American Wines Claimed 8% of Liv-ex Trade as California Labels Drew Global Buyers

American fine wine has gained a larger place in the global secondary market, with U.S. labels now accounting for 8% of trade on Liv-ex, up from 1% a decade ago, according to a new report from the wine trading platform.

The shift points to stronger buyer confidence in the investment and collectible value of top U.S. wines, especially at the high end of the market. Liv-ex said buyers in every region are now directing a bigger share of their spending to American wines than at any time in the past 10 years. The report also found that value has risen faster than volume, a sign that demand is moving toward more expensive bottles rather than simply more cases.

The growth has been driven almost entirely by California. Liv-ex market analyst Sophia Gilmour said California wines account for 99% of U.S. trade on the platform, while other American regions have yet to establish regular trading patterns in the fine wine market.

Within that California-led trade, a small group of estates continues to dominate. Screaming Eagle has taken an increasingly large share of U.S. wine trading on Liv-ex, and Gilmour said its Cabernet Sauvignon and Opus One together represent about 25% to more than 40% of the traded value of U.S. wines on the exchange. By frequency, roughly one-quarter of all Liv-ex trades involving U.S. wines in 2026 have involved those two estates.

The 2018 vintage has been the most actively traded this year by both value and volume. Gilmour highlighted Opus One 2018 as a notable example of changing market sentiment. After falling to £2,388 per 12-bottle case in March, the wine has since traded above both its ex-négociant price of €225 a bottle and its ex-London release price of £2,760 per case, reaching £2,800 per case. She said trading activity at that level, including deals above market price, suggests support may be forming around that range.

Even so, Liv-ex said the U.S. fine wine market is broader than its two best-known names. Harlan, Promontory and Dominus each account for about 0.5% of U.S. trade on the platform, according to Gilmour. More than 140 American wines, counting one or more vintages of each label, have changed hands on Liv-ex so far this year. Other producers among the most traded include Scarecrow, Continuum, Sine Qua Non, Ridge and Joseph Phelps.

Gilmour said Promontory’s rise has stood out because it reached high trading levels quickly, helped by its connection to the Harlan brand. That suggests buyers are willing to extend attention beyond a narrow set of established cult labels when they see strong brand backing and scarcity.

The report also shows a change in who is buying these wines. Since 2015, the United Kingdom’s dominance in trading U.S. fine wine has weakened as buyers in the United States, Europe and Asia have taken a larger role. Liv-ex said U.S. buyers’ activity on the secondary market has been especially notable because it challenges the assumption that domestic buyers can always obtain these wines more cheaply at home.

Gilmour said that for buyers without initial allocations, domestic access does not appear to remove the need to buy on the secondary market. She added that rising U.S. demand cannot be explained only by tariff-related timing or short-term policy concerns. Since the start of 2023, she said, the share of total purchases by U.S. buyers allocated to American wine has risen steadily.

European and Asian participation has also expanded, which Liv-ex described as evidence of a broader demand-led shift rather than a temporary reaction to policy changes. That matters for the beverage business because stronger secondary-market demand can influence pricing power, release strategies and brand positioning for wineries seeking global recognition among collectors and investors. If sustained, it could also encourage merchants and producers to devote more attention to American fine wine in portfolios that have long been centered on Bordeaux, Burgundy and Champagne.

The data suggests that U.S. fine wine is no longer treated as a niche category in international trading circles. Instead, buyers appear increasingly willing to pay premium prices for a concentrated group of California labels with proven reputations, limited supply and established resale performance.