Liv-ex Reports

Tuscany Market Update

The Tuscany Market Update looks at the resilience of the top 100 Italian wines traded on the Liv-ex exchange.

The topics covered in the Liv-ex Tuscany Market Update:

• Tuscany Strength Underpins Stability in the Italy 100: The Italy 100 has remained relatively stable compared with the broader market’s three-year decline, largely driven by the Tuscan components.
• Masseto taken the lead  vintages up 5% YTD: Of the Italy 100 Tuscan components, Masseto has taken the lead, the 2020, 2022, 2016 and 2014 all up over 5% YTD. 
• Tuscan Value Concentrates as Fewer Wines Drive Trade: So far this year, 157 Tuscan wines, across multiple vintages,  have traded on the exchange

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Liv-ex Blog

Navigating En Primeur Amidst a Challenging Fine Wine Market 

For a growing number of merchants, the central challenge of En Primeur is no longer uncertainty, it is credibility.

• Automation

When the En Primeur model breaks down

For a growing number of merchants, the central challenge of En Primeur 2025 is no longer uncertainty, it is credibility. In recent campaigns, new releases have frequently struggled to justify their pricing when compared with the broader secondary market. In many cases, buyers have been able to purchase back vintages that are physically available, already approaching drinkability, or with a few years of age, at prices below those asked for wines still in barrel. 

This dynamic has fundamentally altered how En Primeur is perceived. What was once a route to early access and long‑term value increasingly carries the risk of immediate underperformance. For merchants committing capital, the danger is not only financial. Advising clients to buy wines that later trade cheaper on release can erode confidence and damage long‑standing relationships. 

Against this backdrop, intuition and tradition are no longer sufficient. En Primeur decisions now demand far greater scrutiny. 

Why data now matters more than ever 

What does this mean for merchants, and their customers, who are still drawn to the tradition and excitement of buying En Primeur? 

Merchants must interrogate En Primeur offers far more rigorously than before. That means understanding how critics’ scores have translated into real‑world pricing in previous vintages, how similar wines have performed after release, and whether a new price genuinely reflects scarcity, quality and demand. 

Without this context, En Primeur becomes a speculative exercise. With it, merchants can begin to distinguish between releases that may still offer value and those where patience is the more rational strategy. 

This is where transactional data and historical market performance become essential tools. Looking beyond list prices to examine how wines have actually traded over time allows buyers to sense‑check release decisions against market reality, not marketing narrative.

Analysing new releases within market context 

One of the biggest mistakes a merchant can make during En Primeur is treating each campaign in isolation. Critics scores alone cannot be relied on to assess the opportunity, and risk, at hand. Capital committed to Bordeaux must now compete with opportunities across regions, vintages and styles that are already available and proven in the market. 

Being able to compare new releases with established alternatives, and to understand how price, score and demand have interacted historically, gives merchants a clearer framework for decision‑making. It also enables more transparent conversations with clients, grounded in evidence rather than expectation. 

Liv‑ex support during En Primeur 

This is where Liv‑ex plays a central role during En Primeur. By providing access to independent analysis, as well as transactional exchange data and historical pricing, alongside vital critics scores. 

During the campaign, Liv‑ex supports members with ongoing insight, helping them interpret critics’ scores, track sentiment as it evolves, and understand how new prices sit relative to both back vintages and the wider fine wine market. This allows merchants to remain selective, adapt strategy as the campaign unfolds, and avoid being locked into early decisions that no longer make sense. 

Crucially, this support extends beyond allocation. Once wines enter the secondary market, merchants can benchmark performance, refine pricing strategies and respond quickly to demand, protecting both margins and reputation. 

It’s not too late to access Premium Market Intelligence to help you navigate the campaign with confidence . Contact our business development team to prepare for En Primeur 2025

Liv-ex Reports

Talking Trade 27th of March: US and Asian buyers both increase market share; Lafite leads

Bordeaux maintained its lead in the market, claiming 34.0% of traded value. Lafite led the region, commanding c.20% of its traded value.

• Market Intelligence

• Bordeaux maintained its lead in the market, claiming 34% of traded value.
• Dom Perignon 2013 was the top-traded wine of the week by value, followed by Romanee-Conti 2008 and Lafite 2017.
• Traded value fell overall, with UK and EU buyers buying 15+% less than last week.

Bordeaux maintained its lead in the market, claiming 34.0% of traded value. Lafite led the region, commanding c.20% of its traded value. While the 2017 featured amongst the top five wines overall, ten other vintages, ranging from the 2006 to 2023, also changed hands.

Burgundy also kept its share steady on last week, accounting for 24.4% of traded value. Domaine de la Romanee-Conti’s Romanee-Conti was the top-traded wine by value; Domaine Dujardin’s Monthelie Les Vignes Rondes led by volume.

Champagne performed better this week than last week; its share up from 7.9% to 10.9%. Dom Perignon led, but was closely followed by Jacques Selosse, with Lieux-dits assortment cases, Substance and the flagship Millesime changing hands.

Tuscany’s share rose to 12.0%, shy of its February share of 14.0%, but up from 8.5% last week. Super Tuscans accounted for most of the region’s traded value, though Biondi-Santi also traded actively, taking a c.17% share of Tuscan trade.

Piedmont had a better week, its share rising from 3.5% to 5.5%. Gaja, Roagna and Giacomo Conterno led by value, while Produttori del Barbaresco led volume.

The US’s share fell from 15.0% last week to 5.0% this week. While Opus One, Promontory and Harlan Estate traded actively, this week saw a notable lack of action around Screaming Eagle.

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Liv-ex Blog

Tom Burchfield, Head of Market Intelligence, ProWein Agora Takeaways

Tom Burchfield, Head of Market Intelligence, shares insights from his presentation and panel discussion at ProWein Agora, alongside his takeaways from the event itself.

• Market Intelligence

First time at ProWein Agora. A maze of stands. The no and low section was pretty massive, a sign of it being perhaps the one wine category that is growing. The spirits section also vast. 

I managed to locate my former Vivino colleagues (where I worked for six years) to catch up with old friends. They told me the fair was half as big as last year, itself half as big as the year before and that there were fewer attendees. Still felt vast to me. 

Agora

This year ProWein reintroduced the Agora stage, where various experts present on and discuss key topics within the industry. How to market to the new generation? How to market no and low? How to leverage new technologies including AI to better serve customers? What is the current state of the fine wine market and where is it going? 

That one was the topic I presented on. A lot of ground to cover in 20 minutes, and the aim was to set the scene for a debate with Krister Bengtsson (founder of Star Wine List) and Robert Joseph (journalist and consultant). To further condense my 20 minutes into a 3-bullet point summary of where the market is and where it’s heading: 

• Price stability. At the top of the fine wine market, more wines are now either seeing flat or gently rising prices than falling prices. 

• Fragmentation. The fine wine market is broader than ever, and this trend is likely to continue with the next generation of collectors. 

• Stratification. At the same time, across segments within traditional regions like Bordeaux and Burgundy we see the top of the pyramid looking more secure than further down. Within Bordeaux the portion of the industry that is at risk is growing. 

Scene set, half an hour of interesting debate. 

Is demand for fine wine elastic?

Yes, in my opinion, not for others.

My take is that participants are doing everything they can to maintain higher release prices – squeezing supply, pouring cash into production to achieve high scores. Is that sustainable on their side? Is it worth the effort with prices softening post-release? I believe there is a price that works. We see this consistently with Bordeaux after release. There is a price at which demand is unlocked. You can try to avoid market reality or you can accept it. 

To download Tom’s presentation slides, please fill out the form here.

Liv-ex trades of Lafite 2021 

A flight to value. Something we all agree upon. Whether that’s the collapse in demand for Second Wines or changing tastes in the on-trade, consumers are after value. 

The next generation of collectors. We agree that price is a challenge. The industry needs a broad base of potential collectors. How does that happen for Burgundy, where even regional wines are becoming a special occasion indulgence? The on-trade needs sommeliers that have not just tasted, but drunk both the classics and the future classics. 

GLP-1 medications. An existential threat for the fine wine market? Some say yes, I say not at this point. Fine wine is sheltered to some degree. 

Other reflections 

• Betraying my ignorance, but I had no idea that Dusseldorf has a big Japanese community? I do now, and can vouch for some excellent ramen as a counterpoint to wurst. 

• The drinks industry is clearly faced with many challenges. The more we discuss these, try things, share successes and challenges the better. But don’t forget that wine has an incredible ability to bring people together. Despite the current challenges, people were having fun at ProWein. 

• Of the UK contingent travelling to Dusseldorf on the Saturday, judging by how many were supporting the team in blue in the 6 Nations rugby decider, a high proportion were Scottish. 

• Was everyone in the brauerei? Heading to Brauerei Schumacher to sample the city’s trademark Alt Bier on Saturday night, it was packed full of Proweiners – probably to be expected, drinks industry people warming up for vinous delights with malted beverages. 

Liv-ex Reports

Talking Trade 20th of March: US wines claim 15% of trade value, Asian buying spikes

The US had a strong week, coming in third place with a 15% share of trade. Opus One was largely responsible, accounting for almost half the region’s…

• Market Intelligence

• Bordeaux reclaimed its lead of the market from Burgundy, accounting for 34% of traded value.
• Tignanello 2022, Opus One 2018 and 2022 were the top-traded wines by value.
• US buying strengthened, levelling with the UK though with far fewer engaged parties.

Bordeaux took back its lead of the market, claiming 34% of traded value. Lafite, Mouton and Haut-Brion were the top-traded wines. The 2023s are now beginning to trade following recent in-bottle tastings, Lafite 2023 changing hands at £3,806/$5,062 per 12×75 / €367 per bottle – its first physical trade taking place 7% below its ex-negociant release price (€396/btl).

Burgundy followed in second place with a 24% share. Domaine de la Romanee-Conti, Romanee-Conti; Domaine Comtes George de Vogue, Musigny; and Domaine Comte des Lafon, Montrachet were the region’s top-traded wines by value.

The US had a strong week, coming in third place with a 15% share of trade. Opus One was largely responsible, accounting for almost half the region’s traded value. US buyers took the lead, followed by the UK and Asia.

Champagne’s share fell from 13% last week to 8% this week. Bollinger dominated, La Grande Annee claiming close to a third of the region’s trade value. Dom Perignon and Cristal followed.

Tuscany also saw its share fall slightly; Piedmont’s rose but remains low. San Guido and Antinori led, though the next top traded producers all hailed from Piedmont– Giuseppe Rinaldi, Gaja and Giacomo Conterno.

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Liv-ex Reports

Talking Trade 16th of March: Burgundy takes the lead, DRC top-traded overall

Burgundy led the market with a 32% share of traded value. Domaine de la Romanee-Conti came out on top by traded value, Domaine Leflaive took the top spot by…

• Market Intelligence

• Bordeaux ceded its lead of the market to Burgundy, which accounted for 31% of traded value.
• Valdicava Brunello Riserva Madonna Piano 2019, Petrus 2000 and Cristal 2008 were the top-traded wines by value.
• UK buyers’ share of purchased value rose while each other buying geography’s fell.

Bordeaux has dominated the market recently, peaking with a 47% share of traded value last week. This week, its share fell to 27%, ceding its first place position to Burgundy. Petrus led the region. Alongside more recent mature vintages, a case of the 1970, now in the final years of its drinking window, changed hands at £20,400/$27,132 per 12×75 /€1,972 per bottle.

Burgundy led the market with a 32% share of traded value. Domaine de la Romanee-Conti came out on top by traded value, Domaine Leflaive took the top spot by volume.

Champagne followed in third place, its share rising from 10% last week to 13% this week. Dom Perignon was the top-traded producer, led by the 2010, Oenotheque 1996 and P2 2008. All three have seen recent upticks in trade price, the 2010’s backed up by a significant increase in trade levels.

Tuscany had a stronger week, up from 5% to 10%. Brunello di Montalcino took the lead ahead of Bolgheri, with Valdicava and Fuligni seeing higher traded value than San Guido. Piedmont was less fortunate, its share falling to 3%.

The US’s share remained flat at 5%, Screaming Eagle taking the lion’s share of the region’s trade.

Copyright © 2026 Liv-ex Ltd. All rights reserved.

Liv-ex Reports

Talking Trade 6th of March: Pavie leads again, Bordeaux’s share rises to 47%

Bordeaux’s share of the market rose to 47% — its strongest week in recent memory. For the second week running, Chateau Pavie dominated, with the…

• Market Intelligence

• Bordeaux’s share of the market rose to 47% — its strongest week in recent memory. Burgundy and Champagne followed, with all other regions taking less than 10% of traded value.
• For the second week running, Chateau Pavie dominated, with the 2018 and 2017 vintages in the top positions.
• US buyers’ share of purchased value rose to 27%, strengthening their position in second place behind European buyers.

Bordeaux enjoyed another strong week, its share of the market rising from 41% last week to 46.7% this week. For the second week in a row, Chateau Pavie dominated, this time joined by Petrus, Beychevelle and Ausone.

Burgundy held its position in second place, though its share of traded value fell from 18% to 16%. Domaine Leflaive was the top-traded producer. Alongside recent vintage Puligny-Montrachet and Meursault, a single bottle of 1998 Montrachet changed hands at £10,075.

Champagne’s share increased from 7.6% to 10.5%. While the 2015 and 2016 vintages were the top-traded by value, the 2008 traded most frequently.

Tuscany’s share of trade fell to 5.3%, Piedmont overtaking with 6.2%. Still, Super Tuscans came out on top, with Tignanello and Sassicaia the top-traded Italian wines by value. Bartolo Mascarello’s Barolo came in third place.

The US’s share fell to 5.1%, down from 7.3% last week. Screaming Eagle led the region, with the 2022 Cabernet Sauvignon trading at £16,800 per 12×75. Promontory and Opus One followed.

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Liv-ex Reports

Talking Trade 2nd of March: Pavie leads trade; US and Asian buyers increase market share

Bordeaux extended its lead of the market, claiming a 41% share of traded value. The 2020 vintage claimed the top position by both value and…

• Market Intelligence

• Bordeaux extended its lead of the market, thanks largely to trades of recent vintage Chateau Pavie. Burgundy and Tuscany followed in second and third place.
• Alongside Pavie 2020, 2019 and 2017, Ornellaia 2022 and Chateau La Mission Haut-Brion 2016 featured amongst the top five wines by traded value.
• With Asian buyers returning to their desks following Lunar New Year and US buyers’ share creeping back up, both UK and EU buyers’ share fell.

Bordeaux extended its lead of the market, claiming a 41% share of traded value. The 2020 vintage claimed the top position by both value and volume, followed by the 2019 and 2016 vintages. Pavie, La Mission Haut-Brion and Cos d’Estournel were the top-traded producers, First Growths taking a back seat this week.

Burgundy’s share fell from 27.4% last week to 18.2% this week. Armand Rousseau pulled ahead of Domaine de la Romanee-Conti as the region’s top-traded producer, thanks largely to US buyers.

Champagne’s share fell to 7.6%. While the 2013 and 2008 vintages traded most frequently and in the highest volumes, this week also saw trades of higher value, mature wines such as the 1998 vintage of both Dom Perignon P2 and Krug.

Tuscany’s share rose slightly from 12.2% to 13.2%. Ornellaia was by far the top-traded wine, claiming just over 40% of the region’s traded value. Fuligni Brunello di Montalcino joined Bolgheri’s heavy hitters amongst the top five.

The US’s share rose from 5.3% to 7.4%. Promontory was the top-traded wine by value, UK buyers accounting for around two thirds of purchasing and US buyers the remaining third.

Copyright © 2026 Liv-ex Ltd. All rights reserved.

Liv-ex Reports

February Market Report

The Liv-ex February Market Report 2026 examines how Bordeaux 2016 wines have performed a decade on.

The topics covered in the Liv-ex February Market Report 2026:

• Seven of the top ten 2016 wines according to Neal Martin record gains: Even wines that saw sharper declines at the start of 2025, such as Vieux Château Certan and La Mission Haut-Brion Rouge, appear to have halted their downward trend and begun to recover.
• Cheval Blanc and Haut-Brion 2016 emerge as lower-risk options: Current mid prices show that 14 of the 45 red Bordeaux wines in the Bordeaux 500 2016 are trading below their ex-négociant release price

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