The global fine wine secondary market saw a notable shift this week, with California’s Opus One 2018 topping the charts by both value and volume.
In a week where regional performance fluctuated, Bordeaux maintained its dominance, but the USA posted a strong surge, reflecting evolving buying patterns and collector interest.
Bordeaux Holds the Crown, but Burgundy and the US Push Ahead
Bordeaux remained the leader in overall market share by value, accounting for 33.2% of total trade. The region also had a solid presence in volume, with two wines—Château Duhart-Milon 2015 and Château Pontet-Canet 2017—among the most traded. Notably, Château Cheval Blanc 2000 also featured in the top five wines by value, with its last trade at GBP 8,096 (EUR 9,417), highlighting renewed demand for standout vintages.
Close on its heels, Burgundy secured 28.0% of trade by value. Three of its elite labels ranked among the top five most-traded by value, including:
- Emmanuel Rouget, Vosne-Romanée Premier Cru Cros Parantoux 2007
- Domaine Leroy, Richebourg Grand Cru 2014
- Domaine de la Romanée-Conti, Romanée-Conti Grand Cru, with three vintages (2019, 2014, 2018) changing hands.
Despite multiple 100-point scores from top critics, the Romanée-Conti 2019 has been on a downward price trend, illustrating the market's current pushback even against blue-chip icons amid macroeconomic uncertainty.
Opus One and the Rise of American Wines
In a standout performance, Opus One 2018 led the entire market in both value and volume. Its last trade at GBP 2,888 (EUR 3,359) per 12×75 case reflects a 4.6% increase from its release price. This surge propelled the USA’s market share from 4.1% to 10.7%, a significant jump that signals growing interest in top-tier American wines.
The rising demand for Opus One shows a diversification in buyer focus beyond traditional European powerhouses.
Rhône and Volume Leadership
While Burgundy and Bordeaux dominated by value, it was Clos des Papes, Châteauneuf-du-Pape Rouge 2022 from the Rhône that captured the top spot by volume. Initially released at GBP 732 (EUR 851) per case, it last traded 21.1% lower at GBP 576 (EUR 670), which may indicate opportunistic buying amid softening prices.
Other Movers: Champagne, Tuscany, Piedmont Dip
Elsewhere, market share for several regions fell:
- Champagne dropped to 9.5%
- Piedmont halved from 5.6% to 2.8%
- Tuscany slid to 6.5%
- The 'Others' category declined to 5.5% after two strong weeks
Despite this, Argiano's 2018 Brunello di Montalcino returned to the spotlight, likely driven by its earlier acclaim as Wine Spectator’s Wine of the Year in 2023.
Conclusion
This week’s secondary market activity reflects a nuanced landscape: while Bordeaux and Burgundy remain strongholds, American wines—especially Opus One—are emerging as formidable contenders. Burgundy's elite wines continue to trade despite some pricing fatigue, while Rhône and Tuscany offer value-driven opportunities. As collectors adjust to shifting global dynamics, the secondary market’s spotlight is now broader and more diverse than ever.
Source: Liv-ex