wine Advocate, Lisa Perrotti-Brown MW gave it 96-points and said: ‘This pedal-to-the-metal beauty is the ultimate indulgence for the hedonists!’

Ferréol du Fou also advised buying the 2019 vintage for investment, released during Covid: ‘It is first of all an amazing vintage. Plus it is one of the cheapest vintage from Bordeaux and Troplong Mondot’. ‘So this is the one you have to invest as soon as possible to make sure to have first few bottles in your cellar and to feel that you have landed a good deal,’ said Fou. 

The wine is currently available 15.0% below its release price and remains one of the most undervalued Troplong-Mondot vintages in the market today. On average, prices for the brand have risen 49% in the last decade.

Château Pichon Comtesse, Pauillac – 2019 vintage

Nicolas Glumineau, CEO and winemaker at Château Pichon Comtesse did not hesitate in his selection of an investment-friendly vintage. ‘I would have the 2019 Pichon Comtesse,’ he said.

Pichon Comtesse 2019 was one of only two wines during the En Primeur campaign to receive a potential perfect score from Vinous’s Neal Martin (98-100). The critic claimed that ‘you are not looking at a modern day 1982 or 2016, but something even better and more profound’. Upon tasting in bottle, Martin gave it 99 points, calling it ‘stunning’ and noting that ‘the nose reminds [him] of Latour’. Galloni was also full of praise: ‘One of the most elegant Pichon-Longueville Comtesse de Lalande I can remember tasting’. 

The vintage also presents great investment value. It is one of the best priced vintages, along with the lower-scoring 2014 and 2017. 

Château Lafon-Rochet, Saint-Estèphe – 2020 vintage

With €10,000, Basile Tesseron, General Manager of Lafon-Rochet, would invest in a relatively recent vintage. ‘I would buy 2020 for keeping,’ he told WineCap.

The wine received 96 points from Antonio Galloni, who called it ‘superb’ and ‘one of the classiest, more refined Saint-Estèphes’. Neal Martin (93 points) also agreed that it was ‘excellent’.

The 2020 vintage has fallen in value since release and sits below the brand’s average price. Our Lafon-Rochet index is up 57% in the last decade.

Cos d’Estournel, Saint-Estèphe – 2016, 2018 & 2020 vintages

Charles Thomas, Commercial Director of Cos d’Estournel admitted that he did not see wine as an asset class but rather a product to be enjoyed with friends. ‘But if I had to, obviously I would take 2016, 2018 and 2020’.

Of these three vintages, only the 2016 is currently more expensive than at release, up 10.5%. The wine boasts three 100-point scores from Neal Martin, James Suckling and Lisa Perrotti-Brown MW. Meanwhile, the 2020 Cos d’Estournel is currently down 34.4% since release, and the 2018 – 43.8%. 

The brand’s value has risen 39% in the last decade. 

See also our Bordeaux I Regional Report. 

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

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Are Bordeaux classifications still relevant for investors?

WineCap has conducted a series of interviews with key figures at major Bordeaux estates. Today we shed light on their perspectives on the relevance of historic classifications. 

  • Left and Right Bank producers think the 1855 and 1955 classifications are still important reference for investors.
  • Branding influence represents a counter pattern. 
  • Market forces bring lower-tier Growths to the fore but not trend-setting.

The majority of a tranche of wine producers interviewed by WineCap from both the Left and Right banks are confident that Bordeaux classification systems remain relevant, citing historical framework and terroir as the main factors in determining wine quality and value.

Châteaux also think that the 1855 Classification of Bordeaux and the Saint-Émilion Classification of 1955 will continue to have an impact on wine investor and consumer choices in the decades ahead.

‘This is the classification of terroir,’ said Château Cheval Blanc CEO, Pierre-Oliver Clouet. ‘The (original) classification was very clear and continues to be the same today’.

The classification systems

The 1855 Classification of Bordeaux is a ranking of the top wines from the Left Bank’s Médoc region, Graves, Sauternes and Barsac. It was established to coincide with Napoleon III’s Exposition Universelle de Paris, with wines categorised according to reputation and market price from Fifth to the top ranking of First Growth. With the exception of minor changes, it has never been altered. The houses in the highest level are Latour, Lafite Rothschild, Mouton Rothschild, Margaux and Haut Brion.

On the Right Bank, a wine classification hierarchy was founded in 1955 covering Saint-Émilion and Pomerol. Updated every decade with the last review held in 2022, it grades wines into the top tier of Premier Grand Cru Classé A, Premier Grand Cru Classé B, and the broader category of Grand Cru Classé.

Staying power

Philippe Bascaules managing director of First Growth Château Margaux said soil was the defining factor in the 1855 ranking. ‘I think for 90%, it’s still relevant because the quality of the wine is given by the soil, and the soil doesn’t change’. 

Philippe Blanc General Manager Château Beychevelle referred to the enduring legacy of the 1855 system. The Saint-Julien house that he oversees is ranked as a Fourth Growth and he does not see this changing in the future. 

‘I don’t think any serious people have ever written that first growths didn’t deserve their place,’ he told WineCap. ‘I would say in 30 years’ time, stick to the 1855 classification in Médoc’.

Vincent Millet, General Manager at the Third Growth Château Calon Segur in Saint-Estèphe agrees. ‘The 1855 classification was based not only on the observation of the winegrower through the constitution of his vineyard, but also of his wines,’ he said. ‘For me, it makes no sense to question it, because in a way, it reflects the potential of the different appellations’. 

Christian Seely is the managing director of AXA millésimes, the company that owns Second Growth Pichon-Baron in Pauillac. He hints at the foresight of the original ranking framework. ‘I would say that where around 80% of the châteaux were in the classification in 1855 is where they ought to be today. I don’t think another 20 years is going to change that’.

Brand over classification

However, as the global wine landscape shifts and changes, a significant number of Bordeaux winemakers are putting equal weighting in branding and, in some cases, over classification systems. 

Julien Barthe, the co-owner and managing director of Premier Grand Cru Classé B, Château Beau-Séjour Becot in Saint-Émilion is of this number. ‘We were very lucky in Beau-Séjour Becot because we were classified as Premier Cru Classé in 1955. Why? Maybe because we are a good winemaker family, but for sure because we have unique and outstanding soil and terroir’. 

Despite his acknowledgment of ranked terroir quality, Barthe believes that a house’s brand is gaining traction. ‘Do you know Beau-Séjour Becot or do you not know Beau-Séjour Becot? I really think that the brand will be more important than the classification’. In the last decade, their average wine price has risen 60%, outperforming fellow estates, La Mondotte, Clos Fourtet and Larcis Ducasse.

Calon Segur’s Vincent Millet agrees: ‘What is most interesting today is not so much the classification, but the strength of the brand. For example, you have properties that are ranked fifth in the classification and which have a reputation. A strong brand can be more important than certain Second great classified growths of Margaux, for example. We at Calon Ségur have this strength, this brand that we maintain through the quality of our wines’.

General Manager of Saint-Émilion Grand Cru Classé, Château La Dominique, Gwendoline Lucas said that both Right and Left Bank classifications were becoming irrelevant. ‘Today the consumer doesn’t drink First, Second or Third Growth or Saint-Émilion B or A. They drink a wine they know. They know the style of the wine, so they will drink Château La Dominique rather than Saint-Émilion Grand Cru Classé. So, I would say that the brand, the history and the wine itself, will override classification’. 

From an investing perspective, La Dominique has enjoyed a 96% price increase since 2015.

Lower tiers’ achievements

WineCap interviewees recognised the above-average performance of Growths from the lower end of the 1855 classification but were not certain that this constituted a solid trend.

Pichon-Baron’s Seely said: ‘You obviously get exceptional cases of some châteaux outperforming in relation to their classification. You have a Fifth Growth that performs like a Second Growth, and perhaps there are just one or two that perform a little lower than their original ranking. But those cases actually, I think, are the exceptions rather than the norm’. 

Evolution of Bordeaux’s investment performance

Bordeaux remains the most important wine investment region, accounting for over a third of the fine wine market by value today with a 200% average growth on top labels since 2005. The First Growths, their second wines and “super second” estates are often the cornerstones of investment portfolios. 

To find out more about the region, read our Bordeaux Regional Report.

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How is the price of fine wine determined?

Bordeaux Chateau and vineyard

The price of fine wine is influenced by a combination of tangible and intangible factors. For anyone interested in wine investment, understanding these factors is essential to making informed decisions. This guide explores the key elements that determine the price of fine wine, from production to market dynamics.

Producer and brand reputation

The reputation of a winery or estate significantly impacts the price of its wines. Prestigious producers, often with centuries-old traditions and consistent track records of quality, command higher prices. These brands have established trust and recognition in the global market, creating demand that sustains their premium pricing. A bottle from a renowned producer like Château Margaux, Domaine de la Romanée-Conti, or Screaming Eagle is synonymous with luxury and excellence. Even wines from less prominent producers within these regions gain value by association, benefiting from the overall prestige of their appellation or terroir.

Vintage quality

The quality of the harvest in a particular year, known as the vintage, is one of the most critical factors in determining wine prices. Weather conditions during the growing season have a profound impact on grape quality, which in turn affects the wine’s flavor, aging potential, and market desirability. Exceptional vintages often garner high critical acclaim, making them highly sought after by collectors and investors alike. For example, Bordeaux’s 1982 vintage and Burgundy’s 2010 vintage are renowned for their excellence and have seen sharp price appreciation over time. On the other hand, wines from less favorable vintages may be priced lower initially or experience slower value growth.

Scarcity and production volume

Scarcity plays a pivotal role in determining the price of fine wine. Wines from small-batch producers or limited-production labels are often more valuable because demand outstrips supply. Additionally, the concept of “drink or hold” means that as bottles are consumed, the remaining supply becomes increasingly rare, further driving up prices. For example, cult wines from Napa Valley, which are produced in limited quantities, often experience rapid price increases due to their exclusivity. Over time, the scarcity of these wines enhances their desirability, making them a strong candidate for investment.

Critical scores and reviews

The opinions of influential wine critics and publications play a significant role in shaping a wine’s price. High scores or glowing reviews can lead to immediate surges in demand and pricing, while mediocre evaluations may suppress a wine’s market reception. A 100-point score from Robert Parker, for instance, can increase a wine’s price by 30-50% almost overnight. Wines with consistently high ratings from multiple critics maintain stronger long-term value, as these endorsements build buyer confidence and elevate the wine’s reputation in the market. Conversely, a lack of critical acclaim can limit a wine’s appeal, even if it has other desirable qualities.

Provenance and storage conditions

Provenance refers to the documented history of a wine’s ownership and storage. It is a crucial factor in maintaining and enhancing a wine’s value. Wines with impeccable provenance that have been stored under ideal conditions, such as controlled temperature and humidity, fetch higher prices at auction or in private sales. Poor storage or uncertain provenance can drastically reduce a wine’s worth, even if it is rare or highly rated. Auction houses and private collectors often highlight provenance as a selling point, justifying higher prices for bottles with a verifiable and pristine history. Wines sold directly from the producer or through trusted merchants also carry a premium for their authenticity and reliability.

Market trends and global demand

Broader economic and market trends significantly influence wine prices. Factors such as rising wealth in emerging markets, changing consumer preferences, and currency exchange rates can all impact global demand for fine wine. For example, growing interest in Burgundy from Asian markets over the past decade has driven exponential price increases for wines from this region. Shifts in consumer tastes, such as a preference for organic or biodynamic wines, can also affect pricing, as these categories attract a more environmentally conscious audience. Additionally, economic stability in key markets often correlates with increased investment in fine wine, further bolstering demand.

Age and maturity

The age and maturity of a wine are also critical in determining its price. As fine wine ages, its value often increases, especially as it approaches its optimal drinking window. Collectors are willing to pay a premium for wines that have been properly aged, as this reduces the time and risk associated with cellaring young wines. For example, a young Bordeaux might sell for $200 upon release but appreciate to $500 or more as it nears its peak drinking years. This appreciation makes aged wines particularly attractive to both collectors and investors seeking reliable returns.

Regional prestige and classification systems

Certain wine regions, such as Bordeaux, Burgundy, and Napa Valley, carry inherent prestige that significantly influences pricing. Classification systems, like Bordeaux’s 1855 Classification or Burgundy’s Grand Cru designations, further bolster a wine’s market position. For instance, First Growth Bordeaux, such as Château Latour, consistently commands higher prices than less prestigious classifications, regardless of vintage. Similarly, Burgundy’s Grand Crus outperform wines from lesser designations due to their perceived quality and exclusivity. This regional prestige not only affects initial pricing but also contributes to a wine’s long-term appreciation potential.

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

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‘Snake’ wines for Chinese New Year

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

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

The significance of the snake in Chinese culture

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

Past ‘Snake’ vintages

2013

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

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

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

2001

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

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

1989

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

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

1977

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

Market appeal of ‘Snake’ vintages

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

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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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.

This article provides an overview of the 2023 Burgundy vintage and the market environment that surrounds its launch. 

A heterogeneous but plentiful vintage

The 2023 Burgundy vintage first made news for its volume, which surpassed the region’s average production levels by 30%. Despite heat, drought and flooding challenges, the overall perception is of success – large quantities and above-average quality. Sarah Marsh MW summed it up: ‘The 2023 Burgundy was a bounteous but heterogenous vintage in which the white wines outshone the reds’. 

2023 saw a late-season heat spike that concentrated the fruit. Chardonnay benefited from earlier harvests before extreme heat, while Pinot Noir avoided dilution concerns and achieved natural alcohol levels of 13 – 13.5%. 

The vintage’s overall quality depended heavily on producer management, such as controlling yields for reds and maintaining freshness and acidity in whites. In comparison to the richer, more consistent 2022 vintage, the 2023s demonstrate greater precision, transparency and approachability. Growers and critics have suggested that the 2022/23 might mirror the 2015/16 or 2009/10 pairs.  

The highlights include Bonnes Mares, which stood out for its opulence and structure, with the best examples from Domaine de la Vougeraie and Domaine Dujac. For whites, cooler and mineral-driven sites like Puligny Caillerets and Meursault Perrières were particularly compelling, showcasing precision and vibrancy. Producers like Comte de Vogue, Jean Chartron, and Violot-Guillemard have garnered critical praise. 

Market context

The Burgundy En Primeur 2023 campaign unfolds against a backdrop of shifting market dynamics. Following a robust 2022 vintage and a successful campaign, producers are navigating a softened market. Burgundy prices have fallen 15.2% in the past year, more than any other fine wine region.

Burgundy 150 index

Additionally, seven Burgundies dropped from the list of the most 100 most powerful brands in the world in 2024. Still, Burgundy continues to dominate the list, cementing its place as a powerhouse in the global fine wine market. The region’s market share also remains strong, hovering around 25% and sometimes reaching 30%.

Pricing strategies

As producers seek to gather momentum with the 2023 vintage, some are keeping stable pricing levels or even lowering prices. The sizable 2023 yields stand in contrast to the tiny harvests anticipated in 2024, further amplifying the value proposition of the current release.

The 2023 vintage can thus represent a strategic opportunity. Careful selection – looking both at quality and value compared to older vintages – will be necessary, especially as the downward market trend offers a window to secure high-quality Burgundy wines at more accessible price points. More and better priced stock from older vintages has become available, creating competition for the new releases. 

The current market dynamics, characterised by adjusted pricing and evolving consumer trends, create an intriguing context for the campaign. As Burgundy continues to adapt to market shifts and climatic challenges, its enduring prestige remains as compelling as ever.

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