Third quarter indicates 'stabilisation' in the fine wine market

Although it is too early to declare “a full recovery”, the third quarter “marks another step in the right direction” for the fine wine market, a new report by Winefi has said.

The report, which has been published by the Coterie-Holding backed fine wine investment platform, noted that for the first time since 2022, its own wine index of investment-grade wines has risen quarter-on-quarter, up 4.3%, compared to declines in Q1 and Q2.

“The recovery is broad-based and not driven by outliers, with the distribution of returns generally higher than in previous quarters,” the report noted.

Champagnes dominated trading, it noted, with the top four brands – Dom Perignon, Cristal, Krug and Salon accounting for around a third of the 30,000 trades in the last three years.

It also pointed out the positive performance of benchmark indices such as the Liv-ex 100 and Liv-ex 1000. “Regional standouts” included younger vintages of Super-Tuscans and premium, older vintage Champagnes, it noted.

Meanwhile, wines are trading at a rolling average discount of 6.2%, compared to the 15-year average of 9%, it said, meaning that “sellers are facing less pressure to concede and buyers as more willing to meet the market”, evidence of “market stabilisation” and improving confidence.

This echoes the sentiments of Liv-ex recent webinar, which noted that buyers’ and sellers’ expectations were “more aligned”, suggesting that the fine wine market is “on the turn… and… through the worst of downturns”.

However, Winefi noted that the narrowing of trade discounts was not “merely the result of falling list prices but reflect[ed] a genuine improvement in market dynamics”, with the rebound observed earlier in the year for wines priced more than £800 “has held up”.

“Taken together, these developments reinforce the view that the fine wine market is moving towards stabilisation, with healthier liquidity and more balance price formation, supporting the broader recovery.”

Other signs of stability in the broader market could be seen in positive auction results, notably Zachy’s sale of 19th Bordeaux wines from the private cellar of Jacqueline (de Rothschild) Piatigorsky, which https://www.thedrinksbusiness.com/2025/09/zachys-de-rothschild-auction-achieves-us11m-quadrupling-estimate/, as well as a recent Hart Davis Hart Auction in Delaware, which achieved US$8.1m overall, “the best performance relative to estimate since the pandemic boom” the report noted.

WineFi, which is part-owned by Coterie Holdings, was launched in October 2023 by Callum Woodcock, a financial asset manager who came to wine through investing. Speaking to db last June, Coterie Holdings CEO Michael Saunders said data would be a key plank of the group’s ambitions and broaden its knowledge of what’s going on in the market.

Third quarter indicates ‘stabilisation’ in the fine wine market

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