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. 

Liv-ex Blog

Confidence in every Case: Liv-ex Reduces Risk & Streamlines Fine Wine Operations 

Liv-ex reduces the threat of fraud and remains at the forefront of industry efforts to stop counterfeiting.

• Logistics

As part of our logistics offering, we not only move the wine between seller and buyer, and handle all paperwork and payments, we also check the veracity and condition of many wines sold on the exchange. Our dedicated verification team, led by our Authentication Manager Jess Dunn, is continuously improving our processes to avoid the risk of counterfeits. 

We maintain open channels of communication between members of the trade, producers, and authentication experts to reduce the threat of fraud and remain at the forefront of industry efforts to stop counterfeiting. 

Reducing Risk 

Before joining Liv-ex, every prospective member undergoes a thorough vetting process; they need to provide two trade references, and an Exchange Committee vets the business to ensure every member dealing on the Liv-ex Exchange is reputable.    

When it comes to listing wines for sale on Liv-ex, our employees are expertly trained to ask the right questions and dig into the facts to help flag suspicious products. This starts with our brokers, who frequently ask for evidence of provenance when listing high-risk cases or bottles on the Exchange. For wines of a certain vintage and value, photographs may be requested as a pre-trade check.  

Liv-ex warehouse employees undergo regular authentication training to ensure they feel confident identifying issues with stock. We have developed a bespoke algorithm to quantify the fraud risk surrounding a wine so the appropriate checks can be conducted. As a result, around 28,000 cases of wine were checked by our warehouse teams in 2024. 

When thorough checks are required, we take the bottles out of cases to photograph them. We use ultraviolet torches to check the labels as well as checking them for other producer specific anticounterfeiting measures such as microprint, holograms and QR codes. We inspect capsules, including checking any prooftags. And we also check the cork, sediment and glass embossing or laser etching. 

To further enhance security for our members, Liv-ex engages the services of an independent authentication expert who conducts ad-hoc audits of our warehouses and assists in training our staff to spot potential counterfeit bottles. 

Our wine storage facilities include state-of-the-art security and climate control systems to ensure wines are protected around the clock. Our storage facilities also have comprehensive security features such as alarms, CCTV, or periodic security patrols. 

Our warehouses have 24-hour climate control, humidity control and are free from vibrations and daylight, maintaining the quality of goods for as long as they are stored with us. 

Liv-ex Blog

Arbitrage – The Opportunity You Could Be Missing

Liv-ex members can see the regional value of wines, helping them to identify opportunities to drive the highest margins.

Different regions often place different values on the same wine, or have varying levels of demand, which in turn influences pricing. For example, a case of Bordeaux might drive a different price in Asia versus Italy. At first glance, the opportunity is clear – buy wine where it’s cheaper, sell where it’s more valuable. In practice, it’s not that simple. 

Until now, uncovering these opportunities has meant hours of manual work: checking regional marketplaces, calculating exchange rates, and estimating tariffs, duties, and shipping costs. It takes time that most wine businesses don’t have to spare. 

Introducing Regional Benchmarks on Liv-ex 

We recently expanded our Regional Benchmark offering. Previously, members could view the best listed price for a wine in key markets including the US, Hong Kong, Singapore, and among négociants in La Place de Bordeaux. Now, the data is broader — with the UK and EU added — and even more actionable than before. 

For the first time, there is a single trusted reference point for each region— saving merchants valuable time that was previously spent cross-checking multiple, fragmented sources. 

Not only can Regional Benchmarks now be viewed side by side in a ‘world map’ view on every individual wine page, but they are also integrated into Liv-ex’s List Studio. Here, members can upload a stock list — or a client list — and instantly receive a regional benchmark for each wine.  

Members can use this valuable data to identify the wines most of value in their region. They can compare prices at scale, including against other Liv-ex proprietary data points such as Bid and Offer, and sort by percentage difference.

Where’s the opportunity in arbitrage? 

For professional traders, arbitrage offers: 

• Quick-turn profits—no need to wait for prices to rise organically. 

• Stock rotation—move wines faster by tapping into markets with higher demand. 

Within seconds, Liv-ex members can identify: 

• The value of their stock list or a clients’ lists in each region 

• Where they are most and least competitive 

• Opportunities to sell stock in regions where prices are higher 

• Where to source wines more affordably in the future 

It’s complex, but Liv-ex makes it easier 

Unlike high-frequency trading in finance, wine arbitrage isn’t instant. But with Liv-ex, you can gain a competitive advantage. Our pricing data, logistics services, and trading platform help you move confidently, minimise risk, and execute faster than ever before. 

Liv-ex Blog

The Industry Standard for Pricing Fine Wine 

At Liv-ex we’ve dramatically reduced the time it takes for wine businesses to value wine, by bringing a wealth of data points into one place.

• Automation
• Exchange

Do you remember the days when buying and selling wine was done over the phone? And the market lacked transparency without readily available data on the value and price of wine. Our founders, James Miles and Justin Gibbs, certainly do, because that’s exactly why they started Liv-ex back in 2000. With a mission to make the fine wine industry more transparent, efficient and safe. 

The internet brought with it the ability to buy and sell wine with businesses further afield, opening new opportunities and expanding the possibility of growth. But the internet age also brought an added burden, with information more available than ever, pricing wine became more complex than ever. With numerous sources across the web, diligent wine businesses could spend hours searching, scrolling, and documenting price points in a spreadsheet, ready for analysis. 

At Liv-ex we’ve dramatically reduced the time it takes for wine businesses to value wine, by bringing a wealth of data points into one place, and creating tools to support rapid price matching for even the longest lists of wine. We’ve brought transparency to the market by showing a wealth of data points, enabling businesses to make informed and therefore accurate decisions. 

Liv-ex Transactional Data 

Many online merchants showcase advertised or ‘desired’ prices. This is the price a seller hopes to get for the wine, but it isn’t possible to see the price the wine actually sold for. Liv-ex is different.  

Liv-ex Transactional Data shows the price at which a wine has sold, providing the most accurate view of a wines value in the market. Historic Transactional Data can be seen for the past 25 years, allowing members to see the changes and trends in a wines value over time. We supplement Transactional Exchange Data, the sale price of wine on Liv-ex, with Transactional Auction Data, to show the sale price of wine from major auction houses as well. 

Transactional Exchange Data is unique to Liv-ex and cannot be found anywhere else, and the combination of Exchange Data and Auction Data provides members with the genuine value of a wine at any given movement in time.  

List Data 

List data shows advertised prices of wine, although not as accurate as transactional data, list data adds a depth of insight, beyond the sales made on the Liv-ex Exchange and at Auction Houses. We obtain, clean and categorised list data at scale, showcasing perceived value across the secondary market. 

Long gone are the days of website-hopping, complex spreadsheets, and countless hours spent compiling data. We save our members time by bringing a vast array of data sources into one place, and not only this, we standardise, categorise and dissect the data, and turn it into several meaningful data points for our members. These data points include the average list price, the lowest list price and the availability of stock across the market. 

Relying on limited data from a small number of sources can lead to inaccurate pricing, stock not moving or selling your wines at too low of price point. At Liv-ex we analyse 200 million data points daily.  

How do we gather so much information? Liv-ex has members and industry connections that provide their list data to us. They trust us because we are totally independent in the market, we do not hold stock and we do not compete with our members for business. We work with merchants that do not list their data anywhere online, and this breadth of data cannot be found anywhere else. 

Product Data 

Liv-ex pulls essential product data into the exchange so that you can build a view of a wines value, including critics scores, drinking windows and ABVs. Find all of this information alongside Transactional Data and List data to save you time when it comes to client consultancy, as well as import and tax documentation that may come next. 

List Valuations with Liv-ex 

Not only does the Liv-ex Exchange house an extensive dataset to support accurate valuations, we have tools to help you value an entire list of wines in minutes. By simply uploading a spreadsheet of wines, we can return the last Transactional price of each wine, as well as the lowest and average List prices, and details of the same wines currently for sale on the Liv-ex Exchange.

Liv-ex Podcasts

Inspired Money: How to Invest in Fine Wine: A Masterclass on Auctions, Fakes & Profits

We’re excited to share that Robbie Stevens, our Head of Broking at Liv-ex, recently featured on the Inspired Money podcast – a series that explores the intersection…

We’re excited to share that Robbie Stevens, our Head of Broking at Liv-ex, recently featured on the Inspired Money podcast – a series that explores the intersection of finance, investment, and lifestyle.

He joins an expert panel to explore auction strategies and how to spot investment-grade bottles. This masterclass reveals what makes wine one of the most compelling alternative assets today.

What You’ll Learn in This Episode

• Wine as an Investment Asset
  Discover why fine wine is increasingly viewed as a “passion asset” and how it compares to traditional investments like art or cars.
• Auction Strategies and Market Access
  Learn the basics of bidding, the hidden costs of auctions, and how online platforms are attracting a new generation of investors.
• What Makes a Wine Investment-Grade?
  Explore the three pillars of value – rarity, provenance, and maturity – and why secondary market liquidity is the most important metric.
• Managing Your Collection for Maximum Value
  From optimal selling windows to the importance of a complete paper trail, find out how professional cellar management can protect and grow your portfolio.
• Provenance and Counterfeit Risks
  Hear how authentication processes and emerging technologies like blockchain are shaping the fight against wine fraud.
• Exit Strategies and Market Timing
  Understand when to sell, how to read market signals, and why emotional investors need a clear plan to monetise their collections.

Watch the full episode here:
https://www.youtube.com/watch?v=nx9GNRrowmE&list=PLaTmIwOdrI5o2bUmo6XRyVJti9QYN1BFE&index=99

Liv-ex Podcasts

Bottled In China x Liv-ex Podcast: Wine, Wealth, and Data: Inside Liv-ex’s Asia Playbook

In a recent episode of The Bottled in China podcast, Liv-ex co-founder and CEO James Miles joins Emilie Steckenborn.

In a recent episode of The Bottled in China podcast, Liv-ex co-founder and CEO James Miles joins Emilie Steckenborn.

He unpacks the story behind Liv-ex, shares his insights on wine as an asset class, discusses Gen Z’s growing interest in wine, and explores Asia’s rising influence in the fine wine market.

Listen here:

Liv-ex Podcasts

TheDrinksBusiness Podcast x Liv-ex 25 Years of Liv-ex with founders, James Miles & Justin Gibbs

In a recent episode of The Drinks Business Podcast, Liv-ex co-founders Justin Gibbs and James Miles joined host Patrick Schmitt MW

In a recent episode of The Drinks Business Podcast, Liv-ex co-founders Justin Gibbs and James Miles joined host Patrick Schmitt MW to reflect on the transformation of the fine wine market over the past 25 years.

They discussed how Liv-ex has helped bring transparency to what was once an opaque space, and how the exchange is now evolving into a more data-driven platform, aligned with the changing needs of the global wine trade.

Listen to the the full TheDrinksBusiness podcast here -> Liv-ex with James Miles and Justin Gibbs – The Drinks Business Podcast | Acast

Liv-ex Podcasts

UK Wine Show x Liv-ex: Tom Burchfield: Episode 3: The State of the Fine Wine Market

In the final podcast of the three-part series, Tom and Chris talk about wines yet to be discovered by the secondary market

• Market Intelligence

In the final podcast of the three-part series, Tom and Chris talk about wines yet to be discovered by the secondary market, from the likes of Spain and Australia, and Tom talks about his favourite regions for drinking wine.

Listen to the podcast to find out more: 

Did you miss the second episode? The previous episode diving into Bordeaux En Primeur. Listen here.