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Italy | Regional Report

Italy Regional Report

Italy is the world’s largest wine producer, responsible for over 6.5 billion bottles annually across nearly two million acres of vineyards. While its dominance in the mass wine market is undisputed, Italy’s fine wine sector has undergone a transformative journey over the last half century. The introduction of ‘Super Tuscans’ like Sassicaia and Tignanello marked the beginning of a revolution in the 1970s, elevating Italy’s global reputation.

Today, Italy stands as one of the most dynamic and resilient regions in the global fine wine investment market. Once overshadowed by Bordeaux and Burgundy, Italy now commands over 15% of the secondary fine wine trade by value, with a growing number of investment-grade wines. The dual appeal of Piedmont and Tuscany, alongside emerging regions such as Veneto and Sicily, has positioned Italy as a compelling choice for portfolio diversification.

Our Italy Report delves into the fundamentals of this fascinating region, including the development of its investment market, historic performance, and key players.

Discover more about:

  • Italy’s accessibility and affordability
  • The complimentary roles of Tuscany and Piedmont
  • Italy’s top emerging regions
  • The best-performing wines
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Older vintages dominate 2024’s best-performing wines

Domaine Pegau wine bottle
  • The biggest price risers in 2024 reveal a strong preference for older vintages.
  • The best-performing wine came from the Rhône, having risen 80.5% in value year-to-date.
  • Tuscany, Ribera del Duero, Bordeaux and Sauternes also featured in the rankings.

The biggest price risers in 2024 reveal a strong preference for older vintages, underlining the importance of time in achieving wine investment returns.  

The Rhône leads performance

Although Rhône prices declined 9.9% on average this year, the region gave rise to some of the best-performing wines.

Domaine Pegau Châteauneuf-du-Pape Cuvée Réservée Rouge 2013 led the charge with an impressive 80.5% rise. Other regional standouts, including Clos des Papes Châteauneuf-du-Pape Rouge 2014 (61.2%) and Château de Beaucastel Rouge 2013 (31.1%), highlighted the enduring demand for Châteauneuf-du-Pape from highly rated mature vintages.

Highlights from Spain and Italy

While the Rhône claims several top spots, other regions also showcase the profitability of mature vintages. From Spain, the 2010 Vega Sicilia Unico achieved a notable 24.9% increase. Known for its high quality and limited production, Vega Sicilia continues to represent Spanish winemaking at its finest, cementing its status as a blue-chip investment wine.

Italy made a strong appearance with the 2014 Fontodi Flaccianello delle Pieve, which has risen 6.8% in value. This Tuscan gem, crafted from 100% Sangiovese, reflects the growing international appeal of Italy’s finest wines. Collectors are increasingly drawn to Italy not only for its iconic producers but also for its remarkable balance of accessibility and age-worthiness.

Top performing wines of 2024

Bordeaux’s resilience

No fine wine discussion is complete without Bordeaux, and 2024 is no exception. While price growth among Bordeaux wines in this dataset may be more modest, the region’s consistency remains its hallmark. The 2013 Ducru-Beaucaillou saw a solid 19.2% increase, while the 2012 Chateau L’Eglise-Clinet also featured among the top performers. 

Two Château Rieussec vintages, the 2015 and 2014, reflected Sauternes’ consistent market performance, although the category is often overlooked.

The allure of maturity

The unifying thread across these top-performing wines is their maturity. Each wine has benefited from time in the bottle, allowing its market value to increase. Mature vintages offer an enticing combination of drinking pleasure and investment potential, a dual appeal that drives demand among collectors and investors alike.

This preference for older wines reflects a broader trend within the fine wine market: a growing appreciation for provenance and readiness to drink. As global markets for fine wine continue to mature, buyers are prioritising wines with a proven track record, both in terms of quality and price appreciation.

What this means for investors

The list of the best-performing wines of 2024 shows the importance of patience and long-term approach when it comes to investing. Additionally, diversification across regions and styles can help mitigate risk and enhance returns.

The performance of these wines provides a clear takeaway: older vintages remain at the forefront of the fine wine market. 

For more read our latest report “Opportunities in uncertainty: the 2024 fine wine market and 2025 outlook”.

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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James Suckling’s top wines of 2024

James Suckling 2024 top wine Bertani Amarone della Valpolicella Classico 2015
  • American critic James Suckling has released his top 100 wines of 2024 list.
  • His wine of the year is Bertani Amarone della Valpolicella Classico 2015. 
  • Italy dominates the rankings followed by France and the US.

American critic James Suckling has released his top 100 wines of 2024 list, along with his wine of the year. Each year his team tastes tens of thousands of bottles, releasing comprehensive tasting reports, regional rankings, and ultimately selecting their wine of the year.

For 2024, the top honour went to Bertani Amarone della Valpolicella Classico 2015 – a wine Suckling describes as a perfect expression of “the greatness of time and place.” It received a perfect scoring of 100 points.

This article summarises the key findings from the James Suckling Top 100 and highlights notable regional trends, emerging regions, and value-driven opportunities for collectors.

A record year of tasting: More than 40,000 wines reviewed

James Suckling’s methodology is built on scale. In the past year alone, Suckling and his tasters reviewed more than 40,000 wines, producing hundreds of tasting reports, vintage overviews, and regional analyses. These include everything from everyday wines priced below $20 to rare cuvées from the world’s most prestigious estates.

What makes the James Suckling Top 100 uniquely valuable is that it distills this enormous volume of data into a curated list shaped not only by quality, but also by value, emotional impact, and availability. To be considered, wines must meet key criteria:

  • Minimum production of 5,000 bottles

  • Median release price below $500 (£385)

  • A score typically ranging from 97–100 points

  • A “wow factor” — Suckling’s term for the emotional reaction a wine can provoke

This creates a final list that balances prestige with approachability.

Regional overview: Italy dominates the top spots

While Suckling’s tastings spanned traditional and emerging regions worldwide, Italy once again emerged as the strongest performer. Italian producers submitted more than 9,100 wines for review, slightly surpassing France’s 9,000, and coming ahead of the 6,800 bottles tasted from the United States.

Total wines reviewed in 2024

The countries with the largest representation included:

  • Italy – 9,100 wines

  • France – 9,000 wines

  • United States – 6,800 wines

  • Spain – 3,800 wines

  • Argentina – 2,300 wines

  • Germany – 2,000 wines

  • Australia – 1,700 wines

  • Chile – 1,550 wines

Additional tastings from countries such as Greece, Hungary, Canada, Uruguay, and China

Countries featured in the James Suckling Top 100

Despite fierce global competition, Italy secured 26 positions in the top 100. These included a mix of Amarone, Barolo, Alto Adige whites, Brunello, and Super Tuscan wines. France followed with 18, showcasing a strong lineup of Bordeaux, Champagne, and Rhône releases.

The United States delivered 15 wines to the list, highlighting the continuing excellence of producers in Napa Valley and Oregon. Germany contributed 12 wines, a remarkable showing that underscores its rising profile among critics and consumers alike.

Chile, Australia, Argentina, and Spain all delivered respectable performances, and notably, China secured one place with Ao Yun Shangri-La 2020 – evidence of China’s growing relevance in the fine wine market.

James Suckling’s Wine of the Year: Bertani Amarone della Valpolicella Classico 2015

At the top of the ranking stands Bertani’s Amarone della Valpolicella Classico 2015, a wine that Suckling calls “one of the great Amarones.” Awarded a perfect 100-point score, it showcases deep concentration, complexity, and finesse.

Suckling describes the wine as “full-bodied and elegant, with ripe, filigree tannins, long acidity, and a toasty, savory aftertaste.” Its combination of structure, balance, and aromatic depth makes it a quintessential example of Amarone’s potential when produced in a traditional, long-ageing style.

The selection of an Amarone as the wine of the year reinforces a broader trend: the rising international appreciation for Italy’s great red wines beyond the usual Barolo and Brunello icons.

James Suckling top wine scores 2024

Value and accessibility: A core theme of the 2024 rankings

Despite the prestige associated with many wines on the list, a significant number of selections in the James Suckling Top 100 fall into surprisingly approachable price brackets. According to Suckling:

  • Nine wines in the Top 100 are priced between $30 and $60

  • Many top-performing whites, including Italian Sauvignon Blancs and Austrian Rieslings, remain accessible

  • Even the second-ranked wine is priced around $65 (£50)

This emphasis on accessibility reflects Suckling’s commitment to highlighting wines that deliver outstanding value, especially at a time when the global wine market is facing both economic pressure and shifting consumer behaviour.

Notable regional highlights

Germany’s breakthrough year

Germany’s outstanding performance – with 12 wines in the Top 100 – confirms the exceptional quality of recent vintages, particularly for dry Riesling. The Künstler Riesling Rheingau Hölle GG 2023 serves as the benchmark, showcasing precision, structure, and aromatic clarity.

Austria’s continued rise

Austria’s representation reflects its steady upward trajectory in global tastings. The wines selected – especially from Wachau – show impressive consistency and terroir expression.

China’s growing presence

The placement of Ao Yun Shangri-La 2020 demonstrates China’s expanding role in the fine wine space. Produced in the foothills of the Himalayas at high elevation, this wine emphasises craftsmanship, innovation, and a distinctive style uncommon in traditional European regions.

What collectors should take away from the 2024 Top 100

The James Suckling Top 100 is more than a “best of” list. It offers insight into:

  • Shifting stylistic preferences

  • Regions delivering strong value

  • Vintages worth buying now

  • Wines with long-term investment potential

  • Global developments beyond traditional wine regions

For collectors and investors, the list serves as a tool for building a diversified cellar, especially at a time when the fine wine market is recalibrating.

Whether your interest lies in high-scoring Amarone, precision-driven Riesling, or ambitious New World expressions, the 2024 rankings provide a highly curated list of wines that blend excitement, accessibility, and long-term promise.

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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Q3 2024 Fine Wine Report

The fine wine market continued its downward trend throughout Q3 2024, but there are reasons for cautious optimism. Our Q3 2024 Fine Wine Report highlights the main themes that shaped the market, from regional performance to specific brand successes, and provides an outlook for the remainder of the year.

Executive summary

  • Since October 2022, fine wine prices have been in consistent decline, with a 4% drop on average in Q3 2024.
  • Bordeaux experienced the steepest fall at 4.4%, while Champagne defied the trend with a modest 0.4% increase last quarter.
  • Steady demand for fine wine continues to suggest a price recovery on the horizon.
  • Certain brands have outperformed the market, including Ruinart, Taittinger, and Château de Beaucastel.
  • Krug Vintage Brut 2004 has been the best-performing wine year-to-date, up 21.6%.
  • This year has already seen several broken auction records, including for high-profile Burgundy, which points to continued interest in fine wine.
  • Nine wines received perfect 100-point scores by Jane Anson in her recent Bordeaux 2009 and 2010 vintage retrospective.
  • France’s 2024 harvest is projected to be down 22% compared to last year, and 15% below the five-year average.
  • Looking ahead to Q4 2024, the market continues to present attractive buying opportunities, especially for investors with a long-term vision.

The trends that shaped the fine wine market

Global market recovery driven by rate cuts

In Q3 2024, global markets showed signs of recovery, bolstered by central banks pivoting towards interest rate cuts as inflation began to ease. Following turbulence in early August, stock markets rebounded, setting new records by the end of the quarter. Central banks, including the US Federal Reserve, the European Central Bank (ECB), and the Bank of England, all shifted their focus from inflation control to stimulating economic growth. The Fed’s September rate cut – the first since 2020 – catalysed a surge in US stocks, and similar moves from other central banks supported this global rebound. Despite lingering concerns about a potential US recession and Japanese market volatility, the overall global outlook improved, with lower rates and better economic conditions presenting growth opportunities.

Fine wine prices fall 4% in Q3

In contrast to the broader economic recovery, the fine wine market remained bearish, with a 4% average drop in prices in Q3. The Liv-ex 100 index saw its steepest fall of the year, down 1.7% in October. Bordeaux led the decline, with a 4.4% drop, although there was a slight uptick in Sauternes prices. Champagne offered a bright spot, rising 0.4% last quarter, with brands like Dom Ruinart Blanc de Blancs and Taittinger posting strong returns (over 30% in the last six months). This mixed performance underscores the complexity of the fine wine market, where price movements can vary widely by region and brand.

New fine wine releases beyond Bordeaux

As always, autumn brought the highly anticipated La Place de Bordeaux campaign, with major New World brands such as Almaviva, Seña, and Penfolds Grange releasing their latest vintages. However, this year’s campaign fell flat, with many new releases priced similarly to last year, despite older vintages showing better value and investment potential due to price corrections. Investors may find more favourable opportunities in back vintages that boast higher critic scores at lower prices.

Regional fine wine performance in Q3

The fine wine market has now returned to its 2021 levels, with prices declining across most regions in Q3 2024, except for Champagne, which recorded a modest 0.4% increase.

Bordeaux experienced the most significant drop, falling 4.4%, driven down primarily by the Second Wine 50 index, which plunged 6.6%, and the Right Bank 50 index, down 4.6%. Many wines from the 2019 vintage, which had previously appreciated in value, have now returned to their original release prices.

Despite this trend, Bordeaux is enjoying steady market demand, taking over a third of the market by value. Moreover, Jane Anson recently revisited the 2009 and 2010 vintages, awarding nine wines 100 points – a move likely to stimulate demand and prices.

When it comes to other regions, Italy and Burgundy also saw a 2% drop in Q3. The Rhône was somewhat more resilient, experiencing a smaller decrease of 0.8%.

The best-performing wines

While the broader market continues to face challenges, certain wines buck the trend, reinforcing the importance of strategic, brand-specific investment decisions.

In Q3 2024, some brands have delivered exceptional returns. The table below showcases the best-performing wines year-to-date, with regions like Tuscany and the Rhône dominating the list.

Leading the pack is Krug 2004, which saw an impressive rise of 21.6%, reflecting the continued strength of Champagne in the investment market. Earlier this year, Antonio Galloni (Vinous) rescored the wine, giving it 98 points. He described it as a ‘gorgeous Champagne that is just beginning to enter its first plateau of maturity’.

Close behind is Domaine du Pégau’s Châteauneuf-du-Pape Cuvée Réservée 2012, which appreciated by 21.2%. Sassicaia 2011 follows with a 21% increase, while its 2015 vintage takes the tenth spot, with a 12.1% rise.

Vega Sicilia Único also features twice with its 2010 and 2011 vintages, demonstrating the increased demand for Spanish wines.

Wines from Bordeaux and the Rhône also make the list, showcasing the diversity of the wine investment market.

The most expensive wines in 2024

The world’s most expensive wines in 2024 are overwhelmingly dominated by Burgundy. At the top of the list is Domaine de la Romanée-Conti’s Romanée-Conti Grand Cru, with an average price of £221,233 per case. Following closely is Domaine d’Auvenay Chevalier-Montrachet Grand Cru, priced at £204,328.

Other notable entries include:

  • Domaine d’Auvenay, Criots-Bâtard-Montrachet Grand Cru at £141,979.
  • Liber Pater, from Bordeaux, priced at £140,009, stands out as the only non-Burgundy wine in the list.
  • Domaine Leroy, Richebourg Grand Cru, valued at £120,007, further establishes Burgundy’s dominance as a highly collectible wine region.

Burgundy producers such as Domaine Leroy and Domaine d’Auvenay appear multiple times on the list. The trend reflects how scarcity, reputation, and critical acclaim are key drivers of value, especially as the market for fine wine becomes increasingly selective in uncertain economic times.

Further entries include:

  • Domaine Leroy, Romanée-Saint-Vivant Grand Cru at £103,844.
  • Domaine d’Auvenay, Mazis-Chambertin Grand Cru at £93,818.
  • Domaine de la Romanée-Conti, Montrachet Grand Cru at £89,529.
  • Domaine Leroy, Corton-Charlemagne Grand Cru at £81,827.
  • Domaine d’Auvenay, Meursault Premier Cru, Les Gouttes d’Or at £80,715.

This dominance by Burgundy reflects its unmatched status in the global wine market, where scarcity and consistent quality continue to command premium prices.

For more information, visit Wine Track.

Fine wine news

The autumn La Place de Bordeaux release campaign

The 2024 La Place de Bordeaux campaign saw the latest releases from Masseto, Solaia, Seña, Penfolds Grange and many more. However, many of these new vintages were released at the same or slightly higher price levels as last year, despite a general market decline, making them less attractive from an investment perspective.

For instance, Masseto 2021 received a perfect 100-point score from Antonio Galloni but was priced at the same level as last year, with back vintages such as 2017, 2018 and 2019 offering better value. Meanwhile, the 100-point Solaia 2021 was released at a 15.7% premium on the 2020 vintage.

From Chile, the 2022 Seña and Viñedo Chadwick were offered at last year’s prices, but older, higher-scoring vintages such as Seña 2019 and Viñedo Chadwick 2021 remain more affordable. Penfolds Grange 2020 saw a small price increase, yet back vintages like the 100-point 2013 offer greater investment potential. Overall, back vintages, with comparable or higher critic scores, often provide better value for investors looking to capitalise on the current market dip.

Historically low yields in France

The 2024 French wine harvest is projected to be one of the smallest in recent history, with regions like Burgundy and Bordeaux experiencing significant declines due to adverse weather conditions.

Burgundy’s output is projected to be down by 25% compared to 2023, while Bordeaux is facing a 10% drop, resulting in the region’s lowest production volume since 2017.

Historically, such scarcity in Burgundy has driven secondary market price increases, as collectors rush to secure rare wines. However, the economic downturn may temper this trend, making selectivity key for investors. In Bordeaux, while smaller harvests often support price stability for premium wines, the broader market conditions may limit price recoveries, especially for mid-tier labels.

Q4 2024 market outlook

The consistent decline in fine wine prices leaves many wondering when the market will stabilise. Despite this downward trend, several factors point toward potential recovery and attractive buying opportunities in Q4.

Firstly, strong demand for select wines persists, particularly for brands that continue to outperform the market. This year has already seen several broken auction records, including for high-profile Burgundy, which points to continued interest in fine wine.

While the market as a whole is facing challenges, strategic investment in the right wines can still yield impressive returns. Investors looking to capitalise on market lows should consider brands which have consistently shown growth despite broader regional declines.

The global economic backdrop also provides reasons for optimism. Central banks, led by the US Federal Reserve, have shifted towards interest rate cuts which could stimulate further investment in alternative assets like fine wine.

In terms of regional performance, the ongoing declines in key regions may start to stabilise, as already seen in Champagne. Despite a 4.4% drop in Q3, Bordeaux remains a dominant player with one-third of the market share by value. With critics such as Jane Anson awarding nine perfect 100-point scores to Bordeaux wines from the 2009 and 2010 vintages, we may see renewed interest in classic vintages.

In summary, Q4 2024 offers a unique window of opportunity for long-term investors. With the current decline, strategic investments in high-performing brands and undervalued vintages could offer substantial returns on the road to recovery.

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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Piedmont on the move: rising stars under £1,000 a case

Piedmont Italy Fine Wine
  • Italy is the best-performing fine wine region year-to-date. 
  • Some Italian brands have recorded positive movement as high as 15% in the last six months.
  • Piedmont’s edge in the fine wine market can be attributed to historical significance, limited production, and an increase in global appreciation. 

Amid economic fluctuations and changing market trends, the wine investment landscape has seen varied performances across regions. However, Italy, and particularly the Piedmont, has stood out for its robustness and resilience, outperforming other regions in maintaining and even enhancing its investment appeal.

Italy’s performance in a bearish market

The Liv-ex Italy 100 sub-index, which tracks the price performance of the top 100 Italian wines, has shown resilience in the current bearish market. While the broader Liv-ex 1000 index, representing a wider range of global wines, has experienced a decline of 5.2% year-to-date, the Italy 100 sub-index has seen a relatively minor decrease of 1.7%. 

This indicates a sustained interest in Italian wines, despite broader market uncertainties. Some Italian brands have even recorded positive movement in the last six months as high as 15%.

The rising stars of Piedmont

A significant contribution to this trend comes from the Piedmont, specifically Barolo and Barbaresco. 

Produttori del Barbaresco, a renowned cooperative known for its high-quality production, has seen impressive gains across a range of its wines. The Rabaja Riserva has risen 15% since the start of the year. The wine has an average case price of £968 per 12×75, and a Wine Track critic score of 94 points. 

From the same producer, the more affordable Ovello Riserva is up 9%, while the Montestefano Riserva is up 8%. 

From Barolo, Cascina Fontana has shown consistent returns. It has appreciated 6% in the last six months and a remarkable 105% over the last decade. The wine’s affordability at £665 average price per case makes it a value-driven choice for investors.

Meanwhile, Elio Grasso’s Barolo Gavarini Chiniera has increased 4% in the past six months and an impressive 110% in the last decade. 

Why Italy, and why now?

The resilience of the Italian wine market, particularly in premium segments like Barolo and Barbaresco, can be attributed to several factors such as historical significance, quality, limited production, and growing global appreciation for the value on offer.

Wines from Piedmont are steeped in history and are globally recognised for their quality and complexity, attracting both connoisseurs and investors.

The limited production and exclusivity of certain labels ensure their demand remains high, even in less favourable economic conditions. While these wines are highly sought-after, the brands above continue to offer value – all being under £1,000 a case despite recent gains.

Finally, Italian wines continue to see growing appreciation in key markets such as the UK, USA and Asia, broadening the investor base.

As we navigate through fluctuating markets, Italy, especially Piedmont, holds firm, demonstrating potential for growth. For investors, Barolo and Barbaresco represent stability, quality, and a legacy that stands resilient against the tides of economic change.

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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Italian wine enjoys demand amid new releases

  • New releases from Italy have led to increased secondary market activity for the region.
  • Italian fine wine prices rose in February with some wines enjoying double-digit returns.
  • The 100-point Sassicaia 2021 has traded with a premium since its release last month.

Italian wine is currently in the spotlight amid a flurry of new releases, including the high-quality Brunello 2019 vintage and the 2021 vintage of the Super Tuscans Sassicaia and Ornellaia.

Brunello 2019 enters the market

The 2019 Brunello vintage is shaping up to be exceptional, potentially surpassing the subsequent vintages of 2020, 2021, and 2022, which were characterised by significantly higher temperatures. In terms of quality, critics have placed it on par with 2016, 2010 and 2006.

While Brunello may not dominate the fine wine market as prominently as the Super Tuscans, it has potential for attractive investment returns, especially from producers like Biondi Santi, Poggio di Sotto, and Casanova di Neri. These wines often come at more appealing price points compared to their counterparts.

For instance, Biondi Santi Brunello di Montalcino has risen 73% in value over the last five years, outperforming the likes of Sassicaia and Masseto. Poggio di Sotto’s performance has been equally impressive, rising 187% in the last decade, while Casanova di Neri Tenuta Nuova has been up 126%. At the top end, the more expensive and highly sought-after Soldera Casse Basse has returned 237% over the same period.

The historic performance of these brands strengthens the case for buying in vintages where the quality is high, and where the releases offer relative value.

Super Tuscan releases

In the world of fine wine, the most talked about Italian releases have been Sassicaia and Ornellaia 2021.

Ornellaia 2021 was released at £1,850 per 12×75, the same price as the 2020 release. At this price, the wine is the most expensive recent vintage on the market since 2016. Antonio Galloni (Vinous) awarded it 99-points and said that it ‘captures all the magic of this sensational vintage on the Tuscan Coast’. Meanwhile, Monica Larner (Wine Advocate) gave it 96-points and described it as ‘a very open-knit and exuberant Tuscan red’.

Ornellaia

Sassicaia 2021 was released last month at £2,500 per case, up 4.2% on the 2020‘s release price. The wine has since traded at a premium on the secondary market. It received 100-points from Monica Larner who called it ‘a quintessential Sassicaia that represents the excellence of the vintage and also respects the unique taste profile of this distinguished Tuscan blend of Cabernets Sauvignon and Franc’. Galloni gave it 98+ points and noted that it was ‘one of the best young Sassicaias I can remember tasting’. ‘In a word: magnificent’, said the critic.

Sassicaia

Italy gathers momentum

Recent releases have stimulated the secondary market for Italian wine. The region has been the best performing fine wine market segment over the last two years, as well as in the last few months. In February, the Liv-ex Italy 100 index posted a modest rise of 0.1%, but some vintages of Fontodi Flaccianello delle Pieve Colli della Toscana Centrale, Tignanello and Giacomo Conterno Barolo Monfortino Riserva enjoyed double-digit 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.

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Wine Spectator ‘Wine of the Year’ and critics’ top picks

  • Argiano Brunello di Montalcino 2018 ranked at Wine Spectator’s Wine of the Year.
  • Laurent-Perrier Champagne Grand Siècle Iteration N.26 took the first spot in James Suckling’s annual rankings.
  • Poggio di Sotto Brunello di Montalcino 2018 was Wine Enthusiast’s top cellar recommendation.

On Friday, Wine Spectator announced its ‘Wine of the Year’ – Argiano Brunello di Montalcino 2018.

The publication wrote: ‘In the world of wine, a change of ownership or a stylistic paradigm shift can reap huge benefits, but there are always risks. In the case of Argiano, change has paid off in spades, as new owners arrived with a commitment to a return to a more traditional expression of Brunello. Reflecting more than $10 million in investment in the estate over a decade, the stellar quality of Argiano Brunello di Montalcino 2018 earns it Wine of the Year honors from Wine Spectator in 2023.’

The wine has enjoyed increased demand after the announcement and has traded at a 45% premium on its Market Price. This is not a new phenomenon. According to Liv-ex, ‘over the last few years, most of the Wine Spectator’s top wines have enjoyed significant trading activity and an uptick in price’.

For instance, the 2018 Wine Spectator’s wine of the year, Sassicaia 2015, has seen its Market Price double from £1,350 per 12×75 to £2,700 after the announcement. Similarly, the 2019 wine of the year – Château Léoville Barton 2016 – enjoyed an immediate price surge.

This year, other investment-grade wines that ranked in the publication’s top ten list include Château Lynch Bages 2020 (3) and Château Pichon Baron 2020 (8).

James Suckling’s top picks for 2023

James Suckling also released his Top 100 World Wines 2023 and Wine of the Year report, giving Laurent-Perrier Champagne Grand Siècle Iteration N.26 the first spot.

The critic said that ‘it’s not just an incredible bottle of Champagne, it’s the best wine we rated this year out of the almost 39,000 reviewed by myself and my team of seven tasters/editors’. This is the ‘the largest number of wines [they] have ever reviewed in a year, beating last year’s record of about 32,000’.

Suckling’s top ten also included the 100-point Seña 2021 (3) and Château Figeac 2020 (4).

Wine Enthusiast’s top cellar selections

Another Brunello di Montalcino stole the spotlight in Wine Enthusiast’s annual rankings. Poggio di Sotto Brunello di Montalcino 2018 was their top cellar recommendation for 2023.

Their report stated: ‘This list represents what’s next in Wine Enthusiast’s Cellar Selections—wines with consistency and structure that aren’t necessarily the biggest and boldest. The number one wine, for example, is Poggio di Sotto’s 2018 Brunello di Montalcino, not the most legendary in its region of Italy but what a wine!’

Their number two wine was Ribera del Duero Vega Sicilia Unico 2012, which they described as ‘a proven collectible’ and a ‘gem’ which ‘represents Spain as an underappreciated wine country full of discoveries’.

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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2023 harvest forecasts for France and Italy: a balancing act

Harvest
  • France’s 2023 wine harvest projects between 44-47 million hectolitres, benefiting from potentially strong yields in Champagne and Burgundy.
  • Italy anticipates up to 14% reduction in its 2023 harvest due to extreme weather, marking it among its smallest harvests.
  • Historical trends showcase climatic vulnerabilities, emphasising the need for sustainable viticulture practices.

As harvest time approaches, we take a look at forecasts for the 2023 vintage in France and Italy. While France appears to be set for a stable year – in line with the five-year average, Italy’s harvest might shrink as a result of extreme weather, as climate change continues to leave its mark.

French wine regions face diverse conditions

According to the French agriculture ministry, France’s wine harvest in 2023 looks promising, with estimates suggesting a national production between 44 million and 47 million hectolitres. This figure nudges slightly ahead of the previous year’s 45.4 million hectolitres. One reason for optimism is the performance in regions like Champagne and Burgundy, which is expected to offset challenges in Bordeaux.

Indeed, Bordeaux has not had it easy. Consecutive thunderstorms, high temperatures, and downy mildew have plagued the region. Notably, Gironde’s chamber of agriculture reported that a whopping 90% of vines have been affected by downy mildew. Languedoc and Roussillon have also been suffering from persistent drought.

Meanwhile, Champagne and Burgundy are set for an above-average harvest. Champagne has successfully averted frost and hail damage and diseases have been contained. Similarly, Burgundy looks poised for grape production higher than the five-year average. The situation in neighbouring Beaujolais is also looking better than last year.

If projections hold, France may place as Europe’s largest wine producer in 2023, especially given the challenging outlook for Italy.

Italy’s climate woes

Italy is staring at a potentially reduced harvest in 2023. From searing heatwaves to devastating floods, the nation’s vintners have confronted multiple challenges. Extreme weather events could result in a harvest that is up to 14% smaller than in 2022. If this forecast proves accurate, 2023 could rank with years like 1948, 2007, and 2017 as one of Italy’s smallest harvests on record.

However, while the national outlook seems daunting, the situation varies by region. The north, including areas like Piedmont, Lombardy, and Veneto, has remained relatively stable despite recent fierce hailstorms. By contrast, southern and central Italy might see significant drops in production, with Sicily in particularly struggling with wildfires, heat, and mildew. Still, the Assovini Sicilia wine association noted that grape quality remains intact for 2023.

Historical context

France and Italy have witnessed harvest highs and lows over the decades. Historically, France’s most significant harvest was in 2004 with a record 58.3 million hectolitres. In contrast, 2017 saw a decline of almost 20% due to weather adversities.

Italy’s bumper harvest year was 1982, with a record production of 65 million hectolitres. The country’s most challenging years have been spaced apart, with significant lows in 1948, 2007, and potentially 2023.

In conclusion, the 2023 harvest projections for France and Italy offer a revealing snapshot into the challenges and opportunities presented by the ever-shifting climate. While France gears up for a potentially favorable yield, owing largely to robust performances in regions like Champagne and Burgundy, Italy grapples with the stark realities of climate change, which threatens to render 2023 one of its leanest harvests. These trends not only highlight the adaptability of the wine industry but also underscore the urgent need for sustainable practices and proactive measures to mitigate the impacts of adverse weather patterns on viticulture. As the historical data indicates, while wine-producing regions have faced fluctuations in the past, the growing unpredictability of climate patterns demands heightened vigilance and innovation in the realm of winemaking.

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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Fine wine investment for beginners

Open road with vineyard beside it

Fine wine investment is rapidly gaining traction among beginners and novice investors looking to benefit from a reliable, alternative asset with real historical performance. As both a passion pursuit and a proven alternative investment, fine wine offers something few markets can: the ability to diversify an investment portfolio, strengthen long-term returns, and take part in a centuries-old tradition that continues to evolve.

Surging wine prices frequently make headlines, especially stories of collectors who bought extraordinary wines early, only to sell their wine years later through a wine auction or specialised platform for significant profit. But for newcomers, the key questions remain: How does investing in fine wine actually work? What returns can you expect? And how do you begin your journey in today’s fine wine markets?

This wine investment guide provides a complete introduction to the global wine market, how it operates, and what to look for as you start buying wine strategically.

How big is the wine investment market?

Investing in wine is not a new phenomenon. In fact, wine has functioned as a tradeable commodity since antiquity. Ancient Greeks, Egyptians, Phoenicians, and Romans circulated wine across renowned regions long before modern trade existed. One of the earliest recorded examples of wine prices appreciating appears in the writings of Thomas Jefferson. In 1787, he observed that the 1783 Bordeaux vintage commanded a premium over the younger 1786 vintage – a clear historical example of age and rarity influencing value.

Throughout the centuries, seasoned drinkers quietly practised what we now call wine investing, selling select bottles from their cellars as a way to subsidise consumption. The concept rested on a simple truth: as wine matures, scarcity increases – and so does its value.

Today, wine investment is more transparent, accessible, and data-driven than ever. The global wine market is forecast to reach US$525 billion by 2025, driven by growing international demand and a rising appreciation of luxury assets.

However, despite its size, only a small percentage of all wines produced worldwide are genuinely investment-worthy. Even in renowned regions like Bordeaux and Burgundy, most wines are made for drinking rather than appreciation. Only the rarest cult wines, top estates, and blue-chip producers have the characteristics required to deliver long-term returns.

This scarcity – of high-quality, investible wine – is the core driver of wine’s investment potential. Limited supply combined with global demand leads to price appreciation, particularly for wines with established reputations, critic recognition, and strong market trends.

More fine wine investment opportunities than ever before

Historically, Bordeaux’s classified growths dominated the fine wine investment landscape. In 2010, Bordeaux accounted for 96% of all global trade by value – a reflection of its scale, structure, and tradition.

Today, however, the market has expanded dramatically. Bordeaux now represents less than a third of trade as investors explore a broader set of regions offering compelling returns.

High-performing, investment-grade wines now come from:

Burgundy

Micro-production estates with global cult status and extraordinary long-term appreciation.

Champagne

Steady, consistent performers with strong brand equity—an ideal low-volatility segment.

The Rhône

Producers like Guigal’s La La wines (La Mouline, La Landonne, La Turque) provide both rarity and prestige.

Italy

Led by Tuscany and Piedmont, with wines like Sassicaia, Ornellaia, Masseto, Gaja, and Giacomo Conterno.

USA

Napa Valley’s cult wines – Screaming Eagle, Harlan, Opus One – offer exceptional long-term demand.

Germany, Spain, Australia

Smaller in volume but increasingly recognised for quality and collectability.

The growth of these renowned regions means that wine investment is no longer defined by one country or category. Investors can buy and sell wines across a far more diverse global landscape, tailoring their preferences to budget, style, risk appetite, and investment goals. The collectors’ market is booming, with record number of investible wines trading right now.

Greater fine wine investment returns

As global demand for investment-grade wines has expanded, so too have potential returns. Burgundy provides the clearest example: thanks to microscopic production levels and immense international demand, top estates have delivered some of the strongest returns in the entire luxury asset class.

  • Some Burgundy wines have risen 2,000% in 15 years.

  • The region’s major index is up ~200% over the last decade.

  • Trading volume, value, and liquidity have surged.

Champagne has also been a favourite for investors seeking steady gains. While it is not always the rarest category, its brand strength, vast global audience, and robust distribution networks deliver exceptionally consistent growth. It is often treated as a low-volatility safe-haven asset within a wine investment portfolio.

Different regions appreciate at different rates, influenced by:

  • critic scores

  • supply/demand dynamics

  • producer reputation

  • vintage quality

  • macro events (e.g., weather, tariffs, regional instability)

  • release price strategy

Understanding these factors helps investors set realistic expectations for both short- and long-term returns.

How long do I need to invest in fine wines for?

Fine wine is generally classed as a medium to long-term investment. As a rule of thumb, WineCap recommends holding wines for at least three years, though many investors choose a horizon of five to fifteen years.

Most collectible wines improve over 10–50 years, depending on region and vintage. As bottles are opened worldwide, scarcity increases, and prices usually rise.

External factors can accelerate returns. For example:

  • When Wine Spectator named Sassicaia 2015 its Wine of the Year, the price rose 25% in a single day.

  • Those who bought upon release have seen gains exceeding 160% to date.

Fine wine’s resilience also contributes to its appeal. Unlike the stock market, which can swing dramatically in short periods, fine wine typically shows low volatility and stable year-on-year growth. This is why many investors consider fine wine a safe-haven asset, particularly in periods of economic stress.

During Covid-19 disruptions and even after the geopolitical shocks following Russia’s invasion of Ukraine, fine wine indices outperformed the S&P 500, FTSE 100, and even gold.

How do I start investing in wine?

There are a lot of decisions you need to make when taking on wine investment. Wine investment experts like our team here at WineCap can help you make decisions relating to the following factors:

Set a wine investment strategy

The first step is to set your budget. Consider how long you would like to hold your wines for and your preferred investment strategy. Fine wines command a range of prices depending on the producer, how much of their wine is made and the wines’ age. Make sure to set your budget before embarking on building your portfolio so you can ensure you have exposure to all countries and regions.

Speak to a wine investment expert

There are different routes to accessing the wine investment market, such as through specialised retailers and auction houses. Expert wine investment brokers offer unbiased advice on strategic investment opportunities and can help you build your portfolio, based on your preferred length of investment and budget. While WineCap doesn’t charge any annual fees, most wine investment companies do, so be sure to do your research and be aware of any fees your portfolio might incur.

Select world-class wines for your portfolio

A wine investment expert will help you find the wines best suited for your investment portfolio. WineCap has formed long-lasting relationships over the past decade with négociants, wholesalers and private collectors. This means that we have access to some of the world’s most prized wines. What’s more, our unique proprietary technology analyses over 400,000 wine prices a day to identify the right, undervalued wines to buy and sell across the global market at the right time and price.

Store your wines professionally

Choose to keep your wines in government bonded warehouses as this will ensure they are professionally stored in temperature-controlled conditions best-suited for ageing wines. World-class care ensures that when you come to sell, your wines’ provenance will quickly secure maximum prices.

Final thoughts

Fine wine investment can feel daunting at first, but with the right strategy, guidance, and market insight, beginners can access one of the world’s best-performing luxury assets. With global demand growing, more fine wine investment opportunities emerging, and the market proving resilient through economic uncertainty, now is an excellent time to begin building an investment in wine.

Ready to get started now you know more about how to invest in wine? Speak to one of WineCap’s investment experts to discover the next steps on your wine journey.