November Market Update

Fine Wine prices fall for a second month

In November, global stocks rallied, with the FTSE 100 jumping 7.3% and the S&P 500 increasing by 6.3%. This comes at a time when central banks are anticipated to lower the rate at which interest rates rise and inflation shows indications of falling. Given that December has traditionally been one of the greatest months for US equities, the positive feeling may persist until the end of the year. The ongoing zero-covid policy in China and the tightening of monetary policy both contribute to the continued high level of market volatility.

While stocks increased, fine wine prices decreased last month. For the second consecutive month, the Liv-ex Fine Wine 100 index decreased by 0.4%. The index’s upward movement was halted by the strengthening of the pound. However, as the chart above demonstrates, fine wine has not only been a more stable investment, but has outperformed all major financial indices year-to-date. Other than the FTSE 100, all financial indices are showing negative returns so far this year. Will they recover before the end of 2022? Time will tell…

Monthly trade breakdown

Source: Liv-ex

Tuscany’s trade share in November grew to 8.1% of the whole market in value, a record high for the year. The 2019 vintage, notably the Super Tuscans Sassicaia and Tignanello, served as the region’s driving force.


The demand for champagne remained high, with its share marginally increasing from 18.1% in October to 18.7% in November. The most popular wines were the 2014 and 2008 Louis Roederer Cristal.


Burgundy (30.0%) had an almost identical percentage to Bordeaux (30.8%), which decreased this month. The First Growths accounted for 28.9% of total Bordeaux trade.

Top Performers

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.

In addition to it’s record high monthly share of trade, Tuscany had a solid month in terms of pricing performance in November. The region boosted the Italy 100 index this month, making it the only Liv-ex 1000 sub-index to finish the month in the green.


Due to its Sangiovese label from the vintages of 2009 and 2016, Soldera (Case Basse) and Masseto were in the forefront of these price hikes. The price of the wines is at its highest point ever this year, breaking previous trade records. The 2015 Masseto’s value increased by 12.8%, also carries a 100-point score from the Wine Advocate’s Monica Larner.

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