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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 powerfully as wine ratings. For collectors and investors building an investment grade wine portfolio, scores from leading critics act as signals – not only of quality, but of longevity, market confidence, and future price potential.

However, while high scores often attract immediate attention, successful wine investment requires a deeper understanding of how ratings work, how they evolve over time, and how they interact with broader market forces such as global demand, scarcity, and drinking windows.

This article explores how wine ratings shape the fine wine market, how investors use them strategically, and why aggregated tools such as the Wine Track Score provide a clearer framework for assessing investment grade wines over the long term.

Why wine ratings matter for investment grade wine

Wine ratings emerged as a way to communicate quality quickly in an increasingly complex global wine industry. Today, they play a central role in shaping demand, pricing, and investor behaviour.

For wine investors, ratings provide insight into:

  • Quality and consistency across vintages

  • Longevity, including projected drinking windows

  • Market demand from collectors and consumers

  • Price stability in the secondary market

  • Investment potential relative to comparable wines

High scores from influential critics such as Robert Parker, Neal Martin, Jancis Robinson, James Suckling, and publications like Wine Spectator can materially affect prices – sometimes within days of publication.

As a result, ratings have become foundational to identifying investment grade wine, particularly for those seeking long-term capital appreciation rather than short-term trading.

How wine ratings influence the fine wine market

The fine wine market operates on reputation, scarcity, and trust. Ratings reinforce all three.

1. Ratings can drive immediate price movements

When a wine receives a benchmark score – especially 99+ or 100 points – it often enters a new tier of desirability.

A clear example is Marqués de Murrieta Castillo Ygay Gran Reserva Especial 2010, which saw rapid secondary-market price appreciation after being named Wine Spectator’s Wine of the Year. Similar reactions have historically followed 100-point scores awarded to Bordeaux First Growths and Burgundy Grand Crus.

For investment grade wine, wine scores act as a catalyst, accelerating demand and compressing supply.

2. Ratings shape long-term reputation

Consistent scoring matters more than isolated highs.

Producers such as:

  • Château Lafite Rothschild

  • Domaine de la Romanée-Conti

  • Harlan Estate

  • Gaja

  • Penfolds Grange

have built long-term investment credibility through repeated critical recognition. This consistency supports price resilience, even during broader market corrections.

For wine investors, this track record is a key differentiator between speculative wines and true investment grade wine.

3. Ratings influence regional prestige and global demand

Critics can also elevate entire regions, beyond just individual wines.

  • Robert Parker’s support helped propel Napa Valley into the global investment spotlight

  • James Suckling championed Super Tuscan wines, accelerating international demand

  • Jancis Robinson played a key role in highlighting Austria’s quality renaissance

As regional reputations rise, so does global demand – a crucial driver of long-term price appreciation in investment grade wine.

Ratings change over time – And so do investment opportunities

One of the most misunderstood aspects of wine ratings is that they are not fixed.

As wine matures in bottle, critics often revisit their assessments. Tannins soften, structure integrates, and complexity develops – sometimes leading to upward score revisions.

The impact of score changes

  • Upward revisions often trigger renewed buying interest

  • Downward revisions may stall demand or price momentum

  • Barrel scores can differ meaningfully from bottled assessments

This evolution creates opportunity for informed investors.

Strategic approaches for investors

  • Buy early when barrel scores and critic commentary are strong

  • Hold strategically as wines approach peak maturity

  • Sell your wine when demand aligns with optimal drinking windows

Understanding how ratings interact with a wine’s maturity curve allows investors to identify undervalued vintages before wider market recognition.

Knowing the critics and their influence on investment grade wine

Not all critics evaluate wine the same way.

Robert Parker, for example, historically favoured powerful, concentrated styles from Bordeaux, California, and the Rhône. As his influence has waned, the critical landscape has diversified, reflecting broader consumer preferences for balance, freshness, and terroir expression.

For wine investors, understanding critic bias is essential. A wine overlooked by one reviewer may be favoured by another, particularly in more divisive regions like Burgundy, Piedmont, or Germany.

This diversity reinforces the importance of looking beyond single scores when assessing investment grade wine.

The Wine Track score – ratings at a glance

To address inconsistency across critics, many investors now rely on aggregated metrics.

The Wine Track Score provides:

  • A unified 100-point score

  • Data from 100+ critics across 12 major publications

  • Vintage-by-vintage performance tracking

  • Insight into producer consistency over time

By smoothing out individual preferences, the Wine Track score offers a more holistic view of investment grade wine performance – particularly useful when comparing regions, estates, or vintages.

Using ratings strategically in a wine investment portfolio

Ratings are most effective when used as part of a broader framework.

1. Identify consistently high-scoring producers

Bordeaux First Growths, Burgundy Grand Crus, and top Napa Cabernet producers continue to anchor the fine wine market because of sustained critical support.

2. Look for sleeper vintages

Some wines receive modest early scores but improve significantly with age. These vintages often offer strong risk-adjusted returns.

3. Understand vintage variation

Even elite producers experience variability. Ratings help identify which vintages offer superior long-term value.

4. Use aggregated data

Relying on multiple critics reduces bias and improves decision-making.

5. Align with drinking windows

Wines approaching peak maturity often see increased demand from drinkers, supporting secondary-market pricing.

Ratings are powerful but not the whole story

While ratings are essential, they are only one part of evaluating investment grade wine.

Investors should also consider:

  • Producer reputation

  • Vineyard classification (e.g. Grand Cru, First Growth)

  • Market liquidity

  • Provenance and storage facility conditions

  • Historical price performance

  • Long-term global demand

Professional storage in bonded warehouses preserves quality and protects value – a critical factor when preparing to sell wine in the future.

Building a long-term investment grade wine portfolio

In today’s fine wine market, ratings remain one of the most influential tools available to investors. They help signal quality, predict demand, and highlight wines with the potential to outperform over time.

However, ratings are most effective when paired with market insight, disciplined storage, and a long-term perspective. When used intelligently, they can help investors build resilient portfolios anchored by true investment grade wine.

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.