In a surprising shift in the secondary wine market, Burgundy emerged as the leader in weekly trade, surpassing Bordeaux and Champagne.
This change marks a notable departure from the norm, as Bordeaux has traditionally held the top position. The week's most traded wines hailed from diverse regions including Champagne, Tuscany, Burgundy, and Provence.
Burgundy's Dominance
Burgundy led the weekly trade with 29.2% of the total trade by value. This significant share was buoyed by high-profile wines from Domaine de la Romanée-Conti, Clos de Tart, Domaine Armand Rousseau, and Domaine Bonneau du Martray. The increased activity in Burgundy wines indicates strong market interest and investment in these prestigious labels.
Bordeaux's Decline
Despite ongoing En Primeur releases, Bordeaux saw a decrease in its trade share, falling from 33.8% to 26.7%. Notably, no Bordeaux wines featured among the most traded by value or volume, contributing to this decline. This drop represents a significant shift in market dynamics, as Bordeaux usually dominates the secondary market.
Champagne's Rising Popularity
Champagne had a good week, securing third place with 17.2% of the trade, up from 12.8% the previous week. This increase is attributed to the strong performance of three Champagnes among the most-traded wines by value: Louis Roederer Cristal 2015, Dom Pérignon 2013, and Salon Le Mesnil Grand Cru 2013. Both Cristal 2015 and Dom Pérignon 2013 also made the list of most-traded wines by volume.
Performance of Other Regions
- Tuscany: The region's trade share remained stable week-on-week.
- Piedmont: Experienced a sharp decline, with trade share halving from 5.1% to 2.6%.
- USA: After a strong previous week, the USA's trade share dropped from 12.6% to 5.6%.
- Others: The ‘Others’ category saw a slight increase, closing the week at 4.0%.
- Rhône: The region’s trade share rose from 1.4% to 2.7%.
Key Trades and Pricing Trends
Champagne's increased trade volume highlights its growing appeal, but it's notable that all three top-traded Champagnes are currently trading below their release prices:
- Dom Pérignon 2013: Released at GBP 1,830 (EUR 2,150) per case, now trading around GBP 1,500 (EUR 1,762) per 12×75.
- Louis Roederer Cristal 2015: Released at GBP 2,600 (EUR 3,054) per case, last traded at GBP 1,842 (EUR 2,164) per 12×75.
- Salon Le Mesnil Grand Cru 2013: Released at GBP 10,980 (EUR 12,898) per case, last traded at GBP 8,520 (EUR 10,008) per 12×75.
These trends suggest that while demand is strong, the initial release prices may not have aligned with market expectations.
Additionally, Sassicaia 2021, which was released at GBP 2,500 (EUR 2,937) per case, has seen its market price fluctuate, peaking above GBP 3,000 (EUR 3,524) before settling at GBP 2,800 (EUR 3,289), up 12% from its release price.
Among the most-traded wines by value was Domaine de la Romanée-Conti, La Tâche Grand Cru 2001. Other notable trades included the 2010 Romanée-Conti Grand Cru and the 1995 Grands Echezeaux Grand Cru.
In the volume category, Domaine Tempier’s 2023 Bandol Rosé and Conti Costanti’s 2019 Brunello di Montalcino were notable mentions, trading at GBP 220 (EUR 258) and GBP 744 (EUR 874) per 12×75, respectively.
Bordeaux En Primeur Releases
The 2023 En Primeur campaign saw several notable releases covered by Liv-ex:
- Château Calon Ségur 2023: GBP 936 (EUR 1,100) per 12×75
- Château Gruaud Larose 2023: GBP 716 (EUR 841) per 12×75
- Pavillon Blanc du Château Margaux 2023: GBP 2,880 (EUR 3,383) per 12×75
- Pavillon Rouge du Château Margaux: GBP 1,440 (EUR 1,692) per 12×75
- Château Margaux 2023: GBP 4,320 (EUR 5,075) per 12×75
- Château Canon 2023: GBP 1,074 (EUR 1,262) per 12×75
- Château Rauzan-Ségla 2023: GBP 720 (EUR 846) per 12×75
- Château Les Carmes Haut-Brion 2023: GBP 912 (EUR1,071) per 12×75
- Château Pavie 2023: GBP 2,784 (EUR 3,270) per 12×75
- Château Giscours 2023: GBP 492 (EUR 578) per 12×75
- Château L’Eglise-Clinet 2023: GBP 2,508 (EUR 2,946) per 12×75
- Château Pichon Baron 2023: GBP 1,234 (EUR 1,450) per 12×75
- Château Phélan Ségur 2023: GBP 370 (EUR 435) per 12×75
- Château Pichon Longueville Comtesse de Lalande 2023: GBP 1,320 (EUR 1,551) per 12×75
- Château Palmer 2023: GBP 2,880 (EUR 3,383) per 12×75
- Château Branaire-Ducru 2023: GBP 386 (EUR 453) per 12×75
Conclusion
This week's trade dynamics underscore the evolving preferences in the secondary wine market. Burgundy's ascendancy, Champagne's rising popularity, and Bordeaux's temporary decline highlight the market's fluidity and the diverse interests of wine investors and enthusiasts. As the En Primeur campaign progresses, it will be interesting to see how these trends develop and what new opportunities emerge for traders and collectors alike.
Source: Liv-ex