Over the past few months, the fine wine market has been defined by rotation.
Capital moving between Bordeaux, Burgundy, Champagne and the US, not randomly, but in a clear sequence.
In March, that told us the market was stabilising.
In April, it’s telling us something more.
The rotation is still happening, but participation is widening, and the source of demand is starting to shift.
In this blog you’ll learn
- What April trading data is showing
- Why Bordeaux continues to anchor the market
- How Burgundy, Champagne and Tuscany are behaving now
- What the shift toward Asian buyers signals
- How to interpret this phase as a collector
What April data is actually showing
Looking at the April Liv-ex Talking Trade updates, the pattern has evolved.
Early April saw Burgundy take the lead:
- Burgundy reached ~33% share of traded value
- Led by Domaine de la Romanée-Conti, with multiple wines dominating top trades
-
Bordeaux followed closely at ~29–30%
Caption: Breakdown of weekly trade, April 3rd - 9th. Source: Liv-ex
A week later, the structure shifted again:
- Bordeaux regained the lead
- Champagne moved into second place (~18.7%)
- Burgundy and Tuscany converged around ~17% each
Caption: Breakdown of weekly trade, April 10th - 16th. Source: Liv-ex
At a glance, this still looks like rotation.
But there are two important differences compared to March.
1. The market is broadening, not just rotating
In March, leadership rotated between regions.
In April, more regions are participating at meaningful levels at the same time.
From the mid-April data:
- Champagne ~18.7%
- Burgundy ~17.9%
- Tuscany ~16.8%
- US and Piedmont also contributing meaningfully
That’s a more balanced market than what we saw even a few weeks ago.
This matters, because early recovery phases are usually narrow.
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This phase is starting to widen.
2. Demand is becoming more global again
One of the most important shifts in April is who is buying.
Mid-April data shows:
- Asian buyers increased to ~18% of traded value
- US, UK and EU buyers all ceded share, despite absolute volumes rising
That tells us two things:
- Demand is increasing overall
- Geographic participation is rebalancing
This is a key signal.
Global markets don’t recover properly without Asia.
Seeing Asian buyers re-enter at this stage supports the idea that this is not just a regional recovery, it’s becoming a global one.
Bordeaux: still the anchor
Even when Bordeaux doesn’t lead in a given week, it consistently returns.
That pattern hasn’t changed.
In April:
- Bordeaux regained leadership after Burgundy’s spike
- Wines like Château Mouton Rothschild and Pétrus continued to dominate trading
This reinforces what we’ve been seeing:
Bordeaux is still where capital anchors before it moves elsewhere.
Not because it always performs best, but because it offers:
- liquidity
- pricing transparency
- global recognition
Champagne: quietly moving into position
One of the more interesting developments in April is Champagne.
- Moved into second place by trade share
- Led by Armand de Brignac Ace of Spades Brut
- Supported by Dom Pérignon, Louis Roederer Cristal and Krug
This is notable.
Champagne isn’t just stable anymore.
It’s starting to compete for leadership.
That typically happens after confidence begins to rebuild in core markets.
Burgundy: still conviction-driven
Burgundy remains highly active, but the pattern is consistent.
- Led by top-tier producers
- Strong concentration in wines like Domaine de la Romanée-Conti
- Limited breadth beyond the top end
This is not broad demand.
It’s targeted conviction.
Which is exactly what you expect at this stage of the cycle.
Italy and Tuscany: benefiting from release cycles
Tuscany’s rise in April is not accidental.
- ~16.8% share of trade
- Driven by new releases like Tignanello 2023 and Ornellaia
This highlights another dynamic:
Not all demand is purely market-driven. Some of it is event-driven.
But importantly, the fact these wines are trading actively shows demand is there to absorb them.
What’s actually trading
Looking at April activity, the same pattern continues across regions.
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- Pétrus
- Château Mouton Rothschild
- Domaine de la Romanée-Conti
- Domaine Leflaive
- Armand de Brignac Ace of Spades Brut
- Dom Pérignon
- Tignanello
- Sassicaia
- Screaming Eagle
- Opus One
What ties these wines together is unchanged:
- liquidity
- brand recognition
- global demand
How to read this phase now
March told us the market was stabilising.
April tells us:
- participation is widening
- demand is becoming more global
- capital is still disciplined, but more confident
This is a subtle but important shift.
We’re still not in a price-driven market.
We’re in a behaviour-driven market.
And behaviour is improving.
The key takeaway
The most important change in April isn’t which region is leading.
It’s that more regions are now competing for leadership at the same time.
That’s how markets move from:
- stabilisation
to - early expansion
Markets don’t recover when prices rise. They recover when participation widens.
Final thoughts
The wine market right now is doing exactly what you would expect in a recovery.
It’s not moving in a straight line, but it is becoming more consistent.
Bordeaux continues to anchor the market.
Burgundy continues to attract conviction buying.
Champagne is stepping forward.
Italy is absorbing new supply.
And global demand is returning.
The rotation hasn’t stopped, but it’s starting to broaden.
And that’s what moves markets from stabilising to strengthening.
