Wine investment: Top-end Tuscan wines buck the trend

Top Super Tuscans – Sassicaia, Tignanello, Solaia, Ornellaia and Masseto – dominate Italian wine trading at Bordeaux Index and its LiveTrade online trading platform (see table), though demand is below a 2022 peak.

‘People continue to like the story [of these wines],’ said Geraint Carter, of Bordeaux Index, noting particular interest in top-rated vintages.

Some prices appeared to have stabilised after rising steeply up to 2022 and falling relatively modestly in the recent market downturn.

Liv-ex, a global marketplace for the trade, said its Italy 100 index dropped 7.2% in value in 24 months to 28 February 2026, but was up 9% over five years.

Tuscany outperformed Piedmont, said Tom Burchfield, head of market intelligence at Liv-ex.

‘Prices for top-end Tuscan wines rose further than Piedmont wines in the upmarket, have been more resilient in the downmarket and early indications are that they might recover more quickly.’

He added, ‘Since August [2025], Tuscan components [of the Italy 100] are up 1.7%, while Piedmont components are up 0.9%.’

No longer overlooked

Carter suggested that further significant price rises for Super Tuscans in the short-term were unlikely, given the ongoing market uncertainty and prior gains. These wines ‘have gone through their transition of being overlooked’, he added.

Burchfield said trading on Italy was ‘quite inconsistent’ in 2026 so far. ‘While there is generally more price stability, we are not seeing buyers really rise up to offers with any haste.’

Tenuta San Guido released Sassicaia 2023 in February. Anna Hickson, brand manager for Tenuta San Guido at UK agent Armit Wines reported high trade interest.

‘Despite the challenging market conditions, Sassicaia continues to be viewed as offering strong value at the premium end of the fine wine market.’

In New York, Lauren McPhate, partner at Tribeca Wine Merchants, described demand for top Italian wines as robust, helped by top vintages, Super Tuscan brand power and also Piedmont.

‘Barolo [and] Barbaresco are always drivers, especially older, harderto-find vintages: 2010, 2016 and bottles reaching back to the 1960s and ’70s are moving with confidence.’

The Bordeaux Index view

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

Tuscany joins the top table

The transformation of Tuscany’s position in the fine-wine market over the past two decades has been truly impressive.

Once a relative bit-part player in a trade dominated by Bordeaux and, to a lesser extent, Burgundy and Champagne, Tuscany is now a consistent mainstay.

This rise has been driven largely by the region’s aristocrats, whose wines have evolved into luxury brands with broad global demand and strong liquidity – a standing built on critical acclaim, improvements in quality and, crucially, a perception of value relative to Bordeaux.

Performance has matched the narrative. Italian icons such as Sassicaia and Tignanello were leading participants in the bull market of the late 2010s and early 2020s, and have proved resilient during the subsequent correction.

Altogether, this represents a striking repositioning, achieved in no small part as Bordeaux spent much of the decade after 2007 eroding its own competitive advantage.

That said, the dominance of the Super Tuscans is unfortunate given the wealth of authentic quality elsewhere across Tuscany and Italy’s other wine regions, much of which remains criminally under-appreciated.

Recent releases suggest producers are aiming to capture a greater share of the upside.

That is understandable, but the lesson from Bordeaux is clear: push too far, too quickly, and the consumer has a habit of pushing back.

Hospices de Nuits-St-Georges ‘100% sold’

In France, auctioneer iDealwine reported signs of ‘strong early confidence’ in Burgundy’s 2025 vintage after all lots sold in the 65th Hospices de Nuits-St-Georges charity auction on 8 March, raising €1.526m in total.

However, only 80.5 barrels were offered in this year’s sale, versus 100-150 in a typical year, said iDealwine.

This reflected limited yields in 2025 – albeit more generous than in the 2024 vintage.

Fine wine diary: Upcoming releases

Bordeaux 2025 en primeur: Critics and journalists will descend on Bordeaux in mid-April to taste barrel samples of the 2025 vintage. The first en primeur releases normally follow shortly afterwards, and the broader campaign can run across May and June. Stay tuned for analysis on quality and prices.

Judgement of Paris collection: In an ‘almost unheard of’ offering for collectors on 1 May, the Nelson-Atkins Museum of Art said it will auction a single lot featuring 10 red wines from the famous 1976 Judgement of Paris tasting. The lot includes overall champion wine Stag’s Leap Wine Cellars SLV Cabernet Sauvignon 1973, plus Mouton Rothschild 1970.

Auction Napa Valley: Tickets have been made available for this year’s Auction Napa Valley weekend in early June. Three new packages for the traditional ‘Napa Valley Barrel Auction’ include a VIP tier that offers a winemaker dinner on the prior evening, said trade body Napa Valley Vintners.

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