The Fine Wine Market: The First Stages of Recovery

The Fine Wine Market: The First Stages of Recovery

A Shift in the Data

After nearly three years of continuous correction, the data are pointing towards an inflection point. The Liv-ex 100 index — the global benchmark for the fine wine market — recorded its fifth consecutive monthly rise at the close of January 2026, accumulating a gain of 3% over six months. The market turned positive in September 2025, following a correction of almost three years since the peak of October 2022.

The market nevertheless remains between 25% and 30% below its previous peak. This is not a return to the old regime; it is the beginning of a recovery in which confidence is improving gradually.

Who Is Leading the Recovery

Burgundy, prestige Champagne and the rarest and most aged Bordeaux are leading commercial demand. Burgundy accounted for 31.8% of total value traded on Liv-ex in January 2026, its largest monthly share since February 2025. Prices of iconic wines remain relatively low, making them more accessible than usual.

European buyers now represent almost 40% of all purchases on Liv-ex, whilst Asian demand is improving as excess stock is reduced. Buyers from Asia, particularly Hong Kong and Singapore, are young and highly active in Burgundy.

The Return of the Americans and the Chinese Question

American buyers are gradually returning to the market, though still at around 80% of the level they maintained in the first quarter of 2025. The sector entertains the possibility that, if tariffs are eliminated or reduced and American demand is fully unlocked, the market could take a notable leap forward.

The Great Test: The 2024 En Primeur Campaign

The next major test will be Bordeaux’s en primeur campaign for the 2024 vintage. Liv-ex co-founder James Miles warns: “The Bordelais will be tempted to raise prices because they consider 2024 a better vintage, but market sentiment remains fragile, especially for young wines. Unless they fundamentally rethink their pricing strategy, I don’t think it will be a stellar campaign.”