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Fine wine market starts 2026 on firmer footing

Bordeaux fine wine bottles 2026
  • The fine wine market has closed 2025 on a positive note, with prices rising for four consecutive months.
  • Despite improving momentum, fine wine prices remain close to five-year lows, creating buying opportunities. 
  • Market broadening is a defining feature of rising markets, and 2026 is likely to mark the early stages of this transition.

After three years defined by correction, caution and recalibration, the fine wine market enters 2026 in a notably stronger position. Prices have stabilised, liquidity has improved, and demand is beginning to broaden – all signs that the market has moved beyond its most challenging phase and is laying the foundations for a sustainable recovery.

While it would be premature to describe the current environment as a full rebound, the early months of 2026 mark the firmest starting point the fine wine market has seen since 2022. For investors with a medium- to long-term horizon, this combination of stabilising prices and still-attractive valuations presents one of the most compelling opportunity windows in several years.

A firmer start to the year than at any point in the past three years

In our final article of 2025, we examined the performance of Bordeaux, Burgundy and Champagne – the three most important fine wine regions for investors – and highlighted pockets of growth across each. Crucially, that momentum has not faded with the turn of the calendar year.

Fine wine prices have now risen for four consecutive months, closing 2025 on a positive note and carrying that strength into early 2026. This sustained improvement matters. Rather than a short-term technical bounce, it signals a market that is beginning to find equilibrium after a prolonged period of repricing.

Key indicators suggest the market is now operating on firmer footing:

  • Prices have stabilised after reaching five-year lows
  • Liquidity has improved across leading regions and producers
  • Buyers are returning with greater confidence and selectivity
  • Multiple regions are now participating in early recovery trends

Taken together, these developments point to a healthier, more balanced fine wine market entering the new year.

Buying opportunities remain as prices hover near five-year lows

Despite improving momentum, fine wine prices remain close to five-year lows across many regions and vintages. Historically, this late-stage downturn phase – when prices stabilise before rising meaningfully – has offered some of the most attractive entry points for long-term investors.

Importantly, recovery does not begin with uniformly rising prices. Instead, it starts with price consolidation, followed by gradual gains concentrated in the most liquid and well-recognised segments of the market. That is precisely the pattern emerging today.

For investors, this creates a rare alignment of conditions:

  • Valuations remain compelling
  • Downside risk has diminished compared to previous years
  • Demand is rising without speculative excess
  • Portfolio construction can prioritise quality and value

Rather than signalling missed opportunity, the current environment suggests that disciplined, data-driven allocation remains well-timed.

Demand is rising and signs of recovery are becoming clearer

Demand has strengthened steadily since the second half of 2025, with improving sentiment evident across both private collectors and wealth managers. While activity remains selective, confidence has clearly returned.

Several regions have already begun to turn:

  • Champagne has benefited from strong global recognition, accessible entry points and consistent liquidity
  • Bordeaux has stabilised, particularly in older vintages and First and Second Growths
  • Burgundy continues to demonstrate resilience driven by scarcity and long-term demand
  • Tuscany and the Rhône have seen renewed interest as investors look beyond the most concentrated names

This multi-regional participation is an important signal. Recoveries that are confined to a single region tend to be fragile; recoveries that broaden tend to endure.

Momentum from late 2025 has been sustained

One of the most encouraging developments is the continuity of momentum. This matters for two reasons. First, it suggests that buyers are responding to fundamentals rather than short-term catalysts. Second, it indicates that confidence is building gradually, allowing the market to recover in a measured, sustainable way.

Sustained momentum also reinforces the importance of patience. Fine wine recoveries rarely follow sharp, V-shaped trajectories. Instead, they evolve through phases of stabilisation, selective appreciation and eventual broadening.

The case for market broadening in 2026

Market broadening is a defining feature of rising markets, and 2026 is likely to mark the early stages of this transition.

During periods of falling or uncertain prices, demand tends to narrow. Investors concentrate on the most established names, mature vintages and highest-liquidity wines. This was a defining theme throughout much of 2024 and 2025 global wine investment trends.

As confidence improves, the opposite dynamic emerges:

  • Buyers begin to search for relative value
  • Secondary regions and vintages re-enter consideration
  • Portfolios become more diversified
  • Opportunity expands beyond a small group of blue-chip wines

In 2026, this process is likely to unfold gradually, with selective broadening, supported by brand strength and the search for value.

Tariffs and the macro backdrop: a potential catalyst

Another factor shaping early 2026 sentiment is the evolving global trade environment. Tariffs remain under review by the US Supreme Court after lower courts deemed them illegal. While outcomes remain uncertain, the broader implications extend well beyond fine wine.

Should tariff pressures ease, the effects could ripple across global markets:

  • Improved trade clarity
  • Increased capital availability
  • Stronger investor confidence
  • Renewed appetite for alternative assets

In periods when liquidity improves and uncertainty recedes, portfolio diversification tends to increase. As a top-performing collectible and passion investment, historically, fine wine has benefited from such shifts. 

Fine wine remains the most in-demand collectible

According to the WineCap 2025 Wealth Reports, fine wine is the most in-demand collectible asset among wealth managers and financial advisers, outperforming art, watches, whisky and luxury handbags.

Several factors continue to underpin this appeal:

  • Proven long-term performance
  • Increasing market transparency
  • Global liquidity and established secondary markets
  • Growing acceptance within diversified portfolios

Fine wine’s evolution from passion asset to mainstream alternative investment has been gradual, but it is now firmly established.

Looking ahead: The 2026 Wealth Report

As the market enters this next phase, attention will increasingly turn to how wealth managers and financial advisers are adapting their allocation strategies. WineCap’s upcoming 2026 Wealth Report will examine these shifts in detail, exploring how fine wine is being integrated into portfolios amid changing economic conditions.

Early indications suggest that fine wine’s role as a diversification tool is strengthening, supported by improved data access, transparency and liquidity.

A healthier starting point for 2026

The fine wine market enters 2026 at a point where prices have stabilised, demand is rising, and opportunity is broadening. For investors, this marks a healthier phase of the cycle. After three challenging years, the market is finally positioned to move forward on firmer footing – and for those willing to act selectively, the early stages of recovery often prove the most rewarding.

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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Top-performing fine wines of 2025 so far

Domaine Vieux Telegraphe
  • Several fine wine regions made gains over the last month, including Burgundy, California, and the Rhône.
  • ‘Off’ vintage Bordeaux wines have delivered the best returns so far in 2025. 
  • The spread between the top-performing fine wines (+18% on average) and the Liv-ex 1000’s broad decline (around -4.7%) highlights why selection is key.

The fine wine market remains subdued in 2025, continuing the recalibration that began in late 2022. Yet even in a broadly negative environment, certain wines have surged ahead (see H1 winners), delivering double-digit gains and reaffirming that in fine wine investment, selectivity defines success.

Signs of stability emerge across key fine wine regions

After more than two years of correction, there are tentative signs of stabilisation. Several regional indices posted positive month-on-month (MoM) movements in September, hinting that momentum could be shifting beneath the surface.

The Liv-ex Burgundy 150, California 50, Rhône 100 and Rest of the World 60 indices each rose 0.6–0.7% month-on-month. These modest upticks may not yet signal a broad recovery, but they do suggest that the worst of the selling pressure may be easing.

Still, the year-to-date picture remains negative across the board:

Wine region performance

Even as indices remain in the red, the range of outcomes within them has widened, revealing a growing divergence between outperformers and laggards. A select few wines have posted strong gains – a reminder that even in downturns, opportunities persist.

The top-performing wines so far this year

Best performing wines 2025 table

‘Off’ vintage Bordeaux leads the way

Despite the Bordeaux 500 Index falling 7.2% year-to-date, four of the ten best-performing wines come from the region, proving that careful vintage and producer selection remain key.

Château Les Carmes Haut-Brion 2013 stands out as the year’s star, up 38.2%. The 2013 vintage, long dismissed due to challenging weather conditions, has found new appreciation as enthusiasts and investors rediscover its finesse.

Over the past decade, prices for the brand have risen 148%. The 2014 and 2017 vintages are other attractive ‘off’ vintage alternatives. 

Les Carmes Haut-Brion fine wine performance

Château Beychevelle 2013 follows a similar line. Once overlooked, its reputation in Asian markets and steady critic support have lifted prices 22.2% year-to-date. Likewise, Château Canon 2014 and Château Smith Haut Lafitte 2014 each gained over 13%, highlighting a broader off-vintage resurgence in the region.

These gains suggest that Bordeaux’s correction phase may be creating attractive entry points for investors willing to look beyond the obvious trophy years.

The Rhône: The value region continues to deliver

The Rhône 100 remains the best-performing regional index of 2025, down just 2.7% year-to-date, with a recent 0.6% month-on-month gain adding to its reputation as a steady performer.

The standout is Vieux Télégraphe La Crau Rouge, appearing twice in the top five for its 2020 (26.1%) and 2021 (18.3%) vintages. The wine’s longevity, critical consistency, and relative affordability have made it a favourite among both collectors and long-term investors.

Vieux Telegraph wine performance vs Liv-Ex

Meanwhile, Paul Jaboulet Aîné’s Hermitage La Chapelle 2014 climbed 15.3%, underscoring the growing investor appetite for Rhône’s great single-vineyard wines. With smaller yields and limited back-vintage supply, demand has begun to outpace availability – a sign that the Rhône’s ‘quiet outperformance’ may continue into 2026.

Burgundy and Sauternes: Scarcity reigns supreme

Though the Burgundy 150 Index remains 5.8% down so far this year, its top producers continue to enjoy demand driven by scarcity.

Domaine de la Romanée-Conti (DRC) Grands Échezeaux Grand Cru 2021 rose 13.3%, proving once again that rarity trumps sentiment. Over the last decade, prices for the wine have risen on average 300%. 

Sauternes has also enjoyed a quiet renaissance so far this year, with Château Suduiraut 2016 making it into the top ten, with a 13% rise in value.  With prices still well below their historical highs, the sweet wines segment could offer contrarian upside heading into 2026.

California: Cult wines stay strong

Although the California 50 index is down 5.6% year-to-date, the 0.7% rise last month hints at price recovery. This year, despite softer global sentiment, high-end Napa continues to attract attention domestically and abroad (from Asia in particular). 

The region’s top label, Screaming Eagle Cabernet Sauvignon 2012, has advanced 12.4% year-to-date.  

As previously noted, Screaming Eagle remains the top traded US wine by value. With six perfect 100-point scores in just 13 vintages, it sits in a league of its own among American wines. Prices for the brand have risen more than 200% in the last 20 years, making it one of the most lucrative long-term holds in the fine wine market.

Divergence defines 2025

The spread between the top-performing wines (+18% on average) and the Liv-ex 1000’s broad decline (around -4.7%) reveals just how uneven performance has become.

Wines that combine scarcity, maturity, and reputation have emerged as the safest harbours, while those driven by hype or youth have seen steeper declines. Investors who focused on undervalued vintages (2013, 2014), critically reliable producers and globally recognised names (DRC, Screaming Eagle) have fared significantly better than the market at large.

Looking ahead: A market finding its floor

With multiple indices turning slightly positive month-on-month, the fine wine market may be approaching an inflexion point. The next phase of the cycle could favour those already positioned in high-quality, limited-production wines that have held steady during the downturn.

As 2025 enters its final stretch, it has become even clearer that scarcity, selectivity, and substance continue to outperform broader market sentiment.

For more on the fine wine market, read our Q3 2025 Fine Wine 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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The best-performing wines of H1 2025: the bright spots in a soft market

Hermitage, Rhone wine region
  • Fine wine prices continued to decline in H1 2025 against a challenging global economic backdrop. 
  • A small group of wines outpaced the broader market by a wide margin, with the best-performing wine rising over 36%.
  • In a recalibrating market, scarcity, selectivity, and substance will continue to define success.

The global fine wine market continued its cautious descent through the first half of 2025, extending a downward trend that began in earnest in late 2022. From Champagne to California, regional indices recorded further losses – a sobering contrast to the post-pandemic surge that peaked in September 2022. What followed has been nearly 18 months of persistent price softening.

Yet even in this declining market environment, select wines showed resilience and in some cases, delivered double-digit growth. A small group of wines outpaced the broader market by a wide margin, with the best-performing wine rising over 36% in H1 alone. These rare outliers were not driven by hype or thematic rotation, but by a return to fundamentals: scarcity, maturity, critical acclaim, and name recognition. In a soft market, selectivity became strategy, and quality, its own form of currency.

The macroeconomic backdrop: volatility returns

H1 2025 unfolded against a challenging global economic backdrop, with fine wine caught in the crosscurrents of:

Reignited trade tensions

The surprise announcement of 200% US tariffs on EU wine imports in March rattled the industry. While the final figure was scaled back to 20% and implementation delayed by 90 days, the initial shock had an immediate effect. US demand plummeted initially, and confidence took time to recover – despite evidence of resilient buying behaviour by Q2.

Subdued Asian demand 

In Asia, sentiment remained quiet. Many buyers – particularly in Hong Kong and mainland China – adopted a wait-and-see posture, citing political and market uncertainty. The result was lower volume and thinner trading conditions for key regions like Burgundy, Bordeaux, and Champagne.

Monetary pressures impact

Persistent interest rate pressure globally has reduced the appeal of illiquid assets such as wine. With safer yields available in cash or bonds, some collectors have hesitated to commit fresh capital or have chosen to sell.

A tepid Bordeaux En Primeur campaign

The Bordeaux 2024 En Primeur campaign, already burdened by a slow market and a hesitant consumer base, failed to inspire broad demand. Pricing fatigue, underwhelming back-vintage performance, and merchant overstocking created difficult conditions even for well-scored wines.

Liv-ex indices reflected the climate:

    • Liv-ex 50 (tracking First Growth performance): -6% in H1, now back to 2016 levels.
    • Liv-ex 100 (Liv-ex benchmark index): -4.9% in H1, now back to 2020 levels.
    • Liv-ex 1000 (broadest market measure): -4.7% in H1, now back to 2020 levels.

Amid these headwinds, investment allocations required precise selection more than ever.

Regional performance – H1 2025

Though every major region ended H1 in negative territory, the magnitude of decline varied, offering insight into what categories still command investor attention and which ones may face longer-term repositioning.

best performing wine regions half 1 2025

The best-performing region: the Rhône

The Rhône 100 index emerged as the most defensive performer in H1, down just 2.5%. This may come as a surprise, given Rhône’s traditionally lower liquidity compared to Bordeaux or Burgundy. Yet in periods of risk aversion, the region’s combination of world-class producers (e.g. Jean Louis Chave, Guigal), lower pricing, critical appraisal, and hence good value for money have made it an increasingly attractive hunting ground for value-driven buyers.

Several Rhône wines appeared in the H1 top 10 performance list, including Chave’s Hermitage Rouge 2021 (+36.8%) and Guigal’s Côte Rôtie Château d’Ampuis 2018 (+20.0%) – reinforcing Rhône’s reputation as a quiet outperformer in challenging times.

The worst-performing regions: Bordeaux, Burgundy and California

Three major regions – California, Burgundy, and the broader Bordeaux 500 – each fell 5.6%, making them the weakest performers year to date.

  • Burgundy’s fall reflects an overdue correction after its dramatic run-up in 2021–2022. Though top-tier names (like DRC and Clos de Tart) remain in demand, the broader category has struggled under inflated pricing and speculative fatigue.
  • Similar to Burgundy, California, particularly its cult Cabernet segment, has suffered from reduced international demand.
  • Bordeaux’s broader weakness may be attributed to the underperformance of back vintages. However, its Legends 40 sub-index, focused on top estates with market longevity, proved more resilient (-2.6%).

H1 2025 top performers: the outliers that defied the trend

While most indices slipped, a handful of wines delivered double-digit returns.

best performing wines half 1 2025

Insights from the standouts

The Rhône leads with Chave’s Hermitage

Despite the Rhône 100 index declining 2.5%, Jean Louis Chave’s 2021 Hermitage Rouge rose 36.8% – a stark outperformance driven by limited availability and increased global recognition of its collectible status.

Sweet wines surged

Both Château d’Yquem 2014 and Château Suduiraut 2016 featured in the top ten, defying the quiet backdrop for Sauternes. This suggests renewed collector interest in undervalued dessert wines, particularly when linked to exceptional vintages.

US cult wines hold their own

Screaming Eagle 2012 proved resilient, with a 24.4% rise in value since the start of the year. Despite the California 50 index falling 5.6%, high-end Napa commands global attention in top-tier vintages.

Champagne’s prestige cuvées still sparkle

While the Champagne 50 index fell 4.9%, Pol Roger Sir Winston Churchill 2015 bucked the trend with +24.4%, showing how top releases can outperform broader categories when aged and ready to drink.

Key takeaways for investors

Market-wide corrections are not uniform. Even in downturns, well-selected wines can deliver strong returns.

Rarity and recognisability drive results. Names like DRC, Yquem, Chave, and Screaming Eagle continue to act as safe harbours.

Blue-chip vintage selection matters. Wines from ‘off’ vintages like Canon 2014 offered some of the best entry points and upside surprises.

Sweet wines are staging a quiet comeback. This suggests contrarian plays may have room to run in H2.

Selectivity as the strategy for H2 2025

The first half of 2025 has confirmed what seasoned collectors already know: not all wines move with the market. Even as regional indices declined across the board, a handful of exceptional bottles bucked the trend, delivering standout returns through a combination of rarity, critical reputation, and maturity.

In today’s climate, the challenge isn’t access to wine but making the right decisions. Broad market exposure has offered little protection. Instead, performance has come from targeted allocations, where deep knowledge of producers, vintages, and release histories gives investors the edge.

Looking ahead to H2, the outlook is cautiously constructive. While macroeconomic headwinds remain – from tariffs and interest rates to uneven global demand – opportunities still exist for those willing to look beyond the indices.

In a recalibrating market, scarcity, selectivity, and substance will continue to define success.

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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Older vintages dominate 2024’s best-performing wines

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

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

The Rhône leads performance

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

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

Highlights from Spain and Italy

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

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

Top performing wines of 2024

Bordeaux’s resilience

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

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

The allure of maturity

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

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

What this means for investors

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

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

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

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

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E. Guigal Buys Château d’Aqueria

Exterior of chateau d'acqueria

The esteemed northern Rhône producer E. Guigal has acquired Château d’Aqueria in Tavel, one of the jewels of the southern Rhône. The celebrated maison made the purchase from the de Bez family and the estate spans 242 hectares with 168 under vine. Some 100 acres are in Tavel with the remainder in the neighbouring Lirac appellation.

This isn’t Guigal’s first purchase in the southern Rhône; the maison bought Domaine de Nalys – now Château Nalys – five years ago. It had previously sourced grapes from there over the course of three centuries for its négociant arm.

Château d’Aqueria dates back to 1595, when Louis Joseph d’Aqueria purchased the land for grape growing. The estate has been bought and sold over the centuries and, most recently, Paul de Bez’s sons, Vincent and Bruno, were in charge of it until this new purchase. 

The Tavel appellation lies just across the Rhône river from Châteauneuf-du-Pape and spans some 933 hectares. The region is famous for producing complex and deeply coloured rosé wines from primarily Grenache and Cinsault grapes, with Syrah and Mourvedre supporting. Tavel rosé must have at least 11% alcohol which renders it suitable for ageing.

The estate produces approximately 16,000 cases of wine each year and it will be kept by E. Guigal as a separate domaine, aside from the négociant arm. 

Lirac is gaining more and more interest recently as Châteauneuf-du-Pape lovers look to this region which shares a similar terroir. Producers from Châteauneuf have been buying vineyards here and making more accessibly priced white and red wines from old vines. 

Philippe Guigal, winemaker and CEO, said that the team is ‘eager to make its contribution to Château d’Aqueria’ and that its first project will be to ‘drive forward the practice of biological-ecological viticulture, with the help of the existing team at the Château.’