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Vinum Fine Wines Market Report April 2026
March performance
The major indices in the wine market came off a tiny bit in March but are still mildly positive or flat so far this year. The bid to offer ratio has continued to strengthen and there are reports of increased interest from over the pond. Turnover is on the up.
Given what is going on in the world and the volatility in the major markets, prices in wine world are quietly idling in the backwaters – not even the threat of the extinction of an entire civilisation is enough to make waves, not in the short term at least.
The Liv-ex Indices
Despite this, we had another very decent month at Vinum, with turnover in the first quarter of the year up 35% on last year. It was also our second-best first quarter ever. We remain cautious however and alert to new opportunities.
Liv-ex regional indices
Regional comment
Unusually for us, Bordeaux accounted for double the Burgundy turnover and together totalled two thirds of the pot, leaving plenty of room for other regions.
In total, seventeen different regions recorded trade this month and included Canterbury (presumably in N.Z. not U.K??), Madeira, Scotland and Yunnan – all très exotique!
We were particularly successful with unusual formats, large and small, of First Growth Bordeaux and ex-Château offerings from Château Lafite. Sassicaia in large format found demand from all over, as did Le Pin and Petrus.
Champagne made a decent contribution, largely thanks to a lovely chunk of Bollinger Grand Année Rosé that was unearthed.
Scotland’s contribution came from Macallan, and it was good to see that name back in business.
Within Italy, Tuscany once again proved far more dominant than Piedmont which appears to be a region still out of favour, with our client base at least.
Burgundy Performance
Whilst the Burgundy 150 index was busy recording a near one percent monthly loss on Liv-ex, US auction house Acker was busy breaking records like nothing before. The headline, deservingly so, was grabbed by a bottle of Romanée Conti 1945 which sold for an eyewatering $812,000 making it the most expensive bottle of the wine ever sold, for the second time (the very same bottle sold for US$558,000 at Sotheby’s in 2018).
The sale totalled $25 million, and 460 new world records were set according to Acker, although I have no details on how those records are being defined.
Rather than me rehashing it all, please read the full details of the auction, well reported by the Drinks Business here.
As well as some great collections, presumably from individuals, there were fifteen notable Burgundy producers, many of which were in attendance, selling directly via the auction. The sales achieved a 37% premium compared to estimates. In this market that is no mean feat.
April and Beyond – Bordeaux En Primeur
April is often a very quiet month in the wine trade as it (normally) encompasses the Easter holidays. It is also the month when the trade girds its loins for another en primeur campaign.
We choose to support en primeur as there are always some wines that ‘work’ and it’s a good time and place to catch up with all manner of wine market players, maintaining, improving, and making relationships. Others choose a different path.
Of course, it’s not what it was, and it is no longer the bell weather for U.K. merchants to determine if you’re going to have a decent year or not. It means different things to different people.
Edouard Mouiex, owner of the négociant Ets Jean-Pierre Moueix, states in Decanter “If the Bordeaux 2025 campaign isn’t successful, then En Primeur is dead”. Some people may argue it already is.
Success of an entire campaign to a négociant will take a minor miracle in this environment, but reports suggest a small but very good quality of crop, so there’s a chance. Liverpool may overturn a two-goal deficit to Paris St. Germain, you never know.
The failure to date has been there have been comparable vintages available on the secondary market at prices less than the new release. We have heard producers argue that they do not want to devalue what has already been released – this is a weak argument, and secondary market pricing currently holds more influence than the primary market.
Whatever, I am looking forward to going with team Vinum and will be reporting back.
Claret
Whilst talking Bordeaux, or Claret as us Brits call it, and in case you missed it, the powers that be have rather strangely decided what the word Claret will represent in future. It may confuse certain sections of British society but may encourage others to join in, who knows?
I published an article on the subject on LinkedIn, it can be found here
General, and the price of eggs
Like most, I am worried about the goings-on in the Middle East and particularly the straits of Hormuz in terms of the economic impact. I was listening to an excellent podcast from Merryn Somerset Webb this morning, talking to Helen Thomas of Blonde Money. Helen remembers the economic fallout from one tanker stuck in the Suez Canal five years ago, the Strait has few more than that (x multiple hundreds!). This does not bode well for inflation and the pound in your pocket.
Following Helen’s feed on social media I found a topical example of this impact; although the price of cocoa has more than halved in the last year, the average price of Easter eggs was up 9% year on year. The explanation (pun narrowly avoided)? The rise of transportation and fertilizer costs and various price spikes along the supply chain more than negated the benefits of the lower priced cocoa.
Fine wine in the secondary market is already in bottle and lying in a warehouse somewhere, maturing nicely. Sure, there might be a little bit of a fuel surcharge on deliveries these days but otherwise, wine prices are generally not suffering from inflation.
The high rollers will keep on rolling but for more ordinary folk, it might be a good time to stock up – while you still have some pound in your pocket!
Miles Davis, 14th April 2026