The Liv-ex 100 Fine Wine Index

The Liv-ex 100 Fine Wine Index is the industry's leading benchmark. The value of the index as of 31th December 2008 was 204.92, a fall of 2.2% on the previous month. The index was down -14.6% in 2008. To trade futures on the Liv-ex 100 visit Intrade.

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About the index

The Liv-ex 100 Fine Wine Index is the industry’s leading benchmark. It represents the price movement of 100 of the most sought-after fine wines for which there is a strong secondary market and is calculated monthly. The majority of the index consists of Bordeaux wines – a reflection of the overall market – although wines from Burgundy, the Rhone, Champagne and Italy are also included. The index is calculated using Liv-ex Mid Prices and is then weighted to account for original production levels and increasing scarcity as the wine ages. As such, the index is designed to give each wine a weighting that corresponds with its impact on the overall market.

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How the Index is calculated:

• In order to qualify for the index, wines must have attracted critical acclaim from a leading critic (a 95-point score or above) and attract a regular market on Liv-ex. They must also be physically available in the UK market, so recent vintages that are only trading on an En Primeur basis are ineligible. The wines included in the index are reviewed on a quarterly basis by committee.
• The Liv-ex 100 is calculated using the Liv-ex Mid Price for each component wine. The Mid Price is the most robust measure for pricing wines available in the market and is calculated by finding the mid point between the current highest bid price and lowest offer price on the Liv-ex trading platform. Each price is then verified by our valuation committee to ensure that the number is robust after taking into account all data at our disposal, including merchant offer prices and historical Liv-ex transaction prices.
• The Liv-ex Mid Price for each wine is then multiplied by the wines average production level – such as 20,000 nine litre cases – with this figure gradually reduced as the wine ages. When the wine reaches 25-years from vintage it is removed from the index as available volumes are too low to attract a strong secondary market.