Fine wines and Liv-Ex, small positive signs, in an overall negative picture

The end of the year is traditionally when fine wines are uncorked, gifted for a special toast, or to treat oneself to a “wine toy” to keep in the cellar, waiting for a special occasion, or as an investment. Even though the overall picture is rather negative, there are some small positive signals for the fine wine market monitored by Liv Ex, which has registered a slight increase, month on month (+0.1%) for the first time since March 2024, in its main index, Liv-Ex 100 (including for Italy, 2019 Barolo by Bartolo Mascarello, 2017 Barolo Falletto Vigna le Rocche Reserve by Bruno Giacosa, 2019 Barbaresco by Gaja, 2014 and 2015 Barolo Monfortino Reserve by Giacomo Conterno, 2016 Brunello di Montalcino Reserve by Biondi-Santi, 2019 and 2020 Masseto and 2020 Ornellaia by Frescobaldi, 2018, 2019 and 2020 Sassicaia by Tenuta San Guido, 2019 Solaia and 2019 and 2020 Tignanello by Antinori, and 2020 Redigaffi by Tua Rita, ed.).
It is a small positive signal, in an overall very negative trend, as from the beginning of the year the index’s performance has registered -7%, “increasing” to -9.2% in 12 months, and to -20.6% in two years. The Italy 100 is following a similar trend, at +0.2% in November, but -3.8% since the beginning of the year. Italy 100 includes Bartolo Mascarello’s Barolo, all the vintages from 2010 to 2019, Bruno Giacosa’s Barolo Falletto Le Rocche del Falletto Reserve (2000, 2001, 2004, 2007, 2008, 2011, 2012, 2014, 2016 and 2017), Pieve di Fontod’s Flaccianello (vintages from 2011 to 2020), Gaja’s Barbaresco (from 2010 to 2019), and Giacomo Conterno’s Barolo Monfortino Reserve (2001, 2002, 2004, 2005, 2006, 2008, 2010, 2013, 2014 and 2015).
All the other main indices have been on a decline since the beginning of 2024. Liv-Ex 1000, the largest index on the English platform, is down -9.6%, Liv-Ex Fine Wine 50 is down -10%, Bordeaux 500 is down -9.4%, Burgundy 150 is down -12.6%, Champagne 50 is down -7.3%, to name just a few. It is an unmistakable sign that these are complicated times also for investment and luxury wines. The financial statements of large groups have also confirmed the decline, such as LVMH, as its “wine & spirits” division in the first 9 months of 2024 (including iconic brands ranging such as Moët & Chandon, Krug, Cheval Blanc, Château d’Yquem, Ruinart, Dom Pérignon, Domaine des Lambrays, Veuve Clicquot, Cloudy Bay, Bodega Numanthia, Terrazza de Los Andes and Ao Yun), registered the worst result for the Arnault Family Group, at -11% turnover on -2% overall.