- All of Liv-ex’s major indices, except for the Italy 100, declined in January.
- Bordeaux did not fare well, with the Second Wine 50 coming in as the worst performing sub-index.
- The Italy 100 rose 0.6%, led by its Piedmontese components.
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% in January to close at 326.1. The index is approaching a key support level – the convergence of the Lower Bollinger Band and its 2018 peak (3.4% below it’s current level at 315). The Lower Band has been flattening over the past few months, this decreased volatility somewhat protecting the index from further downward price swings.
Château Pontet-Canet 2019 was the index’s top performer, its Mid Price increasing by 12.7%. Since reaching its lowest-ever trade price of £567 per 12×75 in November 2024, trade prices have been trending upwards seemingly consolidating around the £600-£650 zone, flat on its ex-negociant release price of €58/btl (then equivalent to £622 per 12×75).
Liv-ex trades of Château Pontet-Canet 2019
Château Lafleur 2019 and Domaine Leflaive, Chevalier-Montrachet 2022 were the worst performing components, down 15.9% and 12.2% respectively in January.
Looking at the wider market, the Liv-ex Fine Wine 1000 (which tracks 1,000 wines from across the world), fell by 0.9%. The index closed at 362.9, down from its last close 366.2.
Bordeaux did not fare well in January. The Liv-ex Fine Wine 50 (which tracks the 10 most recent physical vintages of the First Growths) fell 1.0%.
The Second Wine 50 was the worst performing index, recording a 1.8% decline. Now well into oversold territory, its Relative Strength Index currently sits at 7.2. This has not, however, generated a buy signal. Prices of the second wines included in this index rose disproportionately to their quality from 2008-2010 and failed to come down sufficiently in subsequent market downturns. Now, they are falling fast, already below their 2010 peak, and approaching 2015 price levels. See here for an in-depth analysis of the second wine bubble.
Bordeaux 500 price performance by vintage
On average, the 2015 and 2019 Bordeaux vintages were the worst month-on-month performers, down 1.2% and 1.1% respectively. In the previous few months, we have seen prices of less notable vintages, such as the 2013, 2017 and 2021, fall quickly. While the 2015 and 2019 vintages are not generally considered Bordeaux’s best, neither fell short on quality. Merchants may have been initially reluctant to drop prices of their ‘on’ vintage stockholdings, but even these are now coming down to meet the market.
Italy 100 up 0.6%
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%).
Changes to the Liv-ex 1000 sub-Indices this month
This month, several changes were made to the indices, to keep them up to date as current and relevant reflections of trading activity on the exchange. The Bordeaux 500 is updated in August every year, as a newly-physical vintage begins to trade. In this review, only the non-Bordeaux 500 component indices of the Liv-ex Fine Wine 1000 were updated.
In the Italy 100, 10 vintages of Fontodi’s Flaccianello delle Pieve were removed, and the 10 most recent vintages of Soldera Case Basse’s 100% Sangiovese added in their place.
In the Rhône 100, Domaine du Pegau, Cuvée Reservee Châteauneuf-du-Pape was removed, and Vieux Telegraphe, Châteauneuf-du-Pape La Crau added.
For the remaining non-Bordeaux Liv-ex 1000 component wines, the most recent vintage was added and the oldest removed (so long as a new vintage had been released).
Changes to the Liv-ex 100
Vintages were updated for most of Liv-ex Fine Wine 100. In addition, Le Pin 2019, Tua Rita Redigaffi 2020 and Domaine de la Chapelle Hermitage 2020 were removed, and Château Cheval Blanc 2020, Clos de Tart 2016 and Soldera Case Basse 2019 were added in their places.
The 2021 vintages of the Tuscan components were added, and the 2011 removed. Each of the index’s most mature Piedmontese components were removed, and the newest added.
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.
