- Sauternes remains the most traded dessert wine but the market for sweet wines is expanding.
- The number of fortified wines trading on Liv-ex has risen 720% in the past decade.
- Sweet Riesling styles have fuelled trade of German wine on the secondary market.
The secondary market for dessert wines is growing beyond Sauternes, as sweet Riesling and fortified wines attract more international trade.
Rising trade for fortified wines
The number of fortified wines trading on Liv-ex has risen 720% in the past decade, as the wines increasingly find buyers in the US and Asia.
In fact, fortified wines now account for a larger share of the total trade than spirits (by value).
So far in 2021, their trade by value has been dominated by Port and Sherry, which have taken 49% each. The other 1% has been split between Barolo and Madeira.
Madeira, which first traded on the secondary market in 2019, has seen most activity for Blandy’s Malmsey, but there are current offerings of Justino’s and Henriques & Henriques.
Year-to-date, most traded by value has been Toro Albala, Don PX Convento Seleccion, followed by Dow and Taylor’s vintage declarations.
Price performance of the most traded fortified wines 
*made with the Liv-ex Charting tool.
Sweet Rieslings fuel trade for German wines
German wine is a growing category on the secondary market and the sweet styles of Riesling have been the biggest factor behind its success.
Rare Auslese wines have seen the most action. The collectible wines of Egon Müller – which first traded on Liv-ex in 2012 – continue to lead trade by value.
Other Riesling styles like Spätlese, Kabinett and Eiswein are also seeing demand. Joh. Jos. Prüm, Zilliken and Willi Schaefer have been some of the leading producers in terms of secondary market trade.
Price performance of Egon Müller Scharzhofberger’s most traded Auslese’s
*made with the Liv-ex Charting tool.
Sauternes still dominates trade for dessert wines
However, when it comes to dessert wines, Sauternes remains the king. It has taken a larger share of the secondary market than sweet Riesling, Port, Madeira and other fortified wines, largely due to higher prices and global distribution.
It has also benefitted from brands like Yquem, powerful marketing (for example, Château Rieussec recent ‘reimagining’ of Sauternes), the annual En Primeur release campaign and regular critical spotlight. Last month, we highlighted the value offered by its 2001 and 2017 vintages in light of latest critic scores. But there are currently 244 live opportunities across various vintages.
Price performance of Château d’Yquem’s most traded vintages
*made with the Liv-ex Charting tool.
Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real time activity of Liv-ex’s 530+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £80m of bids and offers across 16,000 wines. Independent data, direct from the market.
