Fine wines, (slow) recovery of main indexes of Liv-Ex continues

There are small but steady, and therefore encouraging, positive signals in the secondary market for fine wines, monitored by the Liv-Ex platform, which serves as something of a thermometer for the performance of the world top collectible wines. And, after many consecutive months of decline, the November 2025 data confirms the slight trend reversal first observed in September.
Looking at the indexes, the Liv-Ex 100 shows a +0.9% month-on-month increase (an index that now includes, for Italy, after the latest update: Barolo 2019 by Bartolo Mascarello, Barolo Falletto Vigna Le Rocche Riserva 2017 by Bruno Giacosa, Barolo Monfortino Riserva 2014 and 2015 by Giacomo Conterno, Brunello di Montalcino Riserva 2016 by Biondi-Santi, Barbaresco 2019 by Gaia, Sassicaia 2019, 2020 and 2021 by Tenuta San Guido, Solaia 2021 and Tignanello 2020 and 2021 by Marchesi Antinori, and Ornellaia 2021 and Masseto 2020 and 2021 by Frescobaldi Group, and 100% Sangiovese Toscana Igt 2019 by Soldera Case Basse) narrowing the year-to-date decline to -2.8%.
The broader Liv-Ex 1000 adds another +0.4% month-on-month, reducing its year-to-date loss to -4.5%, driven mainly by the Burgundy 150, which rose +1.1% in November compared to October, bringing its year-to-date decline to -4.4%. The Italy 100 remains essentially unchanged, posting -0.1% month-on-month and -1.8% year-to-date. This index includes Barolo di Bartolo Mascarello from all vintages from 2011 to 2020, Barbaresco by Gaja, Barolo Monfortino Riserva by Giacomo Conterno, vintages 2001, 2002, 2004, 2005, 2006, 2008, 2010, 2013, 2014, and 2015, Barolo Le Rocche del Falletto Riserva by Bruno Giacosa 2000, 2001, 2004, 2007, 2008, 2011, 2012, 2014, 2016, and 2017, and still, all vintages from 2012 to 2021 of Sassicaia by Tenuta San Guido, of Solaia and Tignanello by Marchesi Antinori, and of Ornellaia and Masseto of Frescobaldi Group, as well as 100% Sangiovese Toscana IGT by Soldera Case Basse of vintages from 2009 to 2019 (excluding 2010).
Moreover, looking at the top-performing individual wines year-to-date, in the Liv-Ex 100, the best Italians, and the only two among the top 10, are Ornellaia 2021, the Bolgheri jewel by Frescobaldi Group, and Tignanello 2020, one of Antinori iconic wines. In the broader Liv-Ex 1000, the absolute best performer among all 1,000 wines is Barolo Falletto Vigna Le Rocche Riserva by Bruno Giacosa, which makes +59.7% year-to-date, accompanied in the “Top 10” by 100% Sangiovese 2018 by Soldera Case Basse, at +23.7%.
Overall, these are small changes that can’t be called a true “rebound” yet, but they offer hope for a recovery in the fine wine market, at least at the very top end, which, according to many, will be slow and uneven. Still, it is better than the freefall trend seen in recent months.