Fine wine prices rose 1.1% in September, the strongest sign yet that the market is stabilizing

Fine wine prices showed further signs of stabilization in September, with trading conditions improving at the top end of the market even as a broader recovery remains incomplete.

According to Vinum Fine Wines’ October market report, the Liv-ex Fine Wine 100, a widely watched benchmark for secondary-market fine wine prices, rose 1.1% in September. Vinum said the market’s bid-to-offer ratio reached 1.13, the highest level since October 2022, indicating stronger buying interest relative to available supply.

The report said the improvement came from two directions at once: the value of bids increased while the value of offers declined. That mix points to firmer demand and tighter pricing after a long period of pressure on the fine wine market.

Still, the report stopped short of calling the rebound complete. Vinum said business levels have improved for the rarest and most sought-after wines, especially bottles with strong provenance, but activity across the wider market remains uneven. Prices in the main indices have steadied and are modestly above year-earlier levels, the firm said, yet demand in the primary market for new releases remains weak.

That distinction matters for the broader drinks business because distributors, merchants and investors often look to secondary-market pricing and liquidity as a guide for restocking, valuation and inventory strategy. Stronger bid activity can help support confidence in premium wine portfolios, but a slow primary market means producers and sellers still face limits on how fast trade can recover.

One of the clearest signs of renewed demand came from the United States. Vinum said U.S. buyers, who had been subdued in recent periods, are returning to the market and rebuilding inventories. The report added that American buyers have shown particular interest in older Bordeaux vintages, which are being seen as better value than younger wines.

Liv-ex data cited by Vinum showed that trade value in Bordeaux vintages produced before 2011 rose about 50% in the third quarter from the second quarter and about 36% from a year earlier. By contrast, Bordeaux from 2011 onward was slightly down from a year earlier. The shift suggests buyers are favoring mature wines with established reputations over more recent releases.

Auction results in Europe and Asia also pointed to continued demand for trophy bottles and well-documented cellar stock. Vinum said Sotheby’s sale of Château Haut-Brion wines from the estate’s own cellar brought in €3.4 million, close to the high end of the auction house’s estimate. The report highlighted strong bidding for rare formats and old vintages, including a 1935 magnum and larger bottles from 1982 and 1989.

In Hong Kong, Christie’s sale of wines from collector Henry Tang fetched £4.8 million, according to the report. Vinum pointed to the age profile of buyers as a notable development. Nearly half were Millennials or Gen Z, and 70% of those younger bidders were buying at auction for the first time. That suggests high-end wine demand is expanding beyond its traditional base, an important signal for merchants and auction houses trying to attract new collectors.

Regional price moves were broadly positive in September, according to the report. Vinum said the “Rest of the World” category slightly outperformed California, helped by gains in older vintages of Opus One, Screaming Eagle and Vega Sicilia. Piedmont also posted strong results after a long softer stretch, with double-digit gains in some wines from Bartolo Mascarello, Bruno Giacosa and Giacomo Conterno. In Champagne, the report cited solid trading in Dom Pérignon, Cristal and Pol Roger’s Sir Winston Churchill.

Looking over a longer period, Vinum said the past year’s strongest performances within the broader Liv-ex 1000 index were concentrated in established names and sought-after vintages rather than in speculative parts of the market. The report flagged gains in several Bordeaux 2016 wines, top Champagne houses, Domaine de la Romanée-Conti labels, Masseto, Solaia, Soldera, Dominus, Opus One and selected Italian and Spanish icons. Over a two-year horizon, Vinum said only a smaller group of labels stood out consistently, including Bonneau du Martray, La Tâche, Opus One, Rayas and Soldera.

The pattern suggests buyers are becoming more selective after a period in which wider parts of the market had been lifted by abundant liquidity and rapid price appreciation. In the current environment, scarcity, producer reputation and bottle history appear to be carrying more weight than broad category momentum.

Vinum also reported that its own September trading was led by Burgundy, which accounted for 51% of its business. Bordeaux represented 19%, Champagne 11% and California 10%. While those figures reflect one merchant’s activity rather than the full market, they offer another indication of where liquidity remains strongest in the secondary trade.

The report described September as a better month for secondary-market business than for primary-market sales, reinforcing a divide that has become more visible across the fine wine trade in 2026. Merchants are seeing evidence of confidence returning in mature, scarce wines, but not yet a full revival in demand for newly released stock.

That uneven recovery comes as wine businesses continue to adjust to a market shaped by higher financing costs, softer consumption in some regions and a more cautious approach from buyers. For now, September’s data suggest that fine wine prices have found firmer footing, with the strongest support coming from older Bordeaux, blue-chip collectible bottles and renewed demand from U.S. buyers.