- Bordeaux and Burgundy accounted for a larger portion of traded value than last week.
- Guado al Tasso 2022, Pol Roger 2015 and Petrus 2005 were the top-traded wines by value.
- Following the threat of 200% tariffs of EU wines, US buying tailed off towards the end of the week.
- This week, Liv-ex published release analyses for Clos des Lambrays 2023, Tignanello 2022 and Yquem 2022. The March Market Report was sent to Liv-ex members on a Silver+ membership. All Liv-ex members were sent a technical analysis of the Giacomo Conterno Barolo Monfortino index and a look at William Kelley’s recent in-bottle re-scoring of the Bordeaux 2022s.
Bordeaux strengthened its lead of the market, taking a 41.1% share of the market, following a weaker close last week at 34.0%. The 2021 vintage was the top-traded by both value and volume. Particularly following recent poor rescorings, sellers may be more willing to capitulate on the 2021 than other, more critically acclaimed vintages.
Burgundy also took a larger share of traded value than last week, up from 20.8% to 25.6%. Domaine de la Romanée-Conti accounted for 31.0% of traded value, with several vintages of Romanée-Conti Grand Cru and assortment cases changing hands.
Despite Pol Roger, Sir Winston Churchill 2015 featuring amongst the week’s top-traded wines by value, Champagne’s share of trade fell from 18.1% last week to 11.4% this week. Dom Perignon and Cristal took a back seat, seeing less trade than usual.
Tuscany’s share of trade fell from 12.9% last week to 10.1% this week. Guado Al Tasso 2022 was the region’s top-traded wine by value, followed by Sassicaia 2018 and Il Poggione, Brunello di Montalcino 2018.
Piedmont’s share rose from 2.8% last week to 3.9%. Giuseppe Rinaldi surpassed Giacomo Conterno and Bartolo Mascarello as the region’s top-traded producer by value, with several vintages of the Barolo Brunate changing hands.
The US’s share of trade fell to 3.2%, with Promontory and Screaming Eagle neck and neck as the region’s top traded producers.
US buyers exercise caution
With growing economic uncertainty and the threat of 200% tariffs on EU wines, US buying tailed off towards the end of the week. US buyers, who accounted for 35.6% of buying in 2024, took only 14.6% on Thursday following Trump’s threat via Truth Social on Thursday.
In the December Market Report, we detailed the importance of US buyers to the secondary market, and the possible impacts of tariffs on both US and international wine businesses. At the time, 25% tariffs had been proposed. While 200% tariffs seem improbable, it does now appear more certain that impactful tariffs will be imposed – likely beyond the level that can be offset by the US economy’s growth post-stabilisation.
What were the week’s top-traded wines?
Guado al Tasso 2022 was the top-traded wine of the week by both value and volume. Its Market Price has fallen from £940 per 12×75 on its release earlier this year to £846. It traded this week in high volumes at £828, a slight increase on its trades in February between £800 and £816.
Pol Roger, Sir Winston Churchill 2015 came in as the second top-traded wine by value and third top-traded by volume. Having seen minimal trade in February, traded volumes have ticked up significantly, with buyers and sellers appearing to converge around the £1,320 mark.
Liv-ex trades of Pol Roger 2015
Petrus 2005 came in third place. Magnums traded at a 5.6% premium to standard formats this week – seemingly slight in comparison to the likes of Champagne, magnums of which generally incur a c.25% premium. This week’s trades represent a return towards 2021 prices – a level at which Petrus 2005 may find support.
Liv-ex trades of Petrus 2005
Using technical analysis techniques, we can see a bullish divergence forming for Petrus 2005 – while the price index is making lower lows, the Relative Strength Index is forming higher lows. In other words, the bearish trend is losing momentum.
Technical analysis of Petrus 2005
Top traded wines by volume
Weekly insights recap
This week, Liv-ex published release analyses for Clos des Lambrays 2023, Tignanello 2022 and Yquem 2022. The March Market Report was sent to Liv-ex members on a Silver+ membership. All Liv-ex members were sent a technical analysis of the Giacomo Conterno Barolo Monfortino index and a look at William Kelley’s recent in-bottle re-scoring of the Bordeaux 2022s.
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.
