- Bordeaux led weekly trade, extending its lead on Burgundy
- After a quieter week following the presidential election, US buyers retook the lead as the most significant buying geography
Bordeaux extended its lead of the market this week, taking 36.2% of trade value. Petrus was the region’s top-traded producer, with the 2021, 2020, 2019, 2016, and 2009 changing hands. Château Lafite Rothschild was Bordeaux’s second-top traded producer. The 2021 vintage of the Grand Vin traded at £3,908 per 12×75, 2.2% below its ex-château release price (€390 per bottle).
Burgundy fell back this week, with 22.4% of trade value, down from last week’s close (27.7%). Similarly to last week, Domaine de la Romanée-Conti took the lion’s share of Burgundy trade (24.1%). DRC was also the top-traded producer by value of any region. Prieuré-Roch had a strong week with Nuits-Saint-Georges Premier Cru, Vieilles Vignes 2022 and Gevrey-Chambertin Premier Cru, Vieilles Vignes 2022 trading in good volumes at £2,384 and £2,400 respectively per 12×75.
Champagne increased its share this week, with 15.9% of trade value. In the week that saw the first offer for Louis Roederer Cristal 2016 go live, the 2015 vintage was Champagne’s top-traded wine by both value and volume. It last traded at £1,730 per 12×75, and there is plenty of volume offered on the market from £1,746. The 2016 is being offered in 6 packs at a 12×75 equivalent price of £2,124, a 22.8% premium to the 2015. Antonio Galloni (Vinous) has awarded both vintages 96-points.
Liv-ex bids and offers for Louis Roederer Cristal 2015
Tuscany’s share of trade was flat on last week (9.5%). Antinori took 27.8% of the region’s trade value. Tignanello 2021, Wine Spectator’s number 3 ranked wine of the year, and 2020 both traded in decent volumes at £2,368 and £2,140 respectively per 12×75.
Piedmont increased its share to 4.9% from a close of 4.1% last week. While the region has recently been buoyed by high volume trades of Produttori del Barbaresco, this week saw higher value trades of Cavallotto Barolo, Bricco Boschis San Giuseppe Riserva 2013 and 2010 result in the Barolo producer being the region’s top-traded estate. The 2013 last traded at £1,280 per 12×75, and the 2010 at £1,400.
Breakdown of buyer geography
Having presumably shifted focus to the presidential election last week, US buyers have since returned in force, accounting for 34.5% of trade over the past seven days. With the threat of tariffs at the forefront of everyone’s minds, we will be closely monitoring US buying behaviour in the lead up to Trump’s inauguration.
While European buyers accounted for a lower percentage of total trade this week (22.5% compared to 29.8% last week), in nominal terms they were more active.
Across the board, the number of buyers has grown in recent weeks, likely driven by record offer exposure and price levels that are starting to fall low enough to entice bids.
What were the week’s top-traded wines?
Cristal 2015 was this week’s top-traded wine by value. The past month has seen an uptick in trading activity, with all trades occurring between £1,734 and £1,756 per 12×75, c.32.9% below the ex-London release price (£2,600).
Liv-ex trades of Cristal 2015
Non vintage Champagne in the form of Krug Grande Cuvée 171ème Edition was the second-top traded wine by value. This was thanks to one large trade of 50 packs of 6×75 at an equivalent 12×75 price of £1,580. With Liv-ex’s recently released regional benchmarks (available to Silver+ members), we can see how this differs to the current best listed price in key markets.
Liv-ex Regional Benchmarks of Krug Grande Cuvée 171ème Edition
Château Léoville Las Cases 2018 was this week’s third top-traded wine by value. While the 2018’s Market Price has found support in recent months at its ex-négociant release price (€180 per bottle), this week saw a deal for 19 cases struck at £1,730, 9.0% below the ex-négociant price.
Liv-ex trades of Léoville Las Cases 2018
Top-traded wines by volume
Fattoria Le Pupille Saffredi 2021 has recently been trading in high volumes. This week it was the turn of the 2022 vintage, with US buyers accounting for all purchases.
Weekly insights recap
This week, Liv-ex members were sent the November Marker Report, which discussed Chablis, Sassicaia, and who currently benefits from Bordeaux En Primeur. Liv-ex also published a Market Update on wines trading below their ex-château release prices. Analysis of Neal Martin’s recently released Bordeaux 2020 re-ratings was also published. A Liv-ex Insider video discussing the logistics of fine wine trading was also released.
Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real-time activity of Liv-ex’s 620+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £140m of bids and offers across 20,000 wines.
