Fine Wine: Market Corrections in the Power 100

The Liv-ex Power 100 of 2023 reflects the international fine wine market as it undergoes a significant correction. Covering data from 1st October 2022 to 30th September 2023, this annual ranking serves as a barometer of the wine trade, showcasing a landscape defined by caution and recalibration. The rankings are calculated based on various weighted criteria, including price performance, the number of a brand’s wines traded, and the cumulative value and volume of those trades over the specified period.

Market Corrections

The past year has seen major indices retreat by over 12%, with trading activity on Liv-ex reflecting this downturn. This correction is most evident in the Bordeaux 500 and the Liv-ex Fine Wine 1000 sub-indices like the Rhône 100 and Champagne 50, which have plummeted by 20.6% and 19.4% respectively. Trade volume and value, mirroring these indices, have also dipped.

Shifts in Collector Preferences

In a market characterized by rising risk aversion, collectors are turning towards safer bets. Top brands from Burgundy and California, long favored by connoisseurs, are witnessing a narrowing focus.

Bordeaux, with its reputation for reliability familiarity and volume, has emerged as a beneficiary, adding five wines to the Power 100. On the flip side, the performance of major red Burgundy producers has been hampered by limited price growth, while white Burgundy labels have enjoyed increased prominence in the Power 100.

Diverse Fortunes

California's Challenge

The state, a major player in the fine wine market, has seen a decline in its representation in the Power 100. Despite maintaining a steady trade share, high-value brands like Scarecrow have faced price corrections. The market’s pivot towards more secure, well-understood wines like Bordeaux is evident.

Burgundy's Mixed Bag

Burgundy parallels California’s trend but with a mainstream edge. The Burgundy 150 index experienced a rollercoaster, climbing 68.4% from early 2021 to late 2022, then retracting 15.4% annually. The 2023 Liv-ex Classification shows a pivot towards more affordable Burgundy labels, a shift first noted in the 2022 Power 100, driven by the appeal of négociant labels linked to prominent estates.

However, this rise in certain labels, like Charles Lachaux, wasn’t sustainable, leading to a recent decline in demand. Consequently, in the 2023 Power 100, renowned brands such as Domaine Arnoux-Lachaux felt the impact in both price performance and trade value. Amid these shifts, some, like Kei Shiogai, bucked the trend, recording a significant 185.7% increase in Market Price, landing it in the 94th spot in the Power 100. 

Bordeaux's Resilience

Bordeaux stands out as the clear winner in these turbulent times. Its addition of five wines to the Power 100 underscores its position as a safe haven for investors and collectors. Brands like Vieux Château Certan and Château Léoville Barton, known for their stability, have re-entered the Power 100, reflecting the market’s gravitation towards less volatile investments.

The High-Performing Fine Wine

Italy welcomed an additional brand, Vietti, to its ranks, notable for its impressive performance in terms of the number of wines traded (jumping from rank 117 to 62). Similarly, Dominio de Pingus (increased from 119 to 79) emerged as the second Spanish brand to make it into the Power 100, alongside Vega Sicilia, driven by its strong price performance and significant trade value and volume on the exchange, particularly for its PSI and Flor de Pingus labels. Additionally, a Swiss brand, Gantenbein (rising from 194 to 155), marked its entry into the rankings with an outstanding 10.8% price performance.

The top 10 leaders on the board are (brackets indicate their positions from the previous year).

  1. Domaine Leflaive, Burgundy (3)
  2. Château d’Yquem, Bordeaux (19)
  3. Meo-Camuzet, Burgundy (26)
  4. Opus One, California (82)
  5. Joseph Drouhin/Drouhin-Vaudon, Burgundy (23)
  6. Château Cheval Blanc, Bordeaux (17)
  7. Gaja, Piedmont(38)
  8. Henri Boillot, Burgundy (54)
  9. Château Angelus, Bordeaux (65)
  10. Leroy, Burgundy (1)

The Biggest Losers

Burgundy notably dominated both the biggest gainers and losers in this year’s Power 100, supporting the idea that wines that climb rapidly also face steep corrections.

Major red Burgundy brands, including Arnoux-Lachaux, Prieuré Roch, Coche-Dury, Armand Rousseau, and Domaine de la Romanée-Conti, experienced significant drops.

The trend shows that for high-ranking wines like Champagne’s Salon, sharp declines can be quite drastic.

Biggest Fallers Within the Power 100

1. Arnoux-Lachaux, Burgundy: from 2 to 99
2. Jacques Selosse, Champagne: from 11 to 92
3. Prieure Roch, Burgundy: from 5 to 85
4. Des Comtes Lafon, Burgundy: from 21 to 84
5. Armand Rousseau, Burgundy: from 4 to 64
6. De la Romanee-Conti, Burgundy: from 8 to 67
7. Jacques-Frederic Mugnier, Burgundy: from 9 to 68
8. Coche-Dury, Burgundy: from 22 to 80
9. Chapoutier, Rhône: from 37 to 95
10. Ponsot, Burgundy: from 31 to 87

A Market in Flux

The 2023 Liv-ex Power 100 illustrates a fine wine market in the midst of a significant correction. The trends are clear: there’s a flight to quality and safety, with Bordeaux emerging as a haven amid uncertainty. Meanwhile, prestigious regions like Burgundy and California face challenges as the market recalibrates. The Power 100 not only reflects these shifts but also offers insights into the evolving preferences and strategies of collectors and investors in a changing landscape.

Thanks for Reading!

Glad you dropped by! If the insights here struck a chord, why not share them? And if you’re eager to talk more, I’m all ears – just reach out. Looking for someone to spark inspiration in your masterclass or brand event? Let’s talk and set up something amazing.


This text was neither commissioned nor compensated. It reflects exclusively my own opinion. 

Source. Liv-Ex


Leave a Comment

French Wine Exports Decline

Challenging Year for French Wines & Spirits Exports 2023

In the year 2023, the French wine and spirits sector navigated through challenging waters to post exports worth €16.2 billion. Despite representing a 5.9% decline from the previous year, this figure stands as the second-highest in the industry’s export history. The volume of exports also saw a considerable reduction, falling by 10.4%. However, the sector managed to maintain its status as the leading contributor to France’s agri-food surplus and the third largest in the nation’s overall trade balance, with a trade surplus of €14.8 billion, down by 5.8%.

Read More »
DWI Sommelier Cup

DWI Announces Winner of the Sommelier Cup 2024

The DWI Sommelier-Cup 2024, hosted by the German Wine Institute (DWI), concluded on January 22, 2024, with Katharina Iglesias from wineBank in Hamburg claiming the title. The event, held at the Atrium Hotel in Mainz, witnessed participation from 28 professionals across various sectors of the wine industry. While the competition’s popularity remains undeniable, a critical examination of its structure and outcomes reveals aspects worth contemplating.

Read More »
Bulk Shipping Wine

Ensuring Safe Seas for Bulk Wine Shipping

In the world of bulk wine shipping, grasping the intricacies of marine cargo insurance is crucial. This field, unlike more uniformly regulated insurance areas such as cars, lacks a standard policy format, leading to a diverse range of coverage options.

Read More »
Peter Douglas

Subscribe To My Newsletter