Fine wines are on a negative streak. Italy alone is growing and trying to turn things around

It is still far too early to feel the indirect effects of the Bordeaux 2023 “En Primeur” campaign on the secondary market for fine wine. It began by releasing just a few prices, though of several top names, with the price reductions the trade had hoped for, well above 30% in many cases. It seems that only Italy has reported a slight recovery, in a widespread negative context. According to Liv-Ex data related to April 2024, which WineNews analyzed, out of all the main indices, the only one that has been positive in the last month, and has substantially returned to the levels at the beginning of the year, is the Italy 100 index: +0.7% month on month (the only growth figure), and -0.2% from the beginning of 2024.
This is an important signal from the index formed by Bartolo Mascarello’s Barolo and all the vintages from 2010 to 2019, Barolo Falletto Le Rocche del Falletto Riserva by Bruno Giacosa (2000, 2001, 2004, 2007, 2008, 2011, 2012, 2014, 2016 and 2017), Flaccianello della Pieve di Fontodi (vintages from 2011 to 2020), the Barbaresco by Gaja (vintages from 2010 to 2019), Barolo Monfortino Riserva by Giacomo Conterno (2001, 2022, 2004, 2005, 2006, 2008, 2010, 2013, 2014 and 2015), as well as all the vintages from 2011 to 2010 of Masseto, Ornellaia, Sassicaia, Solaia and Tignanello, and as mentioned, is the only positive one on the platform. The Liv-Ex 100 index was down -1.3% in April and -2.3% since the beginning of the year (including, for Italy, Barolo 2019 by Bartolo Mascarello, Brunello di Montalcino 2016 Riserva by Biondi-Santi, Barolo Falletto Vigna Le Rocche by Bruno Giacosa, Barbaresco 2019 by Gaja, Barolo Monfortino Riserva by Giacomo Conterno 2014 and 2015, Masseto 2019 and 2020 and Ornellaia 2020 by Frescobaldi, Sassicaia by Tenuta San Guido 2018, 2019 and 2020, Solaia 2019 and Tignanello 2019 and 2020 by Antinori, and Redigaffi 2020 by Tua Rita). The Liv-Ex 1000 was down -0.7% in April and -4.7% since the beginning of 2024. Moreover, the monthly declines hit everyone. Some of the worst indices in 2024 are Burgundy 150, at -7%, the Rest of the World 60, at -4.7%, as well as Champagne 50 at -3.8%.
It is, therefore, an overall negative trend that if it continues during this first third of 2024, will involve the entire last two years, marking double digit decreases for all the indices, except for Italy 100, which has decreased only -1.5 %. To see positive indices, to date, one must look at a 5-year period. The Liv-Ex 100 shows +14.1%, and Italy 100 shows +31.2%, which is the best performance ever, following Champagne 50, at +45.5%, over five years. Returning to the present, one of the individual wines on the Italia 100 that has grown the most since the beginning of the year, an excellent +23.3%, is Barolo Le Rocche del Falletto di Serralunga d’Alba Riserva 2000 by Bruno Giacosa, ahead of Solaia 2013 at +16.1%, and Masseto 2018 at +15.1%, while Sassicaia 2017 is at +11.1%.