- The Liv-ex Fine Wine 100 fell 1.1% in February, sharper that the decline recorded in January 2024. The Liv-ex Fine Wine 1000 fell 1.3% to close at 400.22.
- The Champagne 50 index rose 1.0%, the first monthly rise in movement since October 2022.
- Among the top price performers of the Liv-ex 100 were wines from Tuscany, Napa and Champagne.
The Liv-ex Fine Wine 100, the industry leading benchmark, fell once again in in February, marking the 11th consecutive month of decline for the index. The index fell 1.1% last month, sharper than the 0.3% in January, to close at 355.16.
Looking at the broader market, the Liv-ex Fine Wine 1000 (which tracks 1,000 wines from across the world) declined by 1.3% to close at 400.22, a number last seen October 2021. Among its sub-indices, the Rest of the World 60 recorded the most significant decline, dropping 2.7%. Meanwhile, the Champagne 50 bucked the trend, rising for the first time since the peak of the market in October 2022.
The Liv-ex Fine Wine 50 (which tracks the movement of First Growths and is update dated daily) dipped 0.2% in February, an improvement on its 1.2% fall in January. The Bordeaux 500 (which tracks 500 leading Bordeaux wines) fell 0.8% – again, an improvement on the 1.4% decline recorded the previous month.
February saw an increase in the both the number of brands (LWIN7s) and individual wines (LWIN11s) traded on the secondary market. There was a slight rise in both traded value and volume, as well as exposure (the value of bids and offers on the exchange) compared to the previous month.
The Liv-ex 100 fell 1.1% in February
Three Super Tuscans were among the top performers of in the Liv-ex 100 index, Masseto, Toscana 2019 (+4.9%), Sassicaia, Tenuta San Guido, Bolgheri 2020 (+4.7%) andTignanello, Toscana 2020 (+4.5%).
This was reflected in the Italy 100 which rose a fraction in February. Among the best performers in the Italy 100 were the 2018 and 2020 vintages of Fontodi, Flaccianello delle Pieve, Colli della Toscana Centrale and Gaja, Barbaresco, 2010.
The Champagne 50 rises for the first time in 16 months
All but two of the Liv-ex 1000’s sub-indices fell month on month. Despite a recent uptick in USA trade, notably Screaming Eagle, Cabernet Sauvignon, Oakville, the Rest of the World 60 fell the most severely, dropping 2.7%. The Bordeaux Legends 40 also recorded a similar decline in February, dropping 2.3%.
The Champagne 50 rose for the first time since the peak of the market. Since October 2022, the index has pulled back 22.9%. Does this point to a turn in the Champagne market? Or is this merely dead cat bounce? Time will tell. But it is cheery news in what is otherwise a broadly negative picture.
Salon, Le Mesnil Grand Cru, 2012 and Dom Perignon, Rose, 2009 were the top February price performers in the Champagne 50, recording 19.9% and 11.4% rises respectively.
Looking at the components of the Champagne 50, Jacques Selosse, Millesime 2008 was the top traded by value in February while Dom Perignon 2013 was the top traded by volume.
The table below, measuring market share by value, will come as little surprise. Although it is notable that Selosse continues to make its marque.
What are Liv-ex indices?
The Liv-ex Fine Wine 100 Index is the industry leading benchmark. It represents the price movement of 100 of the most sought-after fine wines on the world’s most active and liquid marketplace from France, Italy, USA, Australia and Spain. Stretching back over 20 years, the Liv-ex 100 is quoted on Bloomberg and Reuters screens.
The Liv-ex Fine Wine 1000 Index is broadest measure of the market. It represents the price movement of 1,000 of the most sought-after fine wines on the world’s most active and liquid marketplace. Stretching back over 20 years, the Liv-ex 1000 is comprised of seven sub-indices from across the world: the Bordeaux 500, the Bordeaux Legends 40, the Burgundy 150, the Champagne 50, the Rhône 100, the Italy 100 and the Rest of the World 60.
All Liv-ex indices are calculated using our Mid Price; the mid-point between the highest live bid and lowest live offer on the market. These are the firm commitments to buy and sell at that price; transactional data rather than list prices. It represents the actual trading activity of 620+ of the world’s leading fine wine merchants. Because Liv-ex doesn’t itself trade, this data is truly independent and reliable.
Source: Liv-ex