Nathan Wilson
05/02/2026
The 2025 market was a game of two halves
For investors in fine wine, 2025 was not a year of exuberance or speculation. It was something far more important: a year of recalibration. After a prolonged correction that began in late 2022, the market finally found its footing. Prices reset, liquidity returned and crucially, confidence began to rebuild.
From a wine investment perspective, this matters enormously. Sustainable returns are rarely born out of euphoric markets. They emerge when pricing becomes credible again, buyers re-engage with conviction and the mechanics of supply and demand return to balance. The market was “a game of two halves”, a challenging first half followed by a meaningful and data-backed recovery.
The first half of 2025 was defined by adjustment rather than panic. The Liv-ex 100 declined by roughly -3.0% during what can best be described as a market reset phase. Importantly, this was not accompanied by collapsing volumes or forced selling. Instead, sellers gradually adjusted expectations while buyers remained patient.
What changed in the second half of the year was liquidity. As bid:offer ratios began to rise across major indices, trading conditions improved. By Q3 2025, the market recorded its first positive quarter since 2022, marking a psychological and structural turning point for wine investment.
By year-end, the Liv-ex 100 had recovered +1.7% in H2, and November delivered gains across every major index. Breadth improved meaningfully, with more wines rising in value than falling. This shift is one of the clearest indicators that the fine wine market had moved beyond drift and into stabilisation.
One of the most reliable tools in professional wine investment analysis is the bid:offer ratio. Rising ratios signal returning buyer confidence and reduce the need for sellers to discount stock aggressively. Throughout 2025, bid:offer ratios climbed steadily, reflecting healthier two-way trading conditions.
This is particularly relevant for investors seeking long-term wine investment advice. Markets do not need rapid price inflation to generate strong returns. They need liquidity, transparency, and pricing discipline. 2025 delivered all three.
By November, the Liv-ex 100 posted a +0.9% monthly gain, confirming that momentum was no longer confined to isolated trades but spreading across the broader market.
While the recovery was broad-based, regional dynamics played a crucial role in shaping opportunity:
Bordeaux: Bordeaux reclaimed its position as the dominant trading region, accounting for approximately 42% of trade by value. Much of this activity was driven by renewed interest in the 2022 vintage and improving demand for attractively priced back vintages. The significance here is not headline growth, but depth of market. Bordeaux’s liquidity makes it a cornerstone of most wine investment UK portfolios, particularly during periods of recovery when capital seeks security alongside upside.
Italy: Italy’s rise was one of the most compelling developments of 2025. Trade share reached 19.4%, its highest level since 2020, with Super Tuscans leading the charge. Wines such as Sassicaia continued to attract global demand, supported by broad buyer appeal and consistent brand recognition. For investors, Italy’s performance underscores an important point: diversification within wine investment is no longer optional. Regions with international followings and deep secondary markets have proven more resilient during periods of volatility.
Rhône: Half of the year’s top performers came from the Rhône, led by Rayas. Although trading volumes remain lower than Bordeaux or Italy, scarcity and producer reputation continue to drive strong price performance. For selective investors, the Rhône remains a tactical allocation rather than a core holding, but its role in generating alpha is increasingly clear.
One of the most telling signals of returning confidence came from the auction market. The Hospices de Beaune sale reached €18.75 million, the third-highest total in its history. This result is not merely symbolic. Auctions reflect discretionary capital at work, particularly among high-net-worth buyers who are less sensitive to short-term volatility.
Strong auction performance reinforces a key principle of wine investment advice: provenance, rarity, and cultural significance continue to command premiums, even during market transitions.
Beyond internal market mechanics, several macroeconomic factors strengthened fine wine’s relative appeal in 2025.
Falling interest rates reduced the opportunity cost of holding alternative assets. With cash yields easing, fine wine regained competitiveness as a store of value. At the same time, two years of valuation resets restored credibility to pricing, removing much of the excess built up during the post-pandemic surge.
Perhaps most importantly, buyer confidence broadened. The return of UK and US buyers in meaningful numbers added depth to demand, reducing reliance on any single geographic market.
Looking ahead, the Wine Market Overview 2025 is notably restrained in its outlook and rightly so. The conditions now favour steady compounding rather than speculative spikes. For investors, this environment is far healthier.
Opportunities for 2026 are clearly defined. Burgundy faces renewed allocation pressure, particularly around top-tier producers and premium white wines. Bordeaux offers value and momentum, especially in proven vintages trading below historical norms. Italy remains a standout outperformer, with Super Tuscans continuing to attract global capital. Champagne and Napa sit at prestige highs, reinforcing their role as defensive luxury assets.
For those seeking informed wine investment advice, the lessons of 2025 are clear. Liquidity matters more than narrative. Credible pricing underpins long-term returns. Diversification across regions and vintages reduces risk. And patience remains one of the most undervalued assets in any investment strategy.
At Moncharm Wine Traders, our approach reflects these realities. We focus on blue-chip names, proven vintages and markets where transparency and depth support long-term growth. The reset of 2025 has laid the foundations for the next phase of the market and for investors prepared to act thoughtfully, the opportunity set is now far more compelling than it was at the peak.
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10 Feb 2026
