Wine investment: Tough trading for Cailfornia’s blue chip labels

Wine investment: Tough trading for Cailfornia’s blue chip labels – Decanter

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Chris Mercer

October 13, 2025

There are exciting developments in the region, as shown by Napa Valley’s Dominus Estate recently acquiring the 34.8ha Yountville Ranch Vineyard.

{“content”:”<p>On the market, though, California fine wine prices have fallen in line with other key regions.</p>
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<p>An index for Dominus showed a rise and fall since January 2021 (see chart below), broadly mapping recent price performance among leading US wines, said Geraint Carter, of international merchant Bordeaux Index and the LiveTrade online trading platform.</p>
<p>At Liv-ex, a global marketplace for the trade, the California 50 index fell 6.2% in the first eight months of 2025, despite rising 0.9% in August.</p>
<p>The index, tracking Dominus, Screaming Eagle, Harlan Estate, Opus One and Ridge Vineyards’ Monte Bello, was also down 1.7% over five years, although still up 45% versus 10 years ago.</p>
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<p>As elsewhere, lower prices may bring opportunities. Screaming Eagle prices on the secondary market rival those for blue-chip Burgundy, but Liv-ex said in August: ‘Selling pressure has allowed buyers to acquire this tiny-production, cult wine more easily than would be possible in better market conditions’.</p>
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<h2>Safe bet</h2>
<p>However, it warned of ‘considerable downside risk’ for buyers. More ‘risk-averse’ options include wines traded in higher volumes, it said. ‘Opus One and Dominus are two such examples, both showing decreasing volatility.’</p>
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<p>Opus One is the most traded US wine at Bordeaux Index and LiveTrade in volume and value, said Carter. Yet, he also said, ‘The US remains a minority presence at Bordeaux Index with sales averaging just 3% of total turnover over the past decade.’</p>
<p>California’s top wines have more traction inside the US. Chicago-based auction house Hart Davis Hart saw several mature lots find buyers at, or above, pre-sale high estimates in August.</p>
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<p>Twelve bottles of Ridge Vineyards’ Monte Bello 1991 fetched $7,767.50, including buyer’s premium (high estimate: $5,500), while a magnum of Mayacamas Vineyards, Cabernet Sauvignon 1974 fetched $2,629 (high e: $2,200).</p>
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<p><strong>Fine wine &amp; spirits specialist Bordeaux Index kindly sponsors this section of <em>Decanter</em>, and provides its view on the market here every issue. It can be found at <a href="https://bordeauxindex.com/" target="_blank" rel="nofollow noopener"><span style="text-decoration: underline">bordeauxindex.com</span>.</a></strong></p>
<p>California occupies an enigmatic space in the fine wine world. Despite its reputation for big scores and high prices, the region has remained a minority presence in the international trade. At BI, US wines have averaged just 3% of turnover over the past decade, with only a short-lived surge to 6% in 2018-19.</p>
<p>This year it is trending at little more than 1%. Within this modest share for the US, unsurprisingly it is California that dominates. Mondavi’s Opus One stands comfortably ahead of the pack in both value and volume, thanks to its Bordeaux heritage, consistency and broad distribution, while the likes of Screaming Eagle, Harlan, Dominus/Moueix and Colgin make up a distant second tier.</p>
<p>Encouragingly, over the past decade, the range of producers represented has grown markedly. Estates such as Rose &amp; Arrows, Chanin and Domaine de la Côte now attract well-merited attention, reflecting both California’s stylistic diversity and a willingness among buyers to look beyond the established players.</p>
<p>The icons themselves have lost some of their lustre in the last two to three years, with deep price falls for wines such as Screaming Eagle and Hundred Acre underlining the risks of operating in what is a fairly opaque and illiquid market.</p>
<p>California produces some of the world’s most exciting wines, but its secondary market footprint remains niche and somewhat volatile. And with Trumpian trade squalls and political crosswinds factored in, the pitch has only become trickier.</p>
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<h2>Rare Faiveley bottles to go under the hammer</h2>
<p>Christie’s will hold a ‘once-in-a-generation’ auction to mark Domaine Faiveley’s 200th anniversary, featuring historic bottles sourced from the Burgundy producer’s cellars.</p>
<p>The auction, which will run online from 5 to 19 November, will feature many ‘library cellar rarities’, from grand cru verticals to ‘the legendary Musigny 1908’.</p>
<p>A ‘Domaine Faiveley experience’ will also be offered, comprising a lunch or dinner for up to 10 guests and a nine-decade vertical tasting. Founded in 1825 by Pierre Faiveley, Domaine Faiveley today covers more than 120ha across the Côte de Nuits and Côte de Beaune, including 12 grand cru and 21 premier cru sites.</p>
<p>Edwin Vos, international head of Christie’s wine and spirits department, said, ‘This auction offers an extraordinary opportunity to explore Domaine Faiveley’s legacy and access some of Burgundy’s most exceptional wines.’</p>
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<h2>Muted reception for La Place autumn campaign</h2>
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<p>Early releases of international fine wines via La Place de Bordeaux in September saw a relatively muted buyer reaction, several merchants have said.</p>
<p>Bordeaux négociants kicked off the annual September releases campaign with superstar names, including Napa’s Opus One 2022 (97pts, Decanter; £1,410 per 6x75cl in bond, Bordeaux Index), plus Super Tuscans Masseto 2022 and Solaia 2022.</p>
<p>It was too soon to fully judge the campaign as Decanter went to press, but Miles Davis, market expert at Vinum Fine Wines, said initial demand was relatively muted.</p>
<p>Last year’s Opus One 2021 release sold very well in a tough market, he said. ‘This year… we’ve sold a bit [of the 2022 vintage].’ He said some buyers also pounced on new stocks of Château Haut-Brion 2014, released early September.</p>
<p>‘It’s one of the cheapest mature vintages [of Haut-Brion] on the market,’ Davis noted.</p>
<p>Robert Mathias MW, senior buyer for Lay &amp; Wheeler, praised Opus One for releasing its 2022 wine as one of the cheapest available vintages. He said economic headwinds continued to affect consumer demand in general, but early successes from the September campaign included Seña 2023 (99pts, Decanter); ‘a wine of real quality at a reasonable price [£360 per 6x75cl in bond]’.</p>
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<p>Commenting more broadly, Geraint Carter, of Bordeaux Index, said La Place de Bordeaux’s September campaigns have struggled to generate excitement among the merchant’s clients. Nevertheless, the quality of the wines is top-drawer.</p>
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Disclaimer: Decanter’s Marketwatch pages are published for informational purposes only and do not constitute investment advice. Wine prices may vary and they can go down as well as up. Seek independent advice where necessary and be aware that wine investment is unregulated in several markets, including the UK.

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