Liv-ex's Power 100 2023 reveals the impact of the market correction on the world's most powerful fine wine brands and new opportunities for growth.
This year’s edition of the Power 100 covers the period as the market approached its height at 1st October 2022 to the low at 30th September 2023. We compare this year’s findings to the results achieved in the 2022 Ranking and the impact on investment wines.
Liv-ex Power 100 top performers 2023
- Domaine Leflaive the most powerful brand, pushing Leroy off the top spot
- Domaine de la Romanée Conti first for value of wine traded on Liv-ex again
- Dom Perignon is the top producer for the volume of wine traded on Liv-ex
- Burgundy’s Kei Shiogai is ranked first for price performance with 185.72% average growth as it makes its debut in the Power 100.
Power 100 top 10 fine wine brands 2023
| 2023 Rank | Wine Brand | Region | 2022 Rank | Av 12 month growth | Av Trade Price (12 x 75cl) |
|---|---|---|---|---|---|
1 | Leflaive | Burgundy | 3 | 3.15% | £3,023 |
| 2 | d’Yquem | Bordeaux | 19 | 3.27% | £2,824 |
| 3 | Meo Camuzet | Burgundy | 26 | 1.7% | £2,592 |
| 4 | Opus One | Napa | 82 | 4.87% | £2,899 |
| 5 | Joseph Drouhin | Burgundy | 23 | 0.82% | £1,814 |
| 6 | Cheval Blanc | Bordeaux | 17 | -1.91% | £5,183 |
| 7 | Gaja | Piedmont | 38 | 2.33% | £1,702 |
| 8 | Henri Boillot | Burgundy | 54 | 5.41% | £1,504 |
| 9 | Angelus | Bordeaux | 65 | -1.99% | £2,804 |
| 10 | Leroy | Burgundy | 1 | -4.25% | £13,334 |
This year’s Liv-ex Power 100 ranking reviews the fine wine market with the economic backdrop of a phase where interest rates were raised sequentially to reach levels not seen for decades as central banks sought to address runaway global inflation. The strategy worked and in the UK inflation was reined in from its highest point at 11.1% in October 2022 to 6.7% in September 2023.
The juxtaposition of the fine wine bull run in 2021 - 2022 to the period of adjustment in the market in 2023 has exposed those brands which saw their prices soar to great heights, and subsequently took some of the hardest hits. As a result, the correction displaced perceived elite brands from their more normal Power 100 positions.
The composition of the 2023 Power 100 ranking has moved to reflect a fall in emphasis from Burgundy and Champagne as buyers sought value and put downward pressure on prices. There was a broader focus across all regions and a move back to Bordeaux, plus increased demand for Italian wines.
The Power 100 2023 Regional Mix
Region | Brands in 2023 | Brands in 2022 | Change |
|---|---|---|---|
Bordeaux | 30 | 25 | +5 |
| Burgundy | 37 | 39 | -2 |
| Italy | 13 | 12 | -1 |
| Champagne | 8 | 9 | +1 |
| Rhone | 5 | 5 | 0 |
| California | 3 | 8 | -5 |
| Spain | 2 | 1 | +1 |
| Australia | 1 | 1 | 0 |
| Switzerland | 1 | 0 | +1 |
The 2022 ranking of top ten wine brands was comprised of seven Burgundy producers and three Champagne, reflecting the primary market focus on those regions in the bull run period. Five of the 2021 most powerful fine wine brands were also ranked in the 2022 top ten.
Just one of last year’s first ten brands made it into the 2023 top ten. Leroy, the most powerful brand for the preceding three years, dropped 10 places in this edition. Liv-ex Deputy Chairman, Justin Gibbs is quoted “The brands that drove the market to its peak in October 2022 are now feeling the correction hardest.” He also states that “This Power 100 reflects a flight to quality.”
How have investment wine brands performed in 2023 compared to 2022?
The fine wine market has undergone a sector-wide adjustment in 2023. Where fine wine had seen average 12-month growth of 21% to 30 September 2022, we are looking at an average decline in value of -11.2% in 2023.
A stark representation in the contrast of the two periods is the individual price performance of the top ten most powerful brands year-on-year:
- 2022 first-placed brand Leroy saw its prices across all wines grow by 59.5%
- 2023 ranked 10th, Leroy’s average price performance was a decline of -4.25%
- 2022 Arnoux Lachaux recorded an average 487.2% uplift and was ranked 2nd
- 2023 Lachaux was ranked 99th with an average price decline of -19.03%.
It's not all doom and gloom. A flight to value has seen top performers from other regions enjoy attention and newer labels shine. The top performing wine in terms of price performance in 2023 was the relatively new Burgundian Kei Shiogai. Making its debut onto the ranking, the Japanese team at Kei Shiogai saw their wines’ average price grow by 185.72% this year.
Other less well-known Burgundy brands Caroline Morey (ranked 78 up from 147 in 2022) and Hubert Lamy (at 37 soared from 196) saw average price growth of 43.51% and 34.75% this year.
Average Growth of Top Ten Brands 2023 vs 2022
Ranking | 2023 Brand | Av. 2023 Growth | 2022 Brand | Av. 2022 Growth |
|---|---|---|---|---|
1 | Leflaive | 3.15% | Leroy | 59.5% |
| 2 | d'Yquem | 3.27% | Arnoux Lachaux | 487.2% |
| 3 | Meo Camzuet | 1.7% | Leflaive | 94.1% |
| 4 | Opus One | 4.87% | Armand Rousseau | 63.5% |
| 5 | Joesph Drouhin | 0.82% | Prieure Roch | 43.8% |
| 6 | Cheval Blanc | -1.91% | Dom Perignon | 39.3% |
| 7 | Gaja | 2.33% | Louis Roederer | 34.9% |
| 8 | Henri Boillot | 5.41% | Domain Romanee Conti | 42.6% |
| 9 | Angelus | -1.99% | Jacques F Mugnier | 85.8% |
| 10 | Leroy | -4.25% | Krug | 39.6% |
The difference in the price performance of the top ten brands between the two years is staggering but also shows the potential for future price uplift as demand and the market evolves over time. The average price movement in 2023 is modest compared to the level of growth last year. Leflaive for example has seen a 3.15% growth this year on top 2022’s 94.1%. Similarly, Leroy has seen its average price adjust down -4.25% on an increase of 59.5%.
Top 10 Bordeaux Brands in 2023
| Brand | Appellation | 2023 Rank | 2022 Rank | Av. 12 month growth | Av. 2023 Trade Price (12 x 75cl) |
|---|---|---|---|---|---|
| d'Yquem | Sauternes | 2 | 19 | 3.27% | £2,824 |
| Cheval Blanc | St Emilion | 6 | 17 | -1.01% | £5,183 |
| Angelus | St Emilion | 9 | 65 | -1.99% | £2,804 |
| Mouton Rothschild | Pauillac | 12 | 13 | -4.04% | £4,511 |
| Haut Brion | Pessac Leognan | 16 | 34 | -3.62% | £4,857 |
| Latour | Pauillac | 21 | 11 | -4.33% | £4,870 |
| Figeac | St Emilion | 22 | 35 | 0.76% | £1,977 |
| Margaux | Margaux | 25 | 33 | -5.74% | £4,963 |
| Palmer | Margaux | 26 | 52 | -1.25% | £2,028 |
| Cos d'Estournel | St Estephe | 28 | 98 | -0.48% | £1,533 |
Bordeaux gained the most additional entries into the Power 100 2023 with five more brands included. Two Bordeaux Right Bank icons, Cheval Blanc (6) and Angelus (9), made the Power 100 top ten. But the region’s top placed brand, Sauternes’ only First Growth, Chateau d’Yquem (2), was the shining star. Sauternes was the top performing Bordeaux appellation seeing the least impact of the market adjustment. This also reflects the stability of the sweet wines generally.
A key take from this data is that all these Bordeaux labels saw their rankings rise in 2023, except First Growth Latour which slipped ten places. Powerhouse First Growth brands still ranked in the top ten by trade value and volume on Liv-ex.
Bordeaux rankings by Value and Volume traded on Liv-ex in 2023
| Brand | Rank by Value | Brand | Rank by Volume |
|---|---|---|---|
| Lafite Rothschild | 2 | Lynch Bages | 3 |
| Mouton Rothschild | 5 | Beychevelle | 6 |
| Petrus | 6 | Mouton Rothschild | 9 |
| Margaux | 8 | Lafite Rothschild | 10 |
Bordeaux was very much back in demand this year with lower prices for the region’s top icons attracting investors. Chateau Climens was the Power 100’s highest riser, up 255 places from 353 in 2022 to 98 in 2023.
Top Burgundy brands in 2023
| Brand | 2023 Rank | 2022 Rank | Av. 12 month Growth | Av. Trade Price in 2023 (12 x 75cl) |
|---|---|---|---|---|
| Leflaive | 1 | 3 | 3.15% | £3,023 |
| Meo Camuzet | 3 | 26 | 1.7% | £2,592 |
| Joseph Drouhin, Drouhin Vaudon | 5 | 23 | 0.82% | £1,814 |
| Henri Boillot | 8 | 54 | 5.41% | £1,504 |
| Leroy | 10 | 1 | -4.25% | £13,334 |
| Des Lambrays | 13 | 78 | 4.06% | £3,459 |
| Bouchard Pere & Fils | 14 | 20 | 1.02% | £1,562 |
| Louis Jadot | 19 | 64 | 1.46% | £1,987 |
| Faiveley | 23= | 12 | 0.19% | £1,478 |
| Louis Latour | 23= | 193 | 0.04% | £2,623 |
Burgundy suffered from its success in 2022, in that the region’s wines were the highest fliers and had the furthest to fall in the correction. Eight of the highest fallers in the 2023 ranking were Burgundy wines led by Arnoux Lachaux displaced from 2nd in 2022 to 99th in 2023, with its average trade price down -19% year on year. Armand Rousseau was ranked 4th in 2022 and fell to 64th this year.
The region still delivered value. Super-star Burgundy brand, Domaine de la Romanée Conti is ranked number 1 again for the most traded brand by value on Liv-ex with an average price (12 x 75cl) of £85,461 in the period.
Some of Burgundy’s wines have benefited from a shift In focus away from the elite brands with dramatic impacts on price performance. Kei Shiogai was the top price performer, with an average growth of 185.72% for its wines in the year. Louis Latour was the second highest climber in the Power 100 2023, up from 193 in 2022 to 23 this year. Those producers with a higher number of wines under the label also tended to do better in this edition.
Top Champagne brands in 2023
| Brand | 2023 Rank | 2022 Rank | Av. 12 month Growth | Av. Trade Price in 2023 (12 x 75cl) |
|---|---|---|---|---|
| Louis Roederer (Cristal) | 33 | 7 | -4.49% | £2,514 |
| Bollinger | 41 | 28 | -0.09% | £1,298 |
| Dom Perignon | 48 | 6 | -8.46% | £2,839 |
| Krug | 54 | 10 | -8.5% | £4,329 |
| Egly Ouriet | 60 | 94 | -0.03% | £1,911 |
| Taittinger | 71 | 48 | -3.14% | £1,388 |
| Jacques Seloisse | 92 | 11 | -9.63% | £3,862 |
| Ulysse Collin | 100 | 137 | -3.44% | £3,862 |
Champagne had three producers in the top ten Power 100 last year; Dom Perignon (6), Louis Roederer (7) and Krug (10). This year, none made the top ten and Louis Roederer at 33 was the highest ranked.
Salon was one of the top performing brands in 2022, ranking 10th on price performance with an average growth of 64.2%. The brand has seen an average price decline of -5.7% on last year and dropped out of the Power 100 in 2023. Lower levels of supply was a contributor to the fall in trade activity for Salon, where higher levels of supply have generally boosted trade in Champagne. It’s important to reflect on the phenomenal growth in 2022 and that the level of adjustment is not a significant impact on the size of the bull run growth at this stage.
Despite the price correction, trade in Champagne has remained active throughout the period. As the average price recorded by the Liv-ex Champagne 50 index fell -19.4% over the 12 months, buying has increased as investors, collectors and consumers take advantage of the discounts on offer. Louis Roederer is ranked 2nd by volume traded and 4th by value traded on Liv-ex in 2023.
Italy’s most powerful wine brands in 2023
| Brand | Region | 2023 Rank | 2022 Rank | Av. 12 month Growth | Av. Trade Price in 2023 (12 x 75cl) |
|---|---|---|---|---|---|
| Gaja | Piedmont | 7 | 38 | 2.33% | £1,702 |
| Giuseppe Rinaldi | Piedmont | 15 | 85 | 5.67% | £1,924 |
| Tignanello | Super Tuscan | 20 | 49 | 3.07% | £1,216 |
| Giacomo Conterno | Piedmont | 27 | 32 | -2.49% | £4,208 |
| Ornellaia | Super Tuscan | 34 | 80 | -0.28% | £1,451 |
| Biondi-Santi | Tuscany | 35 | 134 | 2.5% | £1,916 |
| Bruno Giacosa | Piedmont | 44 | 60 | -2.86% | £2,312 |
| Roagna | Piedmont | 46 | 158 | 5.69% | £1,551 |
| San Guido / Sassicaia | Super Tuscan | 57 | 30 | -4.45% | £1,828 |
| Vietti | Piedmont | 62 | 117 | -2.33% | £1,429 |
| Masseto | Super Tuscan | 73 | 40 | -4.63% | £6,860 |
Piedmont’s importance for wine investors grew during the year and lower supply supported some price protection, making Italy the top performing region in 2023. Higher profile Super Tuscans saw some slip in average price but also achieved top ten rankings in trade. Sassicaia was ranked 5th by volume and 9th by value of trade on Liv-ex. Tignanello also saw an uptick in trade and was ranked 8th by volume of trade in the Power 100.
Rhone’s most powerful wine brands in 2023
| Brand | 2023 Rank | 2022 Rank | Av. 12 month Growth | Av. Trade Price in 2023 (12 x 75cl) |
|---|---|---|---|---|
| E. Guigal | 18 | 43 | -1.44% | £1,868 |
| Chapoutier | 95 | 37 | -0.74% | £1,332 |
| Rayas/ Domaine des Tours/ Chateau des Tours | 66 | 58 | -20.11 | £5,312 |
Rhone has felt the impact of the market correction the strongest with a regional 12-month average correction of -21.4% to the end of September 2023. Top wines of the region are available at a significant discount in Q4 2023.
Rest of the World most powerful wine brands in 2023
| Brand | Country | 2023 Rank | 2022 Rank | Av. 12 month Growth | Av. Trade Price in 2023 (12 x 75cl) |
|---|---|---|---|---|---|
| Opus One | USA | 4 | 82 | 4.87% | £2,899 |
| Penfolds | Australia | 11 | 55 | -0.87% | £2,778 |
| Harlan Estate | USA | 31 | 41 | 3.66% | £12,861 |
| Vega Sicilia | Spain | 56 | 69 | 0.23% | £1,658 |
| Dominio de Pingus | Spain | 79 | 119 | 3% | £1,267 |
| Screaming Eagle | USA | 83 | 29 | -11.43% | £23,333 |
The performance of the Liv-ex Rest of the World grouping is primarily driven by the Napa icons, however this year saw five key labels leave the Power 100. California’s top ranked brand in 2023 is Opus One which has enjoyed a stellar rise from 82 in 2022 to become ranked 4th in the 2023 Power 100. This performance is supported by strong trade in Q3 and a decent 4.87% average growth in price in the current market conditions.
Harlan Estate saw its ranking rise ten places to 31 with a second consecutive year of upward movement in the ranking and a reasonable average 3.66% growth in price to £12,861 (12 x 75cl) for the period.
The iconic Screaming Eagle was the US top brand in 2022 ranked 29th, however the label has slid to 83 this year. This in part due to its normal price tag as buyers pulled back from the most expensive wines generally. Its Q4 2023 price offers a significant discount and opportunity for future growth.
Australia’s Penfolds remains the most important fine wine brand for investors in the Southern Hemisphere. Ranked just outside the top ten at 11 in 2023, its average price slip of just -0.87% means it has nearly held value in the correction this year and investors should take note of its diversification appeal when building a rounded wine portfolio.
Spanish fine wine is seeing some development but like many regions it is also seeing significant viticulture challenges with climate change. The two key brands remain Vega Sicilia and Pingus. Both saw a rise in their Power 100 rankings in 2023, with Pingus rising 40 places and seeing an average price growth of 3%.
Power 100 ranking critieria
To qualify for the ranking each brand had to have had a minimum of £10,000 traded on Liv-ex and at least three individual wines or vintages. The number of brands was down by 2.1% year-on-year due to market conditions and 414 brands qualified compared to 2022’s 442. The brands were then ranked on the following criteria:
- Liv-ex Market Price comparison for a case at 01.10.2022 and. 30.09.2023
- Trading performance by value and volume
- Number of unique wines and vintages traded
- Average price of the brand’s wines
Our view
Price growth in the 2021 - 2022 bull run delivered record-breaking growth in average prices of top performing brands in last year’s Power 100. The 2023 edition is a very different story. This year was more about price protection as we experienced a sector-wide adjustment in prices post the former surge.
Liv-ex reveals that in 2022, less than 30 of the brands eligible to be ranked in the Power 100 had recorded a negative price performance. In the 2023 version, 216 did, of which 54 are in the in the top 100 fine wine brands. Those with stronger liquidity and higher levels of trade did better. The data, again, shows why it is important to diversify wine investment portfolios by region and brand.
All assets go through cycles of decline and growth. With continued uncertainty in the global economic picture, volatility still in financial markets and negative growth in staples such as property, 2023 has been a period of consolidation for some wine investors. Profits made during the bull-run are now being re-invested into wines with prices offering opportunity for future growth. Some buyers are averaging down the cost of investments made during the bull-run.
Fine wine has demonstrated its general stable performance when compared to equities and its ability to protect capital during periods of significant economic stress. Investors can consider it a strong option to diversify an investment portfolio and achieve tax-efficient returns.
For more information on current performance see our latest Market Report and contact our team on 0203 384 2262.