The newly published Liv-ex 2023 Classification sets out their grading of leading labels in the fine wine secondary market to help guide buyers.
Inspired by the official 1855 Classification of Bordeaux, Liv-ex published its first Classification in 2009 and updates it every two years. The original edition was purely focused on Bordeaux, but since then it has diversified to reflect the regional composition of trade on the fine wine exchange.
What factors shape the 2023 Liv-ex Classification?
Trade price is the key factor, as it was with the 1855 Classification, but Liv-ex has amended its qualifying criteria for their 2023 version, so that wines are assessed on the following factors:
- Average trade price (12 x 75cl case) is calculated by taking the total value traded per label divided by the number of 9-litre cases sold.
- Five or more vintages must have been traded on Liv-ex to qualify.
- The label must have traded 12 times or more in the period.
- Only the most recent 10 physical vintages count, avoiding value distortion of older, rarer vintages.
- The period under review for this edition is August 2021 to August 2023.
Liv-ex extracts the data from the trading information of more than 620 global merchant members, of which Vin-X is one. The modifications for the 2023 edition, with the focus on more recent vintages, ensures that supply is sufficient to reflect trade value without the rarity of older vintages being an overly strong influence on price.
In total 296 wines qualified for the ranking, down from 349 in 2021. The period under review includes the bull run from summer 2021 to peak in October 2022, but also the market adjustment since then to August 2023. As a result the average trade price is up 19% across all five tiers of the Classification and the top two tiers larger than in previous years.
Number of qualifying wines by region in 2023 Classification
Region | Tier 1 | Tier 2 | Tier 3 | Tier 4 | Tier 5 | Total |
Bordeaux | 10 | 33 | 18 | 19 | 7 | 87 |
Burgundy | 25 | 26 | 8 | 2 | - | 61 |
Tuscany | 3 | 15 | 5 | 11 | 4 | 38 |
Piedmont | 5 | 9 | 5 | 5 | 1 | 25 |
Champagne | 10 | 9 | 3 | - | - | 22 |
Rhone | 2 | 10 | 2 | 3 | 4 | 21 |
Napa | 6 | 4 | - | 1 | - | 11 |
Australia | 1 | 1 | - | 2 | 1 | 5 |
Source: Liv-ex Classification 2023
Of the five Classification tiers, investors will be primarily interested in those ranked in the first two. In this edition Level 1 wines will have traded at an average of £3,641 per 12 x 75cl case or above. Level 2 wines had an average trade price between £1,002 and £3,640.
In total 63 wines from 5 countries were ranked in the first tier. The table above shows just the data that includes wines from investment-grade wine producing regions only.
Top ten most valuable wines 2023
Fine wine | Region | 2023 Classification | Average price* |
DRC, Romanée Conti GC | Burgundy | 1st | £234,214 |
DRC, La Tache GC | Burgundy | 1st | £66,040 |
DRC, Richebourg GC | Burgundy | 1st | £51,654 |
Domaine Armand Rousseau Chambertin GC | Burgundy | 1st | £40,215 |
Chateau Petrus | Bordeaux | 1st | £40,215 |
DRC, Romanee St Vivant GC Marey Monge | Burgundy | 1st | £39,345 |
Jacques Frederic Mugnier Musigny GC | Burgundy | 1st | £37,644 |
Screaming Eagle | Napa | 1st | £32,817 |
DRC, Echezaux GC | Burgundy | 1st | £32,608 |
Jacques Seloisse Millesime | Champagne | 1st | £32,516 |
Source: Liv-ex Classification 2023, * Liv-ex average trade price (12 x 75cl) August 2021 to August 2023
The 2023 Classification reflects the continuing expansion of the secondary market across regions but also reflects the significant focus on Burgundy and Champagne in the period under review. Burgundy is a key driver of value with 26 new wines ranked in this edition and 6 making the top tier. The top five wines have carried over from the 2021 edition illustrating the consistent demand for these great wines.
Top ten most valuable Burgundy investment wines
Fine wine | 2023 Classification | 2021 Classification | Average price* |
DRC, Romanée Conti GC | 1st | 1st | £234,214 |
DRC, La Tache GC | 1st | 1st | £66,040 |
DRC, Richebourg GC | 1st | 1st | £51,654 |
Domaine Armand Rousseau Chambertin GC | 1st | 1st | £40,215 |
DRC, Romanée St Vivant GC Marey Monge | 1st | 1st | £39,345 |
Jacques Frederic Mugnier Musigny GC | 1st | 1st | £37,644 |
DRC, Echezaux GC | 1st | 1st | £32,608 |
Domaine Georges Roumier, Bonnes Mares GC | 1st | 1st | £24,664 |
Domaine Armand Rousseau Gevrey-Chambertin Premier Cru Clos St Jacques | 1st | 1st | £18,549 |
Domaine Leflaive Chevalier Montrachet | 1st | 1st | £17,531 |
Source: Liv-ex Classification 2023, * Liv-ex average trade price (12 x 75cl) August 2021 to August 2023
Burgundy represented 39.7% of the first-tier composition, with 4 of the top 5 most expensive wines along with Bordeaux’s Petrus. Domaine de la Romanée Conti (DRC) remains the most valuable investment wine in the Liv-ex Classification with an average case price of £234,214 (12 x 75cl) in the period.
DRC still produces the most expensive wines in the world and dominates the pinnacle of the 2023 Classification with five of the top ten wines listed. The total number of Burgundy investment wines in the Classification has not increased from the 2021 edition, suggesting that some of the region’s labels have seen a drop in trade and fallen out of the Classification.
Top ten most valuable Bordeaux investment wines
Fine wine | Appellation | 2023 Classification | 2021 Classification | Average price* |
Petrus | Pomerol | 1st | 1st | £40,215 |
Le Pin | Pomerol | 1st | 1st | £32,472 |
Lafleur | Pomerol | 1st | 1st | £9,047 |
Latour | Pauillac | 1st | 1st | £7,660 |
Lafite Rothschild | Pauillac | 1st | 1st | £7,110 |
Margaux | Margaux | 1st | 1st | £6,298 |
Mouton Rothschild | Pauillac | 1st | 1st | £5,435 |
Ausone | St Emilion | 1st | 1st | £5,334 |
Cheval Blanc | St Emilion | 1st | 1st | £5,209 |
Haut Brion | Pessac-Leognan | 1st | 1st | £4,492 |
Source: Liv-ex Classification 2023, * Liv-ex average trade price (12 x 75cl) August 2021 to August 2023
Bordeaux remains the most prolific fine wine producing region with a total of 87 wines listed in the 2023 Classification. This represents 29.4% of the listing, pretty much on a par with the 2021 version. All five 1855 First Growths are ranked in the top ten most valuable wines, along with the iconic Pomerol estates whose very low production levels secure the high prices their exquisite wines demand. The original St Emilion Classe A estates, Ausone and Cheval Blanc make up the top ten most valuable Bordeaux investment wines in the Classification.
Top ten most valuable Champagne investment wines
Fine wine | 2023 Classification | 2021 Classification | Average price* |
Jacques Selosse, Millesime | 1st | - | £32,516 |
Krug, Clos d’Ambonnay | 1st | 1st | £30,426 |
Krug, Clos du Mesnil | 1st | 1st | £17,509 |
Salon Le Mesnil-sur-Oger | 1st | 1st | £11,862 |
Krug Collection | 1st | - | £10,810 |
Egly-Ouriet, GC Brut Millesime | 1st | 2nd | £5,661 |
Louis Roederer, Cristal Rosé | 1st | 1st | £4,712 |
Krug, Vintage Brut | 1st | 2nd | £4,607 |
Dom Perignon, P2 | 1st | 2nd | £3,959 |
Dom Perignon Rosé | 1st | 2nd | £3,721 |
Source: Liv-ex Classification 2023, * Liv-ex average trade price (12 x 75cl) August 2021 to August 2023
Champagne investment wines account for 7.4% of the total composition of the 2023 Classification with ten wines in Tier 1. Whilst Champagne prices have slipped an average 13.1% in 2023 to the end of August, the average prices are still higher than the 2021 Classification recorded.
Top five most valuable Italian investment wines
Fine wine | Region | 2023 Classification | 2021 Classification | Average price* |
Capellano, Barolo, Pie Franco | Piedmont | 1st | - | £10,492 |
Giacomo Conterno Barolo Monfortino Riserva | Piedmont | 1st | 1st | £9,943 |
Masseto | Tuscany | 1st | 1st | £7,327 |
Soldera Case Basse | Tuscany | 1st | 1st | £5,835 |
Comm. GB Burlotto Barolo Monvigliero | Piedmont | 1st | 1st | £4,199 |
Source: Liv-ex Classification 2023, * Liv-ex average trade price (12 x 75cl) August 2021 to August 2023
Italy has maintained a relatively stable performance both during the bull-run period and the market correction in 2023. The Liv-ex Italy 100 recorded an average price slip of just -1.9% in the year to 31st August 2023 compared to the general market trend of -8.4% as tracked by the Liv-ex 1000.
Top five most valuable Napa investment wines
Fine wine | 2023 Classification | 2021 Classification | Average price* |
Screaming Eagle | 1st | 1st | £32,817 |
Harlan Estate | 1st | 1st | £13,413 |
Screaming Eagle, The Flight | 1st | 1st | £8,859 |
Scarecrow | 1st | 1st | £8,324 |
Promontory | 1st | 1st | £7,260 |
Source: Liv-ex Classification 2023, * Liv-ex average trade price (12 x 75cl) August 2021 to August 2023
California icon, Screaming Eagle, remains the leading US fine wine brand and also makes the top ten most valuable wines in the 2023 Classification. Hard-to-come-by these leading Napa wines are strong candidates to diversify a fine wine portfolio.
Top five most valuable Rhone investment wines
Fine wine | 2023 Classification | 2021 Classification | Average price* |
Chateau Rayas, Chateauneuf du Pape | 1st | - | £14,594 |
Domaine Jean Louis Chave Rouge | 1st | 1st | £3,791 |
M. Chapoutier Ermitage La Pavillon | 2nd | 2nd | £2,118 |
Paul Jaboulet Ainé, Hermitage La Chapelle Rouge | 2nd | 2nd | £1,335 |
Ch. Des Tours Cote du Rhone, Rouge | 2nd | - | £1,319 |
Source: Liv-ex Classification 2023, * Liv-ex average trade price (12 x 75cl) August 2021 to August 2023
The Rhone has seen the largest decline in prices in the market, with the Liv-ex Rhone 100 index down -18.3% in the last year. The region has also produced some of the top individual price rises in 2023. There is a real opportunity for buyers to pick up some excellent bargains in Rhone right now.
Our view on the 2023 Classification
There are no real surprises in this edition of the Liv-ex Classification. The top two tiers may have had their ranks swollen by the price growth induced by the pandemic and Ukraine War. Trade activity in the first half of 2023 was suppressed to some degree due to the economic conditions, but the last few months have seen a growth in the value and volume of trade in the secondary market as buyers take advantage of some very enticing discounts to last year’s market peaks.
For more information on current market offers for investment wines contact our expert team on 0203 384 2262 and see our latest blog on the Autumn Releases.