Q1 2024 Fine Wine Report
Our Q1 2024 Fine Wine Report has now been released. The report offers a comprehensive overview of the fine wine market in the last quarter, including the impact of interest rates and geopolitical risks, the best-performing wines and regions, and analysis on the rising popularity of non-vintage Champagne as an investment.
Report highlights:
- Mainstream markets rallied in Q1 2024, driven by resilient economic growth and expectations for future interest rate cuts by central banks.
- The first green shoots started to appear in the fine wine market towards the end of Q1.
- Fine wine prices (Liv-ex 100 index) experienced a smaller decline of 1% in Q1, compared to a fall of 4.2% in Q4 2023.
- Italian wine enjoyed rising demand amid a flurry of new releases, including the 100-point Sassicaia 2021.
- A number of Champagne labels that experienced consistent declines last year have started to recover, including Dom Pérignon, Salon Le Mesnil, and Pol Roger.
- The Burgundy 2022 En Primeur campaign delivered high quality and quantity, with about 10% of producers reducing pricing year-on-year due to the challenging market environment.
- China lifted tariffs on Australian wine after more than three years.
- Critics and trade are now preparing for the 2023 Bordeaux En Primeur campaign, which will dominate the news in Q2 2024.
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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.
