Vinum Fine Wines Market Report July 2026

June performance 

June was an unremarkable month in the wine world. The loss of 0.7% of the Liv-ex 50 was the most significant mover. The index consists of the last ten physical vintages of the five First Growths and is therefore the most liquid of the various indices.   

Chateau Margaux seems to be the main protagonist here, with the ’22 having a particularly bad month, -11.6%. It wasn’t just one trade at lower levels, either, there were multiple. 

All vintages of Mouton bore positive returns bar one, the 2015.  

In the regional markets California stood out with a 2.6% rise, the Rhone with a 0.8% loss. Screaming Eagle had a fine month with decent support from Opus One. The Californian performance was largely responsible for the Rest of the World’s gains too, although Vega Sicilia deserves a shout out, also.    

Burgundy was a mixed bag. The best producer performance pricewise was from Bonneau du Martray, whilst older vintages of Drouhin’s Montrachet, Marquis de Laguiche, performed very nicely.  

Although Italy was unchanged on the month, Soldera continued to perform well, as did Masseto. The other big names of Tuscany pulled the average down, whilst Piedmont prices were mixed again.  

None of the big names of the Rhône valley were immune from prices easing, although La Chapelle and Vieux Télégraphe fared better than most.  

Turnover chez Vinum 

June was a much busier month than May and a decent chunk better than June ’25. Burgundy accounted for nearly half of our business and Bordeaux a little more than a third.  

 It was good to see the names of Rousseau and Roumier on the list of significant others again. These were joined by De Vogüé and Liger Belair, all four of which were eclipsed by DRC by a substantial factor, roughly threetimes as much.  

Champagne notched into double figures, Tuscany and Rhône scratched the surface a little – Piedmont just barely. Why is no one buying any Piedmont? It is fast becoming one of the great modern-day wine mysteries.  

Weather in Burgundy  

I have just returned from two weeks in Southwest Burgundy where the fields are scorched and golden in colour. Rain has been in short supply, and temperatures have been in the high thirties. The local Charolais cattle are being dispatched to Italy to find some grass to get fat enough for sale. 

Encouragingly for wine lovers, the grapes and the vines were about the healthiest looking things I saw while I was there. Other fruits on the trees in the garden were shrivelled, and the less hardy herbs were dead. 

 Further north, near Nuits St. Georges, a wildfire burned through 40 hectares of land (no vines fortunately) and fire services from five different departments were called to assist. Luckily no one was hurt and there were no houses burnt down, but will the grapes be tainted by the smoke we wonder?  

Weather in Europe 

To some extent winemakers (those that can afford to) have found ways of combatting frost, hail and drought, but smoke taint, in Europe at least, is a whole new problem.  

According to research from the University of British Columbia, Europe is suffering more than other wine growing areas from climate change with more days spiking above 35°C and also including the highest temperatures recorded during the growing season. 

A quick search informs me there have also been catastrophic hailstorms in northern Beaujolais, Trentino and parts of Germany very recently, and wildfires in the south of France. And if that’s not enough, there is a crop-devastating Japanese beetle on the loose in Slovakia! 

Weather in Argentina 

Who cares? 

And in Dear England?  

Weather-wise it’s been great, for grapes at least, hot and dry. On the football pitch, sadly, less so – the same dreary, overcast situation. 

At this rate of climate change, England will soon be the place to be for a lot more than just sparkling wines. Obviously us Brits are doing a pretty good job with that category but for still wines, we are still way behind.  

Interestingly ex-punk rocker Dermot Sugrue, possibly the U.K. most talented winemaker, has just released a new still red from (largely) Kent from last year’s hot and sunny vintage called ‘Never mind the Gamay, here’s the Pinot Meunier’. Dermot says “it was so outrageously ripe that I knew it could only be destined for life as a still red wine.… It was so aromatic and so immediately delicious that we bottled it after just four months. 

Twenty years ago, I’d never have believed we could make wines like this in England: lip smacking and generously fruity, I’m reminded of those juicy, medium-bodied Loire Valley and Cru Beaujolais reds served with a light chill that slip down all too easily as the dog days of summer roll into autumn.” 

I can’t wait to try it – do let us know if you would, too. 

Whilst we’re on the subject of English Wine – Breaky Bottom 

Another Sussex based enterprise has been in the news recently; Breaky Bottom, an incredibly beautiful and individual English wine estate, established and developed by the late Peter Hall, has been put on the market. If you fancy a dabble in the business and have a cool £4 million to spare, take a look at the details, courtesy of agents Knight Frank. 

There has been much written about the enigmatic Mr. Hall, but here’s a link to a collection of articles from The Buyer magazine, including further links to articles by Henry Jeffreys, author of ‘Vines in a Cold Climate’, who met Peter on several occasions while researching this highly recommended book dedicated to English wine.  

The Michelin Guide rolls into Burgundy  

Yes, that’s right folks, the Michelin Guide, which not so long ago acquired the Wine Advocate, has unveiled its first foray into the wine world. Instead of awarding three levels of stars to restaurants, it has awarded grapesto Burgundy producers using much the same system. 

 3 Grapes: nine producers  

2 Grapes:  twenty producers  

1 Grape: thirty-three producers 

Anyone reading this could compile their own guide along the same lines in quick order, although there appears to be a few names open to some conjecture. 

Whatever, it’s not as if you can actually go to (most of) these places unless they know who you are, so it’s all pretty pointless.  

A guide advising the uninitiated, the young, or the sort of people the wine industry want to attract just might have been a little more interesting, and commercial!  

As it stands, the guide that started out as a marketing tool for a tyre making company with a jolly, fat man made out of white rubber tyres, will not be redirecting the traffic off the RN74 anytime soon.  

And back to football…  

It was great to see Marcos Llorente of the Spanish national side celebrating their World Cup victory with goalscorer Ferran Torres, sipping on Chateau Rayas 2014 and Salon 1997. I can’t imagine any of the English players celebrating with such fine wine, but if David Beckham is anything to go by, maybe I’m wrong?  

The English team appear to be mainly tee-total, maybe that’s the problem!  

Final words 

As we head into summer holidays proper, we expect the market to tighten a little, although we are seeing decent interest from the east continue.  

In the U.K. we welcome our new Prime Minister into office. So far he has reversed maximum bus fares, perhaps he’d like to take a look at duty on wine, and VAT on restaurants and hospitality.  

By following Andy Neather’s excellent Substack account, I read a terrifying piece about the real economics of running a restaurant in the U.K. today, courtesy of Notes on a Napkin by Bristol based chef Dan O’Regan.  

If you haven’t already, why not sign this petition: #VATsTheProblem fronted by chef Tom Kerridge, to help the hospitality trade and your own pocket.   

Wherever you and whatever you’re doing, and as a hot and sweaty French Maître’d said to me recently as we left his restaurant – ‘bon continuation’ – whatever that means!  

Miles Davis, reporting from Southwest Burgundy and the South Downs, 22nd July 2026.