Fine Wines, Liv-Ex is still on a decline. Small signs of growth from Italy (and Champagne)

The fine wines market is still on a decline, after the first 2 months in 2024. The downward trend that has been ongoing for months, at least looking at the sector benchmark, Liv-Ex indices, are now showing positive signs only on a 5-year horizon. The Liv-Ex 100, the main and leading index, has fallen to -1.4% since the beginning of the year, but is down to -14.5% when we look at the last 12 months (index in Italy for Barolo 2019 by Bartolo Mascarello, Brunello di Montalcino Riserva 2016 by Biondi Santi, Barolo Falletto Vigna Le Rocche by Bruno Giacosa, Barbaresco 2019 by Gaja, Barolo Monfortino Riserva by Giacomo Conterno 2014 and 2015, Masseto 2019 and 2020 and Ornellaia 2020 by Frescobaldi, Sassicaia of Tenuta San Guido 2018, 2019 and 2020, Solaia 2019 and Tignanello 2019 and 2020 by Antinori, and Redigaffi 2020 by Tua Rita). Moreover, the index reveals the top Italian brands are in great shape and on an opposite trend. For instance, the price of Masseto 2019 has grown the most over the first two months of the year (+10.9%), Sassicaia 2020 is in third place (+7.1%), and Barolo 2019 by Bartolo Mascarello, at +6.8% is in the "top 5", at number 4, (tied with Pauillac 2019 by Chateau Pontet-Canet, while the second best performance goes to Clos de Tart Grand Cru 2020 by Clos de Tart,) , also in the “top 10”, Giacomo Conterno’s Barolo Monfortino Riserva 2014 has grown +5.3%.
Looking at the other indices, the Liv-Ex 1000, the broadest index on the platform, is doing even worse, as it stands at -3.5% in 2024 and now, at -15.3% for the 12 month period. Performances are on a decline mainly due to the collapse of the Burgundy 150 index (-5.5% in 2023, -19.4% over the last 12 months), Bordeaux 500 down -2.3%, Bordeaux Legends down -3% (-13% and -14.6% over the last 12 months), while Rhone 100 (-4.8% since the beginning of the year) and the Rest of the World 60 (-3.6%) are also decreasing. The two indices that have shown small signs of reversing the trend are Champagne 50 (at +1% in February, and -0.8% since the beginning of the year), and Italy 100, which although registering a modest +0.1% in February 2024, is the best performing index since the beginning of the year, at -0.6%, as well as decreasing the least in the 12 month period (-3.6%). It is also the second best over the 5 year period (+31.8%, behind only Champagne 50), at +50.2% in five years.
The Index includes Barolo Mascarello's Barolo, all the vintages from 2010 to 2019, Bruno Giacosa's Barolo Falletto Le Rocche del Falletto Riserva (2000, 2001, 2004, 2007, 2007, 2011, 2012, 2014, 2016 and 2017), Flaccianello della Pieve di Fontodi (vintages from 2011 to 2020), Barbaresco di Gaja (from 2010 to 2019), Barolo Monfortino Riserva di Conterno (2001, 2022, 2004, 2005, 2006, 2008 , 2010, 2013, 2014 and 2015), and all the vintages from 2011 to 2010 of Masseto, Ornellaia, Sassicaia, Ornellaia and Tignanello.
Regarding performances, in the “Top 10” behind Masseto 2019, Solaia 2020 (+9.5%) is in second place and Sassicaia 2015 (+9.2%) at number 3 (growing between +7, 4% and +5.8%), ahead of Flaccianello della Pieve 2018 by Fontodi, Sassicaia 2020, Barbaresco 2018 by Gaja, Barolo 2019 by Bartolo Mascarello, Sassicaia 2011, Masseto 2015 and Flaccianello della Pieve 2016. Overall, therefore, the times in which people said investments in wine yielded more than gold, are far away, which, instead, has grown +4.6% in 2024, +16% in the 12 month period and +55% in 5 years.