Fine wine: Liv-Ex shows signs of “rebound” with the strongest rise in 3 years in September 2025

Perhaps it was just a jolt, or maybe, with a bit of optimism, the first signal of a trend reversal. The fact is that on the secondary fine wine market monitored by the London-based Liv-Ex platform and analyzed by WineNews, September 2025 recorded the most significant overall increase in the past three years, even though medium- and long-term performance for the indexes remains generally negative. Still, many “green signals” have appeared as not seen for some time, with the demand-supply ratio improving again. “The market is starting to show signs of stabilization after a prolonged period of price correction. Bordeaux indexes are improving, and the balance between buy and sell offers is moving in the right direction”, underlines Romain Grudzinski, head of European Markets at Liv-Ex.
Looking at the indexes, the Liv-Ex 100 rose by +1.1% month-on-month (which 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 Gaja, Sassicaia 2019, 2020 and 2021 from Tenuta San Guido, Solaia 2021 and Tignanello 2020 and 2021 by Marchesi Antinori, Ornellaia 2021 and Masseto 2020 and 2021 by the Frescobaldi Group, and 100% Sangiovese Toscana IGT 2019 by Soldera Case Basse), reducing, in this way, year-to-date losses to -4.5%.
The Liv-Ex 1000, the broadest index, grew by a modest +0.4% - therefore, still down -5.3% year-to-date -  mainly thanks to the +1.8% month-on-month rise of Bordeaux Legends 40 (-3.1% since early 2025), the stability of Bordeaux 500 (still at -7.2% in 2025), and the +0.7% increase of Burgundy 150 (-5.8% year-to-date), among the main indexes.
As it often happens, Italy 100 moved in the opposite direction, this time negatively, bringing its year-to-date decline to -2.9%, with September shaving off a few decimals at -0.3% for the index made up of Barolo by Bartolo Mascarello of all vintages from 2011 to 2020, as well as Barbaresco by Gaja, from Barolo Monfortino Riserva by Giacomo Conterno, vintages 2001, 2002, 2004, 2005, 2006, 2008, 2010, 2013, 2014, and 2015, from Barolo Le Rocche del Falletto Riserva by Bruno Giacosa 2000, 2001, 2004, 2007, 2008, 2011, 2012, 2014, 2016, and 2017, and all vintages from 2012 to 2021 of Sassicaia by Tenuta San Guido, Solaia and Tignanello by Marchesi Antinori, Ornellaia and Masseto by Frescobaldi Group, in addition to 100% Sangiovese Toscana IGT by Soldera Case Basse of vintages from 2009 to 2019 (excluding 2010).
Among the most encouraging signals, underlines Liv-Ex, there is the fact that the Liv-Ex 1000, the platform broadest index, saw its first growth since March 2023 with 589 of its components showing stability or price increases. Thanks mainly to Bordeaux big names, but also to Spanish (Vega Sicilia Unico) and California jewels (Opus One) with the best Italians which were Barolo Le Rocche del Falletto di Serralunga d’Alba Riserva 2001 by Bruno Giacosa (+10.5% in the month, and +14.4% in 2025) and Ornellaia 2019 (+9.9% month-on-month, though still -6.6% year-to-date). Still, explains Liv-Ex, platform trading volumes are returning to pre-Trump tariff levels. Transaction value (+9.5%), number of trades (+4.2%), and volume (+6.4%) are all growing compared to the third quarter average. And, still, European buyers drove demand on the purchasing side, reaching their highest share since August 2022 (39.5%) and buying 36% more than the previous month, while purchases from other regions remained stable.
It is still too early to say growth is back and the worst is behind us, as the challenges facing the wine market at every level, in every market and channel, are clear to everyone, and tangible. But at least, a positive signal has arrived, hopefully turning from an exceptional event into a robust and lasting trend.