Liv-ex: Bordeaux signals signs of recovery for fine wine

Home

News

By Hamish Graham

Published: 15 December, 2025

Fine wine trading platform Liv-ex has revealed its December market report, with its major indices pointing towards a tentative recovery for the top end of the wine market.

Its broadest indicator – the Liv-ex 1000 index – rose +0.4% in November, the third month of gains in a row. Amongst its major indices the Liv-ex 50 led the pack; the index which tracks the daily performance of Bordeaux first growths was up +1.5% in November, charting a +2.9% rise over the past three months too. Bids exceeded offers for first growths for the first time since May 2023.

The value of bids of Liv-ex now sits at £31m, the highest total since April 2023. Demand is growing particularly well among UK and Asian buyers – bids are up 135% compared to the 2024 average for this cohort.

In a trend which could signal improving sentiment regarding stabilising prices, buyers triggered 38% of trades in November – the highest proportion in 2025. During the month, European buyers demonstrated their largest share of trade since August 2022 (38.9%). By comparison, US demand remains subdued (16.8% share).

Italian wine represented 25% of traded volume in November, the highest share for the country in two years. This charge was led by trades of Produttori del Barberesco, Argiano and Tignanello.

Tom Burchfield, head of market intelligence at Liv-ex, reflected on the market’s recent trajectory: “After three years of steady decline, optimism is returning – albeit fragile.

“European buyers now account for nearly 40% of purchases, while Asian demand is improving as the stock overhang clears. Challenges remain, including surplus stock of recent vintages and upcoming Burgundy and Bordeaux campaigns, which will need careful pricing to sustain recovery.”

Despite the improvements, Liv-ex detailed that “the scars of the downturn remain visible across much of the market”. Over the recent period of decline, the heavyweight regions of Burgundy, Champagne and Bordeaux have been the most affected. The flipside of this decline, however, is that buyers have “an opportunity to secure key wines at their lowest prices since 2020”.

Image credit – blancalml from Pixabay