Fine wine runs flat in 2015

Hopes that fine wine’s secondary market might show signs of growth after 2014 came to naught but another major dip was averted.

The Liv-ex 100 index ended December up 0.7% though the small increase was not quite enough to push it into positive territory and it ended the year the merest fraction behind 2014 – falling from 238.50 to 238.26, a margin of just 0.1%.

The Liv-ex 50 (which tracks the first growths) likewise ended the year flat, despite a slight rally in December. It was just 0.7% below its 2014 level.

The market had been showing signs of recovery from the summer of 2014 and the trend continued throughout the year, more or less surviving a forgettable en primeur campaign but not showing enough vim to sustain positive figures from September onwards when the Fine Wine 100 began to run flat.

Finally, a slight dip in October and then a 1% dip in November likely did for the market’s chances of ending the year in positive territory, the final December correction not quite being enough.

Nonetheless, the market begins the new year with less of a mountain to climb than it has recently, which lends further hope to the belief that the worst is finally over. Then again, with China’s economic growth stuttering and oil prices going up thanks to Saudi Arabia and Iran’s current diplomatic showdown, the backdrop is a little bleak. Perhaps the on-going decline of the euro will be enough to get buyers interested again?

December’s top mover was 2000 Ausone which saw its average price rise 17.1% to £7,965 per case.

Also up last month were 2003 Margaux, 2004 Cristal, 2000 Léoville Las Cases and 2010 Opus One.

The month’s biggest faller was 2010 Masseto, down 9.2% while one of last year’s best performing fine wines, 2005 La Mission Haut-Brion, went down 6.2%.