Liv-ex said all of its major fine wine indices showed gains in the first 11 months of 2020, despite concern and uncertainty about the wider economic impact of Covid-19.
The Liv-ex 100 rose by 4.65% and, ‘in November, the index reached its highest level in two years’, said a new annual report from the group, which describes itself as the global marketplace for the wine trade.
It cited increased interest in wine as ‘an alternative asset’, and noted low price volatility. ‘In terms of prices, the fine wine market was a picture of calm,’ it said.
Champagne and wines from Italy led the way in terms of trading. The group said the 10 most traded fine wines by value in 2020, up to 30 November, were:
- Giacomo Conterno, Monfortino Riserva Barolo 2013
- Château Lafite Rothschild, Pauillac, Bordeaux 2016
- Taittinger, Comtes de Champagne Blanc de Blancs, Champagne 2008
- Dom Pérignon, Champagne 2008
- Louis Roederer, Cristal, Champagne 2012
- Tenuta San Guido, Sassicaia, Bolgheri 2017
- Château Lafite Rothschild, Pauillac, Bordeaux 2010
- Antinori, Tignanello, Tuscany 2016
- Petrus, Pomerol, Bordeaux 2016
- Harlan Estate, Napa Valley 2016
As noted by other analysts and also merchants, Champagne and Italy have benefited to some extent via their exemption from the 25% US import tariffs introduced in October 2019.
‘Champagne stood out in terms of price performance, while Italy nearly doubled its market share,’ said Liv-ex.
However, the group also pointed out the excitement surrounding recent and current-release vintages, including Barolo 2016 and Brunello di Montalcino 2015, as well as Champagne 2008 and 2012.
‘Collectors increasingly turned to Piedmont for exclusivity, with the names of Gaja, Giacosa, Conterno, Vietti and Luciano Sandroni making waves,’ Liv-ex said.
‘[Wines from] the USA also had a great year,’ said Liv-ex in its report. ‘It accounted for just 0.1% of trade in 2010. Last year, it reached 2.3%. Year-to-date, it stands at 7%.’
Bordeaux has continued to lose market share to other regions on Liv-ex, despite signs of an uptick in trading this year and a relatively strong 2019-vintage en primeur campaign.
Bordeaux’s share of trades by value on Liv-ex slipped to 42.2% for 2020 so far, versus 54.4% in 2019.
Its share was almost 96% in 2010 and, although Liv-ex does not represent the entire fine wine market, this portrays how the sector has broadened in the last decade.
Overall, the number of unique wines traded on Liv-ex has nearly tripled in five years.