Wine investment: Fine wine market stabilising

In general, fine wine prices have continued to stabilise in 2026. ‘Prices have stopped going down and in little niches they have gone up a bit,’ said Geraint Carter, of international merchant Bordeaux Index and the LiveTrade online trading platform.

Major indices at Liv-ex, a global marketplace for the trade, were broadly flat in the four months to 30 April.

Its Fine Wine 50 index, tracking Bordeaux first growths, performed best, rising 0.7%. Miles Davis, market expert at Vinum Fine Wines, with offices in the UK and Asia, reported strong wealthy buyer interest in ‘high octane, rare’ wines, plus resurgent demand in China, despite a ‘dreary’ overall market.

Vinum also sold more Pontet-Canet 2025 than expected as Bordeaux en primeur got underway. Carter characterised the market as ‘challenging’ with bursts of activity.

Top sellers include five-star Bordeaux and middle-aged Champagne (see box, below).

Some LiveTrade bidders have found willing sellers below market prices, yet Bordeaux Index has also sold large format, ex-château stock at surprisingly high prices.

Global consultancy group Knight Frank highlighted a rising thirst for visually appealing, large-format bottles over the past decade.

‘The growing prevalence of glass-fronted wine rooms in prime homes is influencing what collectors buy,’ said its 2026 Wealth Report, citing Liv-ex as a data partner.

Some auction houses have been enjoying a purple patch. Nick Pegna, global head of wines and spirits at Sotheby’s, said: ‘We have really seen a change from September last year onwards. For the year so far globally, we’ve sold 96% of the lots that we’ve offered, which is stronger than we’ve seen for a number of years.’

Collectors are currently seeking out mature, ready-to-drink fine wines at a range of different price levels, he said.

‘There are people happy to buy a £150 bottle of mature Pichon Comtesse, as well as people spending 200,000 [US] dollars on 1870 Lafite, and everything in between.’

However, looking ahead, Pegna echoed other trade members in expressing caution regarding a turbulent geopolitical and macroeconomic environment.

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

First among equals?

Bordeaux’s relative decline in the fine wine market over the past 15-20 years has felt almost inexorable.

In 2010’s China-led buying frenzy, it formed close to 80% of our trade by value; today that figure is nearer 40%.

To traditionalists, this can seem faintly apostatic, but it simply reflects the habits of modern consumers.

The world of fine wine has broadened hugely. Burgundy, Champagne and Tuscany have all improved dramatically in quality, consistency and market prominence.

Consumers now have access to a far wider range of great wines than ever before, and Bordeaux’s dominance was never going to survive unchanged.

Ironically, Bordeaux itself has never been more technically accomplished; the region is producing more delicious and consistent wines across all price levels.

Yet modern tastes aren’t driven solely by quality. Long ageing windows, overt brand orientation and an overall air of seriousness can feel out of step in an age infatuated with immediacy, personality and narratives.

Still, Bordeaux retains unrivalled scale, liquidity and recognition, and a habit of producing extraordinary wines in great vintages. In many respects, it feels less like a fallen empire, more like a ‘first among equals’.

As en primeur rolls on with reduced traction, the challenge is less about reclaiming dominance than showing why the system still deserves consumers’ attention.

Andrew Lloyd Webber and ‘immortal’ Bordeaux lead auction scene

Celebrated composer and musical impresario Andrew Lloyd Webber has auctioned wine cellar treasures via Christie’s in London, raising £517,910 for musical instruments and tuition in schools.

Every lot sold, with a bottle of Château Margaux 1900 fetching £35,000, including buyer’s premium, outpacing a pre-sale high estimate of £7,000. Burgundy’s Domaine de la Romanée-Conti delivered the highest price in the sale, however.

A three-bottle lot of Romanée-Conti Grand Cru 2005 sold for £56,250, including buyer’s premium (high estimate: £45,000).

All hammer proceeds will go to the Andrew Lloyd Webber Programme, which is administered by the Music in Secondary Schools Trust.

It has been another busy period for high-profile auctions generally. In New York, a Sotheby’s auction of ‘immortal’ Bordeaux vintages also saw every lot find a buyer.

Total sales hit $2.1m (£1.55m), $800,000 above the pre-sale high estimate. Flagship lots included two magnums of Lafite Rothschild 1870, a hallowed vintage.

Both came from a well-preserved cellar at Scotland’s Glamis Castle more than 50 years ago. While the first magnum fetched $106,250, including buyer’s premium, the second sold for $200,000 – four times its pre-sale high estimate, Sotheby’s said.

In the UK, Dreweatts auctioned Lord Rothschild’s Stowell Park cellar and again, all lots sold.

A double magnum of Lafite Rothschild 1975 fetched £2,100 (hammer price; high e: £1,500). A six-litre imperial of d’Yquem 1994 fetched £1,250 (hammer price; high e: £800).

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