Liv-ex Blog

Talking Trade 9th January: Haut-Brion 1989 claims 1st place; US share of buying climbs to 30%

Bordeaux led the market this week, while Burgundy claimed the top spot over the festive period.

• Market Intelligence

• Bordeaux led the market this week, while Burgundy claimed the top spot over the festive period.
• Haut-Brion 1989, Unico 2015 and Petrus 2021 were the top-traded wines of the week by value.
• US buying has held steady at 30% over the past three weeks, though trade levels (as expected) have dipped overall.

Bordeaux led the market this week with a 29.8% share of traded value. The 2019 and 2021 vintages were the top-traded by value.

Burgundy followed with an 18.4% share, down on its strong performance over the Christmas period. Clos de Tart 2016 was the top-traded wine by value, coming in fifth place overall.

Champagne came in third place, claiming 12.2% of traded value. While the 2015 vintage was the top-traded by value, 2008s changed hands most frequently. Dom Perignon dominated, though Louis Roederer and Krug also took substantial shares.

The Rhone took a 4.7% share, up from December’s 3.4%. While Rayas has been leading the Rhone 100’s recent upward price movement, E. Guigal was the top-traded producer this week, accounting for a third of its trade.

Both Tuscany and Piedmont had strong weeks, though the former dominated with a 10.9% share of overall trade value, San Guido and Masseto claiming the top positions.

US wines performed relatively well, claiming a 6.4% market share. UK buyers led, taking over half of traded value.

Thanks to Vega Sicilia, making up 60% of trade, Spain’s share rose to 5.5%. Alongside trades of recent vintage Unico, Valbuena and Alion, a magnum of 1962 Unico – still within its drinking window — also changed hands.

Liv-ex Reports

Power 100

Liv-ex has published its annual Power 100 report, ranking the most influential fine wine brands in the secondary market. After a challenging 2024, the latest…

The topics covered in the Power 100 2025:

• Regional breakdown
• Bordeaux: a question of pricing
• Cheval Blanc moved up. Yquem provides a example of how fair pricing can positively impact a brand.
• Burgundy: mid-range prevails
• Given that most Burgundy brands produce multiple wines under both domaine and maison labels, the Power 100 is inherently skewed in their favour.
• Italy: Super Tuscans
• Having taken Bronze last year, San Guido claimed Silver this year, solidifying its reputation as not only one of the most important, but most reliable brands on the market.
• Champagne: Selosse and Salon
• The region nevertheless performed well in the Power 100
• The rest of the world

Liv-ex members received the Power 100 Report at the end of last year.

Liv-ex Reports

December Market Report

The Liv-ex December Market Report 2025 takes a look into which wines have proven most resilient to the market downturn?

The topics covered in the Liv-ex December Market Report 2025:

• Opportunity For Buyers to Capitalise on Lowest Prices Since 2020
• Fine wine prices are at their lowest in five years. Demand is rising, with bids on Liv-ex hitting £31M, the highest since April 2023, and UK and Asian buyers driving a 135% surge in activity.  
• Signs of Recovery: Market Indices Show Strongest Gains in 3 Years
• Liv-ex’s major indices, the Liv-ex 50, 1000 and Bordeaux 500, have posted their first gains since early 2023, marking the strongest rise in over three years. 
• Resilient Labels Shine Amid Market Correction
• Having experienced only limited price increases into the market peak, Sauternes has seen relatively modest declines during the downturn.

Liv-ex members receive comprehensive analysis of the market every month.

Liv-ex Blog

Talking Trade 12th December: Bordeaux continues to dominate, Cos d’Estournel 21 in the lead

Bordeaux took a strong lead of the market with 42.3% share of the market, up from 37.1% last week. 2019s, 2021s and 2020s proved the…

• Market Intelligence

• Bordeaux led the market with a 42.3% share of traded value. Burgundy followed with 21.5%.
• Cos d’Estournel 2021, Chateau Lafite Rothschild 2020 and Le Pin 2015 were the top-traded wines by value.
• Asian buyers pulled ahead of US buyers with a 19.7% and 14.5% share of purchasing respectively.

Bordeaux took a strong lead of the market with 42.3% share of the market, up from 37.1% last week. 2019s, 2021s and 2020s proved the top-traded vintages by value. Chateau Lafite Rothschild, Cos d’Estournel and Le Pin were the region’s top-traded producers.

Burgundy’s share of trade also rose, up from 16.8% last week to 21.5% this week, the 2022 and 2019 vintages changing hands most frequently.

Champagne’s share fell to 9.2%. Cristal and Dom Perignon dominated, together accounting for c.30% of the region’s trade.

Tuscany and Piedmont both increased their share of the market slightly, the latter region taking the edge over the former (7.4% vs. 7.5%). Giacomo Conterno and San Guido were Italy’s top-traded producers by value.

Following a strong close last week, the US’s share of trade fell substantially to 3.8%. Opus One continued to trade actively, accounting for 30% of the region’s trade, purchasing driven largely by US buyers.

Liv-ex Blog

Talking Trade 5th December: Petrus the top-traded producer as Champagne trade picks up

Bordeaux continued to take a higher share of trade value this week (38.9%). Château Mouton Rothschild was the region’s top-traded producer

• Market Intelligence

• European buyers accounted for 43.4% of trade
• Increased Opus One trade helps US wine to its largest share of trade in recent months

4,354.0 per bottle). 

Breakdown of regional trade

Champagne and the USA both had stronger weeks. Taittinger, Comtes de Champagne Blanc de Blancs sold in good volume across the 2014 and 2013 vintages. While Champagne trade beyond that was relatively muted, the region took a 12.8% share of trade value, up from 7.8% last week and just above the November average (11.4%).

Opus One was the USA’s top-traded producer, with the 2021 vintage trading in decent volume at £2,740 / $3,664, equivalent to € 261.4 per bottle. The USA took an 11.8% share of trade value, compared to 2.1% last week and a November average of 5.9%.

Bordeaux took a 37.1% share. Petrus was the region’s top-traded producer, with the 2009 and 2015 among the week’s overall top-traded wines.

Breakdown of buyer geography

Liv-ex Blog

Talking Trade 28th November: Bordeaux maintains a healthy advantage with Mouton Rothschild the top-traded producer

Bordeaux continued to take a higher share of trade value this week (38.9%). Château Mouton Rothschild was the region’s top-traded producer

• Market Intelligence

• Bordeaux continues to stretch ahead, taking 38.9% of trade value 
• Bouchard La Romanée 2001 was the top-traded wine by value 
• With Liv-ex indices due to be published next week, the Fine Wine 50 is currently up 2.0% month-on-month

Bordeaux continued to take a higher share of trade value this week (38.9%). Château Mouton Rothschild was the region’s top-traded producer, while Petrus 2022 was the region’s top traded wine, last changing hands at £45,912 / $60,516 per 12×75 (€4,354.0 per bottle). 

Burgundy’s share of trade ticked back up (19.2%), with US buyers focusing their attention on the region. 27.5% of US purchases were for Burgundy (the highest of any wine region), with high value d’Auvenay trades coming from US buyers. 

With the news of Château Rayas’ Emmanuel Reynaud passing this week, the Rhône took its largest share of trade value in recent memory (8.0%), in the process leapfrogging Champagne which had a quiet week. Multiple vintages of Rayas and Fonsalette traded, accounting for 75% of all Rhône trade.

Breakdown of buyer geography

Liv-ex Blog

Meet Paolo-Luca, Liv-ex Broker for the Asia Market 

Meet Paolo-Luca ! He is a Broker at Liv-ex, he has specialist knowledge of the Asian fine wine market, and supports merchants across Asia Pacific…

What is the role of a Broker at Liv-ex?  

At Liv-ex, the Broking team helps members to facilitate deals on the Exchange. It’s our job to understand our members interests and cellars inside out; we know what they’re looking to buy, what they’re willing to pay for those wines, what stock they are looking to sell, and again what price they’re willing sell at. We act as an extension of our members teams really. We’re an additional pair of eyes looking for relevant opportunities on the Exchange, an additional negotiator, it’s all about helping our members find opportunities and pushing them through as effectively as possible. 

The Broking team supports members in a number of ways, we:  

1. Identify opportunities to trade based on the wines we know our members are interested in buying, or the wines we know they have to sell 

2. Advising on trading strategy, where a slight adjustment could help our members to maximise margin 

3. We act as a sounding board, helping two parties match a deal 

4. We also help them understand the market they operate in, the regional nuances, and opportunities based on the current market dynamics 

What can you tell us about the Asian markets fine wine trading habits, and how has this changed in recent years?  

The market in Asia has undergone a huge transformation. Traditionally, fine wine buying was driven by consumers seeking the right brands and labels at the lowest prices, with little attention paid to vintage quality. Today, there is a focus on wines that offer drinking appeal now, with buyers increasingly focused on finding the right vintage that delivers quality. 

Every country in Asia has its own unique relationship with fine wine… Singapore is the central hub for all South East Asian trade; emerging markets in Thailand, Malaysia, Indonesia and Vietnam all operate through Singapore. In Singapore itself, younger collectors with ‘new money’ are open to new regions and styles. They’re still buying top end Burgundy and Rhone, but they’re also experimenting. 

In Vietnam the younger drinkers are also experimenting. There’s strong demand for full-bodied, over-extracted ‘Parkerised’ wines. Yes, there’s the older demographic who buy more traditionally, but the young generations want to drink wines such as Pavie, Primitivo, Aussie Shiraz and the like. 

Hong Kong has traditionally been a stock-holding hub, but it’s now a consumption-led market. Wines are often opened the night they’re bought, reflecting a recent shift in demand from long-term holding and towards immediate enjoyment. From speaking with members on the ground, it appears this resurgence in demand is being driven by local Hong Kong residents, and not by the Mainland Chinese who used to drive the local market. 

Mainland Chinese buyers have been largely absent since early 2023, following a crackdown on cross-border trade and ‘personal consumption’ allowances by the Chinese authorities. And in Hong Kong, private clients are returning after years of overstocking. Much of that inventory has now been consumed, creating new opportunities to buy back vintage wines at prices not seen for a decade. 

What challenges do Asian members encounter when trading fine wine, and how does the Broking team support them?  

Asian members operate in one of the most competitive and fast-moving regions of the fine wine market. I’d say there are three main challenges that come with this, 1. price sensitivity, 2. condition and provenance, and 3. logistics complexity. 

The market is incredible price-sensitive; private clients are not loyal, most buying happens online, and they are trying to find the cheapest deal, from the cheapest merchant. Often private collectors will buy from a new merchant just because they are offering the same wine at 10 HKD less. I spend time getting to know merchants, understanding what sells (and importantly what doesn’t), and ensuring I am offering sub-market deals to help merchants foster their client base whilst maximising their margin.   

When it comes to condition and provenance, buyers need absolute assurance that the wine they receive is in good condition. There is a lot of scepticism in the market that if a label is damaged or even some packaging gets damaged in transit that it may not be authentic. Given its location, its distance, buyers in Asia can’t simply send a wine back, lead times can be long, and delays can really impact a merchants margins. If there’s any doubt about provenance or quality, trades can be delayed or even fall though. 

On the Liv-ex Exchange members can see the condition a wine is in. Most wines are available in good condition, which has been verified by a Broker through pictures at the point a wine is listed for purchase on the Exchange. And then when the wine passes through a Liv-ex warehouse, high-risk cases are flagged and checked by our teams. Our teams are trained to look for anticounterfeiting measures such as microprint, holograms and QR codes. We work closely with producers and authentication experts to ensure we know what to look for, and that our measures and precautions are industry leading. 

Cross-border trading can be a real challenge, from customs documentation to bonded warehouse transfers, fulfilment can slow down and really impact profitability. To simplify this, Liv-ex coordinates the entire logistics process, from moving the wine from seller to buyer, to verification and authentication, right through to customs documentation. We ship directly to Hong Kong on a weekly basis, so merchants in Asia receive their wines in a timely manner. Throughout this process merchants are only ever dealing with Liv-ex for invoicing, transport, shipment. We work with the member on the other side of the deal to take on the complexities of logistics.  

Why is Lix-ex so beneficial for Asia’s fine wine merchants?  

Liv-ex is a global network of buyers and sellers. When making a trade you could be buying from any one of 550 different merchants globally, all efficiently settled and made available by us. To give you an example, one of my clients from Asia has bought off 135 different merchants this year alone… Everywhere from UK, France and Italy, to Austria, Norway and Cyprus! And we’ve handled all the hassle of moving, condition checking, and getting the wine ready at a logistics hub of your choosing. Another one 

Liv-ex enables members to understand the dynamics of the region they operate in, as well as the holistic fine wine market. They can access granular data and insights to understand the transactional pricing of a wine over the past 25 years, and they can streamline operations and logistics to trade more efficiently. 

In Hong Kong and Singapore specifically, Liv-ex has launched local pricing benchmarks, allowing members to compare regional prices with global trends. That helps identify undervalued wines, spot early price movements and time deals more effectively. 

Beyond the data and the Exchange, I meet merchants in person, speak with them regularly, and offer tailored insight into market dynamics. Being on the ground helps me to understand local pressures, and offer tailored support.  

Before you go, what drew you to the world of fine wine, and Liv-ex?  

I was first introduced to wine by my father when I was young. I used to help him serve wines at his dinner parties and helped him out in the cellar. We both grew our love for wines together and always want to show each other new and exciting regions, producers and styles. Since I moved professionally into fine wine, I have not looked back.  

What drew me to Liv-ex was the opportunity to be at the centre of the market. Liv-ex isn’t just a trading platform, we work directly with our members, speaking to them, in some cases daily, and meeting them in person. We get to truly understand the holistic fine wine market, and then use this knowledge and insight to help our members. I get to see the real-time dynamics of the entire industry: merchants, châteaux, trade, and the opinions that shape it all. It’s a level of visibility and understanding that’s unmatched.  

As a Broker, I can answer questions like “What’s happening in Asia right now?”, with confidence, because I have the data and insight to back it up. Whether it’s pricing trends, demand signals or market movement, I’m equipped to give honest, real-time insight that helps members make smarter trading decisions.  

Learn more about Liv-ex Brokers, and how your fine wine business could benefit from Liv-ex 

Liv-ex Blog

Talking Trade 21st of November: Bordeaux dominates with Petrus top-traded overall

Bordeaux led the market, claiming 42% of traded value and comprising four of the week’s top five wines.

• Market Intelligence

• Bordeaux led the market, claiming 42% of traded value and comprising four of the week’s top five wines.
• Dom Perignon Rose 2009 was the top-traded wine by value, while Giscours 2022 (Wine Spectator’s new ‘Wine of the Year’) was the top-traded by volume.  

 Bordeaux retained its higher share of the market, taking 41.5% of traded value. The 2022s led the charge, with Giscours in the top position. Petrus saw substantial trade across vintages, coming in as the top-traded wine overall. While buyers hailed from the UK, Asia and Europe, the former two regions accounted for the bulk of purchasing.  Burgundy’s share of trade fell from 17.7% last week to 13.8% this week.

Domaine de la Romanee-Conti was the top traded producer, accounting for almost a third of the region’s traded value. Though Dom Perignon Rose 2009 was the top-traded wine of the week by value, Champagne’s share of trade remained well below its October average (11.9% vs. 14.6%). Still, this marks an improvement on last week’s 10.8% share. Alongside Dom Perignon, Louis Roederer and Jacques Selosse also took substantial (10%+) shares of the region’s trade.  

The Rhone’s standing continued to improve, up from 2.3% last week to 3.3% this week. Rayas accounted for 40% of traded value, with demand driven by UK buyers.  

Tuscany again fell short of its October share of 11.8%, accounting for 9.6% of traded value this week. San Guido and Masseto remained strong, each taking just under a quarter of the region’s trade.  

Piedmont took 5.1% of trade, down from a strong close at 8.9% last week. While Giacomo Conterno’s Monfortino Riserva 2019 fell out of the overall top five, it remained by far the region’s top traded wine by value. By volume, Produttori del Barbaresco’s 2021 Barbaresco came in first place. The US’s share of trade rose from 5.3% last week to 7.7% this week. Promontory and Harlan Estate led the charge, together accounting for 40% of Californian trade.   

Breakdown of buyer geography

Liv-ex Blog

Welcoming Marco Alparone, Chief Technology and Product Officer to Liv-ex 

Welcome to Liv-ex Marco, tell us a bit about yourself, and your love for wine.

Welcome to Liv-ex Marco, tell us a bit about yourself, and your love for wine.     

I’m Italian. I was brought up in Naples the land of coffee and pizza (and Taurasi) and moved to the beautiful island of Ischia when I was 12. Passion for food and wine comes with the culture and the family upbringing. I remember my uncle gifting me a bottle of Primitivo when I was a young boy. I remember helping my school friends during September vendemmia (grape harvest), the camaraderie that builds up at the end of the day, the heat, the food and the wine. 

The passion never left me, it grew wider to include food.  I can be humble, but I do know I can cook, bake (bread and desserts) …and before you ask, no I don’t cook spaghetti with bolognese, only tagliatelle! I do have my cellar… now let’s be honest here it’s just a fridge (technically a low vibration aging cabinet) with 160 bottles, not exactly fine wines, but in a way, it cements my passion.  

Of course, at the core I’m a technologist. I had my first Commodore at 11 years old and never looked back. I was developing software for local stores on the island by the time I was 14 and, by 16, I got into architecture with CAD design helping local studios to digitalise. Then suddenly the island felt very small. I call it the bug. You either have it, or you don’t so after my computer science MA I left (I did work in academia for a bit). And here we are, a UK resident for almost 20 years where I fulfilled my passion by becoming a leader in technology transformations.  

What attracted you to Liv-ex? 

I came across Liv-ex a year or so ago because I was interested in wine data for a personal AI project, so I knew the company offering already.  

And then as always… it’s a bit of serendipity. I had the chance to combine the 2 industries I truly love. I always had a passion for digitalisation even before my career began and I truly believe I can help widen the Liv-ex offering to bring modernity to the wine journey. Liv-ex is already ahead of the curve, and we can skyrocket from here – did I tell you rocket science is another passion of mine? Delta V aside, did you know that 12 bottles of Petrus were sent into orbit to study the effect of microgravity on wine? I’d be curious to understand the implication of cosmic rays as well. But I think I’m digressing… 

I’m very excited about the possibilities that modern technologies can offer including, dare I say it, AI. There’s so much noise about the topic that we risk becoming immune or resistant to the innovations it can offer, from developing new software at breakneck speed, to independent agents doing all sorts complex task. Then there’s MCP, but we’re getting too technical. I can only say wait and see – smile.  

What’s your vision for the Technology and Product side of the business? 

Liv-ex has been the engine room for the trade for years. We bring businesses together to buy and sell while handling the heavy lifting of logistics and settlement. But just before I joined, the business realised we were sitting on a goldmine. Or perhaps I should say… an oil field.  

They say data is the oil of the 21st century. We have 25 years of historic transactional data, plus data on the wine itself, from critic scores to drinking windows. It’s always been there, but we weren’t positioning the value of this data for businesses in the fine wine space . My near-term vision is to refine this oil and put it front and centre.  

In this market, you cannot run a business on gut feel alone. That is like trying to navigate to the Moon using a sextant when you could have a guidance computer. Our members need hard data to price their cellars, spot arbitrage opportunities, and benchmark against competitors. We are going to give them those instruments.  

But data is useless if you can’t consume it. We are working on a project to overhaul the usability of the Liv-ex Exchange. I like to think of it like a professional kitchen… everything needs to be in the right place so the chef can work without thinking. We are speaking to members to understand their workflows so we can design a layout that feels natural, not an obstacle course.  

Then there is the need for speed. We need to iterate faster. A major focus here is modernising our API integrations. This is the digital plumbing that allows members to plug into us. When it works well, it’s beautiful. Members can automatically list stock on Liv-ex or show our listings on their own sites. We have seen businesses triple their sales overnight with this automation. That is the power of good architecture.  

Finally, we have to talk about AI. There is so much hype right now that it is hard to separate the signal from the noise.  

We need to distinguish between the “classic” Machine Learning (classifiers and recommenders that have been around for years) versus the new wave of Generative AI and Large Language Models. We are looking at both, but with a critical eye. We aren’t going to just slap an “AI” sticker on the product to look modern. I want to use AI to improve our internal efficiency first, to give better insights. If we introduce it to members, it has to be genuinely helpful… not just a shiny toy. 

What does this mean for the broader Liv-ex business? 

Look, let’s be honest here… I’ve been in the seat for five weeks. I am still very much in the “listening tour” phase (and still trying to find the best espresso machine in the building). So, I can’t give away the entire roadmap just yet. 

But fundamentally, this signals a shift towards becoming a truly Product-Led business. 

It means we stop thinking about features in isolation and start thinking about outcomes for our members. We need to align strictly with how they work and what they need to succeed. If we can treat our Data as a Product (packaging it so it is instantly valuable to them) we help them service their own goals. 

Internally, this mindset shifts gears on our Time to Market. We want to move faster. By increasing our own efficiency, we create the space to grow and develop the business continuously. 

I am excited for what is to come. A vision is great, but as an engineer, I will be even happier when we shift to execution… when the rubber hits the road. Or perhaps, when the rocket clears the tower.