Bordeaux Regional Report
Our Bordeaux Regional Report examines the evolution of its investment market, the First Growths, their second wines and En Primeur.
Bordeaux has long been the backbone of the fine wine market. Its unique combination of history, scale, and globally recognised brands has positioned it not just as a leading wine region, but as the reference point for fine wine investment worldwide.
As early as 1787, Thomas Jefferson recognised the collectible potential of Bordeaux’s finest estates. More than two centuries later, that early insight still holds true. While the fine wine market has diversified significantly in recent years, Bordeaux continues to play a defining role – often setting the tone for broader market performance.
At its peak in 2010, Bordeaux accounted for an extraordinary 96% of the fine wine market by value. Although its share has since moderated as regions such as Burgundy and Champagne have risen, Bordeaux remains the most influential and liquid region in the investment landscape.
WineCap’s Bordeaux Regional Report explores why this remains the case – and where the most compelling opportunities now lie.
Key findings from the Bordeaux Regional Report
Bordeaux remains the most important fine wine investment region
Despite increased diversification, Bordeaux still accounts for over a third of the fine wine market by value today. Its long-established distribution networks, global demand, and deep secondary market continue to underpin its dominance, particularly for investors prioritising liquidity and long-term stability.
The First Growths continue to anchor the market
The Bordeaux First Growths – Château Lafite Rothschild, Château Latour, Château Margaux, Château Haut-Brion, and Château Mouton Rothschild – remain the cornerstones of fine wine portfolios. While their share of total trade has declined from historic highs, they still represent around 30% of Bordeaux’s secondary market activity, reinforcing their role as pricing benchmarks and confidence indicators.
Second Wines and “Super Seconds” offer compelling value
One of the most notable trends highlighted in the report is the growing importance of second wines and so-called “Super Second” estates. These wines benefit from the same terroirs and technical expertise as their flagship counterparts but offer more accessible entry points. In many cases, they have delivered stronger relative performance over the past decade, driven by rising quality and growing global recognition.
Older vintages are often undervalued
The report shows that some of the most attractive opportunities in Bordeaux today lie not in the latest releases, but in older, overlooked vintages. These wines frequently trade at favourable price-to-quality ratios and can offer greater upside potential than more recent En Primeur releases, particularly in a more price-sensitive market environment.
En Primeur’s influence has weakened
While En Primeur remains a defining feature of Bordeaux, its role has evolved. Pricing misalignment in recent campaigns has reduced its appeal, shifting the focus towards disciplined, selective participation. The report highlights that En Primeur can still present opportunities, but only when release prices reflect broader market conditions and long-term value.
Bordeaux’s role in a diversified market
As the fine wine market has broadened to include Burgundy, Champagne, Italy, and California, Bordeaux has increasingly positioned itself as the region of stability. Its slower but steadier appreciation, combined with unrivalled liquidity, continues to make it a foundational allocation within diversified fine wine portfolios.
Explore the full report
WineCap’s Bordeaux Regional Report provides a detailed analysis of the region’s evolution, historic performance, key investment estates, and future outlook in an increasingly diversified fine wine market.
Download the full Bordeaux Regional Report to explore the data, insights, and opportunities shaping one of the world’s most important fine wine regions.
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Three reasons why the Brexit deal will prevent customers from paying more for their wine.
Ever since the UK voted to leave the European Union in 2016, trade talks and negotiations between the two sides had been full of uncertainty, posturing and brinkmanship which at times made it feel like a deal was unobtainable. So, the news that a trade deal – now ratified by the UK Parliament - had been struck on Christmas Eve last year was met with welcome relief across all industry sectors on both sides of the Channel and especially by those looking to invest in wine.
1. The costly VI-1 import documentation for UK and EU wines is no longer going to be introduced in July as previously planned. Taking its place will be a straightforward Wine Import Certificate which asks for basic producer and product information. This means far less admin and fees for wine importers, which in turn means no extra costs will be passed on to customers.
2. Crucially, wines will not have to undergo lab assessment for the new Wine Import Certificate. Submitting wines for lab analysis would have caused backlogs of wines which would have created frustrating shipment delays.
3. While UK wine importers are going to have to get to grips with new processes and forms over the coming months, this is just part of the anticipated bedding-in period which will become second nature as time goes on and as new processes are established.
With the previous uncertainty around Brexit having disappeared with the end of the transition period and with 2021 looking to mirror previous years of healthy returns for fine wine, contact us to speak to one of our advisors about creating your portfolio to invest in wine.
