The premium wine secondary market is undergoing a structural transformation, according to new data from Liv-ex, the leading global exchange and analysis platform for fine wine trading.
Since 2010, purchasing patterns have shifted significantly away from traditional red wine dominance toward white and sparkling categories, signaling a broader evolution in collector behavior, investment strategy, and consumption preferences.
A decade of divergence in market performance
Liv-ex data shows a striking contrast in category performance over the past 15 years. The traded value of white wines has surged by approximately 650% since 2010, while sparkling wines have grown even more dramatically, rising by around 1,100% over the same period.
In contrast, red wines—the long-standing cornerstone of the fine wine secondary market—have stagnated. By 2025, total traded value in the red category was approximately 15% lower than in 2010, highlighting a gradual erosion of dominance rather than a sudden collapse.
This shift is not interpreted by Liv-ex as a short-term anomaly or a reaction to isolated market events, but as a deeper structural realignment in how premium wines are selected, traded, and consumed.
Changing investor and consumer behavior
One of the key drivers behind this shift is diversification. Where red wines once dominated portfolios due to their aging potential and prestige positioning, buyers are now spreading allocations across a broader set of styles and regions.
White wines, in particular, have demonstrated resilience during periods of market uncertainty. Unlike more volatile segments, they have maintained relatively stable trading levels even during downturns. Sparkling wines, meanwhile, experienced a sharp surge during the pandemic-era bull market, followed by a correction, yet remain structurally stronger than a decade ago.
This divergence reflects a more selective and liquidity-conscious market environment, where buyers prioritize both prestige and ease of resale.
Burgundy’s rise as the benchmark for white wines
Within the white wine category, Burgundy has emerged as the dominant force. It has effectively become the reference point for white wine trading on Liv-ex, driven by two simultaneous trends: increased trading volume at accessible price points and strong price stability at the top end of the market.
This ascent has come partly at the expense of Bordeaux. Since 2011, the value of Bordeaux white wines traded on Liv-ex has declined by 17.6%, allowing Burgundy to overtake it as the leading white wine category by value in the secondary market.
The shift highlights not only changing regional preferences but also a redefinition of what constitutes “investment-grade” white wine in the eyes of collectors and traders.
Faster consumption horizons shaping demand
According to Sophia Gilmour, market analyst at Liv-ex, part of this structural shift is linked to changing consumption behavior. White wines are generally ready to drink earlier than reds, making them more aligned with modern purchasing habits.
She notes that many premium wine buyers no longer purchase exclusively for long-term cellaring. Instead, a growing share of the market is focused on bottles intended for earlier consumption, which naturally favors white Burgundy and similarly styled wines.
This behavioral shift reflects a broader evolution in wine culture: from long-horizon collecting toward more flexible, experience-driven purchasing.
Sparkling wines: short cycles, strong resilience
Sparkling wines, particularly those in the Champagne category, show a distinct but related dynamic. Champagne benefits from inherently shorter consumption cycles, as these wines are often purchased with near-term opening in mind.
This characteristic helped sustain demand during market downturns, even as other segments faced reduced liquidity and cautious buying behavior. While sparkling wines experienced a correction after their pandemic-era surge, their long-term trajectory remains significantly elevated compared to pre-2010 levels.
A more selective luxury wine market
Overall, the data from Liv-ex points to a more nuanced and selective premium wine market. Buyers are no longer guided solely by tradition, prestige, or long-term aging potential. Instead, liquidity, drinking windows, and adaptability have become central decision factors.
As the secondary market matures, categories such as white Burgundy and Champagne are increasingly defining its direction, while red wines—though still essential—are no longer the uncontested anchor of fine wine investment activity.
The evolution suggests a broader recalibration of luxury wine itself: less static, more dynamic, and increasingly shaped by how and when wines are actually consumed.
Source: Vinetur