Fine Wine Investment 2026: Josh Lorec, Head of Trade Sales, on Strong Trade and the Champagne Surge

Fine Wine Investment 2026: Josh Lorec, Head of Trade Sales, on Strong Trade and the Champagne Surge

Written by Josh Lorec, Head of Trade Sales, Cellar Advisor

2026 has been a rewarding year for fine wine investment. Prices have moved steadily upward and trade has stayed strong month after month, with the Liv-ex Fine Wine 100 up 4.4% over the past twelve months. Then, in August and September, Champagne stepped clear of the pack.

As Head of Trade Sales at Cellar Advisor, I work with the trade every day. My days are spent with négociants and merchants, watching where bids land and which wines actually change hands. As Liv-ex members, we see the same exchange data the wider trade relies on, and every figure below comes from Liv-ex.

Key takeaways

• The Liv-ex Fine Wine 100 rose 2.1% in the first nine months of 2026 and 4.4% over the twelve months to the end of September.
• Liv-ex reports that third quarter 2026 trade value rose steeply compared with both Q2 2026 and Q3 2025.
• The Liv-ex Champagne 50 rose 1.4% in August and 1.0% in September 2026, reaching 4.1% year to date, the best of any Liv-ex regional index.
• Champagne took 21.4% of all traded value on Liv-ex in the week to 25 September 2026, its highest weekly share in recent memory.

How has the fine wine market performed in 2026?

The headline numbers tell a story of quiet progress. By the end of September, the Liv-ex Fine Wine 100 was up 2.1% for the year and 4.4% over twelve months. The broader Fine Wine 1000 was up 1.3% year to date and 2.2% over twelve months. Neither figure is spectacular, but both point the same way, and that consistency is what the market needed.

Momentum has also built as the year has gone on. The Liv-ex 100 rose 0.7% in August and a further 1.1% in September. Liv-ex reports that third quarter trade value rose steeply compared with both the second quarter of 2026 and the third quarter of 2025, with demand returning particularly at the top end and for back vintages.

The breadth of buying has been just as encouraging. In the week to 16 October, EU, UK and US buyers each accounted for between 27% and 30% of traded value on Liv-ex. A market supported by three buying regions at once is far more resilient than one leaning on a single group, as we learned when US buyers pulled back in 2025.

Liv-ex is clear that the recovery is selective. Performance still varies widely by region, producer and vintage, and some wines have yet to find their floor. From my side of the desk, that is exactly where expert guidance matters most. When the market rewards the right wine at the right price, deep trade relationships are what turn a steady market into good opportunities for our clients.

Why has Champagne surged in August and September 2026?

The Liv-ex Champagne 50 is the benchmark for Champagne prices on the secondary market. It is a sub-index of the Liv-ex Fine Wine 1000 and tracks the most recent physical vintages of the 16 most actively traded Champagnes.

Champagne has been the standout story of the last two months. The Liv-ex Champagne 50 led all regional indices in August with a 1.4% rise, then added a further 1.0% in September. That took it to 4.1% for the year to date, the strongest of any Liv-ex regional index, and 4.6% over twelve months.

The timing is striking. At the end of June, the Champagne 50 was up just 0.7% for the year. Well over half of its 2026 gain has come in August and September alone.

Trade activity told the same story. In Liv-ex's weekly report of 25 September, Champagne took 21.4% of all traded value on the exchange, which Liv-ex described as its highest weekly share in recent memory. US buyers accounted for more than half of that Champagne trade, focusing on Krug, Jacques Selosse and Salon. Krug 1996 was the top-traded wine of the week across every region.

The share has since settled back to a healthy level. Champagne took 13.9% in the following week and 12.2% in the week to 16 October, holding third place behind Bordeaux and Burgundy. Recent trade has been broad, from vintage cuvées such as Bollinger R.D. 2008 and Cristal 2008 Late Release to non vintage favourites such as Bollinger Special Cuvée and Veuve Clicquot Yellow Label.

It is worth remembering where this recovery started. Liv-ex data shows the Champagne 50 fell 33.1% from its September 2022 peak to a low in August 2025, and it remains 5.7% below its level of two years ago. Liv-ex has also noted that trade has concentrated on tried and tested producers and vintages. Its analysis in July showed Pol Roger Reserve Brut rising from an average trade price of £284 in Q2 2025 to £294 in Q2 2026, and Jacques Selosse Initial rising from £3,264 to £3,569.

Is now a good time to invest in Champagne and fine wine?

My view is that 2026 has rewarded patience and selectivity, and I expect that to continue. Liv-ex's Tom Burchfield has called this the time of the canny buyer, and I agree. The Fine Wine 1000 is back to its 2015 level in real terms, and Liv-ex says the bid to offer ratio sits where prices have historically been stable.

For Champagne, the lesson of the last two months is to buy with a plan rather than chase a single strong week. The 21.4% spike in trade share was a sign of real demand, but the steadier 12% to 14% that followed is the more useful guide. The houses and cuvées that have led the recovery are the ones with deep liquidity and a long track record.

If you would like to talk through where Champagne, or any other region, fits in your cellar, our advisors are always happy to have that conversation.

Frequently asked questions

What is the Liv-ex Champagne 50?

The Liv-ex Champagne 50 is a sub-index of the Liv-ex Fine Wine 1000. It tracks the price performance of the most recent physical vintages of the 16 most actively traded Champagnes.

How much has Champagne risen in 2026?

According to Liv-ex, the Champagne 50 rose 4.1% between January and the end of September 2026, and 4.6% over the twelve months to September. Around 2.4% of that came in August and September alone.

Which Champagnes are trading most actively on Liv-ex?

Recent Liv-ex weekly reports highlight Krug, Jacques Selosse, Salon, Dom Pérignon, Bollinger R.D. 2008 and Cristal 2008 Late Release. Non vintage Bollinger Special Cuvée and Veuve Clicquot Yellow Label have led by volume.

Is Champagne still below its peak?

Yes. Liv-ex data shows the Champagne 50 fell 33.1% from its September 2022 peak to a low in August 2025, and it remains 5.7% below its level of two years ago.

Is fine wine a good investment in 2026?

Liv-ex reports that the Fine Wine 1000 is back to its 2015 level in real terms, and that the bid to offer ratio sits where prices have historically been stable. The recovery is selective, so the choice of wine and vintage matters.

About the author

Josh Lorec is Head of Trade Sales at Cellar Advisor, where he leads trade sales. He is a highly regarded fine wine asset advisor with strong relationships across the trade, including with leading négociants. Cellar Advisor is a fine wine advisory business with offices in London and Dubai, serving more than 300 private clients across more than 30 countries.