WINE industry insiders have claimed now is arguably the best time to enter the world of fine wine investing for a decade, after a protracted post-pandemic slump that saw the price of elite Bordeaux wines fall by almost a third — a trend that now appears to be bottoming out.
During the pandemic, fine wine prices soared. People had more disposable income, more time on their hands to research and stock their cellars, and ‘stay-at-home’ fine wine trading online was rife. Increased demand saw the price of many First Growths go supersonic.
But when the pandemic ended, people bought less, and less frequently, and central banks globally started to hike interest rates to control inflation, meaning more attractive returns on cash.
This, combined with the wine-loving Chinese economy spluttering post-pandemic, meant that the value of wines that had risen by almost a third during lockdowns started to correct.
That correction saw the price of the world’s most sought-after vintages come down by almost 20% and lasted all the way up until September 2025, when prices started to finally edge up again.
Liv-Ex 50
Reflecting the decline in prices, over five years, the widely recognised London International Vintners Exchange (‘Liv-Ex’) Fine Wine 50 Index, which tracks the daily price movements of the Bordeaux First Growths such as Lafite Rothschild, Margaux, Mouton Rothschild, Haut-Brion and Latour, is down a significant 18.7%.
Over the past two years, the Liv-Ex 50 is down 12.4% but, over one year, it is finally back in the black, yielding growth of 0.9%. The Liv-Ex 50 is often seen as a barometer of sentiment in the wine industry and experts say that, when it starts to fire, wines beyond the First Growths will often follow.
Reflecting this, the Liv-Ex Fine Wine 1000, essentially a FTSE All-Share of wine investment, is down 1% on the year but up 0.1% during the year to date, suggesting prices have stabilised.
Many wine industry insiders believe that now, with prices down by as much as a fifth, could be the perfect window to buy at the bottom.
Bull run
David Jackson, a wine industry professional and founder at fine wine marketplace Squelch, said: “We’ve seen several years of falling prices driven by the return to work and reduced disposable income, China’s sluggish post-pandemic recovery, disappointing en primeur (new vintage) campaigns and, more recently, US tariff uncertainty.
“However, the ultra-fine wine market returned to growth in September 2025 and all the indicators suggest a new bull run is potentially under way, with prices now arguably having bottomed out.
“By way of example, Bordeaux, which lost market share for a decade as investors looked for value elsewhere, is firmly back, with prices once again at 2016 levels.”
Researchers at wine investment platform, WineFi, also said the fine wine market delivered its strongest quarterly performance in nearly four years during the first quarter of 2026.
In its latest report on market conditions, they said three consecutive quarters of rising transaction prices, improving liquidity and strengthening demand represent a “meaningful shift in market momentum” for fine wine and that the conditions for a broader recovery across both auction and exchange channels are gradually taking shape.
Callum Woodcock, WineFi CEO, said: “The market peaked in Q3 2022. It then fell for nearly three years. Q1 2026 is the third consecutive quarter of trade price growth, the first time that’s happened since Q1 2022. Cycles in fine wine are long and this one is turning.”
Woodcock noted that interest from buyers has been trending up since July 2025, with demand strengthening faster than supply, and added: “Every indicator we track is pointing the same way. The recovery isn’t a prediction, it’s already in the data.”
1-5% of a portfolio
Wine investment, of course, has its risks and financial advisers say that wine should represent no more than 1% to 5% of a diversified portfolio, or a small ‘satellite’ holding relative to a core portfolio.
While it offers benefits like diversification and tangible value, wine investment risks include price volatility, as seen over the past five years, poor selection and improper storage.
Investors should also diversify across regions and use reputable platforms with transparent ownership and provenance, where proper storage arrangements are priced in.
Samuel Mather-Holgate, Managing Director & IFA at Swindon-based Mather and Murray Financial, said fine wine shouldn’t be more than 5% of your investment portfolio.
He added: “Fine wine can add flavour to a portfolio, but it should be the seasoning, not the main course. It should be a satellite holding, not the backbone of a portfolio. For most investors, exotic assets like wine should usually make up around 1% to 5%, and only once the core basics are covered.
“The sensible time horizon is usually over five years. Fine wine is illiquid, storage-sensitive and not for money you may need in a hurry. Provenance, bonded storage and insurance are essential and can be costly. The potential rewards are scarcity and global demand driving prices up, and portfolio diversification.
“The risks are fraud, costs, price swings and illiquidity, so investors need to be selective and use reputable firms.”
Be boring
Not everyone, though, is convinced by fine wine investing. Ross Lacey, Director & Independent Financial Adviser at Rayleigh-based Fairview Financial Management, said he wouldn’t advise investing in wine.
He said: “We’re pretty boring when it comes to investing. Our view is that, although certain wines could appreciate in value in the future, you’re reliant on someone else buying it at a higher price than you paid for it. What rationale is there for that?
“An investment is something that has good rationale for an income or higher future price – company shares, for example, generally produce an income in the form of a dividend, and companies will aim to grow their profits over time, thus increasing the value of the company and its shares. Boring, but it makes sense.
“If you want to speculate that wine, cars, watches or whisky may be worth more in the future, we’d recommend allocating only a small portion of your overall cash towards them.
“And if you are tempted, focus on things that add value for you in other ways, such as you like the car, like wearing the watch and enjoy drinking the wine.”
Asian wealth
Jackson continued that the world of wine investment has changed beyond recognition over the past 15 years.
He said: “Fifteen years ago the fine wine market was a genteel affair, driven by wealthy European and US collectors with long time horizons and cast-iron patience. Today it looks quite different.
“The mobilisation of Asian wealth into what remains a tiny global market, estimated at just $10billion annually, transformed wine into something with genuine price dynamism.
“That’s exciting, but it created a volatility that caught many investors off guard. The past five years tell the story.
“A near 40% bull run through lockdown gave way to the longest correction in the history of reliable wine data. But a growing number of people now believe we are through the bottom and that momentum will start growing from here.”
