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Mixed signals: correction continues but top wines prove the exception

  • Despite a broader market correction, some fine wines have risen over 10% year-to-date. 
  • The top-performers are united by their strong value proposition. 
  • The 2024 En Primeur is all about momentum and timing, given the mixed quality and the availability of well-priced older vintages.

Despite a broader market correction – with the Liv-ex 1000 index declining 2.1% year-to-date – select fine wines have demonstrated remarkable resilience. A closer look at Q1’s top performers reveals a diverse spread across key wine regions: Bordeaux, Piedmont, the Rhône, and Burgundy.

The best performing wines

The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%. The long-term trajectory of the brand has been upwards, with a 54% rise in value over the past decade.

The second spot was taken up by Pichon Baron 2013 with a 22.6% rise. Often overlooked due to the vintage’s cooler weather, it now stands out for its relative value and strong long-term potential. Over the past ten years, the brand’s prices have climbed by 58% on average.

From the Northern Rhône, Guigal’s La Landonne secured two spots on the leaderboard: the 2012 vintage rose 11.1%, while the 2014 – 10.6%. Across the past decade, the La La wines have appreciated by 47%, affirming their iconic status among Rhône collectors.

From Barolo, the 2001 Bruno Giacosa Serralunga d’Alba made the top ten with a 21.2% rise, showcasing continued demand for aged, cellar-ready Nebbiolo from one of Piedmont’s most revered producers.

Regional trends: pressure persists

While these individual wines bucked the trend, broader regional indices tell a more sobering story. Both Burgundy and Bordeaux, the primary pillars of the fine wine market, fell by 2.9% in Q1. Even regions that showed resilience – such as the Rhône, which rose 1.1% in March – remain down overall for the quarter.

This pattern underscores the current investor mindset: cautious, value-driven, and increasingly selective.

2024 En Primeur: momentum and timing

The 2024 Bordeaux En Primeur campaign has landed in challenging terrain. With the market in retreat and the specter of new U.S. tariffs, producers have had no choice but to re-evaluate pricing strategies. The first releases came in below last year’s prices, and before critic scores were published.

While these adjustments reflect an awareness of the macroeconomic environment, price cuts alone don’t guarantee demand. Investors are weighing these new offers against older vintages available at comparable – or better – value.

The swift pace and early start of this year’s campaign echo the successful 2019 En Primeur release, which capitalised on momentum and timing. However, given the mixed vintage quality and volatile market, strategic selectivity is more essential than ever.

Looking for more? Read our Q1 2025 Fine Wine Report.

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Wine Advocate’s top-scoring Bordeaux 2024 wines

  • William Kelley defines Bordeaux 2024 as the ‘weakest vintage of the last decade’.
  • The vintage is characterised by challenges – weather and economic. 
  • Kelley’s top three wines achieved a barrel range of 94-96 points.

The Wine Advocate was among the first to release their Bordeaux 2024 En Primeur report last week, with William Kelley calling it the ‘weakest vintage of the last decade’. The report, titled ‘Ripeness is all’, highlights the challenging weather conditions and the growers ability to time the harvest, which played a crucial role in the making of the best wines. 

The style of the vintage

For Kelley, 2024 is not a Left or a Right Bank vintage; he argued that it ‘can only be understood on a producer basis’. 

For him, it is ‘more of a throwback, exhibiting flavors more familiar from the decade of the 1990s than more recent years’. The best wines show ‘the estate signature’ style and possess a ‘strong identity’. 

Kelley explained that ‘the most compelling 2024s are intensely flavored middleweights with good structure and energy, exhibiting integrated acidity and ripe tannin’.

‘A handful of wines, often thanks to a riskily late harvest and generally from early-ripening sites, even possess a density and mid-palate amplitude that transcends the year and which will render them hard to identify in blind tastings a decade from now’, he continued.

To achieve these results, terroir was crucial: ‘better-drained, earlier-ripening plots fared best’ in a year defined by cold and rain. Sorting was important too but only for fully ripe grapes.

Vintage challenges

Bordeaux 2024 will go down in history as a challenging vintage – first, due to the weather, and second, the macroeconomic context, including the waning sentiment towards the En Primeur system.

When it comes to the weather, it was a year of negative records. Kelley noted that ‘March-May saw 35% more rainfall than the 20-year average, making 2024 the third wettest spring recorded, after 1979 and 2008’. This delayed flowering, leading to uneven ripeness within bunches, which could have only been mitigated by patience. 

Rain and falling temperatures in September presented more obstacles – botrytis, and slower degradation of acidities and pyrazines. Many producers were quick to harvest – often underripe grapes; those that dared to wait gained ‘mid-palate amplitude and degrading pyrazines in the process, even if analytical maturity alone registered little change’.  

Now that the vintage is being released onto a downward market, Bordeaux is facing mounting pressure. In his report, Kelley wrote: ‘An excellent vintage at a very fair price might perhaps have been capable of reigniting some interest in en primeur, but it seems unlikely that 2024, beyond a handful of châteaux, will be able to achieve that.’

He concluded that ‘if Bordeaux rides high in good times, it is unavoidable that the region should also experience market lows particularly acutely. Bordeaux will be back, of course, it’s only a matter of time.’

Selectivity is key

Given this vintage background, strict selectivity when purchasing Bordeaux 2024 will be key. Beyond pricing, which has to be fair in the context of older vintages, critic scores play an important role. 

Kelley’s highest score for this vintage was a barrel range of 94-96 points, which went to three wines: Cheval Blanc, La Conseillante and Pontet-Canet (released on 23 April).

Of the three, La Conseillante has been the best price performer on a brand level, rising over 70% in value over the past decade, and considerably outperforming the broader Bordeaux market. 

For Kelley, these three wines were the ‘stars of the vintage’. For Cheval Blanc, he explained that ‘Pierre-Olivier Clouet and his team conducted an aggressive green harvest and also, exceptionally, used densimetric sorting to mitigate heterogenous maturity between and within bunches, accepting losses to rot in pursuit of full maturity.’ 

Sorting was also strict at Conseillante, which is ‘a blend of 80% Merlot and 20% Cabernet Franc that produced 22 hectoliters per hectare after extensive sorting’.

When it comes to Pontet-Canet, Kelley said that the final wine ‘underlines the fact that daring to harvest late paid dividends in this challenging vintage, wafting from the glass with aromas of cassis, black raspberries and plums mingled with accents of rose petals, licorice and exotic spices.’

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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Older vintages dominate 2024’s best-performing wines

  • 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.