Did you know that size matters when it comes to fine wine price growth? Discover how bigger bottles can grow the value of your portfolio.
Why is bigger better in fine wine?
Larger bottles offer the following benefits:
- As bottles get larger the wine’s exposure to oxygen diminishes, better preserving the quality of the wine.
- Wine ages more slowly in larger bottle formats allowing for the development of greater complexity.
- Larger bottles facilitate longer aging in fine wine.
- Rarity and collectability increases as bottle sizes get larger and can even become unique.
If you’re looking at ways to add value to a wine investment portfolio, going bigger may be a new approach to achieving stronger returns. Liv-ex did a study at the height of the bull-run on the activity in larger format bottles in Champagne in the secondary market.
Champagne trade by bottle size during the fine wine bull run
| Bottle size | % of total Champagne trade | Av. price per 9-litre sold |
|---|---|---|
| Standard 75cl | 84.3% | £3,279 |
| Magnum 150cl | 14.9% | £4,259 |
| Jeroboam 300cl | 0.3% | £4,004 |
| Methuselah 600cl | 0.5% | £5,776 |
Key findings
- Magnum sales more than doubled to 14.9% of trade in Champagne between 1st May 2021 to 31st April 2022, up from 6.9% in the year 2019 to 2020.
- The volume of trade in magnums rose 130% in the period.
- The average price of a 9-litre parcel of magnums rose 77.6% from £3,397 to £4,259.
We obviously need to bear in mind the effervescent market conditions when we look at price growth, but what is interesting is the rise in demand for larger formats and the premium a wine enjoys when bottled in larger formats.
Liv-ex studied the top four traded Champagnes in bigger bottles in the year to 31.04.2022.
Price premiums in top traded Champagnes
| Champagne | Bottle size | Trade price per 9-litre case | Average price uplift for larger format |
|---|---|---|---|
| Louis Roederer, Cristal 2008 | 75cl | £3,292 | N/A |
| 150cl | £5,063 | 54% | |
| 600cl | £9,028 | 175% | |
| Dom Perignon 2008 | 75cl | £2,111 | N/A |
| 150cl | £2,500 | 18% | |
| 300cl | £5,275 | 145% | |
| Taittinger Comtes de Champagne Blanc de Blancs 2006 | 75cl | £1,660 | N/A |
| 150cl | £2,408 | 45% | |
| 600cl | £1,832 | 10% | |
| Bollinger La Grande Annee 2012 | 75cl | £987 | N/A |
| 150cl | £1,020 | 3% | |
| 300cl | £1,185 | 20% |
Louis Roederer Cristal 2008 was the most traded magnum in the period and its larger bottles also enjoyed the greatest premium levels. Buyers seeking value also had the option to acquire Taittinger and Bollinger wines at a more affordable level.
What are the size options for fine wine bottles?
| Bottle name | Volume | Description |
|---|---|---|
| Demi or half-bottle | 37.5cl | 3 glasses equivalent |
| Standard bottle | 75cl | Vast majority of production worldwide |
| Magnum | 1.5 litre | Equivalent of two standard bottles |
| Jeroboam or double magnum | 3 litres | More popular in Champagne and Burgundy |
| Rehoboam | 4.5 litres | Mainly used in Champagne |
| Imperial or Methuselah | 6 litres | Equivalent to two double magnums |
| Salamanzar | 9 litres | Equivalent to a standard case of 12 x 75cl |
| Balthazar | 12 litres | Equivalent to two Imperials or 12 standard |
| Nebuchadnezzar | 15 litres | Mainly Bordeaux and the coolest name! |
| Melchior | 18 litres | Equivalent to 24 standard bottles |
| Solomon | 20 litres | Mainly Champagne |
| Sovereign | 25 litres | Invented by Taittinger in 1988 |
| Primat or Goliath | 27 litres | Equal to 36 bottles |
| Midas or Melchizedek | 30 litres | The king of bottles, 4 foot tall = 40 bottles |
One-off even larger wine bottles have been produced as novelty items and perhaps the best known is Maximus. Auctioned in 2004 the 130-litre bottle of Napa Valley Cabernet Sauvignon 2001 raised US$55,812 (c. £30K) for charity.
Our view on investing in magnums and larger formats
Generally larger bottles of investment wine are rarer and do deliver enhanced return on investment. Three magnums of Petrus 1995 traded on Liv-ex for £17,200 in the first week of July 2024. This investment delivered a 16.5% premium (ml to ml comparison) compared to their standard 75cl bottle equivalents. Low production Petrus generally achieves returns more akin to top Burgundy and the 1995 vintage has grown 500% since its market release.
Given the current market conditions, larger formats are much more affordable, and investors can take advantage of very significant discounts for wines which have the potential to deliver substantial returns in the future in rarer, bigger bottles.
Bordeaux 2023 offers the opportunity for investors to prescribe the format they want with some wines. Contact our expert team now to discuss investing in larger bottled wines on 0203 384 2262.
For more information on the latest trends in wine investment see our Market Report.