- The fine wine market continued to decline in December 2024, albeit less sharply than in November.
- The Right Bank 100 was the Bordeaux 500’s best performing sub-index, followed by the Right Bank 50.
- The Champagne 50 was the worst performing sub-index, falling 2.1% in December.
The Liv-ex Fine Wine 100, the industry leading benchmark, having dropped 2.5% In November 2024, ticked up 0.2% in December. Prices of 36 of the index’s components rose, 11 remained unchanged and 53 fell. Screaming Eagle’s Oakville Cabernet Sauvignon 2020, November’s top performer in the Fine Wine 100, came in second place in December, up 9.9%. Domaine de la Romanée-Conti’s Richebourg 2019 took the top spot, up 15.1% month-on-month. Over a two-year period, however, it is amongst the index’s worst performers, down 45.7%.
Looking at the wider market, the Liv-ex Fine Wine 1000 (which tracks 1,000 wines from across the world), fell by 0.6% — a milder decline than last month’s 1.7%. The index closed at 366.2, down from its last close at 368.36.
The Bordeaux 500, having taken a series of strong hits in H2 2024, found some stability in December. The Left Bank 200, Sauternes 50 and Second Wine 50 all fell by 0.2% and the Fine Wine 50 by 0.1%. The Right Bank 50 remained flat on last month’s close, while the Right Bank 100, coming in as the top-performing sub-index this month, rose 0.5%. Pomerols performed particularly well. Of the 80 included in the Bordeaux 500, 50 saw their prices rise, putting the sub-region’s average month-on-month price performance at +1.1%.
With a large number of businesses closing their doors over the festive period, it is no surprise that traded value and volume were down from November to December. While traded volume decreased by 13.5%, traded value decreased by just 4.0%. Though there were less buyers present on the market, those who remained active opted for higher-value wines.
Respite for the Bordeaux 500
In November, all of the Bordeaux 500’s sub-indices fell by more than 0.9%. December saw a degree of stability return to the index, which remained flat on last month’s close.
The chart above shows the performance of the Bordeaux 500’s sub-indices over the past five years, alongside the Fine Wine 1000 (in Burgundy).The Right Bank 50 and 100, this month’s best performers, sit below the Left Bank 200, but have outperformed the Fine Wine 50 over this time frame.
Technical analysis of the Right Bank 50
Interestingly, the Right Bank 50 has shown some stability almost exactly at its 2020 low. The index is possibly finding – or at least testing – this potential support. The slightly flattening lower Bollinger Band may also provide the index with some dynamic support in the coming months. Still, with the SMA7 having crossed below the SMA20 in mid 2024 (a death cross) and the Relative Strength Index’s fall into oversold territory not having generated a clear buy signal, further downward price swings cannot be ruled out.
In the Right Bank 100, Château L’Église Clinet had a strong December, with five vintages amongst the index’s top performers month-on-month. The 2016 vintage performed particularly well, up 20.9% to bring its Mid price exactly in line with its ex-negociant release price (£2,227 per 12 x75 / €225/btl).
Liv-ex trades of Château L’Église Clinet 2016
The Champagne 50 correction
The Champagne 50 fell by 2.1% in December, ringing it in as the worst-performing index. As shown in the chart above, the index climbed disproportionately to the market during the 2021 bull run. Thus, it is no surprise that prices are suffering under current market conditions. Nevertheless, since Champagne continues to trade frequently in high volumes, some prices – those of more popular wines — have been protected in the short term by tight spreads. In the case of Louis Roederer’s Cristal Rosé 2013, for example, trade prices have fallen steadily since 2023, but stabilised in Q4 2024 and, in December, ticked up by 8.3%.
Liv-ex trades of Louis Roederer, Cristal Rosé 2013
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.
