TLDR: The 2024 Liv-ex Power 100 reflects a fine wine market under strain, with major indices like the Liv-ex 1000 down 9.6% year-on-year due to oversupply.
- Italy: Gained 9 spots, with Gaja, San Guido, and Brunello leading.
- Spain: Vega-Sicilia topped the list, signaling growth in regions like Ribera del Duero and Priorat.
- Bordeaux: Struggles with oversupply; Lafite prices fell 18.1%.
- Burgundy: Fewer brands in the top 100, but terroir diversity remains a draw.
- Biggest Fallers: Iconic names like Pierre Girardin (-77) and Figeac (-57) reflect market recalibration.
Shifting dynamics present opportunities for collectors to acquire premium labels at more accessible prices.
Global Wine Market in Flux
The 2024 Liv-ex Power 100 ranking reflects a fine wine market grappling with continued downturns. With major indices such as the Liv-ex 1000 (the broadest wine market index) falling by 9.6% year-on-year, the market correction is driven by oversupply and cautious buyer sentiment. Despite this, the rankings highlight opportunities and shifts within the global wine landscape.
Italy Gains Ground
Italy has made the strongest gains in the 2024 Power 100, securing 22 spots (9 more than last year). Tuscan wines, particularly Brunello (and declassified Brunello, e.g., Soldera Case Basse) have been performing well. Brands like Gaja and San Guido exemplify the appeal of Italian wines in a down market – consistent quality, relative affordability, and safe bets.
Spain Break Out
For the first time, a Spanish brand, Vega-Sicilia, topped the list, demonstrating the growing demand for Spain’s fine wines. While Vega-Sicilia’s Unico dominated the scene, this could signal broader opportunities for Spanish producers. Regions like Ribera del Duero and Rioja are well-established, but emerging areas such as Sierra de Gredos and Priorat show great potential. Spain is a region to watch closely in 2025.
Bordeaux Under Pressure
While still the most widely understood market, Bordeaux is struggling in the current market, especially for recent vintages, which have dropped below release prices. Lafite, despite being the top brand in value and volume, has seen average prices fall 18.1%. Several established Bordeaux brands fell out of the top 100. Release pricing and oversupply issues are cited as major contributing factors.
Burgundy Declines
Burgundy has been heavily affected by the downturn. The Burgundy 150 Index has significantly declined, and seven fewer Burgundian brands are in this year’s Power 100. Many of the brands that had the fastest rise last year have now fallen the hardest. However, Burgundy still has the most brands in the Power 100. Variety of terroir and trade of diverse labels help limit the decline.
Knocked Down, But Not Out
This year’s rankings also revealed significant declines among the most well-known names. Bordeaux and Burgundy, traditionally dominant regions, saw several brands drop steeply in rank. Among the biggest fallers were Pierre Girardin (-77), Meo Camuzet (-60), and Figeac (-57). Bordeaux classics like Pichon Baron (-29) and Cos d’Estournel (-50), has struggled to sustain demand, while Burgundy brands like Etienne Sauzet (-23) also faced challenges. Even top-tier regions like Tuscany and California saw declines with Tignanello (-19) and Opus One (-17), reflecting a market-wide recalibration.
For long-term collectors this recalibration may be an opportunity to round out cellars with labels that were a stretch just a couple of years ago.
Opportunities Amid Challenges
Despite the market’s struggles, activity levels have remained steady, with trading volumes reflecting buyer interest in accessible and reliable brands. Italy continues to perform strongly, adding nine new entries to the Liv-ex Power 100, and Gaja and San Guido solidified their top-tier status. Meanwhile, regions and producers offering a blend of heritage, liquidity, and affordability continue to thrive, signaling what collectors and investors prioritize in uncertain times.
The 2024 Liv-ex Power 100 offers a snapshot of resilience and change, pointing to where fine wine enthusiasts and investors may focus their attention in the future. Spain’s rise, the resilience of key Italian and Champagne brands, and the potential for rediscovering Burgundy and Bordeaux all underscore the dynamic nature of this market.
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