- Tuscan and Champagne trade share rises
- US buyers slip to their lowest share of purchasing in a year
- This week, Liv-ex members were sent an overview of February indices changes, pre-release analysis on Latour 2016, and release analysis on Ornellaia 2022 and Promontory 2020
Tuscany had a strong week, closing with a 12.9% of trade value, well up on last week (8.3%) and the January average (10.6%). Sassicaia 2020 was the region’s top-traded wine, last changing hands at £1,632 / $2,076 per case or €164.3 per bottle.
Bordeaux’s trade share held steady at 34.0%. 2021 was the top-traded vintage by volume. Over the past month, we have seen increasing volumes of the 2021 First Growths changing hands, with trades occurring at significant discounts to their ex-chateau release prices (see Margaux 2021 for example). Conversely, 2019 was Bordeaux’s top-traded vintage by value. Across all Bordeaux trade, the average last trade price for the 2019s was 4.8% above the ex-negociant release price. For the 2021s, the average was 13.6% below the ex-negociant price and just 3.8% above ex-chateau.
Champagne’s trade share increased to 18.1%, just behind Burgundy (20.8%). Dom Perignon trade picked up after a quieter week last week, with the 2013 this week’s top traded wine by both value and volume, last trading at £1,300 / $1,676 per case or €129.1 per bottle.
Breakdown of buyer geography
US buying fell to its lowest level in over a year, taking a 23.3% share of purchase value, putting it behind European and UK buyers (36.6% and 25.1% respectively). With the USD sliding over the past week and an announcement on wine tariffs scheduled for 3rd April, it will be crucial to keep track of US buying patterns in coming weeks.
What were the week’s top-traded wines
Dom Perignon 2013 trade prices have consistently slipped since release, last changing hands 29.0% below its ex-London release price. After the notable step change in release prices for the 2013 and 2015, returns for those who bought those vintages on release now stand in stark contrast to previous vintages. They are the only two recent vintages where a collector would have made a loss buying on release.
Dom Perignon Trade Prices vs ex-London release prices
Trade prices for Sassicaia 2020 have gradually edged lower since its release two years ago. From a high of £2,632 / $3,182 / €252.9 per bottle in October 2023, this week saw its lowest trade price yet, at a 12×75 equivalent of £1,632 / $2,076 / 164.3 per bottle. However, this week’s trade was far from consistent. Over two days, the spread of 6×75 Sassicaia trade prices was 26.1% (or £213 / $275 / c.€42 per bottle), with a 40-pack trade occurring in the middle of the range at £900 / $1,144 / €181.7.
Liv-ex Trades of Sassicaia 2020
Top-traded wines by volume
Domaine Gros Frere et Soeur, Bourgogne, Hautes Cotes de Nuits Rouge 2022 trade is indicative of broader Burgundy trade, with regional wines driving an uptick in trade volume, Premier Cru and Grand Cru volumes lagging behind.
Weekly insights recap
This week, Liv-ex members were sent an overview of February indices changes, pre-release analysis on Latour 2016, and release analysis on Ornellaia 2022 and Promontory 2020.
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.
