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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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Understanding Burgundy’s quality and ownership divisions

Burgundy wine region

Following on from our guide on Burgundy’s sub-regions, we turn our focus to the region’s quality and ownership divisions, which are equally integral to understanding what makes Burgundy’s wines so exceptional.

Quality divisions

Grand Cru
At the pinnacle of Burgundy’s wine hierarchy are the 33 Grand Crus, which represent around 2% of total production. These wines are the epitome of excellence, with yields restricted to a maximum of 35 hectolitres per hectare (hl/ha) and often far lower. Revered for their age-worthiness, these wines generally require five to seven years to begin showing their potential, with many capable of aging for decades. Grand Cru wines are among the most prestigious and collectible in the world.

Premier Cru
Premier Cru wines, comprising 12% of Burgundy’s production, are crafted from 640 officially recognized superior vineyard sites. With permitted yields of up to 45 hl/ha, these wines showcase the terroir’s expressive character. They typically require three to five years of aging but can develop even greater complexity with extended cellaring. These wines are highly regarded by connoisseurs for their balance of quality and accessibility.

Village Wines
Village wines account for 36% of Burgundy’s production and are produced under 44 communal appellations. These wines can be blends from various vineyards within a village or from single, unclassified plots. With a yield allowance of 50 hl/ha, Village wines offer excellent value for money and are known for their approachable nature. While they are often enjoyed young, many can be aged for two to four years or more, depending on their origin and vintage.

Regional Appellations
Regional appellations, collectively known as Vin de Bourgogne, make up nearly half of Burgundy’s total production. With yields of up to 70 hl/ha for reds and 75 hl/ha for whites, these wines are ideal for everyday enjoyment. While they lack the investment potential of higher classifications, they offer an accessible introduction to the region’s styles and are valued for their straightforward appeal.

Ownership Divisions

Monopoles
Monopoles are vineyards with a single owner, a rarity in Burgundy where fragmented ownership is the norm. There are fewer than 50 monopoles in the entire region, and many are associated with some of the most iconic wines. Examples include Domaine de la Romanée-Conti’s Romanée-Conti, Domaine du Comte Liger-Belair’s La Romanée, and Domaine du Clos de Tart’s Clos de Tart. These monopoles exist across Grand Cru, Premier Cru, and Village levels, and their exclusivity adds to their allure.

Domaine Wines
A domaine refers to an estate that grows its own grapes and produces its wine in-house. This approach allows the producer complete control over viticulture and winemaking, ensuring consistency and quality. Domaine wines are highly esteemed for their reflection of the estate’s unique terroir and meticulous craftsmanship. These wines are considered benchmarks of Burgundy’s artisanal winemaking tradition.

Négoce Wines
A négociant is a merchant who sources grapes, juice, or finished wine from growers and produces wine under their own label. While some perceive négociant wines as inferior, many are of exceptional quality due to the long-standing relationships between négociants and growers. This collaborative model enables access to fruit from top-tier vineyards, allowing skilled winemakers to craft extraordinary wines. Prestigious négoce producers, such as Maison Leroy, often rival their domaine counterparts in quality and acclaim.

Looking for more? Read our Burgundy Regional Report, which delves into the fundamentals of this fascinating region and the development of its investment market.

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Understanding Burgundy’s regional divisions

Burgundy France wine region

Burgundy – a region synonymous with some of the world’s finest wines – is a patchwork of complexity. Its intricate divisions span geography, quality, ownership, and production. Among these, the regional distinctions are perhaps the most foundational, forming the backbone of Burgundy’s identity as the most expensive fine wine region in the world. Today, we explore the five distinct regions of Burgundy, each offering a unique contribution to the region’s storied reputation.

Regional divisions

Burgundy is divided into four contiguous regions and one satellite. Although Beaujolais is geographically sometimes considered part of Burgundy, administratively it forms part of the Rhône region. The total area is around 30,000 hectares under vine, of which more than 80% is subject to some form of AOC classification. From this, Burgundy produces around one quarter of the volume of wine made in Bordeaux’s commensurate with a significantly smaller area under vine.

Chablis (Satellite)

The historic town of Chablis is located a mere two hours from Paris. The town and its historic vineyards live up to their reputation of creating a high calibre of Chardonnay.

Whether it is the limestone soil, the reticence towards oak ageing or the mineral quality that make the wines from the region so unique, the result is the same: the wines of Chablis are like no other. The area lay underneath a vast tropical sea some 200 million years ago that slowly transformed the seabed into limestone soils. Absorbing deposits of fossilised marine life — particularly seashells — those remnants live on in the rich, mineralised soil that is the region’s premier advantage.

Chablis is divided into four categories of excellence. In descending order, they are: Chablis Grand Cru, Chablis Premier Cru, Chablis and Petit Chablis. Grand Cru production is small and elusive; only seven ‘climats’ running parallel to the Serein River are elevated to Grand Cru status. These wines have low production and high price tags. In contrast to Grand Cru’s seven ‘climats’, Premier Cru claims 40 vineyards, including the highly desirable Vaillons, Montmains, Fourchaume and Vaulorent sites. Chablis is the most predominant appellation, with Petit Chablis, while still being praiseworthy, ranking last among the four.

Côte de Nuits

The Côte de Nuits is home to many of the greatest names in Burgundy wine. Situated in the Northern part of the Côte d’Or, it produces largely red wines and is a true paradise for Pinot Noir, accommodating a tremendous number of legendary Grand Crus. The terrain is essentially a narrow strip of hillside, sometimes just 200m wide, and the Grand Crus that adorn it are some of the smallest appellations in France.

The region has a rich history. As far back as the third century AD, viticulture has featured in the Côte de Nuits thanks to the Romans. Though a challenging terroir to manage, the wines of the area were the envy of the Roman Empire. Later on, under the care of the Benedictine and then Cistercian orders, the renown of the wines made famous the concept of unique terroir and its impact on expression. In the 17th century, much of the area came under ownership through the outlandish bidding wars of the bourgeoisie, but the French Revolution saw it sequestered and sold to independent ownership.

Its Grand Cru holdings include such internationally revered appellations as Chambertin, Clos Saint Denis, Clos de Vougeot, Échézeaux, Romanée-Conti and La Tâche to name just a few, and the Premier Cru holdings are also high-quality.

Côte de Beaune

The Côte de Beaune is situated around the town of Beaune and produces both white and red wines. Beaune, the second-largest town in the Côte d’Or, has been so closely associated with Burgundy’s wines that, for a time and well before the 1936 appellation was granted, all wines from this region were simply called ‘Beaune wines’. Because it is also based in the geographical heart of the wine trade industry, the area is one of the diverse few that offers a mix of farming and trade. Most of the activity takes place on the western side of Beaune as this is where the vineyards are located.

The appellation has a high proportion of Premier Cru plots, with over 40 ‘climats’ that stretch from north to south, uninterrupted by commerce or residential development. The wines from Beaune are predominantly red, but the trend towards Chardonnay has sparked a new increase in white wine production.

Côte Chalonnaise

Producing both ruby reds and graceful whites, Côte Chalonnaise lies to the south of the Côte de Beaune. A landscape punctuated by hills with southeast facing slopes, hot summers and generally dry weather sees grapes develop with excellent phenolic ripeness. Sharing similar soils to the Côte de Beaune, it is often considered a natural extension of the region.

Vines planted here are predominantly Chardonnay and Pinot Noir but are also home to the Aligoté grape in select areas. The reds are clean and firm and, though austere in their youth, will handle ageing well. Whites are clear and floral with fleshy and lively bodies.

Côte Chalonnaise is home to such celebrated appellations as Montagny, Givry, Mercurey and Rully. Sporting a good number of Premier Cru ‘climats’ among them, these areas have a number of poignant historical claims, including that Givry’s wines were the favourites of the French King Henri IV. In the early 19th century, négociants with vines in Mercurey and Rully hosted a man from the Champagne region. Shortly after, sparkling white wines were produced and Crémant de Bourgogne was born.

Mâcconais

Mâcconais is the southernmost of the five wine-producing regions of Burgundy. It is a pastoral rolling landscape nestled between two valleys. With the Grosne to the West and the Saône to the East, it is home to stony outcrops of monumental proportions.

Historically speaking, the Mâcconais was shaped by its religious significance, with the Benedictine tradition of prayer and labour encouraging the monks of the Abbey of Cluny to cultivate vineyards in 909. Thanks to the wealth generated by these vineyards, which stretched further north than the Abbey’s southern location, another abbey, the abbey of Cîteaux, was later founded in 1098. 

80% of the vines in the Mâcconais are planted as Chardonnay, with the remainder being largely Gamay and, to a much smaller extent, Pinot Noir. With its southern facing aspects it produces wines of tremendously rich and aromatic character and is home to such renowned appellations as Pouilly-Fuissé, Pouilly-Vinzelles, Saint-Véran and Viré-Clessé. 

Looking for more? Read our Burgundy Regional Report, which delves into the fundamentals of this fascinating region and the development of its investment market.