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Liv-ex Power 100 reveals Fine Wine Super Brands in 2024

Investment
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In a year that challenged even the most powerful labels, Liv-ex’s ranking of the top 100 fine wine brands of the year reveals key pointers for investors.

The 2024 edition of The Liv-ex Power 100 clearly illustrates the impact of the market correction and was always going to be about which wines managed to maintain value in a period where the key Liv-ex benchmark fell 11%.

Two key trends shaping the fine wine market in 2024:

  • Consistently high levels of trade activity, with the transaction count 7.9% higher than2023.
  • Trade volume was down 6.5% year-on-year as merchants reduced the units purchased and limited to stock that could be moved on quickly.

The stark reality of the headline numbers compared to recent years  revealed that 343 of the 410 (83.7%) qualifying brands registered a negative price performance in the period under review. This in contrast to 216 of 413 brands in 2023, and 27 of 422 during the bull run in 2022.

The Liv-ex Power 100 ranking criteria

  • Trade value and volume
  • Price performance
  • Number of wines traded
  • average price.

Period of review: 1st October 2023 to 30th September 2024.

The producers who made the top 100 are the natural primary focus for wine investors and we look at those that led the market under the key performance indicators set.

Power 100 Top 10  Fine Wine Brands in 2024

2024 Rank

Brand

Region

Average Price

Average change

2023 Rank

1

Vega Sicilia Unico

Spain

£1,886

1.02%

56

2

Gaja

Piedmont

£2,088

0.54%

7

3

San Guido (Sassicaia)

Tuscany

£2,142

-1.88%

57

4

Joseph Drouhin / Drouhin Vaudon

Burgundy

£3,168

-4.12%

5

5

D’Yquem

Bordeaux

£2,692

-4.01%

2

6

Henri Boillot

Burgundy

£1,513

0.48%

8

7

Mouton Rothschild

Bordeaux

£4,009

-8.06%

12

8

Penfolds

Australia

£2,609

-2.53%

11

9

Leroy

Burgundy

£7,529

-6.32%

10

10

Cheval Blanc

Bordeaux

£5,914

-8.04%

6

Source: Liv-ex Power 100 Report 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

The ranking is biased towards brands with higher production levels and more labels, reflecting merchant sentiment to acquire those wines that are drinking and can be moved on quickly.

Of the top 100 qualifying brands in 2024 only 11 recorded an average price rise in the period under review.

Brands recording an average price rise

Fine wine brand

Average growth

Power 100 rank

Region

R. Lopez de Heredia

10%

97

Rioja, Spain

Roagna

3.1%

15

Piedmont

Anne Gros

2.8%

89

Burgundy

Dominio de Pingus

1.7%

34

Spain

Stella di Campalto (Podere S Giuseppe)

1.6%

49

Tuscany

Rampolla

1.5%

90

Tuscany

Vega Sicilia

1%

1

Spain

Egly-Ouriet

0.6%

25

Champagne

Famille Perrin

0.6%

27

Rhone

Gaja

0.5%

2

Piedmont

Henri Boillot

0.5%

6

Burgundy

Source: Liv-ex Power 100 Report 2024

Burgundy and Bordeaux accounted for 55 of the top 100 ranked brands in 2024, but both regions saw a reduction in the number of labels making the leading 100 tier this year.  In 2023 the two regions accounted for 8 of the top 10 ranked brands, with just Napa’s Opus One and Piedmont’s Gaja diversifying that list.

Six regions achieved brand representation in the 2024 top ten, with Spain’s two recognised investment wine brands, Vega Sicilia (ranked 1st overall) and Dominio de Pingus (34th), surging up the ranking.

Italy’s price resilience and increased trade demand resulted in a significant increase in the number of its brands achieving Power 100 status this year. California also doubled its Power 100 presence as iconic Napa wines became more affordable during the market correction. Finally, Australia’s Penfolds label was ranked 8th between the legendary Mouton Rothschild and Leroy.

Number of brands in Power 100 2024 by Region

Region

2022

2023

2024

Year-on-year change

Burgundy

39

37

30

-7

Bordeaux

25

30

25

-5

Italy

12

13

22

+ 9

Champagne

9

8

7

-1

Rhone

5

5

5

0

California

8

3

6

+3

Spain

1

2

3

+1

Australia

1

1

1

0

Switzerland

0

1

0

-1

Germany

0

0

1

+1

Source: Liv-ex Power 100 2024

Liquidity boosted trade activity in 2024

Bordeaux had the fundamentals in terms of supply, globally recognised brands and well-established distribution networks to weather the market downturn in 2023. Buyers seeking security turned to the blue-chip Bordeaux First Growths and Right Bank icons last year.

2024 has continued to be challenging and Bordeaux has experienced some weakening in demand and price performance.

However, Liv-ex analysis shows that Bordeaux’s First Growth’s vintages are still some of the most traded in terms of value and volume transacted on the exchange.

Top 10 fine wine brands traded by value in 2024

2024

Rank

Fine wine brand

Value of 2024 trade share

Average price

Region

1

Lafite Rothschild

6.48%

£4,645

Bordeaux

2

Mouton Rothschild

3.42%

£4,009

Bordeaux

3

Domaine de la Romanée Conti

3.19%

£48,438

Burgundy

4

Petrus

2.82%

£33,011

Bordeaux

5

San Guido (Sassicaia)

2.35%

£2,142

Tuscany

6

Louis Roederer

2.11%

£2,191

Champagne

7

Margaux

2.09%

£4,177

Bordeaux

8

Latour

2.02%

£4,195

Bordeaux

9

Dom Perignon

1.87%

£2,141

Champagne

10

Haut Brion

1.78%

£4,168

Bordeaux

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

Bordeaux’s high release prices of wines launched en primeur in recent years, including the 2022 and 2023 vintages in 2023 and 2024 respectively, have triggered resistance for some buyers this year. Merchants suffering a stock overhang from unsold wines, buyer pressure on price and squeezed margins, have continued to lower prices to enable a ‘clear out’ in the final quarter of 2024.

Bordeaux’s top 5 ranked brands in 2024 Power 100

Brand

Appellation

2024 rank

2023 rank

Av. 12 month change 2024

Av. Trade price 2024

d’Yquem

Sauternes

5

2

-4.01%

£2,692

Mouton Rothschild

Pauillac

7

12

-8.06%

£4,009

Cheval Blanc

St Emilion

10

6

-8.04%

£5,914

Latour

Pauillac

13

21

-9.05%

£4,195

Margaux

Margaux

16

25

-9.68%

£4,177

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

Some buyers have looked beyond Bordeaux to other regions, and particularly to Italian wines of a similar quality with a more affordable price tag.

Top 10 fine wine brands traded by volume in 2024

2024

Rank

Fine wine brand

Value of 2024 trade share

Average price

Region

1

Lafite Rothschild

2.38%

£4,645

Bordeaux

2

Pontet Canet

1.95%

£1,038

Bordeaux

4

San Guido (Sassicaia)

1.81%

£2,142

Tuscany

5

Louis Roederer

1.64%

£2,191

Champagne

6

Lynch Bages

1.63%

£993

Bordeaux

7

Dom Perignon

1.5%

£2,141

Champagne

8

Taittinger

1.48%

£1,250

Champagne

9

Mouton Rothschild

1.46%

£4,009

Bordeaux

10

Tignanello (Antinori)

1.42%

£1,167

Tuscany

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

Italy has made the strongest gains in 2024 with 22 brands ranked in the Top 100, up from 13 in 2023. Piedmont’s Gaja (ranked 2nd overall) is the highest listed Italian and  has climbed from 38th in 2022, to be ranked 7th in 2023.

One of only 11 fine wine brands that has achieved average price growth, this trusted producer has traded over 70 vintages across 13 labels in the period under review.

San Guido has risen 54 places to be ranked third overall due to the Super Tuscan Sassicaia’s consistently high levels of trade supported by good quality scores and affordable prices. Sassicaia 2020 was the third most traded wine by value and 8th by volume.

 

Italy’s top 5 ranked brands in 2024 Power 100

Brand

Region

2024 rank

2023 rank

Av. 12 month change 2024

Av. Trade price 2024

Gaja

Piedmont

2

7

0.54%

£2,088

San Guido

Tuscany

3

57

-1.88%

£2,142

Roagna

Piedmont

15

46

3.11%

£1,976

Giuseppe Rinaldi

Piedmont

18

15

-0.73%

£1,890

Giacomo Conterno

Piedmont

20

27

-7.01%

£3,569

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

Burgundy, produced in much smaller volume saw a significant spike in demand and price during the bull run in 2021 / 2022 and suffered the harshest correction in 2023 / 2024. Those brands that rose the fastest have crashed the hardest. The Liv-ex Burgundy 150 benchmark has dropped 14.7% over the last year and 27.8% since the market peak in October 2022.

Burgundy’s top 5 ranked brands in 2024 Power 100

Brand

2024 rank

2023 rank

Av. 12 month change 2024

Av. Trade price 2024

Joseph Drouhin / Drouhin Vaudin

4

5

£3,168

-4.12%

Henri Boillot

6

8

£1,513

0.48%

Leroy

9

10

£7,529

-6.32%

Domaine Leflaive

12

1

£1,714

-6.02%

Bouchard Pere & Fils

17

14

£1,562

-1.81%

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

The region is still the best represented in the 2024 ranking with more accessibly priced wines produced in higher volumes seeing greater trade.

The Power 100 methodology groups Domaines, Maisons and Negociants of the same label enabling larger brands to do well in the ranking, for example Drouhin (4th).

Champagne’s market share is down 3% from 14.4% in 2023 to 11.4% in 2024 and the region’s Liv-ex Champagne 50 index has recorded an average price correction of -10.6% in the last year. The Grand Marques have continued to enjoy good levels of trade supported by accessible prices and strong, reliable consumption figures.

The region accounted for three of the top ten traded by volume on Liv-ex and two by value. Grower label Egly-Ouriet was the only Champagne brand to record average growth in 2024.

Champagne’s top 5 ranked brands in 2024 Power 100

Brand

2024 rank

2023 rank

Av. 12 month change 2024

Av. Trade price 2024

Dom Perignon

14

48

-7.71%

£2,141

Egli-Ouriet

25

60

0.61%

£1,626

Louis Roederer

27

33

-8.68%

£2,191

Krug

37

54

-10.38%

£3,197

Bollinger

48

41

-8.68%

£1,401

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

California added three more brands to have six listed in the Power 100 in 2024. None of the Napa icons made the top ten and Opus One was once again the highest ranked US producer at 21st place, but a sizeable slip from 2023’s 4th place.

USA’s top 5 ranked brands in 2024 Power 100

Brand

2024 rank

2023 rank

Av. 12 month change 2024

Av. Trade price 2024

Opus One

21

4

-5.66%

£2,770

Harlan Estate

30

31

-5.41%

£11,339

Dominus

57

102

-6.37%

£1,975

Screaming Eagle

84

83

-13.5%

£23,690

Joseph Phelps

92

245

-0.06%

£1,772

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

Joseph Phelps was a significant riser, up 153 places from last year’s 245to rank 92nd in 2024 trade enhanced with a highly affordable price tag to see volume traded rise 84.2% and value up 151.2%.

Of the Other regions listed under the Rest of the World benchmark that grabbed trade attention in 2024 Spain was the clear stand-out.

With just two producers recognised as creating investment wines Vega Sicilia was the fine wine’s 2024 success story.

Ranked overall number 1 in the Power 100, Vega Sicilia Unico recorded a193% increase in transactions, a rise of 324% in the volume of the wine traded and a 310% growth in value.

This was largely influenced by US buyers who lapped up the quality and heritage of Spain’s most iconic wine.

Other region’s top ranked brands in 2024 Power 100

Brand

Country

2024 rank

2023 rank

Av. 12 month change 2024

Av. Trade price 2024

Vega Sicilia

Spain

1

56

1.02%

£1,886

Penfolds

Australia

8

11

-2.53%

£2,609

Dominio de Pingus

Spain

34

79

1.71%

£2,082

Source: Liv-ex Power 100 2024, Liv-ex Market Price, 30.09.24 (12 x 75cl)

Fellow wine producer from the Ribera del Duero region, Dominio de Pingus, was ranked 34th, up from 79 in 2023 and like Vega Sicilia both managed to record an average growth in price.

The other stand-out brand from other regions was Australia’s Penfolds, making the top 10 in the Power 100, ranked 8th.

Rhone as a region has felt the hardest impact of the market correction but key brands have managed to maintain performance well above the regional trend. E. Guigal was ranked 11th this year, up from 18 in 2023 and the highest ranked Rhone brand. Famille Perrin has also risen from 39 to 27 and has maintained average price growth through the year.

Our opinion on the 2024 Power 100

This year’s Power 100 ranking has reflected the extremely challenging market conditions with risers representing wines that offered value to buyers, sustained levels of trade and liquidity doing well in the ranking.

Stalwart brands such as Lafite Rothschild may have ranked lower in the overall Power 100 but they were key players in driving value and volume of trade through the secondary market as liquidity became increasingly important. Lafite Rothschild was ranked 31 overall, down from 29 last year, however the Bordeaux Goliath was ranked first for value traded (6.48% of all value on Liv-ex), and first ( 2.35%) for volume traded.

The ranking analysis is a helpful pointer to the impact of the market correction and to brands that have emerged as potential new opportunities delivering value for investors, such as Vega Sicilia.

Investors are looking to see if the fine wine market has reached its bottom. It’s fair to say that some brands have seen an upward turn in price and demand levels, but there are still opportunities for investors to buy at the market low at the close of 2024 and this is an opportunity not to be missed.

Finally, investors should also consider the opportunity fine wine offers to add a generally CGT-exempt asset to their portfolios. The recent changes in Capital Gains Tax mean that fine wine is even more compelling and buying at current prices offers significant potential for tax-free returns. See our Tax Report for more information.

For more details on the current market opportunities speak to a Vin-X expert on 0203 384 2264.