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Do wine critics still matter in 2025? Bordeaux Diaries Part I

Chateau Clinet vineyard

Discover how wine critics influence Bordeaux wine investment in 2025 and whether Robert Parker’s legacy still shapes today’s market.

Provenance, a good vintage, scarcity, and brand are all factors that influence the price of fine wine, and hence the world of wine investment. Another factor that has, traditionally, impacted wine value is the critic. A top score can inspire confidence in the price performance of a wine, while an unfavourable rating can have the opposite effect. 

However, is the role of the wine critic as important as it was in the past? With the retirement of the hegemonic world-renowned wine reviewer, Robert Parker, who helped put Bordeaux, California and the Rhône at the forefront of wine buyers’ minds, and the rise of digital media, what does the future hold?

WineCap met figures from leading Bordeaux estates for their insights into the place of wine criticism in 2025 and the years ahead. In Part I, we discuss the legacy and the evolving role of the wine critic.

  • Robert Parker’s era of singular influence is over – today’s wine criticism is a collective effort.
  • Critics still shape wine investment decisions, but their role is now one of many in a more democratic media landscape.
  • The rise of digital voices and ‘wine educators’ is expanding access and perspective in the fine wine world.

Wine criticism in transition: legacy vs digital influence

Several producers saw formal wine criticism as a keystone of information for customers, but also recognised that it was part of a developing media ecosystem largely because of the impact of the internet.

Château Valandraud, Premier Grand Cru Classé B, Saint-Émilion

Jean-Luc Thunevin, owner of Château Valandraud, thinks the importance of the traditional wine critic remains important for his château as the legacy of Robert Parker endures.

‘Parker had a hegemonic position; that is, he represented 80% of global influence. Today, in any case, there are collaborators who worked for him, who are very talented and who, two or three years ago, represented Parker’s influence,’ Thunevin told WineCap. ‘We can say that today, when you are a wine merchant, we use five or six major journalists, and we get an idea of what the wine is worth.’

Château Cheval Blanc, Saint-Émilion

‘In terms of the impact of the wine critics on the fame of our wines, we are very respectful of the job of the critics,’ Pierre-Oliver Clouet, technical manager at Château Cheval Blanc, explained. ‘We produce wine, there are wine distributors there to distribute the wine, there are wine collectors that collect the wine, and there are wine critics, who have to critique the wine. So, everybody has their own job in the wine world.’

The vast and varied selection of wine makes the role of the critic key, with Clouet adding that ranking wine estates, vintages, appellations, countries, and regions is important for consumers. 

‘The impact of critics is so important for the final client because the number of wines available on the market is huge. You have to find the critique who has your taste, and you have to follow him or her. This is the job: to help the consumer, to know more about what they’re going to purchase’.

Château Clinet, Pomerol

Ronan Laborde, managing director and owner at Château Clinet, is adamant that professional criticism is still an important fixture in the wine world, but acknowledges that information is more accessible to collectors and laymen alike today than in decades past. ‘We still need wine critique. When Robert Parker was reviewing and ranking, there was less wine criticism, and the web was not so widespread. Nowadays, there continue to be a lot of highly respectable wine critics.’

Laborde added that clients also have opportunities to bolster critic ratings with their own first-hand experience. ‘There are a lot of people who are really interested in wine and have the chance to visit wineries, taste the wines, and import the wines. So, it’s easier nowadays to try and have your own opinion than before. Robert Parker was a reference at the time he was active, but nowadays, it’s more split.’

Wine critique landscape in 2025: complexity and change

Château Margaux, First Growth, Haut-Médoc

Philippe Bascaules, managing director at Château Margaux, had an open-minded perspective on the shifting, changing, landscape of wine critique, not jumping to any conclusive opinion on its direction for the time being.

‘We are in a time when it’s very difficult to know the direction of journalists and social media and all this new communication, and how the consumers will use all of it to buy wine,’ he said. ‘Of course, it used to be so simple. Today, it’s much more complex and I think probably it’s even a good evolution, I would say, because then it can be a little bit more diverse, and everyone can find his own advisor. I think we are in transition and will know later exactly where it will lead and what it will mean.’

Château Coutet, Premier Cru, Sauternes

Other producers echo this sentiment. At Château Coutet, marketing director Aline Baly appreciates the rise of ‘wine educators’ who help spread awareness about lesser-known properties. 

‘In the last decade, we’ve seen a lot of new wine critics, or I also like to call them “wine educators” because they’re helping us get the message out there,’ marketing director Aline Baly told WineCap. ‘Some of the vineyards in this region are very tiny. We can’t be everywhere. We can’t be travelling and opening our wines and describing these wines. So, the wine critics, or wine educators help us get the message out.’

Regarding the growing number of critics, Baly was enthusiastic. ‘There is definitely a change from having very few people who are the spokespeople for all the vineyards in the world to a larger group of individuals who’ve come to visit, who’ve tasted wines and helped us get the message out there.’

Why wine critics still matter: education and expertise

Château Calon-Ségur, Third Growth, Saint-Estèphe

‘At the time of the Primeurs, we host many journalists from France and around the world,’ general director and owner of Château Calon-Ségur Vincent Millet said. ‘Today we have about fifteen journalists who come to taste the Primeurs every year. But what is also interesting is that these are the same journalists who will taste the wines when they are bottled, or a few months after bottling. So, they have a vision of a very young wine and a wine that has been aged in barrels, as well as a few months after bottling.’

This educational insider experience was invaluable for consumers, he added. ‘Today, what is interesting to see is that journalists have a culture of wine, follow the properties, follow the history of the property, and in some ways, these same journalists become true authorities on our wines. Even if we work with the brokers and merchants, the consumer will still look at the notes and comments of these same journalists. It is important for us to be able to explain how we work and what our philosophy is so that journalists can better understand the wines when they taste them’.

From Parker to pluralism: collective influence in wine

Several producers agree: the days of one critic dominating the wine conversation are behind us.

Château Pichon-Longueville Baron, Second Growth, Pauillac

‘I don’t think that we will ever again see one critic have such a completely dominant position as Robert Parker had. It was an accident of history in many ways. He just started at the right time, in 1982, when America was discovering the great wines of Bordeaux, and became accepted as the utterly reliable guide that he was,’ explained Christian Seely, managing director of AXA Millésimes, owner of Pichon-Baron. 

‘Today, there are many talented wine tasters and critics, and I think that it’s more of a collective influence. So, there will be perhaps a dozen really major critics who move the market, and I think on a collective basis, this is actually a much healthier thing. I think that for one person to have so much influence was probably slightly unbalanced and dangerous. These days, you can choose, as a consumer, from a number of very good critics and decide which ones you like best and follow them.’

Château La Mondotte, Premier Grand Cru Classé, Saint-Émilion

‘The time of the likes of Robert Parker is completely finished,’ said owner of Château La Mondotte Stéphane von Neipperg. ‘Now we will have perhaps five to ten well known wine critics for the consumer. So, it will be a much more open game. Parker was an important guy because he made what makes a good wine understandable for a lot of people. However, it is also good to have different opinions.’

Von Neipperg pointed to the 2021 vintage as an example of how critic viewpoints can vary significantly, supporting his view of the benefits of such diversity. ‘If you read about the ratings of 2021, there were sometimes five to ten points difference for the same wine.’

As Bordeaux and the broader wine world evolve, so too does the role of the critic – moving from singular gatekeeper to a chorus of trusted voices, guiding collectors, investors, and enthusiasts through an increasingly nuanced landscape.

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. 

Start your wine investment journey with WineCap’s expert guidance.

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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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How fine wine investment attitudes differ in the UK and US

  • UK investors are moving faster than their US counterparts in handing over to a younger, tech-savvy generation, with a sharper decline in ‘very experienced’ participants.
  • US portfolios still allocate more to fine wine on average, reflecting a greater appetite for alternative assets despite similar downward trends in allocation.
  • Both markets are embracing digital tools and AI-driven insights, but the UK appears slightly ahead in integrating fine wine into a broader fintech-enabled investment strategy.

The fine wine investment market in 2025 is experiencing a paradigm shift on both sides of the Atlantic. While the United Kingdom and the United States share many overarching trends like the rise of a younger, tech-savvy investor base and the repositioning of fine wine as a strategic asset, the nuances in their trajectories highlight key cultural, financial, and strategic differences.

A shared generational shift at different paces

Both the UK and US reports depict a clear generational handover in fine wine investment. Baby boomers, once the stalwarts of the market, are selling off holdings accumulated over decades. In their place, a new cohort of Millennial and Gen Z investors is emerging – individuals who see wine less as a consumable luxury and more as a data-driven, alternative investment.

*UK

However, the pace of this transition is more pronounced in the UK. Only 32% of UK investors in 2025 are now classified as ‘very experienced’, a sharp drop from 52% in 2024. In contrast, the US market still holds a stronger base of experienced investors, with 44% falling into that category – a modest decline from 48% in 2024.

*US

This suggests that while the UK is undergoing a more aggressive generational overhaul, the US market remains slightly more anchored in legacy investor behaviors. This could reflect cultural factors, such as the USA’s longer-standing tradition of wine collection, or structural elements like the greater maturity of digital investment platforms in the UK.

Diverging portfolio allocations

In both markets, fine wine is increasingly treated as a complementary asset class rather than a core holding. This shift is evident in declining portfolio allocations. In the UK, the average portfolio allocation to fine wine has dropped from 10.8% in 2024 to 7.8% in 2025. US investors have larger allocations overall, which have still declined from 13% to 10.7% on average year-on-year.

While both reductions are linked to recent price corrections and broader diversification strategies, the US still shows a greater willingness to commit higher portions of wealth to fine wine. Notably, 40% of US investors still allocate 11–20% of their portfolio to wine, compared to 18% in the UK.

This discrepancy may be driven by different attitudes toward risk, or a reflection of the US investor’s broader enthusiasm for alternatives – including crypto, art, and collectibles – where fine wine fits comfortably into a high-yield mindset.

Technology and the new investor toolkit

One unifying force across both markets is the use of AI, data analytics, and digital platforms. The new generation of investors is not relying on intuition; they’re using dashboards, price trends, and machine learning models to inform their trades.

*UK

This transformation is blurring the line between emotional and analytical investment, enabling fine wine to shed its image as a passion-led endeavor and gain legitimacy as a financial tool. However, the UK appears slightly more mature in this regard, perhaps due to a tighter integration between fintech and alternative asset platforms.

*US

Market sentiment: recalibration, not retreat

Despite recent price softening, neither the UK nor US market is retreating. Instead, both are recalibrating. Experienced investors are taking profits, newer investors are entering at lower price points, and portfolio managers are redefining what role wine should play – most now agree it’s a diversifier, not a pillar.

Crucially, both markets anticipate that today’s corrections will lay the groundwork for tomorrow’s gains. Historically, fine wine has shown resilience and rebound capacity. The current dip may ultimately broaden participation and enhance long-term sustainability.

Two markets, one destination

The UK and US fine wine investment landscapes are converging in vision, yet diverging in pace and personality. The UK is evolving faster – more volatility-tolerant, more digitally advanced, and more dynamic in reallocating portfolios. The US, by contrast, remains a more anchored, cautiously progressive market, with higher average allocations but slower risk adoption.

Yet both markets are ultimately moving toward the same future: a fine wine investment world that is younger, smarter, more inclusive, and increasingly strategic.

As fine wine sheds its elitist past and embraces a tech-enabled future, investors on both sides of the Atlantic recognise fine wine’s growing potential.

Looking for more? See also: 

WineCap Wealth Report 2025: UK Edition

WineCap Wealth Report 2025: US Edition

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Climate change in Bordeaux: are new varieties the answer?

Heat resistant grape varieties

WineCap spoke with leading Bordeaux estates on the much-discussed possibility of introducing new, heat-resistant grape varietals to this leading wine region to mitigate the impact of global warming.

    • Adaptive viticulture and winemaking were the prevalent answers to coping with climate change.
    • The minority considered old resilient Bordeaux varietals and new grapes.
    • Heritage and current appellation laws are significant.

 Adaptive winemaking: Château Pichon-Baron

Christian Seely, managing director of AXA Millésimes, owner of Château Pichon-Baron was firm that the response to climate change was not the introduction of new cultivars but rather adaptive winemaking.

‘Here at Pichon, 25 years ago, the blend tended to be around 65% Cabernet Sauvignon, 35% Merlot. These days, it’s 80% or more Cabernet Sauvignon and 20% Merlot,’ he told WineCap. ‘It’s not an answer to climate change, but it’s how we’re adapting because we are having more hot, sunny years which enable us to get the Cabernets magnificently ripe. In the old days, when we hadn’t got the Cabernets perfectly ripe, a nice bit of ripe Merlot was a useful element in the blend. It’s still a useful element, but we need less of it.’

This approach also softens the grape alcohol content that has steadily risen along with warmer growing seasons. ‘Merlot grapes here will probably have one degree more of alcohol than Cabernet. If you want to keep your wines under 14% abv, which we do at Pichon, one way of doing that is to increase the proportion of Cabernet Sauvignon.’

Traditional vineyard management and quality over trend: Château Canon-la-Gaffelière and Château Calon Segur

Stéphane von Neipperg, proprietor of Château Canon-la-Gaffelière, was uncompromising on his views about new varieties, preferring skilled, traditional viticulture instead.

‘Increasingly, some technical people are speaking about new varieties for wines. I’m just against it,’ he told WineCap. ‘They’re not proving that the quality is outstanding. They only prove that they don’t need to spray against mildew.’

Von Neipperg stressed the château’s effective practice of copper spraying which complements the composition of its vineyard soils and its cultivation of old vines that display hardiness to warmer summers.

‘We are well known for old vines. We have our own genetics and I think this is much more important than these new varieties.’

Vincent Millet, general manager of Château Calon Ségur has a similar approach to dealing with rising temperatures: massal selection and a decades-long vineyard restructuring plan to be completed in 2035.

‘We recovered old Merlot vines from 1940, Petit Verdot from the 1930s, and Cabernet Franc from the 1970s. We have created our own collection,’ he told WineCap. ‘This collection allows us to preserve a genetic heritage…which allows us to try to resist the increases in temperature.’

Under this climate change-defying scheme, rather than planting new cultivars, the château plans to plant more Cabernet Sauvignon and adjust the quantities of the other traditional Bordeaux varietals.

Potential of resilient Bordeaux varieties: Château Saint Pierre and Château Beychevelle

For co-owner of Château Saint Pierre, Jean Triaud, there is the possibility of regional heat-tolerant grape varieties thriving in warmer climates, making a comeback. He cited Malbec, a varietal that originated and still grows in southwest France and now flourishes in Argentina and Carménère, formerly planted widely in the Médoc and now the flagship black grape of Chile.

‘Those great varieties come from Bordeaux, but finally work much better in other places thanks to the weather. Why not come back?’

However, referring to appellation laws, he acknowledged that the situation was complex. ‘But it’s not so easy because here we don’t decide all the rules,’ he added.

While acknowledging the strict limitations of the appellation system, Philippe Blanc of Château Beychevelle had a similar perspective.

‘The most sensible thing would be to take varieties coming from the south, mainly Spain and Portugal, and see how they adapt here,’ he told WineCap. ‘It’s always this way. You go north and plant Pinot Noir in Sweden or Brittany or Chardonnay in Kent. Maybe it’s good to invest in Brittany or Normandy to make new vineyards in the future.’

Restrictive appellation laws: Château Beychevelle

General manager of Château Beychevelle, Philippe Blanc, is open to the possibility of introducing new heat-resistant grape varieties but recognises that the French appellation system is slow to react and evolve.

‘It takes a lot of time to reach an agreement. If I decide to plant Shiraz, I can make Vin de France, but I can’t make Saint-Julien. So, in terms of value, it’s difficult to do,’ he said. ‘I’ve got no new varieties but, we’ll keep an eye on this and as soon as we’re allowed to plant new grapes, even 2% or 3%, we’ll do it.’

Value of regional heritage and legacy: Château Margaux and Château Troplong Montot

Philippe Bascaules, managing director of Château Margaux said that the estate has the possibility of cultivar changes in mind and a designated block of vineyard for experimentation with new varietals. However, he told WineCap, ‘it’s not decided’.

‘Cabernet Sauvignon is the core of the blend of Château Margaux. The decision to change that is a big one. I’m not considering doing it in the next 50 years.’

Commercial director of Château Troplong Montot, Ferréol du Fou, was more direct about the option to use heat-resistant grapes as a buffer against climate change.

‘Burgundy has Pinot Noir. Bordeaux has Merlot, Cabernet Franc, Cabernet Sauvignon, and Petit Verdot. The solution is to work more in the vineyard, it’s not planting Tempranillo. It’s a plaster, it’s a bandage. We have to think about the next generation,’ he told WineCap. ‘Making Tempranillo in Bordeaux is stupid. I’m a bit harsh, but this is the truth for me.’

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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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.