After twelve months of stagnation or decline, the fine wine market may finally be showing signs of stabilizing.
According to the latest data from Liv-ex, the Fine Wine 100 index—the industry’s benchmark for the world’s most sought-after wines—rose by 0.4% in March, closing at 356.72. Interestingly, this is the first monthly increase since March 2023, when the index also recorded a 0.4% gain.
Liv-ex 100: A Modest but Symbolic Rebound
The Liv-ex 100’s movement is a closely watched signal in the fine wine world. Of the 100 wines that comprise the index, 44 saw price increases, 41 declined, and 15 remained flat, suggesting a relatively balanced performance. Notably, Napa Valley wines stood out:
- Promontory 2018 surged by +15.9%,
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Dominus 2019 rose by +5.6%,
indicating growing interest in high-end Californian labels. These gains were reflected in the California 50 index, which dipped by just 0.1%, showing relative resilience in a soft market.
Also making an impact were Sassicaia 2018 and 2019, continuing the momentum from the strong performance of the 2020 vintage in February. Additionally, Clos des Papes 2020 made it into the top risers for the second month in a row—underlining renewed strength in the Rhone.
Fine Wine 1000: Decline Slows, Rhone Shines
The broader Liv-ex Fine Wine 1000 index, which tracks 1,000 wines across all major wine regions, fell by 0.6% in March to 397.75. While still negative, this is a gentler decline compared to February’s 1.3% drop. Among its sub-indices:
- The Rhone 100 posted a 0.4% increase, its first monthly gain since March 2023.
- The Champagne 50 was the worst performer, down 2.2%, with key wines like Taittinger Comtes de Champagne 2013 falling 7.2%.
- The Bordeaux 500 declined 0.8%, mirroring its February performance.
The Rhone 100’s modest gain is especially meaningful. Over the past 12 months, the index has fallen 19.2%, and since the peak in October 2022, it's down 26.6%. Remarkably, it remains the only sub-index to show a negative five-year return at -2.5%, despite signs of renewed interest.
Top March performers within the Rhone 100 included:
- Paul Jaboulet Aîné, La Chapelle 2017 (+12.9%)
- Château Rayas, Châteauneuf-du-Pape 2011 (+12.1%)
Trade value and volume were slightly down from February, but a rise in market exposure—the value of live bids and offers—suggests growing interest and liquidity in the market.
Outlook: Stabilization or Rebound?
While one month does not signal a full recovery, the data shows positive momentum returning to segments of the fine wine market. Certain top-tier wines from Napa, Tuscany, and the Rhone are leading the charge, indicating that collectors and investors may be looking for relative value outside of Burgundy and Champagne.
For now, the Liv-ex Fine Wine 100’s return to growth offers a glimmer of optimism after a year of consistent decline. Whether this marks a broader turning point or a brief reprieve remains to be seen—but in the world of fine wine, such shifts often foreshadow deeper trends.
Source: Liv-ex