Liv-ex indices for key wine areas on the secondary market have fallen in worth this yr, however the group mentioned some wines nonetheless rose sharply in worth within the first half of 2023 (H1).
Château Climens 2009 noticed the largest worth features within the six months to the top of June, rising 84% to £1,213 (12x75cl in bond), Liv-ex knowledge confirmed.
Three different Barsac wines made the highest 10, together with two Climens vintages plus Château Coutet 2014, marking a comparatively uncommon look for Bordeaux’s candy wines on such a listing.
Bucking the development: high 10 worth performers within the Liv-ex 1000 index
Value development of greater than 35% for Jean-Louis Chave, Hermitage 2014 and Clos des Papes, Châteauneuf-du-Pape 2013 in H1 2023 contrasted with a 16.4% drop within the worth of Liv-ex’s Rhône 100 index year-to-date (to 31 July).
The general Liv-ex 1000 index, albeit only one barometer of market sentiment, was additionally down by 8.7% year-to-date, though nonetheless up by almost 26% in 5 years.
A purchaser’s market?
Liv-ex mentioned in its August market report, ‘There may be little doubt that after a seven-year (virtually uninterrupted) bull market favouring sellers, the ball is now firmly within the purchaser’s court docket. The query is, are they able to play and at what stage?’
In a single instance of Champagne buying and selling on Liv-ex earlier this month, it mentioned: ‘One bidder just lately secured 30 circumstances of Louis Roederer, Cristal 2015 [at] 6.7% beneath the wine’s market worth, demonstrating the good thing about putting formidable bids.’
Matthew O’Connell, CEO of LiveTrade on-line buying and selling platform at Bordeaux Index, advised Decanter just lately that buying and selling exercise has been unusually quiet in 2023, however he believed there was potential for momentum to select up within the final quarter of the yr.
A Knight Frank Wealth Report on luxurious ‘ardour’ investments just lately acknowledged that its superb wine icons index – compiled by Wine Homeowners – rose by 5% within the 12 months to the top of June, however was working flat in 2023 to this point.
The Knight Frank Luxurious Funding Index, which tracks 10 collectibles from wine to watches and artwork, rose by 7% the 12 months to 30 June – its slowest annual development price because the second quarter of 2021.
‘A slowdown within the wine and traditional automotive markets, the place double-digit rises have usually underpinned the index’s efficiency, helped mood development,’ it mentioned.
Some new wine releases have nonetheless seen robust purchaser demand this yr, nevertheless, and US-based public sale home Zachys was additionally comparatively upbeat on the secondary market in its mid-year assessment for 2023.
‘As we’ve mentioned prior to now, our market has confirmed resilient within the face of unsure economics, and that’s nonetheless the case,’ Zachys mentioned.
‘Wines on the high finish of the market have held their worth with constantly excessive costs achieved throughout auctions and public sale websites.’