If you’ve been watching the wine market over the past few months, you might be wondering:
Is the recovery real, or is this just another short-term bounce?
As of January 2026, the answer is becoming clearer.
The market isn’t surging, but it is functioning properly again. And that distinction matters.
What we’re seeing now is a shift in how buyers are behaving, not just what prices are doing.
Let’s break down what’s happening, and why.
First: what’s actually changed?
Late 2023 and most of 2024 were defined by hesitation.
Prices fell, buyers stepped back, and trading slowed.
Towards the end of 2025, that started to change. Buyers returned cautiously at first, and by January 2026, the pattern is more established:
- more wines are trading
- more regions are active
- confidence is returning to the parts of the market that tend to move first
This doesn’t mean prices are racing higher. It means the market is moving forward.
Why Bordeaux is leading again
One of the clearest signals right now is that Bordeaux has moved back into the lead by trade value, according to recent data from Liv-ex.
That’s important, especially for beginners.
Bordeaux tends to lead at moments like this because it has:
- the deepest secondary market
- the most transparent pricing
- the widest global buyer base
When confidence is low, buyers avoid risk.
When confidence starts to return, they come back first to what feels reliable.
So Bordeaux leading doesn’t mean Bordeaux will outperform everything tomorrow.
It means buyers are comfortable putting money back into fine wine again, and they’re starting where liquidity is strongest.
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Caption: Liv-ex trade share by region (January 2026)
This isn’t a price boom, and that’s a good thing
If you’re new to wine collecting, this part is key.
Right now:
- prices have mostly stopped falling
- but they’re not aggressively rising either
That’s healthy.
Market recoveries usually happen in this order:
- selling pressure eases
- trading activity picks up
- prices stabilise
- prices rise later
We’re currently sitting between steps two and three.
Indices like the Bordeaux 500 and the broader Liv-ex 1000 show stabilisation rather than sharp gains. That tells us buyers are stepping in without chasing prices, which is exactly how sustainable recoveries begin.
Caption: Bordeaux 500 index
Caption: Liv-ex 1000 index
Who is buying right now, and why it matters
Asia: returning carefully
Asian buyers are re-entering the market, particularly through well-known Bordeaux and Burgundy names.
This isn’t speculative buying. It’s selective, brand-driven, and focused on wines with clear resale and storage pathways. Historically, this kind of demand helps absorb excess stock and supports the market from underneath.
United States: steady and selective
US buyers are active, but not aggressive - they're selective.
They’re favouring:
- drink-ready vintages
- established producers
- wines that already reflect corrected pricing
That behaviour helps stabilise the market rather than overheating it.
What’s actually trading across the market
To make this more tangible, January activity shows buyers gravitating toward globally recognised, and typically more liquid wines across regions. Here are examples of the types of wines seeing consistent interest:
Bordeaux
- Pétrus – ongoing multi-vintage trading
- Château Lafite Rothschild – classic blue-chip demand
- Château Margaux – steady high-value participation
- Château Mouton Rothschild – selective buying at reset prices
- Château Giscours (2022) – strong volume interest
- Château Léoville Las Cases – classic collector re-entry name
Burgundy
- Domaine de la Romanée-Conti – continued trading at the very top end
Italy
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- Tenuta San Guido Sassicaia – consistent demand and strong liquidity
United States
- Screaming Eagle – blue-chip US icon reappearing in trade
- Sine Qua Non – niche but highly committed collector demand
Champagne
- Dom Pérignon P2 – high-end Champagne activity
- Jacques Selosse – cult Champagne with consistent collector interest
For experienced collectors, this signals a return to quality-first buying.
For newer collectors, it shows that confidence usually comes back through well-known names before it spreads wider.
What ties these wines together isn’t hype or short-term performance. It’s liquidity, reputation, and global demand. When confidence starts to return, buyers tend to re-enter the market through names like these first.
How other regions fit into the picture
Champagne
Stable and well-supported, but not leading the market right now. Demand is there, just not driving overall momentum.
Burgundy
Strong at the very top, thin below it. Icon producers continue to trade, but liquidity drops off quickly elsewhere.
Italy
Quietly strong and consistent. Importantly, Italy hasn’t fallen away as Bordeaux has risen, suggesting genuine underlying demand rather than rotation.
So where does that leave us?
As of January 2026:
- the market is no longer in decline
- buyers are active, but thoughtful
- liquidity has returned before prices have moved meaningfully
For beginners, this is a phase where learning and selective buying make sense, without the pressure of chasing rising prices.
For experienced collectors, this is typically where long-term positioning starts, before the broader market wakes up.
Final thoughts
The wine market right now isn’t loud.
It isn’t euphoric.
And that’s exactly why it’s interesting.
Bordeaux leading by trade value tells us confidence is settling back into the deepest part of the market first, which is how recoveries usually begin.
Whether you’re building your first cellar or refining an existing one, wine is a market that rewards patience, quality, proper storage, and understanding why things are moving, not just what is moving.
