Italian Wines Reach 19.4% of Fine Wine Trade Value, Highest Share Since 2020

The secondary fine wine market showed strong momentum in October, according to the latest Liv-ex market report. Trade value, volume, and count all reached their highest levels since the introduction of U.S. tariffs several years ago. All major Liv-ex indices posted gains for the month, with the Liv-ex 100 leading at a 0.9% increase. The Liv-ex 50, 100, and 1000 indices each recorded their second consecutive monthly rise, while the Bordeaux 500 index saw its first increase since March 2023.

Within the Liv-ex 1000, which tracks a broad range of wines from around the world, 462 components rose in value during October, while 141 remained flat and 397 declined. All sub-indices of the Liv-ex 1000 except for the Rhone 100, which fell by 1%, posted gains. The Italy 100 was the top performer among sub-indices, rising by 1.3%. Italian brands Sassicaia and Soldera led this growth.

Italian wines accounted for their largest share of trade by value since August 2020, reaching 19.4% of total trade in October. This was also the highest absolute trade value for Italian wines since April 2022. The surge was driven by strong demand for producers San Guido and Giacomo Conterno, who were the top traded Italian names for the month.

Among individual wines traded by value in October, Giacomo Conterno’s Barolo Monfortino Riserva 2019 changed hands at $8,418 per case of three bottles. Domaine Leroy’s Musigny Grand Cru 2009 fetched $587,704 per case of three bottles, making it one of the most expensive trades of the month. Other high-value trades included Sassicaia Tenuta San Guido Bolgheri 2022 at $2,535 per six-bottle case and Opus One Napa Valley 2022 at $3,316 per six-bottle case.

In terms of volume traded, more accessible wines led activity. Chateau Poitevin Medoc 2016 traded at $92 per case of twelve bottles and Argiano Brunello di Montalcino 2018 at $797 per six-bottle case were among the most frequently traded wines by volume. Sassicaia Tenuta San Guido Bolgheri 2022 also appeared among both top value and top volume trades.

The report also highlighted changes in market participation by region and buyer nationality. UK buyers have seen their dominance in the secondary market decline over time as Liv-ex’s membership has become more international. In 2005, UK buyers made up nearly three-quarters of all buyers and purchases by volume. By 2010, their share had dropped to just over half. Since then, UK buyers have maintained about a 30% share of traded volume over the past decade.

Analysis shows that UK buyers tend to increase their purchasing when prices fall to levels they perceive as offering good value. Their buying patterns have also diversified beyond Bordeaux, which once dominated their portfolios. Until 2018, Bordeaux accounted for more than half of UK buyers’ annual purchases; now it is closer to one-third, roughly equal with Burgundy.

The most popular wines among UK buyers this year include Petrus and Chateau Lafite Rothschild at the top, followed by Screaming Eagle’s Oakville Cabernet Sauvignon and Cristal Champagne. Sassicaia and Domaine de la Romanée-Conti’s Romanée-Conti are also among their favorites. Over recent years, First Growth Bordeaux wines have been joined or even surpassed in popularity by leading names from California, Burgundy and Barolo.

The data from October suggests that while Bordeaux remains important in global fine wine trading, other regions are gaining ground both in terms of value and volume traded. Italian wines in particular saw significant growth last month on Liv-ex’s global marketplace as collectors and investors continue to diversify their portfolios beyond traditional French regions.