The 2025 Liv-ex Classification
Introduction
The Liv-ex Classification, first produced in 2009, determines a hierarchy of the leading labels in the secondary market based on price alone. Inspired by the 1855 Classification, which sorted the wines from the top Left Bank estates from Fifth to First growths based on their price, the Liv-ex Classification initially considered solely Bordeaux. Over time, it has evolved, broadening in 2017 to include wines from all corners of the world.
Given the scope of the wines being considered today and with prices for certain labels rising to great heights (especially in regions such as Burgundy), a minimum level of activity and number of vintages traded over the last year were also required for a wine to qualify.
Methodology
To construct the 2025 Liv-ex Classification, the following methodology was used.
In order to qualify for inclusion in the Classification, a wine must have traded on Liv-ex between 1st July 2024 and 30th June 2025 in either a 75cl or 150cl bottle format. Standard in Bond, Standard En Primeur, Duty Paid trades and Special trades were all considered.
Taking into account only the last 10 physical vintages for each wine, two additional criteria must have been met for a wine to qualify:
- Five or more vintages of the wine must have traded during the period.
- The wine must have traded 12 or more times during the period.
Once a wine qualified for inclusion in the rankings, the average trade price per 12x75cl was calculated by dividing the total value traded by the number of 9L cases traded (ie. total volume traded).
The price bands of each tier are updated every two years to reflect the changing market. This year, we adjusted our price bands in accordance with the performance of the Liv-ex 1000 index – the broadest measure of the market which tracks the performance of wines from across the globe.
Between June 2023 (when we last updated our Classification) and June 2025, the Liv-ex 1000 fell by c.23%, so the price bands for each tier were adjusted accordingly. The lowest price bracket was for the 5th tier (between £284 and £354 per 12×75); therefore, wines that failed to achieve an average trade price of at least £284 per 12×75 did not qualify.
The price bands for the Liv-ex Classification 2025 (and the bands from the 2023 edition) are as follows:
Regional Breakdown
France prevails
Though nine countries are represented, France’s dominance over the market prevails. Burgundy boasts more First Growths than any other region, but is underrepresented amongst the Third, Fourth and Fifth Growths. Bordeaux, on the other hand, is bolstered by its breadth. A total of 106 wines from the region qualified, making up almost a third of the total 332 wines included across tiers.
Italy Strengthens
Italy was the second strongest performer, with 86 wines represented overall, up from 65 entrants in 2023.
‘Safe’ regions prosper
Though France, Italy, the US and Spain all saw a higher number of wines qualify this year than in 2023, other regions performed less well. The number of qualifying Australian wines, for example, fell from five to two. This may reflect a tendency of buyers to move towards safety – better-understood regions — while market conditions are uncertain.
5th Tier
The 5th tier of the 2025 Liv-ex Classification is composed of 18 wines that fall within a price range of £284 – £354 per 12×75. With only three exceptions – Ata Rangi Pinot Noir, Vietti Castiglione Barolo and Antinori Badia a Passignano Gran Selezione – this tier is dominated by Bordeaux. Saint-Emilion Grand Crus, Pessac Cru Classes and Second Growth Second Wines as well as Third and Fourth Growths feature alongside the original 1855 Fifth Growths.
4th Tier
42 wines falling within the £355 – £496 per 12×75 band comprise the fourth tier. It stands as the most regionally diverse band, with 7 countries represented.
Tier 3
The third tier includes 66 wines priced between £497 and £780 per 12×75. Giacomo Conterno’s Barbera d’Alba Francia and Vieux Telegraphe were the largest movers, both rising from the fifth to the third tier.
Tier 2
The second is the largest of the five tiers, including 140 wines from 6 countries.
Though Bordeaux is well represented in the second tier of the classification, they are clustered towards the bottom of the list, highlighting a price disparity between Bordeaux’s top and less highly regarded estates. Champagnes, by contrast, exhibit a wider spread.
The higher priced tier two wines are regionally diverse, and perhaps more obscure than expected. Chave Hermitage, Rinaldi Brunate and Quintarelli Giuseppe’s Amarone Classico, for example, ranked higher than Sassicaia, Solaia and Angelus.
Tier 1
The First Tier comprises 66 wines trading above £2,839 per 12×75. They hail from 5 countries but are dominated by Burgundy, which alone accounts for half of the entries. Clos des Lambrays and Domaine Leflaive’s Puligny-Montrachet, Clavoillon are the only two wines to have moved up from the second tier into the first, though an additional 14 Burgundies that failed to qualify last year now feature. This is likely the combined effect of prices falling and total value of offers increasing: in 2023 a number of these wines would have been more difficult to come by, and, when available, priced out a higher number of buyers.
Domaine de la Romanee-Conti’s influence is clear, with Romanee-Conti, La Tache and Richebourg claiming the top three positions. Romanee-Conti’s average trade price of £172,461 dwarfs all other entries. Wines such as Leroy Musigny or (more controversially) Liber Pater boast higher asking prices, but trade too infrequently to find a place on this list – the market has not demonstrated alignment on a consistent price.
Petrus is in fourth place, well ahead of any First Growths, ranked in order of Latour, Lafite, Margaux, Mouton and Haut-Brion further down the list.
The prevalence of Californians here is also notable. Screaming Eagle (both the flagship and second wine), Harlan, Promontory and Scarecrow all rank higher than any of the original First Growths