The Liv-ex 100 begins 2023 in decline (-1.4%), and with many changes among its labels

The secondary market for fine wines, as constantly monitored by the Liv-ex, the benchmark index for anyone wishing to invest in wine, begins 2023 in the same way it ended 2022: a 1.4% decline in January 2023 for the Liv-ex 100, the worst monthly decline since November 2015, following a consecutive quarter of decline. Although historically unaffected by external events, even fine wines, to a certain extent, have to deal with the global economic context, and with the uncertainty that reigns among investors and buyers, who are distracted in the East by the Chinese New Year celebrations and in the West from the reactions to 2021 of Burgundy, the territory that has dominated the market in recent years.
Overall, 62 out of 100 wines saw a price decline, and the impression, as Liv-ex itself writes, is that the market is in a slump, so much so that the supply-demand ratio is 0.39 (an uptrend, or in any case stable, corresponds to a ratio higher than 0.50, ed.). Only two labels can boast double-digit price increases: California’s Scarecrow Rutherford Cabernet Sauvignon 2019 (+15.8%) and Montrachet Grand Cru 2019 Marquis de Laguiche Joseph Drouhin (+12.5%). Furthermore, like every year, January is the month that records new entries and exits from the various indices, and the Liv-ex 100 has undergone a significant transformation in this regard. Strengthened by the results of 2022, the labels of Champagne (from 9 to 12) and Burgundy (from 16 to 18) are growing, to the detriment of those of Bordeaux (down from 46 to 41), still by far the most represented territory.
There have also been changes on the Italian front: Barolo Monvigliero 2016 Comm. G. B. Burlotto and Soldera Case Basse 2016 leave the Liv-ex 100 and is replaced by Redigaffi 2019 Tua Rita and Barolo Falletto Vigna Le Rocche Riserva 2016 Bruno Giacosa. Overall, the number of Italian wines remains constant (16), divided between Tuscany (11) and Piedmont (5). Looking at the Liv-ex 1000, there are two other significant changes in the composition of the Italy 100, the sub-index dedicated to the ten most requested and traded Italian wines, with the most recent ten vintages on the market. Barolo Bartolo Mascarello, Barbaresco Gaja, Barolo Monfortino Riserva Giacomo Conterno, Masseto and Ornellaia di Frescobaldi, Sassicaia Tenuta San Guido, Solaia and Tignanello di Antinori are confirmed, while Barolo Francia Giacomo Conterno and Soldera Case Basse are leaving, replaced by Barolo Falletto Vigna Le Rocche Riserva Bruno Giacosa and Flaccianello della Pieve Fontodi.