The Liv-ex February Market Report has been published exclusively for members on our Silver package or above. The following is an extract.
Introduction
All of Liv-ex’s major indices, except for the Italy 100, recorded declines in January. All indices are now down over the past one-year and two-year periods. 10 of the 18 indices are down over a five-year period. The Liv-ex Fine Wine 100, the industry leading benchmark, fell 0.4% closing at 326.1.
The Italy 100 was the only Liv-ex index to record a rise in January – up 0.6% following its falter in December. The index has demonstrated resilience to the broader market’s downturn, and with the Italy 100’s bid:offer ratio sticking above 0.5 and currently the healthiest of any index, it would seem that Italy might continue to hold up while others falter. While the Super Tuscans tend to appear more frequently amongst the week’s top –traded wines, it was largely Northern Italian wines that populated the list of best month-on-month price performers. Notably, only one vintage of Gaja’s Barbaresco – the 2019 – recorded a price decrease (down 0.6%).
After December’s festivities, January saw a notable uptick in activity. Compared to December, trade count was up 12.3%, trade volume was up 37.0%, and trade value was up 13.4%. A more interesting comparison can be made with January 2024, with trade count up 23.6%, volume up 41.5% and value up 13.0% compared to last year.
The full report contains additional Liv-ex research and analysis:
- The fine wine market in January
- All of Liv-ex’s major indices, except for the Italy 100, recorded declines in January. At these prices, buyers are finding value — compared to December, trade count was up 12.3%, trade volume was up 37.0%, and trade value was up 13.4%.
- Risers:fallers ratio
- 410 of the Liv-ex 1000’s component wines saw their Mid Prices increase month-on-month — the highest number in the past year.
- Regional market share
- Over the past 10 years, we have seen Bordeaux’s share of the market decline. Until 2019, the region accounted for the majority of annual trade value on Liv-ex. In 2024, Bordeaux accounted for 33.3% of traded volume and 36.2% of traded value. While continuing to lead the market, Bordeaux is no longer the only key player.
- Lessons from previous market cycles – where have we historically found the floor? Nearly halfway through the third year of the current down-market, the wine trade is undoubtedly in need of respite. While set apart by its breadth – none of the Liv-ex 1000 sub-indices has been immune – there are historical instances of this kind of cycle that we can draw inference from. We turn to the Fine Wine 50 from 2009-2014 for hints as to when and how the market might recover this time around.
Liv-ex members on our Silver package or above can access the full report here. To upgrade your package, click here or speak to your Account Manager.
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.
