The Liv-ex February Market Report reflects a notable uptick in activity following December’s festivities. Compared to December, trade count increased by 12.3%, trade volume rose by 37.0%, and trade value grew by 13.4%. A more interesting comparison can be made with January 2024, where trade count was up 23.6%, volume increased by 41.5%, and value rose by 13.0% year-on-year.
The topics covered in the report:
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.
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