Performance
The numbers behind the strategy.
WHY OWN FINE WINE
The asset class that complements your portfolio.
Fine wine is not a replacement for equities. It is what equities cannot be: low-correlation, tangibly-owned, finite, and uniquely tax-efficient in the UK. The strongest portfolios contain both.
Twenty years of Liv-ex 1000 and Burgundy 150 against FTSE 100 and S&P 500. Rebased to 100 at January 2004. Price return only.
Rebased to 100 at 2014. Burgundy 150 from 2014. Sources: Liv-ex, FTSE Russell, S&P Dow Jones Indices. Index values anchored to published Liv-ex figures; intermediate points illustrative. Updated periodically.
CORRELATION TO FTSE 100
0.12
Correlation of fine wine to the FTSE 100 over 22 years. Near zero means fine wine moves largely independently of equities: exactly what a diversifier should do. Estimated from annual returns; monthly data would refine this marginally.
YEARS OF TRACK RECORD
22
Fine wine has navigated the 2008 financial crisis, COVID, inflation shocks, geopolitical crises, and a sustained market correction, with lower volatility than gold over the same period. Twenty-two years of real, benchmarked data.
CGT ON QUALIFYING WINES
0%
Most fine wine qualifies as a wasting asset under UK Capital Gains Tax rules, meaning gains are generally exempt from CGT. A unique advantage over equities, funds, and gold. Always confirm with a tax adviser.
How performance is measured.
The Liv-ex 1000 is the broadest measure of the investment-grade fine wine market, tracking the mid-market prices of 1,000 wines across all major regions: Bordeaux, Burgundy, Champagne, Italy, and beyond. Sub-indices such as the Burgundy 150 provide regional depth within the same framework. Prices are derived from live trade data on the Liv-ex exchange.
The chart indexes the Liv-ex 1000 against the FTSE 100 and the S&P 500, rebased to 2004 = 100. All three series use price return only; dividends are excluded from FTSE 100 and S&P 500 figures, making the comparison conservative for fine wine relative to a total-return equity investor.
Fine wine prices fell meaningfully between January 2023 and early 2026 following a correction in Bordeaux and softness in Asian demand. The chart reflects this accurately. A portfolio managed through that period by an experienced adviser can materially outperform the index through selective exit and re-entry timing, but the index itself does not.
Past performance is not a guarantee of future returns. Fine wine is an illiquid asset relative to publicly traded securities. This data is provided for educational purposes only.
CLIENT OUTCOMES
Recent results, anonymised.
Client names and identifiable details have been removed. Returns shown are net of commission.
Bordeaux First Growth exit
Client instructed sale of 12 bottles Lafite 2010 acquired in 2016. Sold at 148% of acquisition cost over 7 years, net of our 2% commission. Net gain: £8,400 on a £12,000 position.
Burgundy re-entry timing
Portfolio held 6 bottles Rousseau Chambertin 2015. Held through the 2023 correction, revalued at 22% above acquisition. No sale advised. Scarcity trajectory intact.
En primeur campaign, 2019
2019 Bordeaux en primeur at release pricing. Château Léoville Poyferré 2019 now trading at 62% above release. Client's 12-bottle allocation valued at £4,300, cost £2,650.
Diversified cellar, 5-year hold
Client's £85,000 portfolio across Bordeaux, Burgundy and Champagne delivered 38% cumulative growth over five years, outperforming Liv-ex 1000 benchmark by 11 percentage points.
What drives wine returns.
Physical consumption
Unlike equities, wine is consumed. Every bottle opened permanently reduces the global supply of that vintage. This built-in scarcity driver is unique among asset classes. No new 2005 Pétrus will ever be produced.
Critic scores and reassessment
Major tastings by Robert Parker, Neal Martin, and Jancis Robinson move markets. A vertical reassessment that upgrades a wine by a point or two can shift prices by 20–40%. Our advisors monitor and anticipate these cycles.
Currency and geography
Most first-growth Bordeaux prices are denominated in EUR. Sterling weakness can be a tailwind for UK investors; AED and USD clients operate in a different currency context. We account for this in portfolio structuring.
Vintage quality and release pricing
A highly rated vintage released at fair pricing (the 2016 Bordeaux campaign being one example) creates immediate appreciation as secondary market demand absorbs the release allocation. Release price discipline by châteaux is the variable we watch most closely.
FEATURED REPORT
Cellar Advisor En Primeur Report 2026
Our analysis of the latest Bordeaux en primeur campaign — vintages, producers, and value opportunities.
Download the 2026 outlook
See how a wine portfolio performs over time.
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