Investment wines, the decline continues: deep red all Liv-Ex indexes in 2024

After years when wine seemed to be the new “eldorado” for financial investors, the euphoria of those who invested and invest their money in large bottles, more to speculate than to enjoy them inside a glass, seems to be waning. And while gold, a safe haven asset par excellence, just in these days touched its new highs, with over $2,744 an ounce, and a growth, since the beginning of the year, of over 33%, the main indexes that monitor the trend of prices of collectible wines continue their sharp and decisive decline, now in place for the entire post-Covid period, basically without interruption. It emerges by looking at the indices of Liv-Ex, the industry’s benchmark platform, as 2024 progresses, it sees its performance becoming more and more negative, with no major exceptions. And so, with data updated to the end of September 2024, the Liv-Ex 100, the platform’s main index (which includes, for Italy, Bartolo Mascarello’s Barolo 2019, Bruno Giacosa’s Barolo Falletto Vigna le Rocche Riserva 2017, Gaja’s Barbaresco 2019, Giacomo Conterno’s Barolo Monfortino Riserva 2014 and 2015, Biondi-Santi’s Brunello di Montalcino Riserva 2016, Frescobaldi’s Masseto 2019 and 2020 and Ornellaia 2020, Tenuta San Guido’s Sassicaia 2018, 2019 and 2020, Antinori’s Solaia 2019 and Tignanello 2019 and 2020, and Tua Rita’s Redigaffi 2020, ed.), reaches -7% (which becomes -11% over 12 months). In the index in question, the best wines, in positive terrain, include Gaja’s Barbaresco 2019 (+9.1% in 2024), and Solaia 2019 (+3.1%), and staying close to are Masseto 2019, Sassicaia 2020, and Tignanello 2019.
Even worse does the Liv-Ex 1000, the broadest of the platform’s indices, which loses -8.9% since the beginning of the year, dragged down mainly by the performance of Burgundy 150 (-11.8%), Bordeaux 500 (-9%), Bordeaux Legends (-6.5%) and Champagne 50 (-6.7%).
Continuing to defend itself a little better, but not even too much better now, the Italy 100 - formed by Bartolo Mascarello’s Barolo, with all vintages from 2010 to 2019, Bruno Giacosa’s Barolo Falletto Le Rocche del Falletto Riserva (2000, 2001, 2004, 2007, 2008, 2011, 2012, 2014, 2016 and 2017), Pieve di Fontodi’s Flaccianello (vintages from 2011 to 2020), Gaja’s Barbaresco (2010 to 2019), from Giacomo Conterno’s Barolo Monfortino Riserva (2001, 2002, 2004, 2005, 2006, 2008, 2010, 2013, 2014 and 2015), and again from all vintages from 2011 to 2020 of Masseto, Ornellaia, Sassicaia, Solaia and Tignanello - which marks -4% in 2024, and -6.2% over 12 months. With some labels being exceptions, and indeed growing in double digits or close to double digits, such as Masseto 2018 (+18%) and 2019 (+16.8%), Solaia 2013 (+16.8%), Gaja’s Barbaresco 2011 (+11.6%), Sassicaia 2011 (+9.7%) and Gaja’s Barbaresco 2019 again (+9.1%).
But in any case, the investment wine bubble that seemed to guarantee significant returns in relatively short periods, and allowed for investment even without too much expertise, now seems decidedly deflated.