The secondary market for fine and premium wines showed clear signs of recovery in October, according to Liv-ex’s latest monthly report, marking its strongest month since the introduction of US tariffs.
Indicators such as value, volume, and transaction count all reached new highs, signaling renewed confidence among collectors and investors in the fine wine market.
All of Liv-ex’s major indices posted gains, with the Liv-ex 100 — the benchmark tracking the most traded fine wines — rising 0.9%, its best performance in months. The Liv-ex 50, Liv-ex 100, and Liv-ex 1000 indices each recorded their second consecutive month of growth, suggesting a sustained upward trend rather than a temporary rebound. The Bordeaux 500, which had struggled for over a year, also saw its first positive movement since March 2023.
Within the Liv-ex 1000, the broadest measure of the fine wine market, 462 wines increased in value, while 141 remained unchanged and 397 declined. Every sub-index advanced in October except for the Rhone 100, which slipped by 1%. The Italy 100 emerged as the top performer, climbing 1.3%, largely driven by the strength of iconic labels such as Sassicaia and Soldera.
Italy Leads the Way
Italian wines continued their strong momentum on the global market. October saw Italian trading activity reach its highest market share since August 2020, accounting for 19.4% of total value traded and achieving its highest absolute value since April 2022.
Among Italian producers, San Guido and Giacomo Conterno were the most traded names of the month. Their wines — particularly Sassicaia Tenuta San Guido Bolgheri 2022 and Giacomo Conterno Barolo Monfortino Riserva 2019 — led both investor attention and collector demand.
In the broader market, other highly traded wines by value included Domaine Leroy Musigny Grand Cru 2009, while by volume, the approachable yet quality-driven Château Poitevin Médoc 2016 and Argiano Brunello di Montalcino 2018 topped the list.
The Role of British Buyers
The report also provided an insightful look at the evolving behavior of British buyers, historically the cornerstone of the global fine wine market. In 2005, they represented 74% of buyers and 76% of purchased volume. By 2010, those shares had fallen to 56% and 55%, respectively.
The celebrated 2009 and 2010 Bordeaux vintages temporarily reignited interest, particularly from both Asian and British buyers, but high en primeur prices and market fatigue with Bordeaux led to a cooling period. Over the past decade, British participation has stabilized at around 30% of total trading volume.
Interestingly, data shows that when prices dip to levels British buyers deem fair, trading volumes rise significantly — demonstrating that they remain highly price-sensitive yet influential. While their market share has declined, their buying influence has diversified across more regions and styles.
Until 2018, Bordeaux represented over half of annual British purchases. Today, its share stands closer to 30%, roughly equal to Burgundy’s. The current top choices among British collectors include Pétrus and Château Lafite Rothschild, while Screaming Eagle Oakville Cabernet Sauvignon has notably surpassed Château Mouton Rothschild to claim third place. Cristal Champagne, Sassicaia, and Romanée-Conti complete the top ranks, underlining a broadening palate among the UK’s fine wine buyers.
A More Diverse Market
Since 2015, the premium wine investment landscape has undergone a steady diversification. The Bordeaux-first dominance of previous decades has gradually ceded ground to Burgundy, Italy, California, and niche appellations producing Barolo, Brunello, and high-end Champagne.
This trend aligns with global shifts in collector behavior, where brand prestige, critic scores, and rarity increasingly drive value — sometimes even more than regional reputation. Bordeaux remains a reference point for fine wine, but it no longer commands the secondary market alone.
October’s results reinforce this evolution: a healthy, more balanced market where investors and enthusiasts are expanding their horizons beyond traditional French regions, and where Italy has emerged as a key growth engine in the fine wine trade.
Source: Vinetur