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Luxury goods group Louis Vuitton Moët Hennessy (LVMH) also announced declines in its wine and spirits division for the second quarter. For the first half of 2023, revenue fell three per cent and profit fell nine per cent to 1.046 billion euros, down from 1.154 billion euros for the same period last year. Overall, however, LVMH increased its profit by 13 per cent. Wines and spirits are only in third place within the group after watches and jewellery.
At the same time, according to figures of the Wine Market Journal, champagne was the weakest performer at Fine Wine auctions in the second quarter, falling in price by 4.69 percent. Also on the losing side were wines from the Rhône with minus 3.60 per cent and Californian wines with a 3.26 per cent decline. Bordeaux Premier Grand Crus lost 0.96 per cent, Bordeaux Deuxièmes Crus 3.34 per cent in value.
While red Grand Cru Burgundy prices fell by 0.95 per cent, red Premier Cru Burgundies rose by 0.54 per cent and the index for wines from Domaine Romanée Conti rose by 2.21 per cent. For white Burgundies, the value of wines sold at auction rose by 6.68 per cent in the quarter. Wines from Italy remained stable at auction. Winners were port wines, which even increased in value by 14.16 per cent in a half-year comparison.
The iDealwine platform noticed a trend towards organic and biodynamic wines at fine wine auctions. The ranking of the most expensive organically produced wines at auctions shows a "remarkable similarity with the overall ranking of the highest-priced wines of 2022", in particular at the top of the list. According to iDealwine, this is because more and more top wineries converted their production and wineries such as Leroy, Château Latour and Domaine de la Romanée-Conti became certified organic.
(al / Source: drinksbusiness, wine economy)