Wine investment: Fine wine prices continue to fall
Lethargy has continued to hang over much of the fine wine market in the first half (H1) of 2025, although some rays of light pierced the clouds.
Fine wine prices continued to drift downwards in the six months to 30 June, falling 2.5%-4% across major regions, said international merchant Bordeaux Index and its LiveTrade online trading platform.
Bordeaux fared slightly worse than Champagne and Burgundy, but the picture is nuanced. Younger Bordeaux generally saw steeper price declines, reflecting an oversupply of wine, said Bordeaux Index’s Geraint Carter.
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‘Older vintages held their value better, with some even appreciating.’ (See table below) Weak consumer demand for 2024-vintage en primeur wines added to the pressure on Bordeaux, despite a few successful releases, such as that of Château Lafite Rothschild.
At Liv-ex, a global marketplace for the trade, the multi-region Liv-ex 1000 index has dropped 22% in value in two years.
It was almost back to its June 2020 level, although regional subindices for Champagne, Burgundy and Italy were still up 21.6%, 14.4% and 12.6% respectively over five years.
A complicated picture
Tom Burchfield, head of market intelligence at Liv-ex, said that the market picture was complicated.
He pointed to pockets of price stability, following recent declines, but also said: ‘Current market conditions are largely the result of a severe stock overhang caused by a significant demand:supply imbalance.’
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He said uncertainty surrounding US import tariffs and a weaker US dollar have dampened demand among US trade buyers. Bright spots to trading in the first half of 2025 have included several major auctions and also blue-chip Burgundy (see July issue).
Carter at Bordeaux Index reported increased trading in Super Tuscans, notably Tignanello and Solaia. He added that Château Latour 2016 sold well after being released in March: ‘A case of the right wine, from the right vintage, at the right price.’
Miles Davis, market expert at merchant Vinum Fine Wines, reported signs of ‘Asia reawakening a little after a deep sleep’. He said any talk of the wider market downturn slowing or reversing was premature, however.
‘We’re all happier when the market is going up, but it’s too early to call.’
Fine wine & spirits specialist Bordeaux Index kindly sponsors this section of Decanter, and provides its view on the market here every issue. It can be found at bordeauxindex.com.
With wearying predictability, activity and prices drifted lower again in H1 2025. Young Bordeaux bore the brunt, assailed by a combination of weak demand, excess supply, currency headwinds and a frustratingly misjudged en primeur campaign.
Yet despite 30+ months of falling prices, areas of resilience are in evidence as trade in Super Tuscans, mature Bordeaux and blue-chip Burgundy all held firm – proof that transparent pricing and fair ‘value’ still unlock good demand.
Particularly encouraging have been the hints of recovery in the giant Asian trade, which has been largely absent in the last 18 months or more.
For now, attention turns to sandcastles and sangria, but come September, merchants will return not just relieved to have H1 behind us, but with a sense of optimism that a path clear of the malaise is beginning to emerge.
Floral themed Rare artist bottling
Rare Champagne has launched a very limited-edition set featuring a bottle of Rare Millésime 2014 with a design by artist William Amor and a ‘digital passport’ that offers collectors access to a future release in large format.
Priced at US$1,500, Extra-Ordinary Metamorphosis marks the first time Rare has used a digital passport. Each of the 88 bottles is adorned with a ‘Rosa Peony’ flower designed by Amor and made from repurposed plastic.
The digital passports are linked to the flower and, in 2032, each passport holder will receive a methuselah bottle (six litres) of a Rare rosé Champagne selected by the house’s cellar master, the producer said.
Several high-profile Champagnes have been released in recent weeks, including Bollinger PN TX20, Krug Grande Cuvée 173ème Edition and Pol Roger, Sir Winston Churchill 2018.
Koch cellar auction bucks the recent trend
A Christie’s auction of US billionaire Bill Koch’s cellar has fetched more than $28m, adding to a sense that buyers remain willing to spend big on highly prized bottles.
All lots found buyers in the New York- based auction, which was split across three days. Christie’s said total sales hit $28.8m (£21.4m), and large-format grand cru Burgundy saw particularly intense bidding.
A 6-litre methuselah bottle of Domaine de la Romanée-Conti’s Romanée-Conti Grand Cru 1999 fetched $275,000, including buyer’s premium (high estimate: $160,000).
Six magnums of Domaine Georges Roumier, Bonnes Mares 1985 sold for $200,000 (high e: $85,000). From Bordeaux, six magnums of Château Latour 1961 fetched $187,500 (high e: $110,000), and a 6-litre imperial bottle sold for $87,500 (high e: $45,000).
Beyond France, six bottles of Australia’s Penfolds Grange 1971 sold for $10,625 (high e: $7,000). Koch said: ‘I hope these wines that I have spent years collecting and curating will bring joy and great memories to their new owners.’
Separately, US wine auction house Hart Davis Hart (HDH) reported sales of nearly $42.3m in six months to 30 June – a company record for the first half of a calendar year. Julia Murray, chief marketing officer at HDH, cited confidence in the group among consignors and buyers.
‘Simply put, the market has remained vibrant because buyers are always eager to find well-stored wines with excellent provenance from trusted sources,’ she said.
Disclaimer: Decanter’s Marketwatch pages are published for informational purposes only and do not constitute investment advice. Wine prices may vary and they can go down as well as up. Seek independent advice where necessary and be aware that wine investment is unregulated in several markets, including the UK.
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Chris Mercer is a Bristol-based freelance editor and journalist who spent nearly four years as digital editor of Decanter.com, having previously been Decanter’s news editor across online and print.
He has written about, and reported on, the wine and food sectors for more than 10 years for both consumer and trade media.
Chris first became interested in the wine world while living in Languedoc-Roussillon after completing a journalism Masters in the UK. These days, his love of wine commonly tests his budgeting skills.
Beyond wine, Chris also has an MSc in food policy and has a particular interest in sustainability issues. He has also been a food judge at the UK’s Great Taste Awards.