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Wines from Armenia and Crimea trade for the first time in 2021

  • Over 11,900 wines traded on Liv-ex in 2021.
  • They came from 86 different regions across 20 countries.
  • Six regions traded on the secondary market for the first time in 2021.

A record number of wines traded on the secondary market in 2021, highlighting the broadening scope of what constitutes a fine wine. Overall, 11,900 different wines traded (as measured by LWIN11), with six regions appearing for the first time.

The number of regions trading has increased exponentially over the years. In 2011, trade spanned 20 regions from 10 countries. By 2016, this rose to 44 regions across 14 countries and in 2021, 86 regions from 20 countries changed hands.

Armenia and Crimea trade for the first time

For the first time ever, wines from Armenia and Crimea* traded on the secondary market in 2021.

Two wines from Crimea’s historic Massandra winery traded. The 1901 Massandra Livadia Red Port changed hands at £1,921 per 3×75 in October. While a single bottle of the 1903 Massandra Red Port sold in January for £995 (1×75).

Zorah Karasi 2018 from Vayots Dzor in Armenia also found the bid at £78 per 6×75 in February.

Old countries, new regions

As reported in our 2021 report, the fine wine market is not just broadening but it is deepening too. Wines from new regions within established countries are increasingly found on the secondary market as buyers search for greater value.

France, for example, still holds the biggest share of the fine wine market at 73.6%. However, for the first time ever, a wine from Savoie traded in 2021. Domaine des Ardoisières Améthyste 2016 changed hands for £303 per 6×75 in June.

Similarly, the market for Italian wine has been broadening with two wines from the north-east finding buyers. Situated south of Lake Garda, Terra Zarina del Lago 2020 from Lugana traded, as did Santa Margherita Pinot Grigio 2017 from Valdadige in the Trentino-Alto Adige.

The market for Portugal is also expanding beyond fortified wines. Falua, Conde Vimioso Reserva 2015 from Tejo traded for the first time in January last year.

*Although controlled and governed as part of the Russian Federation, Crimea is internationally recognised as part of Ukraine.


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 560+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £90m of bids and offers across 16,000 wines. Independent data, direct from the market.

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