The Liv-ex January Market Report has been released.
Containing all the latest Liv-ex research and analysis, the full issue includes:
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- Record level of live offers
- ‘On-vintages’ lead First Growth activity
- Major market movers – The Rhone
- Antonio Galloni on Napa Valley 2016
- Final thought: The year that was 2018
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How to access the full report
If you’re a private collector, please log in or subscribe to Cellar Watch. If you’re a fine wine merchant or a member of Liv-ex, please contact your Account Manager or email [email protected] to discuss package options.
You can download page one – with charts and data – here, or read the text below:
Positive outlook
Most asset classes ended the year at their lows after experiencing considerable volatility in the final quarter. By comparison, fine wine was calm and stable, offering mainly positive returns. While trade activity slowed towards the end of the month, a new record level of £26.7m of live offers brought holiday buyers to the market throughout the festive period.
New divisions
Bordeaux made up for its November market share dip by rising from 53.6% to 58.2%. Still, it closed the year below the 60% mark—a new annual low. Burgundy, whose average 2018 share stands at 14.5%, fell in December. After rising last month, Champagne affirmed its place as the third most traded region by value in 2018 at 8.6%. It outperformed Italy, which accounts for a lower 8.1%.
First Growths and ‘on-vintages’
First Growths were active yet again, while the Liv-ex 50, which tracks their daily price movements, dipped by 0.5%. Lafite continued to lead on a brand level, accounting for a third of First Growth trade. The most active Bordeaux wine was another First Growth—Haut Brion 2005. 2005 was also the third most traded vintage, representing 8% of all Bordeaux trade, preceded by 2010 (9%) and 2009 (12%).
Liv-ex indices in 2018
The Liv-ex 100 index, the industry benchmark, closed 2018 on 312.05, down 0.2% on last year’s close. Its biggest risers in December were dominated by ‘on-vintage’ Bordeaux. While the Liv-ex 1000 also dipped last month, it closed the year with an increase of 10%—a new record high. These gains were largely owing to its Burgundy 150 sub-index, which rose by a very impressive 34.9% in 2018.
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