March 2023 Market Snapshot

Trade value & volume increases in March

Source: BX-trade | Liv-ex

The fine wine market is starting to see a return to momentum, with an increase in both the value and volume of trade. This growth has been broad-based, with a record number of different wine labels being traded in the market. Although the trade share of Bordeaux and Champagne fell slightly, Burgundy and California increased their trade shares.


In terms of market indices, the Liv-ex 100 index rose for the second consecutive month, indicating a positive trend in the fine wine market. Meanwhile, the Liv-ex 1000 index remained flat.  Although some sub-indices within the Liv-ex 1000 index experienced increases, not all were able to recover from the losses they incurred in February. The Champagne 50 sub-index saw the largest decline, falling 1.1%, the index is down 10.4% since November 2022.


Source: BX-trade | Liv-ex

Prices of First Growth wines, which represent some of the highest-quality wines in Bordeaux, fell for the second month in a row. Within this group, three vintages from Chateau Latour saw significant declines, including the 2010, which fell 3.6%, and the 2013 and 2009, which fell 3.4% and 2.7%, respectively.


The Rhone 100 sub-index saw the most significant improvement among the Liv-ex 1000 sub-indices this month. This improvement was driven by several of its component wines, including two vintages of Domaine Jean Louis Chave Hermitage, which rose by 18.9% and 16.6%, respectively. Another top performer was Paul Jaboulet Aine Chapelle 2012 was up 13.4%.

Risers and fallers

Source: Liv-ex. *Prices used are the Mid-price – the midpoint between the highest live bid to buy and the lowest live offer to sell on the market.

Throughout March out of the 100 wines that make up the Liv-ex Fine Wine 100 index, 47 rose in price, 7 stayed flat, and 46 saw prices decrease. The biggest faller was Domaine de la Romanee-Conti, Richebourg Grand Cru, 2018, which saw it’s price fall by 10.7%. 

Source: Liv-ex. *Prices used are the Mid-price – the midpoint between the highest live bid to buy and the lowest live offer to sell on the market.

The table above shows the best-performing wines in the Liv-ex 100 index in March. Domaine Jean Louis Chave Hermitage Rouge 2019 recorded the largest price increase (16.64%), followed by Napa Valley’s Harlan Estate 2018, up by 11.37%. It is also worth noting that Domaine Jean Louis Chave Hermitage Rouge 2014 also rose by 18.9% this month, however, it is not a component of the Fine Wine 100 Index.


Burgundy’s Domaine Georges Roumier Bonnes Mares Grand Cru 2019, and Domaine Ponsot Clos de la Roche Grand Cru Cuvee Vielles Vignes 2019 rose by 10.14% and 7.58% respectively, closely followed by Masseto Toscana 2019 (6.95%).

Source: Liv-ex. *Prices used are the Mid-price – the midpoint between the highest live bid to buy and the lowest live offer to sell on the market.

As a result of Harlan Estate 2018 rising by 11.37%, the ‘Others’ category achieved the highest average monthly growth (2.43%) of all regions included in the Fine Wine 100 index.. The second top riser in this category was another Californian label, Dominus 2019, which rose by 4.7%.


Second place was taken by Rhone, averaging a price increase of 1.4% last month. Similar to the above, the bulk of this growth was due to this months top riser Domaine Jean Louis Chave, Hermitage, Rouge, 2019 (16.70%). The second top performer from the region was Domaine de la Janasse, Chateauneuf-du-Pape, Vieilles Vignes, 2019, which rose by 3.2%.

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