What’s happening in the market?
Chateau Mouton Rothschild 2000 is the top-traded wine of the week so far by value, thanks to trades of Methuselahs. Opus One 2021 is the second top-traded, changing hands between £2,642 and £2,700 per 12×75. By volume, Carmes Haut-Brion 2021 is in first place.
Today’s deep dive: demand for Burgundy increases as overall bid exposure dips
Q1 2025 saw a substantial increase in trade relative to Q1 2024 – traded volumes were up 25.5%, traded value by 6.5% and trade count by 13.6%. While there has been an uptick in market activity, stock has been moving through the market at lower prices. Between March and April, however, trade volumes dropped by 25.4% — the result of the combined effects of Easter holidays and En Primeur tasting week drawing traders from their desks and reactivity to tariff announcements. Nevertheless, April 2025’s trade volumes remain 13.4% higher than April 2024’s. As shown in the table below, however, demand has not been increasing equally between regions.
Burgundy sees steady increase in bid exposure and trade
Between 2023 and 2024, average bid exposure for Burgundy (by volume) fell by 54.2%. This year, however, demand has picked back up, with the daily average increasing by 67.2%. Bid exposure has increased steadily, with May (so far) seeing a 2.7% increase on April, and April seeing a 16.8% increase on March.
In the March Market Report, we highlighted increases in trade of regional Burgundy. While this remains true, we are now seeing buyers begin, again, to find value in the region’s heavy hitters. In 2024, Domaine de la Romanée-Conti accounted for 15.9% of traded value. The brand’s share of Burgundy trade has increased to 19.3% this year. In nominal terms, this represents a 25.4% increase in daily average spend on DRC between 2024 and 2025. Romanée-Conti 2021, for example, has traded relatively actively this year, with SIB cases incurring only a minimal premium to single bottles. For older vintages, prices have dropped below their 2020 levels.
Why is demand up for Burgundy?
Prices of Burgundy have fallen more sharply since 2022 than the broader market. While these prices are now drawing buyers, Champagne’s comparable price drops have recently been met with decreased demand. We have largely attributed this to US buyers pulling their bids over tariff fears. Burgundy is one of the few regions where UK buyers are dominant, accounting for 37.1% of purchased value so far this year. As we await the final word on tariffs, Burgundy may be less fazed by potential outcomes — more reliant on trade between the UK and EU than on ever-changing US rules.
There are over 6000 offers below Market Price for Burgundy on the exchange. Log in to view them here.
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 620+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £140m of bids and offers across 20,000 wines.
