The mid-year financial snapshot of the global fine wine market paints a somber picture, as reported by the latest Liv-Ex data and analyzed by WineNews.
All major Liv-Ex indices—the industry's most recognized benchmarks for the secondary market—posted losses in the first six months of 2025. More strikingly, almost all have suffered double-digit declines over the past twelve months, reinforcing the bearish trend that has gripped the fine wine sector.
Liv-Ex 100 and 1000: Across-the-Board Losses
The Liv-Ex 100, the platform’s flagship index tracking the performance of the most traded wines, is down -4.9% year-to-date and -10.5% over the past year. This decline reflects a continued market correction following several years of bullish growth, with broader economic pressures and changing investor behavior weighing heavily on collectible wine prices.
Similarly, the Liv-Ex 1000—the platform’s most comprehensive index—registered a -4.7% drop in the first half and a -10.1% fall over twelve months, underlining the global breadth of the downturn.
France Under Pressure: Burgundy, Bordeaux, and Champagne
Key regional sub-indices within the Liv-Ex 1000 show how widespread the correction is. The Burgundy 150 dropped -5.6% in H1 2025 and -11.3% year-on-year, the Bordeaux 500 fell -5.6% and -12%, and even the formerly buoyant Champagne 50 slid -4.9% in H1 and -9.7% over the year. Notably, the Champagne index was the only one to show a modest monthly gain of +0.8% in June 2025, hinting at a possible stabilisation.
Italian Wines: Resilience Amid the Decline
The Italy 100, while not immune to losses, continues to perform relatively better than its French counterparts. It recorded a -3.3% drop since January and an -8% decline year-on-year. Composed of benchmark Italian labels—Barolo by Bartolo Mascarello, Barbaresco by Gaja, Monfortino Riserva by Giacomo Conterno, and iconic Super Tuscans like Sassicaia, Solaia, Tignanello, Ornellaia, and Masseto—this index showcases the enduring global interest in Italian fine wines.
Among the Liv-Ex 100 constituents, only a few Italian wines are currently in positive territory. These include:
- Barbaresco 2019 by Gaja: +4.5%
- Solaia 2021 by Marchesi Antinori: +2.5%
- Ornellaia 2021 by Frescobaldi: +1.9%
Tignanello 2021 and Soldera Case Basse Toscana IGT 2019 are hovering just above break-even.
In the Italy 100, standouts include:
- Barolo Falletto Vigna Le Rocche Riserva 2014 by Bruno Giacosa: +48.9%
- Soldera Case Basse Sangiovese IGT 2011, 2013, and 2014: each up around +11%
These gains reflect not only scarcity and collector appeal but also market confidence in the long-term value of these iconic labels.
A Market in Transition
The Liv-Ex data underscores a fundamental shift in the fine wine market, where buyers are increasingly selective, and pricing is being recalibrated. Macroeconomic headwinds—ranging from inflation and interest rate hikes to shifts in luxury consumption habits—are likely influencing investor sentiment.
Italy’s relatively softer losses and select outperformance suggest that the country’s premium wines may be acting as a haven in turbulent times. However, the overall downward trend points to a cautious market looking for stability and renewed demand before a potential recovery.
Source: WineNews