The rally continues — and it’s getting louder
If October felt like the first proper signs of a turning market, November has come through as confirmation. Momentum is building across global secondary and auction markets, with more buyers stepping in, more regions trading, and — most importantly — early signs that confidence is returning.
Across Liv-ex, Wine Market Journal, and weekly trading updates, the same pattern is emerging: the fine wine market is finally entering its recovery phase.
Below is your November wrap, with the big shifts worth knowing if you’re cellaring, collecting or investing.
1. The rebound is real: all major indices are up again
October marked the strongest month for secondary-market activity since the introduction of U.S. tariffs — and November has carried that momentum forward.
According to the Liv-ex November Market Report, all major indices posted gains, led by:
- Liv-ex 100: +0.9%
- Liv-ex 50, 100 & 1000: second straight monthly rise
- Bordeaux 500: first increase since March 2023
Within the Liv-ex 1000:
- 462 wines rose,
- 141 were flat,
- 397 fell — a clear shift toward positive breadth.
Italy was the top-performing regional index (+1.3%), driven by Sassicaia and Soldera.
Takeaway: Price recovery is widening. This is no longer a niche bounce in a handful of wines — the market’s foundation is strengthening.
Caption: Liv-ex Oct top traded wines by value
Caption: Liv-ex Oct top traded wines by volume
2. Bordeaux is back in front — led by Petrus and the 2022s
If October was the month of Italy, November gave Bordeaux its moment.
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From the Liv-ex “Bordeaux Dominates” update:
- Bordeaux claimed 42% of traded value — the highest of any region.
- Four of the week’s top five wines were Bordeaux.
- Petrus was the top-traded wine overall, with strong multi-vintage activity.
- Giscours 2022 became the top-traded wine by volume, boosted by Wine Spectator’s “Wine of the Year” announcement.
Burgundy’s share slipped to 13.8% (from 17.7%), with trade concentrated in top producers like DRC. Champagne sat below its October average but saw solid activity in prestige cuvées (Dom Pérignon Rosé 2009, Louis Roederer, Jacques Selosse).
Why this matters:
After two years of being out of favour, Bordeaux is regaining both volume and value share — a strong signal for broader market stability.
Caption: Liv-ex breakdown of weekly trade
3. UK buyers are quietly becoming more powerful again
The November Market Report included a fascinating focus on UK buyers — and tells you a lot about who is driving this recovery.
Key insights:
- UK buyers once dominated 74% of trade (2005), now sit closer to 30%, but…
- Their purchasing is now more diversified across regions, not just Bordeaux.
- Historically, when prices hit “value territory,” UK buying surges — and we’re seeing exactly that pattern re-emerge.
- Their activity now influences the entire Liv-ex 1000, not just Bordeaux.
What they’re buying most:
- Petrus
- Lafite Rothschild
- Screaming Eagle (notably now ahead of Mouton)
- Cristal
- Sassicaia
- DRC Romanée-Conti
Takeaway: UK buyers are value-driven and historically signal the bottom of a cycle. Their renewed activity supports the idea that we’re in early recovery.
4. The auction market is heating up — fast
The Wine Market Journal's Mid-Q4 Outlook reads almost like a bull-market memo:
- Bordeaux, DRC, and Champagne indices are up 8–11% YTD.
- Vintage Port and white Burgundy are seeing “historic runs.”
- Historically lagging indices — California Cults and the Rhône — jumped strongly in the last two weeks.
- The broad market WMJ150 and Top 500 are now trading higher in online auctions than live US auctions, signalling strong global buyer participation.
Rare spirits are in a “firm bull market,” echoing the collectible-assets trend across whisky, cognac, and luxury tequila.
Why this matters:
Auction activity often precedes retail and secondary-market rebounds. Strong mid-Q4 auctions indicate shifting sentiment among high-net-worth collectors — a tailwind for 2026.
5. Italy keeps climbing — its strongest share since 2020
Italy hit a 19.4% trade share in October — its highest since August 2020 — and its largest absolute trade value since April 2022, driven by:
- Tenuta San Guido (Sassicaia)
- Giacomo Conterno (Monfortino)
Italian wines also led the Liv-ex 1000 sub-index gains.
What’s interesting is that Italy did not fall back sharply in November despite Bordeaux’s rise — suggesting sustained demand, not a temporary rotation.
6. Region-by-region snapshot (November)
A cross-read of all reports gives this picture:
Bordeaux
The comeback kid. 41–42% of trade. 2022s are driving volume. Petrus leading value.
Market tone: strengthening strongly.
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Burgundy
Softer November but DRC still commands significant value. Premier Cru weakness noticeable in auctions.
Market tone: selective buying.
Champagne
Below October averages but stabilising. Dom Pérignon Rosé 2009 was top-traded by value.
Market tone: steadying after a bruising 2023–24.
Italy
Strong, consistent, investment-grade demand.
Market tone: firm.
Rhone
Improving — Rayas accounts for 40% of Rhône trade.
Market tone: niche but rising.
US / Napa
Up from 5.3% to 7.7% of Liv-ex trade. Harlan & Promontory are driving interest.
Market tone: momentum returning.
Port & White Burgundy (auction market)
Both in “historic run” territory.
Market tone: extremely strong for mature stock.
7. What this means if you’re collecting or investing
1. We are now in the early recovery phase
Breadth + volume + value increases = genuine momentum.
2. Buyers are moving back into blue chips
Petrus, Lafite, Screaming Eagle, Sassicaia, DRC — all dominating trade.
3. Auction markets are signalling confidence
When auctions surge, retail and secondary follow.
4. Italy and Bordeaux are the two regions to watch
Italy for its stability; Bordeaux for its comeback potential.
5. Curated opportunities are emerging
Especially in:
- 2022 Bordeaux
- Prestige Champagne
- Mature Port
- Older white Burgundy
- Select Napa producers
- Barolo icons
- Rayas & top Rhône
Final Thoughts
The mood in November is different — and better.
For the first time in over two years, the data is pointing in the same direction: up.
More buyers. More regions trading. More blue chips moving.
And auction markets confirming what Liv-ex is showing.
If you’re planning to build or rebalance a wine portfolio, late 2025 is shaping into one of the strongest buying windows we’ve seen in years.
