Fine Wine: in a difficult 2019 the star is Italy, the only one to grow (along with Champagne)

Italy’s only one to grow (along with Champagne), the Barolo Monfortino Riserva 2002 by Giacomo Conterno top performer absolute, accompanied, in the top 10, by multiple labels signed by Gaja: all are Italian 2019 high lights of fine wines photographed in the analysis of the Benckmark market Liv-Ex. With the great investment wines, which, after years of tumultuous growth, have suffered a marked setback: in the last 12 months (with data closed in November 2019), all the main indices have recorded negative signs, with the Liv-Ex 100, reference index of the platform (where Italy is more present than in the past, with Masseto 2014 and 2015, Ornellaia 2013 and 2015, Sassicaia 2014, 2015 and 2016, Tignanello 2015 and 2016, Solaia 2015, Barolo Monfortino Riserva 2010 by Giacomo Conterno, Barolo 2014 by Bartolo Mascarello, Barolo Villero 2013 Brovi, Sperss 2013 by Gaja), at -2.86%, and the Liv-Ex 1000 at 3.78%. This performance is due to the collapse of the prices (which remain, however, very high, ed.) of the great wines of France, with indices such as Bordeaux Legends 50 and Burgundy 150 falling by more than 7% in 12 months. In this context, the only index to grow is that of Italy 100, dedicated to the last 10 physical vintages of Sassicaia, Masseto, Solaia and Tignanello di Antinori, Ornellaia, Barbaresco, Sperss and Sorì San Lorenzo di Gaja, Barolo Monfortino Riserva di Giacomo Conterno and Redigaffi di Tua Rita, which recorded a remarkable +5.47%.
Overall, however, the market has grown even further: already at the end of July 2019, the total value of supply and demand had exceeded the record figure of 70 million pounds, while the number of active operators has broken through the wall of 14,000 players, with several wines exchanged (between different labels and vintages) went over 7,000 (compared to 5,700 in 2018), with fine wines also from Germany, Switzerland, China, England, and Hungary.
Among the individual labels, among all those monitored by the Liv-Ex 1000, the most important performance, in terms of price increase, is that of the Barolo Monfortino Riserva 2002 of Giacomo Conterno, which, with a jump of 75% from January to December 2019, has gone from 5,940 pounds per box to 10,390 pounds, but in the top 10 for growth, also include the Barbaresco 2007 and 2011 and the Sorì San Lorenzo di Gaja, with increases between 30% and 35%.
All this is also reflected in the market share of the various countries and territories: Bordeaux fell from 59% in 2018 to 55% in 2019, Burgundy grew from 15% to 19%, but Italy and Champagne have also increased their weight, both reaching 9% of the value traded (with peaks of 11% in recent weeks, after the introduction of U.S. duties, which have so far saved their Italian wines and French bubbles, ed).
Interesting, in the analysis of the Liv-Ex, also the comparison with gold and currency analysis. After years in which fine wines have shown growth rates that are even higher than the good par excellence, this year gold has regained absolute leadership, with a growth of 14%. In terms of currencies, however, the best results came for those who invested in wine in euros: taking the Liv-Ex 100 as a parameter, if the figure in pounds, as mentioned, is negative, in euros the gain was 5.4%. Finally, it is difficult to predict the future: the political turbulence between Hong Kong and China, the U.S. duty war with the rest of the world, the unknowns of the Brexit and an uncertain economic picture at the global level, make it difficult to overreach in some direction.