|
|
Bordeaux now accounts for only 32 per cent of the global secondary market, dropping below the 40 per cent mark for the first time. This was announced by the global fine wine trading platform Liv-ex (London International Vintners Exchange). In the indices for individual regions, which are mapped by Liv-ex, Bordeaux rose by only 11.5 per cent, Burgundy by 43.8 per cent and Champagne by 51.2 per cent. Burgundy has thus overtaken Bordeaux in terms of the number of wines traded and price development in the past year.
California and Tuscany are currently taking the largest market shares from Bordeaux, according to trader surveys. The index for super Tuscans rose by 24 per cent in 2021, that for California by 25 per cent. In terms of the number of wines traded on the secondary market, these two areas have also been steadily increasing for some time, while Bordeaux is losing slightly.
The reason for this is probably that the Super Tuscans make it possible to enter the market for top wines more cheaply and currently offer a better return on investment than the Premier Crus from Bordeaux. Liv-ex also blames this on the high subscription prices for Bordeaux, which hardly allow for price increases. Thus, the wines of the 2010 vintage are still on average two percent below their en primeur prices, the 2017s even seven percent. Moreover, Liv-ex warns in its report against exaggerated prices for the wines from the difficult 2021 vintage, which will be released in spring: "If it is not a really "great" vintage, then it does not deserve to be hoarded for years in Bordeaux and gradually refined to prices that collectors are not willing to pay". The 2019 vintage proved that wines with a good price find enough buyers even in difficult times, he said.
The demand for Bordeaux on the secondary market is highest in Europe with 35 percent, the USA accounts for 31 percent. The once most important market, Great Britain, currently accounts for only 27 per cent, Asia is at seven per cent.
The Liv-ex analysis emphasises, however, that Bordeaux continues to be the most important player in the market for top wines and is therefore often the first to suffer from economic and political turbulence.
(al / Source: decanter.com; Photo: 123rf)
More on the topic:
Interest in German Riesling rises significantly in Fine Wine secondary market