This week marked a dynamic period in the fine wine and spirits secondary market, with Bordeaux reasserting its dominance.
Yet, in a surprising twist, a bottle of Macallan 81-Year-Old whisky stole the spotlight, setting a new Liv-ex record as the most expensive single bottle ever traded. Against the backdrop of fluctuating regional shares and mixed performances from traditional wine powerhouses, the week was a testament to the evolving preferences and investment strategies of global collectors.
Bordeaux Reclaims Dominance
Bordeaux saw a significant resurgence in trade share, rising from 26.7% to 38.0% by value. This rebound positions Bordeaux once again as the backbone of the secondary market, mirroring its robust showing in May. Fueling this performance were recent vintages of First Growths, notably Château Mouton Rothschild 2017 and Château Lafite Rothschild 2019.
- Mouton Rothschild 2017 traded at GBP 3,850 (EUR 4,576) per 12x75, still below its release price.
- Lafite Rothschild 2019 maintained value, trading at GBP 5,433 (EUR 6,457), slightly above its release price.
These movements reflect investor confidence in Bordeaux’s long-term stability, even when current prices fluctuate.
Burgundy and Champagne Retreat
After strong showings in recent months, both Burgundy and Champagne saw sharp declines:
- Burgundy dropped from 29.2% to 18.5% of trade share by value.
- Champagne declined from 17.2% to 8.0%.
Despite this, Burgundy still managed to place a standout bottle in the top trades:
Échezeaux Grand Cru 2020 traded at a staggering GBP 22,000 (EUR 26,147) per case, underscoring the continued appeal of rare, high-scoring Burgundies despite a broader market correction.
The Macallan 81YO Steals the Spotlight
The headline of the week, however, belonged to the Macallan 81-Year-Old Single Malt, which traded at GBP 115,000 (EUR 136,676) for a single bottle — a new record for Liv-ex. This historic sale helped propel the ‘Others’ category (which includes whisky and spirits) to 17.8% of total trade by value, surpassing Italy and Champagne.
The transaction also signifies a shifting landscape in the secondary market — one where high-end spirits are now vying for space alongside elite wines. For collectors and investors, it opens a new dimension in portfolio diversification.
Italy and the USA: Diverging Paths
Italian wines showed a mixed performance:
- Tuscany dipped to 8.5%, despite a Super Tuscan making it to the most-traded list by volume.
- Piedmont gained momentum, rising to 4.7% of trade.
In contrast, the USA’s market share halved to 2.5%, continuing a downward trend that highlights challenges for American producers in the global secondary market.
Highlights: Most-Traded Wines
By value:
- Château Mouton Rothschild 2017
- Château Lafite Rothschild 2019
- Krug Clos du Mesnil 2008: Despite high critic scores, it now trades at GBP 17,424 (EUR 20,708), significantly below its January 2023 price of GBP 27,480 (EUR 32,660).
By volume:
- Château Pontet-Canet 2020: Traded 28.5% below its release price at GBP 636 (EUR 756).
- Château Pichon Baron 2021: Down 35.6% from release, at GBP 1,320 (EUR 1,569).
These trends suggest strategic buying opportunities for value-seeking collectors and investors.
Spirits & Provence Join the Narrative
The week also spotlighted growing diversity in trade focus. Provence’s Domaine Tempier Bandol Rosé 2023 continued to gain attention, while En Primeur releases like Château Figeac 2023 and Château La Conseillante 2023 entered the market at GBP 1,788 (EUR 2,125) per case, reflecting high initial demand.
Conclusion
This week’s trade on Liv-ex paints a vivid picture of a secondary market in flux. While Bordeaux’s resilience reaffirms its anchor role, the record-breaking sale of the Macallan 81YO whisky demonstrates the rising influence of fine spirits. Meanwhile, regional fluctuations in Burgundy, Champagne, and the USA emphasize the importance of diversification and timing. As investment appetites broaden, market participants must adapt to new categories and shifting dynamics to stay ahead in this ever-evolving sector.
Source: Liv-ex