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What makes a great vintage?

Chateau Angelus vineyard
  • Grape quality and winemaking are central to vintage calibre.
  • The importance of the vintage varies according to the region.
  • An ‘average’ vintage can also increase in value.

‘A year of extremes’, ‘good yields’, ‘a cool start and wet finish’, ‘poor’, ‘outstanding’. These are typical phrases that describe the character of a particular vintage – but how do they, ultimately, translate into quality? Anyone interested in wine investment needs to be aware of the vintage impact on price and performance.

This article explores the factors that shape a ‘great vintage’ – from vineyard conditions to winemaking methods. Key figures at Bordeaux estates also weigh in with their comments on their preferred vintages from their châteaux. 

What does vintage mean?

The vintage indicates the year grapes were harvested. The wine made from such fruit reflects the weather conditions that the vine growth cycle experienced. Features like terroir and winemaking methods also impact the quality and character of a wine. However, winemakers often comment that wine is made in the vineyard meaning that the condition of the fruit is the dominant factor in a wine’s profile, cellar-worthiness and, ultimately, value. 

Is vintage always important?

The vintage year is of vital importance in some regions but of little significance in others. This depends on the local climate. 

If a climate features variable weather conditions each season, the resulting wine will display different traits every year. For example, in one particular year, grapes could contain higher or lower acidity than in previous vintages, more or less fruit concentration, or different sugar levels. Such factors affect the quality and identity of the wine, its age-worthiness, its valuation and the potential for this valuation to grow.

Regions where weather conditions are inconsistent year-on-year include Bordeaux, Burgundy, Champagne, the Rhône Valley, Napa Valley, Tuscany, and parts of Australia. This is why vintages from these areas frequently feature in discussion on drinkability, ageing potential and wine investment opportunities.

In places where climate and weather are more stable and wine character more uniform, vintage is, generally, less important. Such wine-producing countries and regions include Argentina, Chile, Spain, parts of California and New Zealand.

What factors influence a vintage’s quality?

The natural factors that contribute to the quality of a particular vintage include optimal weather conditions. Throughout the growth cycle of the vine, a balance of adequate rainfall, warm and dry conditions during the growing season, and cool nights aid the development of quality fruit. This means that the harvested berries contain an ideal balance of acidity, sugars, and tannic potential for the style of wine being made. Extremes like frost, hail, heatwaves and heavy rain can negatively impact the delicate equilibrium of these features, influencing the calibre of the wine. 

On the occasions when all environmental conditions line up harmoniously, the result is exceptional fruit and what is often referred to as a ‘legendary’, ‘exceptional’ or ‘outstanding’ vintage. Such years are rare and, therefore, memorable with resulting wines much sought after. 

The human influence on vintage quality encompasses a wide spectrum of vineyard practices that are utilised whenever necessary to mitigate unfavourable weather. Skilled vineyard management includes:

  1. Protection against frost with vineyard heating strategies.
  2. Organic and/ or biodynamic practices that can affect wine quality and potential.
  3. Disease pressure tackling to help prevent damaging vine ailments like rot or mildew.
  4. Hydric stress or excess rainfall management implemented at key stages to ensure balanced grape flavour concentration.
  5. Canopy management and foliage thinning to enhance grape quality.
  6. Timely harvest for optimal flavour and ripeness balance.

These vineyard approaches are the outcome of years, decades and even centuries of vinicultural experience and constitute part of the heritage of each wine region, adding to a vintage’s esteem and worth. Winemaking expertise similarly contributes to enhancing the value of a vintage.

Can vintage value evolve?

In wine investment, the value of a vintage is not necessarily fixed. While great vintages tend to enjoy ongoing value growth, other years can also display value development potential.

In short, while vintage is an anchor for a wine’s value in regions where it is a factor, it does not bear the sole influence on valuation. Other important determinants include:

  • Provenance
  • Age-worthiness
  • Producer/ winemaker/ brand reputation
  • Critic scores
  • Storage conditions 
  • Scarcity
  • Market trends

The Bordeaux perspective

WineCap asked Bordeaux winemakers which of their own vintages they would purchase and why. The replies illustrated some of the elements that make a great vintage.

Stéphanie de Boüard-Rivoal, co-owner and CEO of Château Angelus spoke of cellaring potential. ‘I would get a 2016,’ she said. ‘It is an incredible vintage, particularly for its depth, its complexity, and 100 years plus aging potential’.

Nicolas Audebert, winemaker and General Manager of Second Growth Château Rauzan-Ségla in Margaux mentioned how a vintage with a small crop led to an unexpectedly notable wine. ‘The concentration, the roundness, juiciness and intensity of the fruit in the 2018 is fantastic. It is a little bit outside of the classic, elegant style of Rauzan and Margaux, but so interesting in the reflection of the climate we had that year’.

Aline Baly, co-owner of Château Coutet, in the Barsac appellation highlighted excellent conditions and vineyard management for her choice: ‘The 2009 vintage is a combination of exceptional weather and exceptional work in the vineyard’.

For General Manager of Saint-Émilion Grand Cru Classé, Château La Dominique, Gwendoline Lucas, provenance and reputation were key to her vintage selection. ‘That would be 2019, because it’s the first vintage we created with Yann Monties, the technical director and also it is the 50th vintage for the Fayat family because they bought the château in 1969. So it is a very good vintage in terms of quality, but also full of history’.

Rarity and value-for-money drove the choice for Stéphane von Neipperg, owner of Château La Mondotte, a Premier Grand Cru Classé house in Saint Emilion. ‘It is very difficult to find 2009 of La Mondotte, but a very outstanding vintage if you want to invest in it in the future. Also, it is not so expensive’. 

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

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Bordeaux winemakers reveal their top vintages for investment

Pontet-Canet vineyard, Bordeaux

WineCap has spoken with key figures from leading Bordeaux estates on their wine investment preferences. They share their thoughts about where they would invest €10,000 today.

  • Vintage quality is cited as the main driver of choice.
  • There is a variety of investment-worthy vintages across the region.
  • All interviewees chose vintages younger than 2015. 

Château Clinet, Pomerol – 2020 vintage

‘If I had €10,000 to spend on a vintage of Château Clinet for collecting, that would probably be the 2020 vintage’, said Ronan Laborde, Managing Director and owner of the house. ‘The 2020 vintage is a wine with a lot of qualities. It is very smooth, highly complex and has lot of vibrating intensity.’ 

Laborde said that, in terms of recent vintages, it was probably the one he was most proud of and recognised that 2020 had been highly supported by great weather conditions – plus ‘sometimes you have luck on your side’. ‘When I taste the wine now, I say, wow, it is the one I would like to invest for collection,’ he told WineCap.

The 2020 vintage was an illustration of how optimal weather conditions throughout the growing season and harvesting support excellent wine quality. The wine received 94 points from Neal Martin and 95 points from Antonio Galloni (Vinous), who called it ‘hugely impressive, as it was from barrel’. Jeb Dunnuck awarded it 98 points, naming it ‘one of the finest Pomerols in the vintage’. The wine has fallen 13.5% in value since release. On a brand level, Clinet has enjoyed a 47% increase in the last decade. 

Château Pontet-Canet, Pauillac – vintage diversity

Justin Tesseron, co-owner of Château Pontet-Canet had a more philosophical approach, emphasising ‘vertical’ cellaring for variety and value growth potential. ‘I would buy wine for every occasion…wine to drink now…wine to keep. I would buy wine for the future generations,’ he told WineCap.

‘But I think what is good in wine is to have one vintage for every kind of occasion. So, I would not spend €10,000 on one vintage. I would buy maybe the last ten vintages or similar.’

The majority of the last decade of Bordeaux vintages fell into ‘excellent’ and ‘legendary’ categories with 2015, 2016 and 2018 in Pauillac particularly notable years. When it comes to value and growth potential, the 2014, 2017 and 2020 vintages stand out. Prices for Pontet-Canet are up 11% in the last five years, and 28% over the last decade.

Château Troplong Mondot, Saint-Émilion – 2015 & 2019 vintages

For Ferréol du Fou, Commercial Director and Sales Manager of the château, dividing such a sum between collectible and ready-to-drink wines and among several vintages would be the best approach. 

‘If you have to invest, then invest in 2015,’ he said. ‘It still has a very good price and it will increase in the future, I’m sure. It is a huge vintage’. 

At the ten-year mark, critics have started to re-taste the 2015 vintage. The 2015 Troplong-Mondot currently sits 6.8% below its release price. For Antonio Galloni, it was ‘one of the stars of the vintage’ and ‘a viscerally exciting, resonant wine’. When writing for the Wine Advocate, Lisa Perrotti-Brown MW gave it 96-points and said: ‘This pedal-to-the-metal beauty is the ultimate indulgence for the hedonists!’

Ferréol du Fou also advised buying the 2019 vintage for investment, released during Covid: ‘It is first of all an amazing vintage. Plus it is one of the cheapest vintage from Bordeaux and Troplong Mondot’. ‘So this is the one you have to invest as soon as possible to make sure to have first few bottles in your cellar and to feel that you have landed a good deal,’ said Fou. 

The wine is currently available 15.0% below its release price and remains one of the most undervalued Troplong-Mondot vintages in the market today. On average, prices for the brand have risen 49% in the last decade.

Château Pichon Comtesse, Pauillac – 2019 vintage

Nicolas Glumineau, CEO and winemaker at Château Pichon Comtesse did not hesitate in his selection of an investment-friendly vintage. ‘I would have the 2019 Pichon Comtesse,’ he said.

Pichon Comtesse 2019 was one of only two wines during the En Primeur campaign to receive a potential perfect score from Vinous’s Neal Martin (98-100). The critic claimed that ‘you are not looking at a modern day 1982 or 2016, but something even better and more profound’. Upon tasting in bottle, Martin gave it 99 points, calling it ‘stunning’ and noting that ‘the nose reminds [him] of Latour’. Galloni was also full of praise: ‘One of the most elegant Pichon-Longueville Comtesse de Lalande I can remember tasting’. 

The vintage also presents great investment value. It is one of the best priced vintages, along with the lower-scoring 2014 and 2017. 

Château Lafon-Rochet, Saint-Estèphe – 2020 vintage

With €10,000, Basile Tesseron, General Manager of Lafon-Rochet, would invest in a relatively recent vintage. ‘I would buy 2020 for keeping,’ he told WineCap.

The wine received 96 points from Antonio Galloni, who called it ‘superb’ and ‘one of the classiest, more refined Saint-Estèphes’. Neal Martin (93 points) also agreed that it was ‘excellent’.

The 2020 vintage has fallen in value since release and sits below the brand’s average price. Our Lafon-Rochet index is up 57% in the last decade.

Cos d’Estournel, Saint-Estèphe – 2016, 2018 & 2020 vintages

Charles Thomas, Commercial Director of Cos d’Estournel admitted that he did not see wine as an asset class but rather a product to be enjoyed with friends. ‘But if I had to, obviously I would take 2016, 2018 and 2020’.

Of these three vintages, only the 2016 is currently more expensive than at release, up 10.5%. The wine boasts three 100-point scores from Neal Martin, James Suckling and Lisa Perrotti-Brown MW. Meanwhile, the 2020 Cos d’Estournel is currently down 34.4% since release, and the 2018 – 43.8%. 

The brand’s value has risen 39% in the last decade. 

See also our Bordeaux I Regional Report. 

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

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Are Bordeaux classifications still relevant for investors?

WineCap has conducted a series of interviews with key figures at major Bordeaux estates. Today we shed light on their perspectives on the relevance of historic classifications. 

  • Left and Right Bank producers think the 1855 and 1955 classifications are still important reference for investors.
  • Branding influence represents a counter pattern. 
  • Market forces bring lower-tier Growths to the fore but not trend-setting.

The majority of a tranche of wine producers interviewed by WineCap from both the Left and Right banks are confident that Bordeaux classification systems remain relevant, citing historical framework and terroir as the main factors in determining wine quality and value.

Châteaux also think that the 1855 Classification of Bordeaux and the Saint-Émilion Classification of 1955 will continue to have an impact on wine investor and consumer choices in the decades ahead.

‘This is the classification of terroir,’ said Château Cheval Blanc CEO, Pierre-Oliver Clouet. ‘The (original) classification was very clear and continues to be the same today’.

The classification systems

The 1855 Classification of Bordeaux is a ranking of the top wines from the Left Bank’s Médoc region, Graves, Sauternes and Barsac. It was established to coincide with Napoleon III’s Exposition Universelle de Paris, with wines categorised according to reputation and market price from Fifth to the top ranking of First Growth. With the exception of minor changes, it has never been altered. The houses in the highest level are Latour, Lafite Rothschild, Mouton Rothschild, Margaux and Haut Brion.

On the Right Bank, a wine classification hierarchy was founded in 1955 covering Saint-Émilion and Pomerol. Updated every decade with the last review held in 2022, it grades wines into the top tier of Premier Grand Cru Classé A, Premier Grand Cru Classé B, and the broader category of Grand Cru Classé.

Staying power

Philippe Bascaules managing director of First Growth Château Margaux said soil was the defining factor in the 1855 ranking. ‘I think for 90%, it’s still relevant because the quality of the wine is given by the soil, and the soil doesn’t change’. 

Philippe Blanc General Manager Château Beychevelle referred to the enduring legacy of the 1855 system. The Saint-Julien house that he oversees is ranked as a Fourth Growth and he does not see this changing in the future. 

‘I don’t think any serious people have ever written that first growths didn’t deserve their place,’ he told WineCap. ‘I would say in 30 years’ time, stick to the 1855 classification in Médoc’.

Vincent Millet, General Manager at the Third Growth Château Calon Segur in Saint-Estèphe agrees. ‘The 1855 classification was based not only on the observation of the winegrower through the constitution of his vineyard, but also of his wines,’ he said. ‘For me, it makes no sense to question it, because in a way, it reflects the potential of the different appellations’. 

Christian Seely is the managing director of AXA millésimes, the company that owns Second Growth Pichon-Baron in Pauillac. He hints at the foresight of the original ranking framework. ‘I would say that where around 80% of the châteaux were in the classification in 1855 is where they ought to be today. I don’t think another 20 years is going to change that’.

Brand over classification

However, as the global wine landscape shifts and changes, a significant number of Bordeaux winemakers are putting equal weighting in branding and, in some cases, over classification systems. 

Julien Barthe, the co-owner and managing director of Premier Grand Cru Classé B, Château Beau-Séjour Becot in Saint-Émilion is of this number. ‘We were very lucky in Beau-Séjour Becot because we were classified as Premier Cru Classé in 1955. Why? Maybe because we are a good winemaker family, but for sure because we have unique and outstanding soil and terroir’. 

Despite his acknowledgment of ranked terroir quality, Barthe believes that a house’s brand is gaining traction. ‘Do you know Beau-Séjour Becot or do you not know Beau-Séjour Becot? I really think that the brand will be more important than the classification’. In the last decade, their average wine price has risen 60%, outperforming fellow estates, La Mondotte, Clos Fourtet and Larcis Ducasse.

Calon Segur’s Vincent Millet agrees: ‘What is most interesting today is not so much the classification, but the strength of the brand. For example, you have properties that are ranked fifth in the classification and which have a reputation. A strong brand can be more important than certain Second great classified growths of Margaux, for example. We at Calon Ségur have this strength, this brand that we maintain through the quality of our wines’.

General Manager of Saint-Émilion Grand Cru Classé, Château La Dominique, Gwendoline Lucas said that both Right and Left Bank classifications were becoming irrelevant. ‘Today the consumer doesn’t drink First, Second or Third Growth or Saint-Émilion B or A. They drink a wine they know. They know the style of the wine, so they will drink Château La Dominique rather than Saint-Émilion Grand Cru Classé. So, I would say that the brand, the history and the wine itself, will override classification’. 

From an investing perspective, La Dominique has enjoyed a 96% price increase since 2015.

Lower tiers’ achievements

WineCap interviewees recognised the above-average performance of Growths from the lower end of the 1855 classification but were not certain that this constituted a solid trend.

Pichon-Baron’s Seely said: ‘You obviously get exceptional cases of some châteaux outperforming in relation to their classification. You have a Fifth Growth that performs like a Second Growth, and perhaps there are just one or two that perform a little lower than their original ranking. But those cases actually, I think, are the exceptions rather than the norm’. 

Evolution of Bordeaux’s investment performance

Bordeaux remains the most important wine investment region, accounting for over a third of the fine wine market by value today with a 200% average growth on top labels since 2005. The First Growths, their second wines and “super second” estates are often the cornerstones of investment portfolios. 

To find out more about the region, read our Bordeaux Regional Report.

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How is the price of fine wine determined?

Bordeaux Chateau and vineyard

The price of fine wine is influenced by a combination of tangible and intangible factors. For anyone interested in wine investment, understanding these factors is essential to making informed decisions. This guide explores the key elements that determine the price of fine wine, from production to market dynamics.

Producer and brand reputation

The reputation of a winery or estate significantly impacts the price of its wines. Prestigious producers, often with centuries-old traditions and consistent track records of quality, command higher prices. These brands have established trust and recognition in the global market, creating demand that sustains their premium pricing. A bottle from a renowned producer like Château Margaux, Domaine de la Romanée-Conti, or Screaming Eagle is synonymous with luxury and excellence. Even wines from less prominent producers within these regions gain value by association, benefiting from the overall prestige of their appellation or terroir.

Vintage quality

The quality of the harvest in a particular year, known as the vintage, is one of the most critical factors in determining wine prices. Weather conditions during the growing season have a profound impact on grape quality, which in turn affects the wine’s flavor, aging potential, and market desirability. Exceptional vintages often garner high critical acclaim, making them highly sought after by collectors and investors alike. For example, Bordeaux’s 1982 vintage and Burgundy’s 2010 vintage are renowned for their excellence and have seen sharp price appreciation over time. On the other hand, wines from less favorable vintages may be priced lower initially or experience slower value growth.

Scarcity and production volume

Scarcity plays a pivotal role in determining the price of fine wine. Wines from small-batch producers or limited-production labels are often more valuable because demand outstrips supply. Additionally, the concept of “drink or hold” means that as bottles are consumed, the remaining supply becomes increasingly rare, further driving up prices. For example, cult wines from Napa Valley, which are produced in limited quantities, often experience rapid price increases due to their exclusivity. Over time, the scarcity of these wines enhances their desirability, making them a strong candidate for investment.

Critical scores and reviews

The opinions of influential wine critics and publications play a significant role in shaping a wine’s price. High scores or glowing reviews can lead to immediate surges in demand and pricing, while mediocre evaluations may suppress a wine’s market reception. A 100-point score from Robert Parker, for instance, can increase a wine’s price by 30-50% almost overnight. Wines with consistently high ratings from multiple critics maintain stronger long-term value, as these endorsements build buyer confidence and elevate the wine’s reputation in the market. Conversely, a lack of critical acclaim can limit a wine’s appeal, even if it has other desirable qualities.

Provenance and storage conditions

Provenance refers to the documented history of a wine’s ownership and storage. It is a crucial factor in maintaining and enhancing a wine’s value. Wines with impeccable provenance that have been stored under ideal conditions, such as controlled temperature and humidity, fetch higher prices at auction or in private sales. Poor storage or uncertain provenance can drastically reduce a wine’s worth, even if it is rare or highly rated. Auction houses and private collectors often highlight provenance as a selling point, justifying higher prices for bottles with a verifiable and pristine history. Wines sold directly from the producer or through trusted merchants also carry a premium for their authenticity and reliability.

Market trends and global demand

Broader economic and market trends significantly influence wine prices. Factors such as rising wealth in emerging markets, changing consumer preferences, and currency exchange rates can all impact global demand for fine wine. For example, growing interest in Burgundy from Asian markets over the past decade has driven exponential price increases for wines from this region. Shifts in consumer tastes, such as a preference for organic or biodynamic wines, can also affect pricing, as these categories attract a more environmentally conscious audience. Additionally, economic stability in key markets often correlates with increased investment in fine wine, further bolstering demand.

Age and maturity

The age and maturity of a wine are also critical in determining its price. As fine wine ages, its value often increases, especially as it approaches its optimal drinking window. Collectors are willing to pay a premium for wines that have been properly aged, as this reduces the time and risk associated with cellaring young wines. For example, a young Bordeaux might sell for $200 upon release but appreciate to $500 or more as it nears its peak drinking years. This appreciation makes aged wines particularly attractive to both collectors and investors seeking reliable returns.

Regional prestige and classification systems

Certain wine regions, such as Bordeaux, Burgundy, and Napa Valley, carry inherent prestige that significantly influences pricing. Classification systems, like Bordeaux’s 1855 Classification or Burgundy’s Grand Cru designations, further bolster a wine’s market position. For instance, First Growth Bordeaux, such as Château Latour, consistently commands higher prices than less prestigious classifications, regardless of vintage. Similarly, Burgundy’s Grand Crus outperform wines from lesser designations due to their perceived quality and exclusivity. This regional prestige not only affects initial pricing but also contributes to a wine’s long-term appreciation potential.

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

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‘Snake’ wines for Chinese New Year

1989 Chateau Haut Brion wine bottle
  • 2025 marks the Year of the Wood Snake, with previous vintages under the same zodiac sign including 2013, 2001, 1989, and 1977.
  • The Chinese zodiac has traditionally had an impact on wine demand in Asia, which in turn affects the price performance of highly sought-after wines. 
  • We highlight the best regions and wines from past ‘Snake’ years.

The Chinese zodiac continues to influence fine wine trends in Asia, particularly around Lunar New Year. 2025 marks the Year of the Wood Snake, with previous vintages under the same zodiac sign including 2013, 2001, 1989, and 1977. Below we explore the best regions and wines from these ‘Snake’ years and their investment appeal.

The significance of the snake in Chinese culture

In Chinese tradition, the Snake symbolises wisdom, intuition, and elegance. The Wood Snake specifically reflects growth, creativity, and a steady rooted approach to success. These traits align well with the qualities sought after in fine wines: depth, complexity, and balance. Lunar New Year celebrations often include gifting wines that embody these ideals, making vintages from previous Snake years highly sought-after. 

Past ‘Snake’ vintages

2013

A cooler vintage in many wine regions, 2013 produced exceptional wines in Napa Valley, Burgundy and the Rhône. Burgundy excelled with refined reds and whites celebrated for their freshness and purity, with the best examples coming from notable producers such as Domaine de la Romanée-Conti and Comte Georges de Vogüé.

In Napa Valley, a warm, dry autumn contributed to standout Cabernet Sauvignon wines, including iconic labels like Opus One, Dominus, and Screaming Eagle earning high critical appraisal. These highly sought-after wines are likely to enjoy increased demand and rising prices in light of the year of the Snake. 

The Rhône also over-delivered in 2013, with M. Chapoutier’s Ermitage Le Pavillon and Guigal’s single-vineyard wines demonstrating the vintage’s potential. In Italy, Barolo and Barbaresco shone brightly, with producers like Gaja and Vietti crafting wines with great ageing potential. 

2001

Hailed as a classic vintage across several regions, 2001 is especially prized for high-end Bordeaux, which is now reaching its peak. Highlights include renowned estates such as Château Latour, Château Margaux, and Château d’Yquem. The latter achieved a perfect score from Robert Parker, cementing its status as one of the finest sweet wines of the century.

Italy’s Barolo region experienced a legendary year in 2001. Wines from Bruno Giacosa, Bartolo Mascarello, and Giuseppe Rinaldi are benchmarks of the vintage. Meanwhile, the Rhône delivered one of its best years, with Guigal’s La La wines setting new standards for Syrah.

1989

Widely regarded as one of Bordeaux’s greatest vintages, 1989 produced rich, opulent wines with excellent ageing potential. Standouts include Château Haut-Brion, which earned a perfect score from Robert Parker, and Pétrus. In Sauternes, Château d’Yquem once again delivered a reference point for the region.

Beyond Bordeaux, Germany enjoyed a successful year for Riesling. The Mosel and Rheingau regions produced highly collectible wines, celebrated for their vibrant acidity and age-worthy structure. These Rieslings remain a cornerstone for those seeking top-quality German wines.

1977

1977 was a triumphant year for Port production, which has made vintage Port from producers like Taylor’s, Fonseca, and Graham’s a cornerstone for collectors focused on fortified wines. Noteworthy wines from other regions include Domaine Leroy in Burgundy and Château Pichon Lalande in Bordeaux still surprise with their enduring quality and long drinking windows.

Market appeal of ‘Snake’ vintages

Buyers can find regional highlights across all of these Snake-year vintages that are likely to see increased demand in 2025, whether it is 2013 Napa or 1989 Bordeaux. The cultural significance of the snake adds an extra layer of allure in Asian markets, where symbolism often plays a role in purchasing decisions.

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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Fine wine vs crypto? History, volatility and market returns

Bitcoin cyrpto currency versus fine wine as an asset
  • Fine wine offers steady, long-term growth with controlled price fluctuations, while Bitcoin’s extreme volatility presents both high-risk and high-reward opportunities.
  • Fine wine’s centuries-old market is supported by scarcity, provenance, and established ecosystems, contrasting Bitcoin’s shorter, speculation-driven history.
  • Fine wine appeals to risk-averse investors seeking diversification, while Bitcoin caters to those pursuing rapid investments.

Bitcoin has recently captured investment interest as it surged past the $100,000 (£80,000) benchmark for the first time in December last year, up from $45,000 (£36,000) at the beginning of 2024. With its meteoric rise fuelled by regulatory approvals for cryptocurrency exchange-traded funds and mostly the results of the US presidential election, Bitcoin demonstrated its ability to deliver unparalleled gains. Yet, crypto remains a high-risk asset defined by dramatic volatility. From its genesis in 2009, Bitcoin has seen multiple boom-and-bust cycles, with price swings of over 50% in both directions within a single year not uncommon. 

By contrast, fine wine represents a markedly different asset class, appealing to those who prioritise stability and long-term appreciation. The fine wine market has a storied history spanning centuries, with values driven by scarcity, provenance, and global demand rather than speculative hype. While prices in the fine wine market can fluctuate, they tend to avoid the extreme volatility seen in cryptocurrencies. Instead, they enjoy steady growth that outpaces inflation and provides a reliable hedge against economic uncertainty.

Volatility

Bitcoin’s price chart tells a story of rapid ascents and precipitous falls. For example, its 2017 bull run saw prices climb from £800 ($1,000) to nearly £16,000 ($20,000) only to crash to £2,400 ($3,000) the following year. Similar patterns occurred in 2021 and again in 2024, leaving investors questioning when the next downturn might strike.

Fine wine, on the other hand, avoids such dramatic shifts. Prices typically rise or fall within a controlled range, supported by consistent demand from collectors and investors worldwide.

Historical context

Cryptocurrencies are a product of the digital age, with Bitcoin gaining widespread attention only over the past decade. Its rise has been driven by speculative interest, technological innovation, and the allure of decentralisation. However, its short history leaves it vulnerable to regulatory uncertainties, technological disruptions, and shifting investor sentiment.

Fine wine, conversely, boasts a legacy that stretches back centuries. Iconic regions like Bordeaux, Burgundy, and Tuscany have long been synonymous with quality and value. Investments in fine wine are supported by an established ecosystem of producers, merchants, and auction houses. This historical grounding provides a level of security that new asset classes like cryptocurrency struggle to match.

Market performance

One of the defining features of fine wine as an investment is the importance of regional performance. For instance, Burgundy has risen 550% on average over the last twenty years, with some wines achieving returns of over 1,500%. 

The world of fine wine has its own higher risk and higher return investments but it also offers a range of reliable long-term performers. This is why building a fine wine portfolio requires expertise and careful curation. A well-diversified portfolio includes big brands but also undervalued wines and vintages from a variety of regions which can see their value rise based on demand, critic scores, age or other intrinsic factors. 

Liquidity: fast vs steady

Liquidity is another key difference between fine wine and crypto. Bitcoin can be bought and sold 24/7 on global exchanges, making it one of the most liquid investments available. However, this liquidity can exacerbate price swings, with significant moves often triggered by news events or changes in market sentiment.

Fine wine, while less liquid, offers a more controlled market environment. Secondary sales typically occur through investment companies and trading platforms, with prices reflecting a stable and growing investor base. This slower pace can be an advantage for investors seeking to avoid speculative bubbles.

Diversification and portfolio strategy

In today’s investment landscape, fine wine and cryptocurrency appeal to very different investor profiles. Bitcoin caters to those seeking high-risk, high-reward opportunities, while fine wine offers steady, long-term growth and diversification. Incorporating both into a portfolio can provide balance, but the emphasis should align with an investor’s risk tolerance and financial goals.

Fine wine also underscores the importance of expertise. A portfolio focused on iconic regions and proven vintages can deliver strong returns, with minimal exposure to the broader market’s ups and downs. As seen in the market of 2024, the best-performing wines relied on deep knowledge of regional trends and intrinsic dynamics.

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 evolution of Bordeaux’s vineyard prices: what’s behind the price tag?

Pauillac Bordeaux vineyards
  • Vineyard prices in Pauillac have risen over 700% in the last 30 years.  
  • Sauternes has faced a 90% decline during the same period. 
  • Pomerol has significantly outpaced Saint-Émilion, partly due to its compact size and luxury appeal.

The American Association of Wine Economists has released data on the evolution of Bordeaux vineyard prices from 1991 to 2023. Over this period, Bordeaux has become the centrepiece of a thriving, regulated wine investment market.

Global demand for Bordeaux wines has fueled remarkable growth, with top estates achieving iconic status as luxury brands. A 2011 valuation revealed that over 50 of Bordeaux’s leading châteaux belong to the €50 million club, with a combined market value exceeding €15 billion.

In the past two decades, Bordeaux fine wine prices have risen by an average of 200%, accompanied by significant increases in vineyard prices in its most sought-after appellations.

This article delves into the shifting dynamics of Bordeaux’s wine industry, examining their impact on vineyard prices and the contrasting trajectories of key sub-regions like Pauillac, Sauternes, Pomerol, and Saint-Émilion.

American Association of Wine Economists Bordeaux vineyard prices

Pauillac’s extraordinary growth

Pauillac’s vineyard prices have experienced extraordinary growth over the past three decades, surging by 700.6% from €374,700 per hectare in 1991 to €3 million in 2023. The region is home to the First Growths Lafite Rothschild, Latour, and Mouton Rothschild.

When compared to other regions, Pauillac’s relatively small size – spanning approximately 1,200 hectares under vine – is a key factor contributing to its high vineyard prices. This limited vineyard area, combined with the prestige of its châteaux, creates a scarcity effect that drives up demand and valuation. Despite its compact footprint, Pauillac has managed to consistently dominate the fine wine market.

The rise of Pauillac aligns with the global increase in demand for fine Bordeaux wines, particularly during the 2000s and early 2010s, when new markets like China became major consumers. However, this growth has slowed in recent years. This could stem from market saturation, with collectors shifting their attention to other Bordeaux appellations or entirely different regions such as Burgundy and Champagne. 

The decline of Sauternes

In stark contrast to Pauillac, Sauternes has suffered a decline, losing nearly 90% of its vineyard value since 1991. Once valued at €293,000 per hectare – higher than Saint-Émilion at the time – Sauternes vineyards are now priced at around €30,000 per hectare, according to AAWE. This fall can largely be attributed to waning consumer interest in sweet wines.

The production costs associated with Sauternes, which involve the labour-intensive process of harvesting botrytised (noble rot) grapes further compound the issue. While top producers like Château d’Yquem continue to uphold the region’s reputation, the broader market for Sauternes is facing challenges due to changing consumer preferences.

Pomerol and Saint-Émilion: a tale of two trajectories

Pomerol and Saint-Émilion present an interesting comparison, with Pomerol emerging as a high-growth luxury niche and Saint-Émilion maintaining steady performance. From 1991 to 2023, Pomerol vineyard prices rose by 213.4%, reaching €2 million per hectare, while Saint-Émilion saw only a modest 14.7% increase to €300,000 per hectare. These differences can be explained by several key factors.

  1. Size and scale

Saint-Émilion spans a vast 5,400 hectares, compared to Pomerol’s much smaller 800 hectares. This sheer scale means Saint-Émilion includes a wide range of producers, from elite châteaux like Cheval Blanc and Ausone to lesser-known estates producing more affordable wines. In contrast, Pomerol’s compact size results in a higher concentration of prestigious vineyards, with fewer smaller players to dilute its overall market perception.

  1. Classification systems

Saint-Émilion’s classification system – updated every decade – categorises its estates into tiers such as Premier Grand Cru Classé A and B, and Grand Cru Classé. However, the frequent use of the “Grand Cru” designation (applied to over 60% of the region’s wines) might work against it, and partly diminish the exclusivity of this title.

Conversely, Pomerol lacks any formal classification system, allowing individual estates like Pétrus and Le Pin to dominate through their reputations alone. This lack of stratification has paradoxically bolstered the region’s image as a luxury appellation. Its reputation as a source of small-production, Merlot-dominant wines has further cemented its status as a ‘cult’ appellation among collectors and investors. 

  1. Smaller players and price dilution

Saint-Émilion’s large number of smaller, lesser-known producers contributes to its lower average vineyard price. These producers often operate outside the Grand Cru Classé system, pulling down the overall valuation of the region. In Pomerol, the scarcity of vineyards and the dominance of high-profile estates create a ‘halo effect’ that supports consistently high valuations, even for lesser-known properties.

Implications for the wine investment market

The contrasting trajectories of Bordeaux’s appellations highlight the complexity of the fine wine investment market. Pauillac’s recent plateau demonstrates that even the most prestigious regions are not immune to market saturation, while Pomerol’s steady growth underscores the enduring appeal of scarcity and exclusivity. In contrast, Sauternes illustrates the vulnerability of regions reliant on shifting consumer preferences. However, renewed efforts by producers to embrace sustainability, innovation, and rebranding may help revive interest in sweet wines and mitigate some of these challenges.

Despite fluctuations, Bordeaux’s iconic estates and global reputation remain a cornerstone of the fine wine market. For investors and collectors, navigating the nuanced landscape of vineyard prices and evolving market dynamics will be crucial to securing long-term success in this ever-changing industry.

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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Mouton Rothschild: 2022 label and market performance

Mouton Rothschild 2022 wine bottle label
  • The 2022 Mouton Rothschild label has been revealed. 
  • Mouton Rothschild is the best performing First Growth over the last decade. 
  • The wine has also outperformed the Liv-ex 100 and Bordeaux 500 indices.

Unveiling the 2022 label

Bordeaux First Growth Château Mouton Rothschild revealed its 2022 label design on December 1st.  Created by French artist Gérard Garouste, the original artwork commemorates the 100th anniversary of Baron Philippe de Rothschild’s leadership at the family estate. 

The label showcases the château’s iconic front wall and a grapevine, elegantly framed by a portrait of Philippe de Rothschild and a ram, his signature emblem.

The tradition of artist-designed labels began in 1945, when Baron Philippe de Rothschild marked the end of World War II with a special artwork featuring a ‘V’ for victory, designed by Philippe Jullian.

As previously explored, this practice has significantly enhanced Mouton Rothschild’s collectability, and the wine’s value has typically risen in the month following the label reveal. 

Mouton Rothschild 2022 wine bottle label

Mouton Rothschild: ahead of the pack

While the artist designed labels alone are not the key drivers of Mouton Rothschild’s investment performance, the wine does lead the way among its peers. It is the best performing First Growth over the last decade. 

Mouton Rothschild prices have risen 50.3%, compared to 42.3% for Margaux and 36.9% for Haut-Brion. Both Lafite Rothschild and Latour have increased by close to 30% over the same period.

Bordeaux First Growths Wine chart

From the market’s low in June 2014 to its peak in September 2022, Mouton Rothschild recorded a 76% increase. It was the first First Growth to recover from the correction following the China-driven wine boom. 

During the recent market downturn, Mouton Rothschild has exhibited relative resilience. Prices have fallen 13.8% since its peak. Only Haut-Brion has seen a smaller decline of 13.1%. The biggest faller has been Lafite Rothschild, down 22.8% since September 2022. 

Mouton Rothschild and the broader market

Mouton Rothschild is also nicely positioned in the broader wine investment market. It has outperformed the industry benchmark, the Liv-ex 100 index, which is up 40.9% over ten years. It has also fared better than the Liv-ex 50 (17.5%), which tracks the price movements of the First Growths, and the broader Bordeaux 500 index (27.8%).

Mouton Rothschild performance

Mouton Rothschild has demonstrated consistent strength in the fine wine market, supported by its established history and strategic positioning. The estate’s practice of commissioning artist-designed labels has enhanced its collectability, strengthened by its reputation for quality.

The release of the 2022 label marks another milestone in the estate’s history. Mouton Rothschild’s performance, both in terms of relative resilience during market downturns and long-term growth, highlights its role as a reliable component in a well-diversified wine investment portfolio.

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 wine investment regions in 2024

Super Tuscan wine region Italy
  • Italy’s market performance has been the most resilient across all fine wine regions.
  • Burgundy prices have fallen the most in the last year. 
  • Champagne is showing consistent signs of recovery.  

The market downturn has affected all fine wine regions, arguably making it a great time to invest while prices are low. Today we take a deep dive into the performance of individual regions – identifying the most resilient markets, the best opportunities, and the regions offering the greatest value.

Italy: the most resilient market

Prices for Italian wine have fallen 4.1% in the past year – less than all other fine wine regions. By comparison, fine wine prices have fallen 11.6% on average, according to the Liv-ex 1000 index. 

Italy’s secondary market has been stimulated by high-scoring releases, like Sassicaia and Ornellaia 2021. Beyond the Super Tuscans, which are some of the most liquid wines, the country continues to offer diversity, stable performance and relative value. 

Some of the best-performing wine brands in the last year are Italian – all with an average price under £1,300 per 12×75, like Antinori Brunello di Montalcino Vigna Ferrovia Riserva (£1,267, +38%).

Other examples under £1,000 per case include Le Chiuse Brunello di Montalcino (+28%), Gaja Rossj-Bass (+27%), and Speri Amarone della Valpolicella Classico Monte Sant Urbano (+25%).

Regional wine indices chart

Burgundy takes a hit

Burgundy’s meteoric rise over the past two decades made it a beacon for collectors, but its steep growth left it vulnerable to corrections. In the past year, Burgundy prices have fallen 14.7%, making it the hardest-hit region. This downturn has released more stock into the market, creating opportunities for investors to access wines in a region often defined by scarcity and exclusivity.

Wines experiencing the largest declines include include Domaine Jacques Prieur Meursault Santenots Premier Cru (-41%), Domaine Arnoux-Lachaux Nuits-Saint-Georges (-35%), and Domaine Rene Engel Clos de Vougeot Grand Cru (-28%). For new entrants, these price drops offer a rare chance to acquire prestigious labels at relatively lower costs.

Champagne: on the road to recovery

Champagne has changed its trajectory over the last year: from a fast faller like Burgundy to more consistency and stability. While prices are down 10.6% on average, the dips over the last few months have been smaller than 0.6%. The index also rose in February and August this year, driven by steady demand. 

Some of the region’s most popular labels have become more accessible for buyers like Dom Perignon Rose (-14%), Philipponnat Clos des Goisses (-13%) and Krug Clos du Mesnil (-12%).

Meanwhile, the best performers have been Taittinger Brut Millesime (+29%) and Ruinart Dom Ruinart Blanc de Blancs (+28%), which has largely been driven by older vintages such as the 1995, 1996 and 1998.

The fine wine market in 2024 reflects a unique moment of transition. Italy’s resilience, Burgundy’s price corrections, and Champagne’s recovery illustrate a diverse set of opportunities for investors. With prices across the board at lower levels, this could be an ideal time to diversify portfolios with high-quality wines from these regions, anticipating long-term growth as the market stabilises.

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.