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Wine auctions vs wine investing – which offers the best growth strategy?

Chateau Petrus wine bottle
  • Both auctions and portfolio approaches have a role to play in wine investment, but the latter is a more viable route to steady growth.
  • Auctions can provide useful signals, but investors should identify and avoid market noise and hype.
  • An expertly-managed portfolio focuses on growth, diversification, and liquidity over chasing auction trophy wines.

The wine world frequently makes headlines for astronomical prices at attention-catching auctions. Bottles can fetch sky-high sums as multimillion-dollar collections capture international interest. For investors, such record-breaking spectacles can appear to be proof of fine wine’s irresistible upwards trajectory.

However, glamorous and inspiring as they are, these auctions are not the market. They are the sharpest tip of it – distinct moments where scarcity, storytelling, and sentiment come together. A pristine bottle of Domaine de la Romanée-Conti or Château Pétrus with impeccable provenance might clear 20–50% above its estimate in a single-owner sale. While impressive, such outliers don’t speak of underlying market performance.

Understanding the difference between prices that make the news and the reality of the market is essential for any serious wine investor.

What ‘auction price’ really is

An auction price is more than meets the eye; it’s a composite shaped by multiple components. What does that sales figure really mean? 

Hammer vs all-in costs

The hammer price is the winning bid declared by the auctioneer – but that’s not the final price. The buyer then pays a buyer’s premium (10%–25%), plus taxes, shipping, and insurance. A bottle that hits the headlines at £100,000 could ultimately cost the buyer £120,000.

Single-owner vs mixed-owner sales

Provenance is all-important. Bottles from single-owner collections, especially with engaging stories and original documentation, often command premiums far above market average. In contrast, mixed-owner sales tend to be a more accurate mirror of demand.

Estimate bands and marketing psychology

Auction houses set low and high estimates to guide bidding – and to generate excitement. These figures act equally as marketing tools and predictive indicators. Only a lot that exceeds the high parameter of its estimate band hits the news; one that sells within its estimated range represents the quieter reality.

True liquidity

A record price for a single bottle does not automatically translate into similar highs for other lots. Headline-making hammer prices are outliers, influenced by rarity, media coverage, and competitive auction frenzy rather than a broader trend in the market. 

Wine auction record setters

The following are examples of headline-making auctions which illustrate the factors that drive remarkable performance: wine rarity, media frenzy, storytelling, and collector pedigree.

$34.5 mln – Henri Jayer, “The Heritage” (2018, Geneva)

  • Legendary producer’s last 855 bottles from private cellar.
  • 209 coveted magnums.
  • Rare Vosne-Romanée vintages.

$28.8 mln – William I. Koch, “The Great American Wine Collector” (2025, New York)

  • 750 large formats (Jeroboams, Methuselahs, Salmanazars).
  • Leading Bordeaux, Burgundy, Rhône, Napa, and Piedmont wines.
  • Single-owner collection.

$25.3 mln – Joseph Lau, “Iconic Wines” I–III (2022–2025, Hong Kong)

  • Rare Burgundy and Bordeaux.
  • Single-owner collection auctioned over three years created story.

$16.8 mln – Pierre Chen, “The Epicurean’s Atlas” (2023–2025, Hong Kong, Paris, Burgundy, New York)

  • Iconic Burgundy, Bordeaux, Champagne, and New World wines.
  • Legendary vintages.

$11.16 mln – Jacqueline Piatigorsky (2025, New York)

These auctions were hugely successful, but outcomes weren’t solely due to wine calibre. The unique auction environment also played a role. Such heady sums are not necessarily representative of wider market pricing.

What auctions can tell investors

While not presenting a definitive picture, auctions do generate a treasure trove of information. However, it’s important to follow results with a discerning eye because not all of the information is useful for a wine investor. You need to learn how to separate signal from media noise to understand the true meaning of auction prices.

Useful signals for investors

  • Provenance premiums: Illustrates how much collectors are willing to pay for documented bottles over generic lots. Formats, condition, and original packaging often contribute to worthwhile premiums.
  • Bidding depth: The number of bidders within the estimate band indicates genuine demand. Likewise, consistent competition across lots can point to authentic appetite that exists beyond the auction house.
  • Regional and vintage momentum: Repeated strong results across particular regions or vintages can signal emerging segments rather than one-off auction-driven prices.
  • Thin trading: The highest-profile bottles typically sell only once a decade. Such rare transactions can provide valuable insights into the wider market.

Limits and noise

  • Selection bias: “Survivorship bias” can distort average values. For a range of reasons, some wines survive the test of time while others don’t. Not every mature wine deserves high valuation.
  • Seasonality and venue effects: Marquee sales held in the spring and summer tend to attract more bidders and media coverage, inflating prices temporarily. The location of the auction can also impact results.
  • Story premium: Worth repeating is the character of the narrative surrounding an auction can elevate prices far beyond what would be achievable in normal market conditions. Celebrity collections, charity sales, and unique stories fall into this category.

Buying at auction

Auctions offer both opportunity and challenge for collectors and investors. Understanding their structure sets realistic expectations before bidding.

Pros

Cons

Building a wine investment portfolio with a trusted manager

While auctions can offer wine performance insights, a structured, portfolio-driven approach is most optimal for serious investors. This method focuses on growth, diversification, and liquidity planning in response to the genuine market, rather than chasing one-off, high-performer auction house bottles. In short, headline bottles make news; diversified cases make portfolios.

Strategy-led

Discipline drives serious wine investment. A considered portfolio allocates across regions, producers, and vintages. Tiered maturity and style diversification help smooth returns and reduce volatility.

Execution

Acquiring wine at scale requires access to multiple channels: primary releases, négociant networks, ex-château allocations, and selective secondary market opportunities. Professional execution ensures consistent quality, provenance verification, and optimal pricing.

Expert oversight

A trusted manager maximises successful outcomes by safeguarding custody, insurance, and exit strategies, targeting holding periods and rebalancing, to shield investments from market swings.

Research & data

Continuous market monitoring is critical to disciplined investment. This data-driven strategy identifies trends and fair-value bands, so investors can avoid the pitfall of overpaying for hype and market noise.

Cost clarity

Unlike auctions, wine investment portfolio costs – custody, insurance, execution – are transparent upfront, allowing granular knowledge of charges for clear return comparisons.

fine wine auction summary table

Next steps

The fine wine world will always carry glamour, but serious investors should see auction headlines as stories, not signals. The real market for fine wine investment and value growth is built on data, liquidity, and expert execution rather than the excitement of ‘show-stopping’ headlines.

Key takeaways:

  • Don’t fixate on record breakers – they rarely mirror market performance.
  • Focus on repeatability and liquidity for sustainable returns.
  • Calculate all-in costs for true value comparison.
  • Diversify and plan exits through portfolio management for resilience.

Fine wine investment is guided by expertise, patience, data, and structure, separating steady compounding from the volatile environment of speculation.

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 of the most expensive wine brands in the world (2025 Edition)

Domaine de la Romanee Conti (DRC) wine

When it comes to fine wine, prestige, rarity, and provenance often drive its value – and in the upper echelons of the market, a handful of brands consistently command staggering prices. Whether prized for their historical significance, microscopic production volumes, or cult-like global following, these wine estates represent the pinnacle of luxury and investment potential.

In this 2025 refresh, we explore ten of the most expensive wine brands in the world based on average price per bottle, auction records, and consistent placement in investment portfolios.

1. Domaine de la Romanée-Conti (DRC) – Burgundy, France

Most expensive wine: Domaine de la Romanee-Conti, Romanee-Conti Grand Cru 

Average case price: £212,246

Ten-year performance: +138%

Often considered the Holy Grail of wine, Domaine de la Romanée-Conti consistently tops the list of the world’s most expensive brands. With vineyards rooted in Grand Cru Burgundy terroir and production capped at painfully low quantities, demand vastly outstrips supply. The Romanée-Conti monopole, in particular, sees bottles fetching upwards of £100,000 at auction. In 2018, it broke records when the 1945 vintage sold for $558,000 (£422,663) at a Sotheby’s auction in New York.

2. Liber Pater – Graves, Bordeaux, France

Most expensive wine: Liber Pater

Average case price: £142,237

Ten-year performance: N/A

Perhaps the most controversial wine brand on this list, Liber Pater makes microscopic quantities of Bordeaux wines using rare pre-phylloxera varietals alongside classic regional grapes like Cabernet Sauvignon, and ancient winemaking methods. With production of just a few hundred bottles, and a fierce commitment to historical authenticity, Liber Pater has redefined scarcity and pricing. However, the wine’s investment potential is debatable. The owner and winemaker, Loïc Pasquet, says: ‘I take care, myself, where I sell my wine because I want to be sure they are not on the secondary market. I want to be sure people buy and drink’.

3. Domaine Leroy – Burgundy, France

Most expensive wine: Domaine Leroy, Richebourg Grand Cru

Average case price: £117,178

Ten-year performance: +522%

Led by Lalou Bize-Leroy, Domaine Leroy offers some of the most fastidiously biodynamic and low-yield wines in Burgundy. Its Musigny, Richebourg, and Romanée-St-Vivant bottlings are among the rarest – and priciest – in the world. The brand consistently tops Liv-ex’s Power 100 list – a ranking of the most powerful wine brands in the world – based on a combination of year-on-year price performance, secondary market trade by value and volume, number of wines and vintages traded, and average price of the wines in a brand. Leroy itself has been a big driver behind Burgundy’s rising share of the investment market.

4. Domaine Jean Louis Chave – Rhône, France

Most expensive wine: Domaine Jean Louis Chave, Hermitage, Ermitage Cathelin

Average case price: £62,771

Ten-year performance: +191%

A name revered in the Northern Rhône and far beyond, Domaine Jean-Louis Chave represents the pinnacle of Hermitage winemaking. With a family lineage stretching back to 1481, the estate combines centuries of tradition with exacting modern standards. Its flagship Hermitage Rouge, a masterful blend of parcels including Le Méal, Les Bessards, and L’Hermite, is one of the most celebrated and age-worthy Syrahs in the world. Even rarer is the Cuvée Cathelin, produced only in exceptional vintages and released in microscopic quantities. These wines can fetch upwards of £5,000 per bottle, placing it among the rarest wines of France.

5. Screaming Eagle – Napa Valley, USA

Most expensive wine: Screaming Eagle, Cabernet Sauvignon

Average case price: £37,466

Ten-year performance: +84%

No list would be complete without California’s cult wine crown jewel, Screaming Eagle. Its Cabernet Sauvignon is produced in minuscule quantities and sold primarily through an exclusive mailing list – allocation only. First released in the early 1990s, it’s now an ultra-luxury brand synonymous with elite American wine. In 2000, it broke the record for the most expensive wine sold at auction with a 6-litre bottle of its 1992 vintage sold for $500,000 (£378,815) at the Napa Valley Auction.

6. Château Petrus – Pomerol, Bordeaux, France

Most expensive wine: Château Petrus

Average case price: £30,655

Ten-year performance: +61%

Made almost entirely from Merlot, Château Petrus leads the Right Bank in both quality and price. The vineyard’s unique terroir, characterised by an iron-rich clay soil known as ‘crasse de fer,’ is considered a crucial factor in the wine’s distinctive character and depth. The brand enjoys legendary status among wine investors and critics alike, with top vintages like 1982, 2000, and 2009 often commanding five-figure sums per bottle.

7. Le Pin – Pomerol, Bordeaux, France

Most expensive wine: Le Pin

Average case price: £27,957

Ten-year performance: +78%

Tiny, exclusive, and almost mythically rare, Le Pin is one of the most coveted names in Bordeaux and the world. Situated on just 2.7 hectares in the heart of Pomerol, Le Pin was virtually unknown until the late 1970s, when Belgian entrepreneur Jacques Thienpont purchased the land and began producing micro-parcel Merlot in a garage-like setting. Le Pin swiftly ascended to cult status, helped by sky-high critic scores, minuscule production, and a hedonistic, opulent style that captivated the market. Made entirely from Merlot and produced in quantities of only 500 to 600 cases per year, Le Pin is the ultimate Pomerol rarity. 

8. Krug – Champagne, France

Most expensive wine: Krug, Clos du Mesnil

Average case price: £16,027

Ten-year performance: +123%

Synonymous with prestige in the world of Champagne, Krug blends traditional craftsmanship with luxurious finesse. While the non-vintage Krug Grande Cuvée already sits at the top end of the NV market, it’s the single-vineyard bottlings – Clos du Mesnil (Blanc de Blancs) and Clos d’Ambonnay (Blanc de Noirs) – that elevate Krug into the investment realm. With just over one hectare under vine and extremely limited production, Clos du Mesnil represents one of the rarest and most coveted bottlings in Champagne. Each vintage is vinified separately and aged extensively in Krug’s cellars before release, often emerging more than a decade after harvest. The result is a wine of remarkable tension, mineral depth, and ageability, commanding prices that rival top Burgundy whites and outperforming many in terms of demand and investment potential.

9. Giacomo Conterno – Piedmont, Italy

Most expensive wine: Giacomo Conterno, Barolo, Monfortino Riserva

Average case price: £11,651

Ten-year performance: +183%

Widely regarded as the benchmark for traditional Barolo, Giacomo Conterno is a name that commands deep respect. The crown jewel of the estate is the Barolo Monfortino Riserva, which has seen prices rise 183% on average in the last decade. Fermented in old wooden vats and aged for up to seven years in large Slavonian oak casks, Monfortino’s scarcity and critical acclaim have made it one of Italy’s most sought-after wines.

10. Henschke – Eden Valley, Australia

Most expensive wine: Henschke Hill of Grace

Average case price: £8,205

Ten-year performance: +148%

One of Australia’s most storied and respected family-owned wineries, Henschke has been producing wine in South Australia’s Eden Valley since 1868. Now in its sixth generation, the estate is led by Stephen and Prue Henschke, who have turned it into a pioneer in biodynamic viticulture and a benchmark for site-driven Australian wine. While Henschke produces a range of acclaimed wines, its global reputation is anchored by a single, sacred site: Hill of Grace. First bottled in 1958, Hill of Grace is sourced from a tiny, pre-phylloxera vineyard planted in the 1860s – among the oldest Shiraz vines in the world. Hill of Grace is made only in exceptional vintages, and with limited production – sometimes fewer than 2,000 cases – it has become one of the most collectible and expensive wines from the Southern Hemisphere.

For a deeper look at wine investment opportunities in top-tier producers, explore Wine Track, or speak with our team about sourcing bottles from these benchmark estates.