The global fine wine secondary market experienced another dynamic week, with Bordeaux reclaiming the top spot in trade by value, driven by demand for two prominent 2014 First Growths.
The region accounted for 32.6% of total trade by value, a slight dip from the previous week’s 35.2%, yet it remained the clear leader thanks to Château Lafite Rothschild 2014 and Château Margaux 2014 featuring among the most-traded wines by value.
The 2014 vintage in Bordeaux has been attracting renewed interest as buyers search for quality wines with favourable price-to-score ratios. In her "Ten Years On" report, Lisa Perrotti-Brown MW rated Château Margaux 97 points and Château Lafite Rothschild 92 points, affirming their potential as value buys amid a maturing vintage landscape.
The 2023 En Primeur campaign officially commenced this week with Château Angludet releasing at GBP 288 (EUR 336) per 12×75, an 11% decrease from last year’s price. The drop raises speculation over whether a broader pricing correction may unfold. First Growth releases are expected imminently, and the market is watching closely for signs of continued value-seeking.
Regional Shifts and Trade Dynamics
Burgundy slipped from 28.0% to 24.0% of trade by value, while Champagne experienced a slight uptick to 13.0%, bolstered by the rare Jacques Selosse Millésime 2008, which featured among the most-traded wines by value. The wine, scored 100 points by Antonio Galloni (Vinous), has shown remarkable price volatility, peaking at nearly GBP 40,000 (EUR 46,710) per case in 2022, though recent trades suggest prices have cooled to under GBP 30,000 (EUR 35,033).
Tuscany emerged as a major gainer, increasing from 9.4% to 12.7% of weekly trade. The region’s icons, Sassicaia 2020 and Tignanello 2020, continued to attract attention. Sassicaia featured on both the value and volume top-traded lists, currently trading at GBP 2,184 (EUR 2,550) per 12×75 — 9.0% below its release price. Tignanello, too, saw steady volume despite its price softening post-release.
Spain’s Rioja maintained momentum, with La Rioja Alta 904 Gran Reserva 2011 once again appearing on both the volume and value trade leaderboards. The wine, released at GBP 420 (EUR 490), remains one of the few consistently trading at its release price — a sign of stability and steady demand.
The Rhône, Piedmont, and the USA experienced modest declines in trade share. Notably, Fratelli Seghesio's Barolo La Villa 1997 brought Piedmont into the volume spotlight, while Château Boyd-Cantenac 2012 provided Bordeaux another volume-driven presence.
In the spirits market, Glenfarclas Highland Single Malt 25YO traded at GBP 748 (EUR 873) per 6×70, reflecting collector interest in older malt whisky.
As the En Primeur campaign progresses, with First Growths on the horizon, all eyes will be on whether the price corrections seen with Angludet set the tone for broader market recalibration — or if this is simply an isolated move. Either way, secondary market participants are actively repositioning, with back vintages, Super Tuscans, and top Champagnes offering a diverse set of opportunities for collectors and investors alike.
Source: Liv-ex