Buyers from the USA are withdrawing from the secondary market, reports the global trading platform London Vintners Exchange (Liv-ex) in its latest report. This is a consequence of the tariff threats. American buyers accounted for over 35% of the total purchase value in 2024 – despite representing only about twelve percent of market participants. Following the announcement of the new tariffs, the number of bids collapsed by 80%. Wines from Bordeaux are particularly affected, with a demand drop of over 90%, followed by Rhône, Champagne, and Piedmont.

The report notes that regarding the ongoing En-Primeur campaign for the Bordeaux vintage 2024, the Châteaux will need to further reduce prices. The reduction of an average of 22.5% for the 2023 vintage was not sufficient given the many very affordable and drinkable Bordeaux on the market. Prices for the 2024 vintage must now become very attractive in light of the approximately one-quarter decline in the Fine Wine market that has persisted for two years. Bordeaux had a market share of 90% in the secondary market in 2010 – today it is less than 50%.

In the UK, where about a quarter of Bordeaux wines are purchased, the quantity increased by about 15%, but the purchase value fell by 18%. This is a clear indication that less attention is being paid to the brand name and more to the actual quality. In Asia, Sassicaia 2020 has now become the most traded wine by value.

In March, the Liv-ex 100 Index of the hundred most important wines fell by 0.7%. The broader Liv-ex 1000 Index only slightly decreased by 0.1%. The Italy 100 Index, on the other hand, rose by 0.4% – mainly thanks to US buyers. The best performance was shown by wines from Burgundy: The average price increased by almost 10%, the trading value by 39%, and the market share rose from 19% to 25%.

At the end of the month, the ratio of bids to offers in the Liv-ex 1000 was 0.43 – the highest value since January 2024. In Liv-ex's outlook, it is stated that the secondary market for Champagne and Rhône wines could also collapse due to the withdrawal of US buyers. However, the price decline resulting from the drop in demand could also mitigate the effect of the tariffs. Since sought-after wines are not easily replaceable, US buyers could return once their cellars are empty. Their focus would likely then be on brands with stable demand and good margins.

The figures come from the international Fine Wine trading platform Liv-ex. More information, data, and facts can be found here

(al / Source: Liv-ex)

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