Fine wine indices record a return to growth as gold hits the record level of US$4,000 per ounce.
The golden rule for investors
Buy at the market low to enjoy the best returns!
We are witnessing two key alternative assets at diametrically opposed positions in their value
The Liv-ex 100 is up 1.1% in September, its strongest month since the market turned in October 2022.
The Bordeaux Legends 40 was the highest rising fine wine benchmark up 1.8% and the Liv-ex Fine Wine 50, which monitors the ten most recent physical vintages of the five First Growths rose for the first time in three years.
Price movement – Across most regions, prices are stabilising, and individual wines are recording strong growth. There are a larger number of key investment wines, which trade regularly on the secondary market, recording price consolidation or growth.
Liv-ex indices recording growth September 2025
| Liv-ex index | Growth September 2025 |
| Liv-ex 100 | 1.17% |
| Liv-ex 1000 | 0.4% |
| Bordeaux Legends 40 | 1.8% |
| Burgundy 150 | 0.7% |
| California 50 | 0.7% |
| Rhone 100 | 0.6% |
| Rest of the World 60 | 0.6% |
Buyer activity – The initial impact on US buyers of the imposition of the US tariffs on EU wines by Trump at the start of Q2 was significant and shocking. The impact, which could be likened to the departure of Asian buyers in 2010 – 2011, has rippled across the market in 2025, putting a firm halt on the careful recovery being witnessed during Q1.
Once the tariffs were finally settled at a more acceptable 15% level in August, there has been a gradual return of key US buyers to the market. This was boosted in September by the new releases from La Place de Bordeaux and at the start of October US buyers accounted for 26.3% of trade in the first week.
Asian demand is also up in 2025, and this is due to the combination of a few key factors:
- lower prices have made target wines more accessible,
- Hong Kong merchants need to replenish their stock levels after a period of absence from the market
- An improving economic outlook
Our view
Gold has clearly demonstrated its reputation as the foremost safe-haven asset in the last year given the extreme unpredictability of current global politics and economies. A weakening US dollar, and most recently the US Government shutdown, is boosting demand. In Trump’s first term the month-long shutdown resulted in a 4% rise in the price of gold.
Central banks have reportedly collectively acquired more than 1,000 tonnes of gold each year since 2022, up from an average 481 tonnes between 2010 and 2021 (source: BBC, 8th October 2025).
The precious metal is up over 47% year-to-date and 108% over the last two years (source: liv-ex.com at 30.09.2025). How much more potential for gain is there in the current market?
Meanwhile, the Liv-ex 1000 reports a decline of -19.3% over the last two years with prices now at pre-bull-run levels with the key wine benchmarks nearly all turning to growth in September 2025.
Prices are highly likely to have hit their market-bottom and some are starting to rise. In terms of Market Cycles this is a key period for wine.
Golden rule for investors – get in at the bottom to enjoy the best returns. We see Q4 2025 as a key window of opportunity for wine investors. For more information, see our latest Market Report and speak to a member of our expert team on 0203 384 2262.