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What factors affect fine wine prices?

Domaine Romanee de la Conti wine bottles
  • The most important factors that affect fine wine prices are production costs, climate change, market demand, and economic conditions.
  • Market demand is influenced by critic scores, rarity, producer reputation, vintage quality, and geopolitics.
  • Understanding the factors that affect fine wine prices is key to making smart investment decisions.

Fine wine is more than just a luxury product – it is an asset class, a status symbol, and for many, a serious investment. While buyers might be aware of the rising value of sought-after labels, understanding the factors that drive these prices (upwards or downwards) is key to navigating the fine wine market. 

In this article, we explore the primary factors affecting fine wine prices, including production costs, climate change, market demand, and broader economic conditions.

How production costs shape fine wine prices

At the heart of fine wine pricing are the production costs. The making of a high-end wine is a meticulous, labour-intensive process that is inevitably reflected in the price. So are the land costs, which can reach astronomic heights in famous fine wine regions like Burgundy, Napa or Bordeaux. 

For instance, the luxury conglomerate LVMH recently acquired 1.3 hectares of Grand Cru vineyards on the Côte d’Or for 15.5 million euros. The purchase includes half a hectare each in Corton-Charlemagne and Romanée-Saint-Vivant, as well as 0.3 hectares in Corton Bressandes.

Besides land costs, manual labour and vineyard management can further affect release prices. The more human intervention required – whether in the vineyard or the winemaking process – the more costs add up.

Finally, many fine wines are not ready for release for several years after production. Extended ageing means producers incur additional costs, which in turn drives up prices for wines that are stored for longer periods before hitting the market.

The impact of climate change on fine wine pricing

In many traditional wine regions, unpredictable weather patterns, such as frost, heatwaves, and hailstorms, have resulted in lower grape yields. For example, the devastating frost in Burgundy in 2021 significantly reduced production, leading to a scarcity of wines from that vintage. 

When yields are lower, the limited supply pushes prices higher, especially for in-demand producers. This scarcity effect can be seen in top wines like Domaine Leflaive or Domaine de la Romanée-Conti, where a challenging growing season can result in soaring prices.

Additionally, climate change is affecting the style of wines being produced. While some regions like Bordeaux are adapting to these new conditions, climate volatility has added another layer of unpredictability to wine prices. It has also facilitated the emergence of new wine regions, leading to a more competitive landscape.

Market demand and the rise of fine wine investment

Market demand is perhaps the most significant factor affecting fine wine prices. The most sought-after bottles usually rise in value, as quality improves over time and supply diminishes.

Producer reputation, vintage quality and scores from major critics like Robert Parker and Neal Martin play a key role here, informing buying decisions and pricing strategies. A 100-point wine often commands a significant premium to a 99-point wine. When it comes to the Bordeaux First Growths, for instance, the average difference between a 99-point and a 100-point wine is over £350 per case.

Market demand is also shaped by geopolitical factors. The global nature of wine trading platforms means that market sentiment can affect wine prices faster than ever before. Demand from China largely contributed to Bordeaux’s pricing surge in 2011, and today interest is moving towards Burgundy and Champagne.

Economic forces that influence fine wine prices

While the fine wine market generally operates with its own dynamics, macroeconomic factors such as inflation, currency fluctuations, and recessions can all have an impact.  

In times of economic downturn, discretionary spending often decreases, which can lead to short-term drops in wine prices. However, fine wine has historically shown remarkable resilience due to its tangibility, rebounding after economic dips. 

Currency fluctuations also play a role; for instance, a weaker euro might make European wines more attractive to international buyers, spurring demand and increasing prices in markets like the US or Asia.

Changes in trade policies and tariffs can also have an impact. The Trump tariffs on European wines in 2020 temporarily raised the prices of French and Italian wines in the American market. While these tariffs have been reduced, ongoing changes in trade regulations can create volatility in wine pricing, particularly for internationally traded wines.

Understanding price fluctuations within fine wine

Fine wine prices are influenced by a complex interplay of factors, from the inherent quality of the wine itself to broader market forces and economic conditions. Understanding these factors is key to making informed decisions and maximising returns on investment.

Want to learn more about fine wine investment? Download our free guide.

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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 role of wine ratings in fine wine investment

  • Wine ratings play a crucial role in wine investment, with high scores from influential critics impacting demand and market value.
  • To use ratings effectively, investors should consider both the initial score and potential for growth.
  • The Wine Track score provides a broader view of a wine’s quality across multiple vintages and publications, helping investors assess wines at a glance.

In the fine wine market, few factors influence demand and long-term value as significantly as wine ratings. For investors seeking to build an investment grade wine portfolio, scores from leading critics help signal quality, potential longevity, and the likelihood of future price appreciation on the secondary market. Yet while ratings can be powerful indicators, their relationship with wine investment is more nuanced than simply “higher score = better investment.”

When used intelligently, ratings become a strategic tool – one that helps investors compare wine producers, evaluate vintage quality, understand wine maturity, and identify undervalued opportunities before they rise in price. This article explores how critics shape the market, how scores evolve over time, and why aggregated metrics like the Wine Track score offer a more holistic assessment of investment wines.

Why wine ratings matter to investors

For decades, wine critics have shaped perceptions of quality and influenced global buying behavior. Ratings – most commonly expressed on a 100-point scale – serve as a shorthand for quality, providing investors with a quick way to compare wines from different regions, vintages, and producers.

But ratings go beyond simple quality indicators. They offer signals about:

  • Longevity: Wines with high ratings often have a longer projected drinking window, increasing their long-term value.

  • Demand: Collectors and consumers actively seek high-scoring wines, driving secondary market demand.

  • Stability: Consistently well-rated producers, especially in Bordeaux, Burgundy, and Napa Valley, tend to show more stable price trajectories over time.

  • Investment potential: A rising score – or consensus recognition across critics – often correlates with rising prices.

High scores from influential voices such as Robert Parker, Neal Martin, Jancis Robinson, James Suckling, and publications like Wine Spectator can move market prices almost overnight. For this reason, ratings have become essential to assessing investment grade wine, particularly among new investors building long-term portfolios.

How ratings influence the fine wine market

The fine wine market thrives on reputation, scarcity, and critical acclaim. When a wine receives a benchmark score – such as 100 points – it enters a new tier of desirability. Collectors take notice, merchants adjust pricing, and global demand increases.

1. Ratings drive immediate price reactions

When Wine Spectator announces its “Wine of the Year,” prices often jump dramatically on the secondary market. A clear example is Marqués de Murrieta Castillo Ygay Gran Reserva Especial 2010, which surged in price within hours of receiving the top spot.

Similarly, Parker’s 100-point scores for specific Bordeaux châteaux have historically pushed prices upward within days. Investment wines that once traded at reasonable levels suddenly become high-demand commodities.

2. Ratings shape long-term reputation

Some producers enjoy sustained market strength because of their track record of high ratings.

Examples include:

  • Domaine de la Romanée-Conti (Burgundy)

  • Château Lafite Rothschild (Bordeaux)

  • Harlan Estate (Napa Valley)

  • Gaja (Piedmont)

  • Penfolds Grange (Australia)

Consistency matters. When a producer repeatedly earns high critic scores, collectors gain confidence in their wines as long-term stores of value.

3. Ratings influence regional prestige

Critics can elevate entire regions:

  • James Suckling helped cement the global appeal of Super Tuscan wines in the 1980s and 90s.

  • Robert Parker transformed Napa Valley’s reputation by championing bolder styles of Cabernet Sauvignon.

  • Jancis Robinson brought Austrian wines into the international spotlight through her praise for their complexity and quality.

Strong critical support can reposition a region within the broader investment landscape, increasing demand and raising long-term value trajectories.

Ratings change over time – And so do investment opportunities

A crucial but often overlooked aspect of wine ratings is that they evolve. As fine wine matures in bottle, its character develops, tannins soften, and structure harmonises. Critics revisit wines at different stages of their drinking window, sometimes raising or lowering their scores.

The impact of score revisions

  • Upward revisions can significantly increase a wine’s secondary market price.

  • Downward revisions may reduce demand or dampen price momentum.

  • Some wines receive “barrel scores” or early tasting notes before bottling, making their final ratings even more impactful.

This score evolution creates opportunities for savvy investors:

  • Buy early: Identify wines with strong barrel scores or promising critic commentary.

  • Hold strategically: Wait for maturity to unlock higher scores and higher prices.

  • Sell at the peak: Monitor the drinking window and score trajectory to time exits effectively.

Understanding how ratings move during a wine’s maturity curve allows investors to spot undervalued vintages or producers poised for upward recognition.

Knowing the critics and selling wine

To use ratings effectively, investors should consider both the initial score and potential for growth. Some wines, especially those from renowned producers in prestigious regions like Bordeaux or Burgundy, are consistently well-rated and have a history of aging well. However, there are also opportunities to find “sleeper” wines – those with moderate initial ratings that improve significantly over time.

A key part of understanding and using wine ratings is understanding the critics. Each has a different palate and preference, and their ratings reflect these tastes. Robert Parker, for instance, was known for favouring bold, robust wines from Bordeaux, California, and the Rhône. However, since Parker’s retirement, the wine criticism landscape has been undergoing a gradual shift, reflecting changing consumer preferences and a growing appreciation for diversity in wine styles, such as lighter and lower-alcohol wines.

The Wine Track score – ratings at a glance

While individual critic ratings are valuable, they can sometimes conflict. To address this, investors are increasingly turning to aggregated metrics like the Wine Track score, developed to provide a unified evaluation of quality.

What the Wine Track score offers

  • A 100-point unified score across multiple vintages.

  • Data from 100+ global critics and 12 major publications.

  • A holistic view that smooths out individual critic biases.

  • Consistency assessment across vintages – useful for evaluating wine producers’ long-term performance.

  • At-a-glance insight into which wines are outperforming their peers in the fine wine market.

For investors, this provides a clearer, more reliable measure of investment grade wine potential, especially when comparing estates, regions, or vintages.

How investors can use wine ratings strategically

To incorporate ratings effectively into an investment strategy, consider the following frameworks:

1. Identify consistently high-scoring producers

Bordeaux First Growths, Burgundy Grand Crus, and top Napa Valley Cabernet producers show stable performance because of strong, reliable ratings year after year.

2. Look for “sleeper vintages”

Some vintages fly under the radar initially but gain recognition as they mature. Moderate early ratings that improve later often lead to strong price appreciation.

3. Pay attention to vintage variation

Even top wine producers experience vintage variability. Ratings can help pinpoint which years offer the best long-term value.

4. Use aggregated data for clearer insights

The Wine Track Score consolidates information, helping investors avoid over-reliance on a single critic’s preference.

5. Align purchases with drinking windows

Wines nearing peak maturity often increase in price as demand from drinkers rises. Ratings can help map these windows and guide buying or selling timing.

Ratings are a guide – Not the whole story

Although ratings significantly influence investment wines, they are only one factor in determining long-term value. To build a strong fine wine portfolio, investors should also consider:

  • Producer reputation

  • Region and vineyard classification

  • Market liquidity

  • Storage conditions

  • Historical performance of the secondary market

  • Long-term demand trends

Wine ratings are most powerful when used alongside these broader market insights.

Using ratings to build a strong wine portfolio

In the evolving landscape of the fine wine market, ratings remain one of the most influential tools available to investors. They provide clarity, signal quality, and help highlight which wines are most likely to appreciate over the long term. With aggregated systems like the Wine Track Score, investors now have access to richer, more comprehensive insights than ever before.

Ultimately, wine ratings are not the sole determinant of success –but when paired with market knowledge, storage discipline, and strategic buying, they can be instrumental in building a high-performing, investment grade wine portfolio positioned for strong long-term returns.

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.