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Fine wine market trends amid economic shifts in Q1 2024

Fine wine market

The following article is an extract from our Q1 2024 Fine Wine Report which will be published in full later this week.

  • The industry benchmark Liv-ex 100 index fell 1% in Q1 2024, a milder decline than the 4.2% dip at the end of last year.
  • Bond and equity markets rallied in anticipation of interest rate cuts by major central banks.
  • Over the past twenty years, the Liv-ex 1000’s most significant year-on-year dip was only 15%, less severe than that of major stock indices like the S&P 500 (-45%).

After a challenging start to the year, the global economy is showing signs of resilience and potential growth. As we moved past the first quarter of 2024, both bond and equity markets rallied in anticipation of interest rate cuts by major central banks. Notably, sectors like the fine wine market are expected to benefit from these shifts, although the impact has not yet materialised.

The fine wine market in Q1 2024

The industry benchmark, Liv-ex 100 index, saw a modest decline of 1% in Q1 2024, an improvement from the 4.2% dip observed at the end of the previous year. This index experienced a slight drop of 0.3% in January and 1.1% in February but recovered in March with a 0.4% increase, marking its first rise in twelve months. Influential movers included Promontory and Dominus from Napa Valley, Super Tuscan Sassicaia, and Clos des Papes Châteauneuf-du-Pape. Despite this recovery, the fine wine market’s performance still lags behind mainstream financial markets.

Comparing mainstream markets

Mainstream indices such as the Nikkei 225 and the S&P 500 have shown remarkable strength over the past year. Their annual growth from March 2023 to March 2024 ranks in the top 10% of year-on-year periods this century.

However, bond and equity markets experienced heightened volatility at the beginning of the year, due to geopolitical risks like the Middle East conflict and ongoing uncertainty around interest rates. This confluence of factors boosted the safe-haven asset Gold which has extended its run on buying momentum.

Liv-ex 100 vs mainstream markets and Gold

A decade of the Liv-ex 1000 index

Celebrating ten years since its official launch in January 2014, the Liv-ex 1000 index provides two decades of insight into fine wine prices, encompassing a wide range of regions including Bordeaux, Burgundy, Champagne, the Rhône, Italy, and the rest of the world (Spain, Portugal, the USA, and Australia).

Over the past twenty years, while the Liv-ex 1000 has seen 64 year-on-year declines, its most significant drop was only 15%, considerably less severe than that of major stock indices like the S&P 500, which once fell by 45%.

On the upside, the Liv-ex 1000’s best annual performance showed gains of 38%, comparable to those of major indices like the FTSE 100 and the Dow Jones, and its average growth rate of 8.4% is higher than many mainstream markets, only trailing behind the S&P 500.

Liv-ex 1000 vs mainstream markets

As the global markets navigate through turbulent waters, the nuanced performance of the fine wine sector, detailed in our comprehensive Q1 2024 report, continues to offer valuable perspectives on both the challenges and opportunities that lie ahead.

Stay tuned for the full report later this week.

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

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Finding value in the Bordeaux second wines

Lafite Rothschild
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  • The average First Growth case price is £5,300, while second wines come in at £1,941.
  • Le Clarence de Haut-Brion is the most affordable second wine.
  • Le Petit Mouton has been the best performer over the last decade.

Following our article last week examining the performance and value of the Bordeaux First Growths, we now turn to an important but often overlooked category within Bordeaux wines: second wines. These wines offer investors a compelling balance between brand prestige and affordability, making them increasingly relevant in today’s fine wine market.

This analysis explores what second wines are, how they compare to their Grand Vins, how they are priced, and why their long-term performance makes them attractive within a wine investment portfolio.

What are second wines?

Most leading Bordeaux châteaux – particularly those classified under the 1855 Classification – produce more than one wine per vintage. Alongside the Grand Vin, many estates bottle a second wine (sometimes referred to as a “2nd wine” or “wine or second label”), and a handful may even produce third or fourth wines depending on vineyard size and stylistic goals.

Second wines generally come from:

  • younger vines, which may not yet deliver the depth required for the Grand Vin

  • vineyard parcels that do not fully meet Grand Vin quality in a given year

  • fruit that is stylistically better suited to an earlier-drinking profile

Despite this, second wines often receive the same technical treatment – from vineyard work to vinification – as the flagship label. They may use fruit from the same renowned terroirs, the same cellars, and benefit from the expertise of the same winemaking team.

For investors, this means second wines offer brand access at a significantly lower price, while still carrying the hallmarks of top Bordeaux estates.

Second wines: Pricing and Value Dynamics

Price Comparison: First Growths vs. Second Wines

The average First Growth case price sits around £5,300, reflecting their iconic status within Bordeaux’s hierarchy. In contrast, the average price for a second wine is £1,941 – less than half the price, yet still benefiting from strong brand associations.

This pricing gap offers investors a more approachable entry point to the top tier of growth wines, particularly within Saint-Julien, Pauillac, and Pessac-Léognan, where some of the world’s most admired estates are located.

Where prices diverge

Interestingly, the price hierarchy of the Grand Vin does not always replicate itself in the second-wine market.

Second wines prices and scores

For example:

  • Château Latour produces one of the most expensive Grand Vins after Lafite Rothschild.

  • Yet its second wine, Les Forts de Latour, sits mid-range in pricing compared with its peers.

  • Meanwhile, Le Petit Mouton (from Mouton Rothschild) and Carruades de Lafite (from Lafite Rothschild) are priced higher, reflecting exceptionally strong brand demand.

 

Similarly, Le Clarence de Haut-Brion – the second wine of Château Haut-Brion, one of the most historically significant estates in the 1855 classification – remains the most affordable of the second wines despite its pedigree.

This shows that market demand, not just classification, shapes pricing for second wines.

Scores and price-per-point

When examining value for money, score-based metrics offer useful perspective.

  • Le Clarence de Haut-Brion holds the lowest price-per-point (£16) among second wines, mirroring Haut-Brion’s reputation for over-delivering relative to price.

  • However, while Haut-Brion Grand Vin scores very highly on the Wine Track Index, Le Clarence’s score is comparatively lower.

This disconnect illustrates a key point: For second wines, price does not always correlate closely with critical ratings.

Instead, a different dynamic typically governs their appreciation.

Second wines behave differently from the Grand Vin

With Grand Vins, price is strongly driven by quality, scores, and global demand.

For second wines, however, the dominant relationship is between price and age. As bottles are consumed and availability reduces, the scarcity effect naturally lifts prices.

In this way, second wines often follow the traditional wine investment ageing curve, appreciating steadily regardless of whether they score as highly as their Grand Vin counterparts.

They also present:

  • brand access for collectors who may be unwilling to open a £500+ bottle

  • earlier drinking windows, which attract both consumers and restaurants

  • strong demand on release, especially for estates like Mouton Rothschild, Haut-Brion, and Lafite Rothschild

Second wines therefore fulfil both a consumption and investment role, ultimately supporting more stable long-term price performance.

Performance of the Bordeaux second wines

Over the past decade, second wines from the top estates in Saint-Julien, Pauillac, Saint-Estèphe, and Pessac-Léognan have shown strong appreciation.

Top performers (10-year performance)

  1. Le Petit Mouton (Mouton Rothschild)
    +111.9% – The strongest performer, reflecting exceptional brand equity and global demand.

  2. Le Clarence de Haut-Brion (Château Haut-Brion)
    +76.2% – Undervalued on release, this wine has delivered impressive mid-term returns.

  3. Carruades de Lafite (Lafite Rothschild)
    +64.7% – One of the most globally recognised second wines, with strong demand across Asia.

  4. Pavillon Rouge du Château Margaux (Margaux)
    +63.1% – A consistently sought-after second label with stable year-on-year appreciation.

Second wines performance

These figures highlight how second wines from Bordeaux’s most prestigious châteaux can generate meaningful returns, often outperforming mid-tier Grand Vins and offering a lower-risk route into blue-chip Bordeaux.

Why Bordeaux second wines matter for investors

Second wines sit at the intersection of:

  • prestige (access to top-tier châteaux)

  • affordability (compared to Grand Vins)

  • liquidity (strong global recognition)

  • age-driven price increases (steady appreciation over time)

For investors building a Bordeaux wine portfolio, second wines provide:

  • diversification across vintages and price points

  • exposure to world-class estates without First Growth pricing

  • earlier consumption windows (driving market demand)

  • long-term stability and predictable growth

In short, second wines are one of the most efficient ways to gain exposure to the upper tier of Bordeaux wines while balancing cost and performance.

Final thoughts

Second wines from Bordeaux – whether Les Forts de Latour, Le Petit Mouton, Pavillon Rouge, Carruades de Lafite, or Le Clarence de Haut-Brion – offer compelling value for both collectors and investors. While they may not always achieve the prestige of their Grand Vins, their strong brand associations, increased affordability, and favourable ageing dynamics make them attractive assets within a diversified wine investment strategy.

As global demand continues to grow, particularly for leading estates in the Médoc and Graves, second growth Bordeaux wines and second labels are likely to remain a highly relevant segment of the fine wine market.

FAQ: Second Wines

What are second wines in Bordeaux?

Second wines are wines made by top Bordeaux châteaux using fruit from younger vines or parcels not selected for the Grand Vin.

Are second wines considered good for wine investment?

Yes. Many second growth Bordeaux wines and second labels have demonstrated strong long-term performance.

How do second wines differ from the Grand Vin?

While they come from the same vineyards and winemaking teams, second wines are generally earlier-drinking and less complex. The key difference is selection – the Grand Vin uses only the highest-quality fruit.

Why are second wines cheaper than First Growths?

Price differences reflect hierarchy, brand prestige, and selection. First Growths such as Lafite Rothschild, Mouton Rothschild, and Haut-Brion command premium pricing due to their status in the 1855 Classification. Their second wines, like Carruades de Lafite or Le Petit Mouton, offer similar pedigree at a fraction of the cost.

Do second wines age well?

Yes, though typically not as long as their Grand Vins. They often reach peak condition earlier, making them attractive for both drinkers and investors.

Which second wines show the best historical performance?

Over the past decade, leading performers include:

  • Le Petit Mouton de Mouton Rothschild

  • Le Clarence de Haut-Brion

  • Carruades de Lafite

  • Pavillon Rouge du Château Margaux

These wines have delivered returns between 63% and 112%, depending on estate and vintage.

Are second wines a good entry point for Bordeaux investment?

Absolutely. They offer affordability, strong brand recognition, and proven liquidity, making them one of the most efficient ways to gain exposure to top-tier Bordeaux wines.

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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Which Bordeaux First Growth has the lowest price per point?

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  • The price-per-point metric allows for a comparison of wines based on their market price and perceived quality.
  • This article examines the prices per point of the most liquid group of wines – the Bordeaux First Growths.
  • It also looks at their historic market performances.

The price-per-point metric offers a powerful way to compare wines based on their market price relative to critic quality scores. By dividing the average case price by the average critic score, collectors and investors can identify which wines offer the best value, regardless of prestige or brand strength. This approach is especially insightful when analysing the First Growth Bordeaux châteaux, the most liquid and historically significant group within the wines of Bordeaux.

The First Growths – Château Lafite Rothschild, Château Mouton Rothschild, Château Margaux, Château Haut-Brion, and Château Latour – were formalised in the official Classification of 1855, a system that still shapes global perceptions of quality today. These estates sit at the top of the Bordeaux hierarchy, alongside the region’s premier cru properties, commanding some of the highest prices in the fine wine market. Despite belonging to the same classification, their relative value differs substantially when measured through price per point.

First Growth Bordeaux – price per point

An average case price of £4,429 makes Château Haut-Brion the most affordable of the First Growths. Meanwhile, it has the highest average Wine Track score of 95.9 points. While there is divergence in prices and scores on a vintage-specific level, Château Haut-Brion has the lowest price per point among the First Growths overall.

First Growths average prices and scores

At the other end of the spectrum, Château Lafite Rothschild has the highest price per point of £64, owing to the highest average case price of £6,129 and a Wine Track score of 95.8.

Château Margaux, Château Latour, and Château Mouton Rothschild sit between these two extremes. Each offers exceptional critic scores and historic vintages, though their price-per-point efficiency varies depending on market cycles, En Primeur release prices, and vintage-specific trading volumes. Investors often compare these cru classé wines not only by absolute cost but by consistency of score relative to long-term performance.

What does this mean for the First Growths’ performance?

Historically, all First Growths have followed similar trajectories in terms of market highs and lows.
Key patterns include:

  • A dramatic surge during the China-led bull market (H1 2011)

  • A deep pullback in the years following

  • A recovery after the Brexit referendum, stabilising at higher levels

  • A recent decline in line with broader fine wine indices

The Liv-ex 50, which tracks the First Growths, is down 15.3% over the past year, mirroring the performance of the broader Liv-ex 1000 index.

Among the individual estates:

  • Lafite Rothschild saw the sharpest rise during the 2011 peak

  • It has also seen the largest recent fall (-19%)

  • Haut-Brion, despite never reaching the same peaks, has been more stable – dipping only 10% in the last year

This relative stability reinforces Haut-Brion’s status as a high-value First Growth brand. Its lower price per point and historically steadier performance make it appealing to collectors seeking reduced volatility without sacrificing Bordeaux pedigree.

First Growths performance

First Growth wines that offer value perform the best

In the case of Haut-Brion, value plays an important role in market performance. POP wines (those with a lower price per point) have outperformed the rest over 15 years. These include vintages 2002, 2004, 2006, 2007, 2008, 2011, 2012, 2013, 2014, 2017 and 2019 (the only prime vintage among the POP wines).

The second-best-performing index comprises older ‘prime’ vintages – wines with high scores pre-2000. However, this index has shown higher volatility due to the limited availability and trading volumes of these wines.

The index comprising younger ‘on’ vintages like 2015, 2016, 2018 and 2020 has underperformed the rest of the pack. However, these wines have also had less time in the market and their evolution is yet to be seen.

Haut-Brion vintage performance

Historically, Bordeaux prime vintages often show accelerated growth after 10–15 years in bottle, meaning these more recent releases could see substantial performance shifts as they move further from their en primeur release period.

In conclusion, price per point offers an effective way to assess both value and quality, helping buyers look beyond brand prestige to uncover genuine opportunities. However, investors should also consider:

  • long-term market behaviour

  • storage and provenance

  • volatility of older vintages

  • the impact of global economic cycles

When combined with historical performance analysis, price per point becomes a powerful tool for building a balanced fine wine portfolio – identifying stable performers like Haut-Brion, premium prestige wines like Lafite Rothschild, and long-term growth opportunities across the First Growth category.

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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Ten years on: Neal Martin reviews Bordeaux 2014

Bordeaux
  • Neal Martin recently reviewed Bordeaux 2014 ten years on.
  • The critic noted that many of the wines have evolved faster than expected.
  • He declared it a Left Bank vintage and gave his highest score to Mouton Rothschild.

Vinous recently published Neal Martin’s assessment of Bordeaux 2014 following two consecutive tastings, including the annual Southwold 10-years-on event.

Martin’s overall impression was that the wines were ‘more unpredictable than other vintages’, and ones to ‘approach with modest expectations’. For him, many of them deserve drinking in the near future, but some are yet to deliver more.

On the question of Left vs Right Bank, the critic noted that the Left Bank has proven to be more consistent. When it comes to best-performing appellations, his pick was Saint-Julien.

Bordeaux 2014 ageing potential

Ten years on, the 2014 vintage has ‘evolved faster than envisaged’, according to Martin. The critic said that ‘it twinkled brightly in its youth, but many of its alumni were not predisposed toward longevity’. He further noted that ‘it certainly lacks the legs of, say, 2010 or 2016, perhaps even 2012 or 2017’.

Martin singled out wines that still have a life ahead of them and will be ‘intriguing to revisit at 15 years’, including Léoville Poyferré, Mouton Rothschild, Lafleur and Grand-Puy-Lacoste.

Favourite wines

For Martin, the wines that have ‘much more to offer’ and sit ‘up the hierarchy’ were Cheval Blanc, Figeac, Ausone and Pavie. ‘L’Eglise-Clinet, Lafleur and in particular, Vieux Château Certan, excel over in Pomerol, likewise Petrus and Clos l’Eglise,’ the critic added.

However, he warned that ‘none of the aforementioned ranks among their best wines’.

A personal favourite from Pessac-Léognan was Domaine de Chevalier. He also liked Pape-Clément and Haut-Bailly. His top-scoring wines can be seen in the table below.

Neal Martin's top-scoring Bordeaux 2014 wines

Mouton Rothschild received the highest score of 97 points. Martin argued that it was ‘contender for wine of the vintage’ and ‘one of a handful of wines that transcends the limitations of the season, partly due to the skills of former winemaker Philippe Dhalluin’.

The critic also said that ‘the 2014 Grand-Puy-Lacoste is outstanding and performed neck-and-neck with the First Growths’.

Bordeaux 2014 – performance since release

While the vintage may not sit up with the very best like 2010 or 2016, many of the wines offer relative value and a lower-than-average entry point into Bordeaux’s top brands.

Moreover, some have delivered handsome returns since release. Beyond the obvious performers of Carruades de Lafite (208.3%) and Petit Mouton (173.1%) and wines like Figeac (164.5%) which have benefited from changing classification, there is considerable growth to be found in some 2014s. For instance, Beychevelle has risen 165.4%, Calon Ségur – 113.4%, La Conseillante – 93.0%, and Canon-La Gaffelière – 80.3%. To see overall brand performances, visit Wine Track.

Bordeaux 2014 performance since release

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

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The impact of Mouton Rothschild’s artist labels on market value

  • This Friday will see the artist label announcement of Château Mouton Rothschild’s 2021 vintage.
  • Over the last ten vintages, the average price increase in the month following the announcement has been 5%, signalling a potential investment opportunity.
  • The 2000 vintage illustrates the power of the special label, perfectly weathering market downturns.

Every year, Château Mouton Rothschild commissions a different artist to produce the label for their Grand Vin. The tradition began in 1945 when Baron Philippe de Rothschild decided to celebrate the end of World War II by creating a special label featuring a ‘V’ for victory, designed by Philippe Jullian. Since then, the list of alumni has included the likes of Salvador Dalí, Pablo Picasso, Joan Miró, Andy Warhol, David Hockney, Jeff Koons, Anish Kapoor, Lucien Freud, and Wassily Kandinsky. This Friday will see the label reveal of the 2021 vintage.

How has the label announcement impacted prices?

Over the years, this innovative approach has turned the Mouton Rothschild labels into a fusion of fine art and fine wine, making each bottle a highly desirable collector’s item. What’s more, prices for Mouton Rothschild have consistently increased in the month following the announcement.

The increase averages just under 5% over the last ten vintages. The 2012 vintage, with a label by Miquel Barcelo, rose the most, up 14.9%, followed by the Xu Bing’s 2018, up 12.6%. Last year’s label reveal of the 2020 vintage drove prices 8.6% higher in a month. There has been only one exception to this pattern with the 2015 vintage, down 4.3%. However, the wine is still up 11% since release.

In the last decade, prices for the brand, represented by our Mouton Rothschild index, have risen 44% on average.

Which are the best value labels today?

While there is a strong investment case for the Grand Vin, which vintages offer the best value today? The 2020 boasts 100-points from The Wine Advocate and is 13% cheaper than the other 100-point 2016 vintage. Its price rose 8.6% after the label announcement, which was designed by Peter Doig.

The 2021 is the most affordable recent release with a current Market Price of £4,400 per 12×75. However, given the trend of price rises post-announcement, one can expect potential changes.

Otherwise, buyers might wish to look back at the 2019 vintage, which received 100-points from Lisa Perrotti-Brown MW (The Wine Independent) and 97 points from Neal Martin (Vinous). The wine’s label, ‘The solar iris of Mouton’, was created by Olafur Eliasson.

The case of the 2000 vintage

If there is one special bottle that illustrates the power of art driving prices, it is that of the 2000 vintage. The bottle itself features an intricate gold engraving of the famous ram (Mouton) of the Rothschild coat of arms and stands out for its elegance and symbolic significance.

Mouton Rothschild 2000 weathered the Bordeaux market downturn of 2011-2014, when prices for the other First Growths fell sharply. The label continued to enjoy heightened demand in the Asian market, which only increased in 2015 – the year of the sheep, according to the Chinese zodiac. The wine has risen close to 750% in value since its release – an investment case that speaks for itself.

The innovative tradition of artist-designed labels by Château Mouton Rothschild not only merges the worlds of fine art and winemaking but also significantly elevates the market value, making them coveted treasures for collectors and investors alike.

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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Special report – 2023’s big investment themes: fine wine and beyond

Our latest report, 2023’s big investment themes: fine wine and beyond, has now been released. The report looks at the key themes that defined markets this year, from interest rates to sustainability. It positions fine wine within a broader investment context and analyses the key events that influenced its performance.

Report highlights:

  • Tech, interest, and sustainability came to define markets in 2023.
  • The stock market bounced back, and technology stocks rallied as the world became fascinated with generative AI.
  • In a bid to cool down the red-hot inflation levels, the Bank of England cranked up interest rates 14 times.
  • As central banks increased interest rates, they also began to stockpile gold.
  • In the UK, interest rates reached the highest point since 1998. This signalled an end to the era of cheap borrowing, which could limit growth for some economies.
  • 2023 saw the rush of demand for green bonds – borrowing money to finance sustainable projects.
  • Sustainability drove fine wine demand among investors and led to other positive developments in the wine industry.

 

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The rise of fine wine as a stable and sustainable investment

A version of this article written by WineCap’s CEO Alexander Westgarth was first published by Forbes.

  • A popular alternative investment, fine wine can plug the gaps left by struggling assets, helping to steady and raise performance across a whole portfolio.
  • As a tangible asset, fine wine delivers stability in uncertain times.
  • Part of the rising demand for fine wine can be attributed to environmental factors.

Between April 2020 and September 2022, the average bottle of fine wine rose 43.5% in value. While the fine wine market has dipped and corrected since, the general trajectory has historically pointed upwards.

Since 2004, Liv-ex data shows that the average bottle price tag has risen by 329.9%. While it can be a good investment, better still, fine wine is a great means to plug the gaps left by struggling assets, helping to steady and raise performance across a whole investment portfolio. Earlier this year, WineCap conducted a survey where we found that 92% of U.S. wealth managers believe demand for fine wine will increase over the next year. This is for three main reasons, and below we outline how to best take advantage of this asset’s potential for stability, sustainability and profitability.

Stability in uncertain times

We live in uncertain times. In the last year, businesses have had to cope with rocketing energy bills, inflation and interest rates. In times of hardship, people want something solid. This is why tangible assets like property, gold or fine wine tend to feel more precious during market downfalls. WineCap found that 56% of wealth managers invest in wine to add stability to portfolios across different market conditions.

It is not only wine. Across the entire investment landscape, there is an increased demand for reliability. In the past few months, gold prices have been rallying too. When the gold prices go up, this often indicates that investors are looking to preserve their wealth and shield it from market shocks.

At the same time, investors have been shying away from bullish investments like technology stocks. Apple, for example, has suffered significant dips. Microsoft shareholders have endured wobbly turbulence (though, at the time of this writing, the company is beating financial expectations). Likewise, the tech-heavy Nasdaq Composite has been on a rocky ride over the past months.

As the choppy waters continue, many investors want steady ships to ride out the storm – not fancy speedboats. With its historically low volatility, fine wine delivers just that. Unlike stocks or bonds, fine wine prices do not tend to fluctuate massively as the market operates with its own dynamics. Regions like Champagne are currently seeing high levels of demand, not only because of the quality of the wines but the stability the region has historically offered.

Similarly, wines from Bordeaux, Tuscany and the Rhône may be more solid. However, not all fine wines are made the same. Extremely rare and highly coveted wines from Burgundy, for instance, can make a great investment but remain a riskier asset if stability is what you are after.

Demand for environmentally friendly assets

Our survey also found that investors are prioritising environmentally friendly assets, and 56% say they invest in fine wine because it is a sustainable asset class with a low carbon footprint. This trend is hardly surprising; 2023 has been the hottest summer on record.

Dozens of wildfires are actively blazing through the USA. Meanwhile, elsewhere, the excess water caused by melted ice caps means that flooding and torrential rains are washing away entire communities. In August, flash floods tore through Pennsylvania, killing five people. Naturally, investors are keen to put their money into assets that will mitigate some of the climate risks.

Part of the interest in fine wine can be attributed to environmental factors. Vines promote healthy soil quality and nourish pollinators, which are essential for biodiversity. A hector of vineyard soaks up a respectable 2.84 tonnes of carbon every year. The best winemakers use age-old sustainable practices. Many will even opt for a pony and cart rather than disturb the terrain with a tractor.

Some well-known organic producers include Burgundy’s Domaine Leflaive and the Bordeaux Fifth Growth, Château Pontet-Canet. While not officially certified, Burgundy’s Domaine de la Romanée-Conti also follows organic and biodynamic guidelines. Meanwhile, some producers are reducing bottle weight in pursuit of sustainability such as Burgundy négociant Albert Bichot, which has reduced the weight of their bottles from around 700 grams to 450 grams.

Climate-conscious investors can keep an eye out for wineries investing in a greener future.

Strong returns

According to our survey, almost half of the investors choose fine wine because they want strong returns. Historically, fine wine has offered generous returns over long periods without sacrificing quality or environmental qualities. Access to historical data, critic scores and current prices can help an investor identify whether a wine represents a good opportunity. Things to look out for include brand prestige, price per point, investment appreciation over different time frames and drinking windows. One can also get help from experts who understand the intricacies of the market, utilize the latest technology and closely follow the trends.

Stability, sustainability and profitability

Today’s investors are looking for stability, sustainability and profitability. Different from last year, they are often less prepared to invest in edgy technologies for the future. Instead, many are looking for solid investment results – ideally, ones they can hold. Fine wines fit this demand well. Although it already features in 45% of HNW portfolios, with average allocations of 13%, fine wine looks set to become even more popular. Like a classic vintage Champagne, the market is ready to pop.

Thanks to its diversity and growing attention from experts, producers and enthusiasts, fine wine could be well-placed to meet investors’ changing priorities in the years to come.

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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Joseph Drouhin expands vineyard holdings to meet rising Burgundy demand

Joseph Drouhin
  • Joseph Drouhin has acquired two properties, Château de Chasselas in Saint-Véran and Rapet in Saint-Romain.
  • The expansion comes as both producers and buyers seek to find stock and value in an increasingly competitive market for Burgundy.
  • Drouhin has been a brand on the move, with some of its wines rising near 40% in value in the last year.

Joseph Drouhin expands its vineyard holdings 

Rising demand for Burgundy has fueled winery purchases and new investments. One of the most prominent producers, Maison Joseph Drouhin, has expanded its vineyard holdings with the recent acquisition of Château de Chasselas in Saint-Véran and Rapet in Saint-Romain.

Frédéric Drouhin, president of the Maison, explained that this decision was driven by increased competition and challenges in acquiring vineyards and purchasing grapes. The purchase focuses on high-quality yet more affordable areas in Burgundy – outside the main Côte d’Or villages, as both producers and buyers seek to find value in a region that has experienced significant price increases in recent years.

Just in the last five years, Burgundy fine wine prices have risen 75.7% – more than seven times the prices of the Bordeaux First Growths.

Burgundy vs Bordeaux prices

The insatiable demand and investment interest in the region have also impacted the cost of land, creating something of a vicious circle. 

The price of the latest Drouhin purchase was not disclosed.

The estates

Château de Chasselas encompasses 17.3 acres and is already a major supplier of Drouhin’s Saint-Véran wine. The property also includes small parcels in Chasselas and Beaujolais. The Rapet estate spans 19.8 acres and includes both Pinot Noir and Chardonnay vineyards in Saint-Romain, as well as small parcels in Auxey-Duresses, Pommard, and Meursault.

The debut vintage of Drouhin’s Saint-Romain wine is the 2022, while the first bottling of Saint-Véran Château de Chasselas will be the 2023 vintage, which will be released in 2024. All the newly acquired vineyards are being transitioned to organic farming practices.

With these acquisitions, Maison Joseph Drouhin owns close to 250 acres of vineyards, spanning from Chablis to Mâcon and encompassing 60 appellations. Their portfolio includes 14 Grands Crus and 20 Premier Crus. 

Drouhin’s place in Burgundy’s secondary market

Joseph Drouhin has been a Burgundy brand on the move. The brand jumped 142 places in the 2022 Power 100 rankings, thanks to its price performance. 

Four wines from the estate also ranked in the first tier of the 2021 Liv-ex Classification, which ranks the wines of the world solely by price: Montrachet Grand Cru Marquis de Laguiche, Musigny Grand Cru, Chambertin-Clos de Bèze Grand Cru, and Chambolle-Musigny Premier Cru Les Amoureuses.

The best performing Drouhin wines

In the last year alone, the best performing Joseph Drouhin wines have risen between 13% and 39%, outperforming the Burgundy 150 index. 

The biggest riser has been their Beaune Premier Cru Le Clos des Mouches Rouge, which has an average price of £1,403 per case.

You can now explore the historic performance of these wines on Wine Track. Our tool provides a clear overview of a fine wine’s track record, including critic scores, average price and investment 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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Banking failures and the fine wine market: Performance during economic uncertainty

Banking crisis
  • The US banking crisis has been the biggest since the 2008 financial crisis and has created uncertainty in mainstream markets.
  • Revisiting key moments in the history of fine wine investment offers valuable insight into the future of the market.
  • A key difference between fine wine and equities during the last financial crisis was the speed of recovery.
  • The fine wine market is braced for challenges due to its diversity as the performance of different wines and vintages can balance a portfolio.

The recent banking failures have been the biggest since the 2008 financial crisis. Since the beginning of March, regulators have shut down three mid-size US banks – Silicon Valley Bank, Signature Bank and First Republic. In Europe, Swiss giant Credit Suisse was rescued in an emergency deal with rival UBS, which purchased it at a fraction of its closing market value. UBS itself suffered losses during the acquisition – it slid 13% before making a recovery.

While the news echoes the last financial crisis, governments have been providing reassurance that this is not history repeating itself. The current turmoil is partly down to the sharp increase in interest rates, which was aimed to curb inflation.

Still, the banking collapse has had an immediate effect on investor confidence and mainstream markets. European bank shares remain volatile, while US stock markets opened flat this week. Alternative assets and safe havens such as gold and treasuries have enjoyed a boost, as investors have been considering low-risk assets to put their money.

Reflecting on how the fine wine market has performed during previous challenging macroeconomic events could offer valuable insights into what to expect in the current uncertain environment.

The fine wine market during the 2008 financial crisis

Like other markets, fine wine experiences cycles.

fine wine performance

During the previous financial crisis, the fine wine market suffered a downturn, but it fared better than some other traditional investments such as equities and real estate. Between June 2008 and June 2009, the Liv-ex 100 index, which was heavily weighted towards wines from Bordeaux, fell 18.8%.  Meanwhile, the broader Liv-ex 1000 index, which includes greater number of wines from other regions, dipped 7.4%.

The Knight Frank Luxury Investment Index, which tracks the performance of luxury assets including fine wine, recorded similar figures, with the value of investment-grade wine declining 15% in 2008. By comparison, the S&P 500, a benchmark index of US equities, fell over 37% the same year.

A key difference between fine wine and equities during the financial crisis was the speed of recovery. While the stock market took several years to recover to its pre-crisis levels, the fine wine market turned bullish relatively quickly. By the end of 2009, investment-grade wine had returned to its pre-crisis levels, and by 2010, it had surpassed its previous peak.

Moreover, the performance of fine wine during the financial crisis varied between different regions and vintages. While the Bordeaux market was hit particularly hard, Burgundy and the Rhône performed relatively well.

The fine wine market – braced for challenges

The fine wine market of today looks very different from the shape it had fifteen years ago. There are more investable wines than at any other point in history. If Bordeaux accounted for 90% of the market in 2008, today its share sits at 35%, due to the emergence and the proven investment potential of wines outside this dominant French region.

The diversity of this portfolio diversifier has helped it get through swiftly through other more recent challenges, such as Donald Trump’s 25% tariffs on most European wines, and the Covid-19 pandemic.

For instance, Italy and Champagne, which were exempt from the US tariffs, enjoyed steady price appreciation in 2019, while Burgundy suffered. Throughout and after the pandemic, Burgundy and Champagne turned into the top-performing regions.

California also enjoyed rising prices in 2021, and its index hit an all-time high in September last year.

Bordeaux has been moving quietly and steadily, and its relatively mild performance over the last five years has turned it into a region that can offer value for money, especially in ‘off’ vintages.

regional fine wine investment

Factors influencing the performance of fine wine

The fine wine market is different from other markets and operates with its own dynamics, such as rarity and exclusivity. Its unique characteristics make it less vulnerable to market shocks and economic downturns than financial markets.

Indeed, its historic performance has shown very low correlation to mainstream markets. As a tangible good that cannot be traded as quickly as stocks, fine wine is generally insulated from rapid price changes.

In general, prices move based on supply and demand, critics’ scores, vintage quality, age and brand appeal. Find out more about fine wine investment here, or explore the performance of individual brands on Wine Track.

 

WineCap’s 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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Marchesi Antinori acquires iconic Napa Valley’s Stag’s Leap

Stag's Leap
  • Marchesi Antinori has taken full ownership of Napa Valley’s iconic winery Stag’s Leap.
  • Stag’s Leap laid the foundation for the emergence of cult wines after winning the Judgement of Paris in 1976.
  • Antinori’s innovations in the ‘Super Tuscan’ revolution of the 1970s and recent acquisition of Stag’s Leap position both for continued success in the fine wine investment market.

Marchesi Antinori, one of the oldest and largest wine companies in the world, has gained full ownership of the iconic Napa Valley estate Stag’s Leap. According to Wine Spectator, the current sale includes ‘the winery, the brand and inventory, and close to 300 acres of Napa vines, including the Fay and S.L.V. vineyards’. These sites hold a near-mythical status in American wine, making the sale one of the most significant winery transactions in recent Napa Valley history.

Antinori is no stranger to Stag’s Leap. The Italian family first acquired a minority stake in 2007, partnering with Ste. Michelle Wine Estates after the property was purchased from founder Warren Winiarski. With the latest agreement, Antinori now transitions from long-standing partner to full owner – deepening its commitment to Napa Valley and expanding a global portfolio that already includes Tignanello, Guado al Tasso, and its American estate, Antica Napa Valley.

A historic Napa Valley estate

Stag’s Leap Wine Cellars holds a unique position in American wine history. It is widely credited as one of the pioneering Napa wineries that shaped the modern era of California fine wine. But it was one wine in particular that changed everything: the 1973 S.L.V. Cabernet Sauvignon.

This vintage, the estate’s second commercial release and first made at the winery, famously won the Judgment of Paris blind tasting in 1976. By outperforming top French estates – including Château Mouton Rothschild and Château Haut-Brion – Stag’s Leap stunned the global wine community and forced critics to take New World wines seriously. It was a defining moment not just for Napa Valley, but for American fine wine as a whole.

The S.L.V. vineyard, along with the Fay Vineyard, remains central to the estate’s identity. Both sites are now fully under Antinori ownership, giving the Italian group complete control over the terroir that shaped one of the wine world’s most important breakthroughs.

The rise of Stag’s Leap in the fine wine market

Over the last decade, Stag’s Leap has experienced substantial growth in the secondary market. Collectors have increasingly turned to the estate’s top wines – particularly Cask 23, S.L.V., and Fay – as demand for high-quality yet comparatively accessible Californian Cabernet Sauvignon continues to rise.

Several performance trends underscore Stag’s Leap’s strong market momentum:

1. Price appreciation

  • Cask 23 has increased 59% on average over the past 10 years.

  • S.L.V. Cabernet Sauvignon has risen 61% over the same period.

These gains reflect confidence among collectors who view Stag’s Leap as a historically significant winery with long-term growth potential.

2. Value for money

One of the brand’s greatest competitive advantages is its relative affordability compared to other Napa “cult” producers.

This stark gap highlights why many fine wine buyers see Stag’s Leap as offering high quality without extreme price premiums, a factor that has contributed to its increased trading activity.

3. Standout vintages

The estate’s 2014 releases, in particular, have shown remarkable performance:

  • S.L.V. 2014 has surged 80.5% since release.

  • Cask 23 2014 has climbed 77.4% in the past two years alone.

Such growth places these wines alongside some of Napa’s strongest performers in recent market cycles.

Why Antinori’s ownership matters

While Stag’s Leap helped establish the reputation of California Cabernet Sauvignon, Marchesi Antinori played an equally transformative role in Italy during the 1970s. Its groundbreaking wines – including Tignanello, Solaia, and others – helped spark the Super Tuscan revolution, challenging traditional DOC rules and elevating Italian red wine to new global heights.

Together, the two wineries share several parallels:

1. Both reshaped their national wine identities

  • Stag’s Leap redefined American wine after the Judgment of Paris.

  • Antinori reshaped Italian wine through innovative vineyard and cellar practices.

2. Both expanded the definition of “fine wine” beyond Bordeaux

Their success helped diversify the global fine wine conversation – proving that excellence could emerge from Tuscany and Napa Valley as convincingly as from France.

3. Both maintain powerful global brands

Antinori’s Tignanello is now one of the world’s most traded luxury wines. Liv-ex ranked it the 49th most powerful wine brand, partly due to its attractive average case price of £1,076, making it the best-value Italian label in the top 100.

With Antinori’s full acquisition of Stag’s Leap, the synergy between these two historic producers may deepen even further.

What comes next?

It remains to be seen exactly how Antinori will integrate Stag’s Leap into its global strategy. However, its track record suggests a continued focus on:

  • Estate-driven expression

  • Investment in vineyard health and sustainability

  • International distribution strength

  • Long-term legacy building

For Napa Valley, the acquisition signals sustained interest from established European wine families, affirming the region’s global prestige. For Antinori, it represents a strengthening of its American footprint. And for collectors, the transition offers reassurance that Stag’s Leap – already a historic and fast-rising winery – may be entering an era of renewed energy.

Final outlook

With its deep heritage, exceptional vineyards, and growing market demand, Stag’s Leap stands poised for an exciting new chapter under Antinori’s full stewardship. For both producers, this union brings together centuries of winemaking knowledge with some of Napa’s most important terroirs. As the dust settles on the acquisition, one thing seems certain: both Marchesi Antinori and Stag’s Leap are positioned to reach even greater heights in the fine wine market in the years ahead.

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.