U.S. Buyers Bolster Fine Wine Prices in a Sluggish Market

U.S. buyers increased their role in the fine wine market in the second quarter, helping keep prices broadly steady in the first half of the year even as overall trading activity remained subdued, according to a new market report from Liv-ex.

The London-based global marketplace for the secondary wine trade said U.S. buyers accounted for 26.9% of purchase value in Q2. That was up from 23.3% in the first quarter and well above the 2025 average of 20.7%. Liv-ex said the shift came as companies across the U.S. wine supply chain adjusted to tariffs and as inventories were gradually depleted.

The report said U.S. demand also supported pricing. Buyers from the United States paid an average of 1.1% above market price for wines in the Fine Wine 1000 index during Q2, compared with a markup of 0.03% in Q1. Liv-ex said that if U.S. buying continues to rise in the second half and purchase prices remain at or above market levels, price stability is likely to continue.

That matters beyond collectors and traders because stable benchmark prices in fine wine can influence valuations, inventory decisions and buying strategies across the broader beverage business, especially for merchants, importers and distributors active in the secondary market.

Liv-ex described stabilization as the main theme of the first six months of the year. Major fine wine indices were broadly steady during that period, even though more of the vintages within the Fine Wine 1000 fell in Q2 than rose. According to the report, the wines that gained did so by enough to offset those declines at the index level. Harpers Wine & Spirit Trade News, citing the same report, said rising wines posted average gains of 5.2%, while falling wines declined by 4.1% on average.

Even so, Liv-ex said steadier headline prices have not yet led to a clear recovery in volumes. Tom Burchfield, head of decision intelligence at Liv-ex, said Q2 was more active than the tariff-heavy second quarter of 2025, but added that price stability had still not produced enough confidence or demand for overall trade levels to increase.

The regional picture was uneven. While U.S. participation strengthened, Asian buyers were less active this year, according to Liv-ex. The report said local trade prices in Asia continued to soften and pointed to large private transactions outside normal channels. It also cited higher shipping costs tied to the conflict involving Iran, saying freight expenses had risen by as much as 60% in some cases and were directly affecting buying decisions.

Liv-ex also warned that the market remains sensitive to broader concerns about wealth and inflation because private collectors are playing a larger role while merchants buy less stock and remain cautious about risk. The report said any event that makes collectors more worried about their financial outlook can quickly weigh on demand for fine wine.

The data suggests a market that is steadier than it was a year ago but still selective. Liv-ex said some brands and vintages are now finding enough support at current prices to combine price gains with sustained trading. Harpers reported that Liv-ex sees a widening gap between stronger and weaker segments, using Bordeaux as one example: with the exception of young 2022 wines, bottles from before 2017 have generally proved more resilient and tended to find a floor sooner.

Bordeaux En Primeur remained a major focus in Q2, but it generated less revenue than in past years. Harpers said Liv-ex found that surveyed U.K. members reported sales value roughly in line with 2024 levels. The releases that worked best were those priced below current market levels for comparable back vintages, especially where those older wines were already stable or beginning to rise.

For producers, merchants and investors, that pattern points to a more disciplined market in which buyers are willing to engage, but only at prices they see as justified by quality and relative value. In that environment, renewed U.S. demand may offer support for pricing through the rest of the year, even if a broader rebound in trading remains uncertain.