- Most Liv-ex indices recorded steep declines in November, Bordeaux hit particularly hard.
- The California 50 and Rest of World 60 were the only indices to record rises, 2.8% and 3.0% respectively.
- Trade volumes remain high as merchants clear stock for end of year.
The Liv-ex Fine Wine 100, the industry leading benchmark, having ticked up slightly (0.1%) for the first time since March 2024 in October, dropped 2.5% In November. Prices of 27 of the index’s components rose, 9 remained unchanged and 64 fell. Screaming Eagle’s Oakville Cabernet Sauvignon 2020, Bartolo Mascarello’s Barolo 2019 and Coche-Dury’s Meursault 2020 were the three top performers
Looking at the wider market, the Liv-ex Fine Wine 1000 (which tracks 1,000 wines from across the world), fell by 1.7% — a steeper decline than last month’s 0.8%. The index closed at 368.36, down from its last close at 374.57.
The California 50 and Rest of the World 60 were the only two indices to record month-on-month rises – a stark contrast to their performance in October, when they came in as the two worst performers.
The Sauternes 50 was the worst performing index month-on-month, falling 3.8%. Still, it remains up 11.7% over a five-year period.
Despite the downward price movements, market participants have remained active — November saw the second highest trade volume of the year so far. In all likelihood, merchants are lowering their offers to meet bids in an effort to clear stock before the end of the year. For those with capital to spare, now may be the time to place bids.
The Italy 100 falters
While the Italy 100 still remains a beacon of stability amidst the wider market’s downturn, this month it fell 2.3%.
For the first time since the index’s inception, it has fallen into oversold territory (indicated by a Relative Strength Index level below 30). With the Bollinger bands relatively narrow, indicating low volatility, prices may still be largely protected from future downward swings.
California and Rest Of The World 60 bounce back
The California 50 recorded a 2.8% increase, largely driven by the strong price performance of Screaming Eagle’s Oakville Cabernet Sauvignon. Of the 10 most recent vintages, only the 2016’s Mid Price recorded a decrease – even then, only a mild 0.6% drop. Produced in tiny quantities, it is unsurprising that volumes traded are generally low. Still, the wine has been trading less than usual – half the quantity traded in October changed hands in November.
The Rest of the World 60 benefitted from the Mid Price rises of its Californian components – Screaming Eagle, Oakville Cabernet Sauvignon and Dominus. While seven vintages of Vega Sicilia recorded price decreases, these drops were generally minimal. Across vintages, the spread of trade prices is unusually wide. The 2010, recording a 7.2% Mid Price increase, has bounced between £3,000 and £3,500 per 12×75 for the past three months.
Liv-ex trades of Vega Sicilia 2010
Bordeaux takes a strong hit
The Left Bank 200 and Fine Wine 50 were the best month-on-month performers of the Bordeaux 500’s sub-indices, down 0.9% and 1.6% respectively. All other sub-indices fell by 2% or more. The 2018 and 2019 vintages had the most entries into this month’s list of fallers – 33 and 35 respectively. The 2013 vintage was hit particularly hard, with 30 falling by an average of 6.7%.
L’Eglise-Clinet 2012 was one of the worst performers month-on-month in the Bordeaux 500, its price falling by 19.4%. Having been re-scored up to 100 points by William Kelley (Wine Advocate) and named his ‘wine of the vintage’ in December 2023, its Market Price rose from £1,386 to £2,350 seemingly overnight. It has now retraced 57.1% of that upward move, sitting at £1,800.
Liv-ex trades of L’Église-Clinet 2012
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 the 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.
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 £100m of bids and offers across 20,000 wines.
