The prices of Burgundy wines have shown a decline for the first time in a while. According to the latest data from the London-based wine trading platform Liv-ex, the "Burgundy 150 Index," which primarily includes Grand Cru wines and serves as a crucial indicator of market trends, suffered a loss of 8.3% in the first half of 2023. Some of the wines listed in the index lost more than 20% of their value.
James Miles, founder and CEO of Liv-ex, tweeted that there have been "significant declines" in Burgundy, while "Lafite remains stable." Notably, the declines were highlighted in Domaine de la Romanée-Conti and Rousseau wines. Miles emphasized that this correction was "long overdue."
As reported by MEININGER'S INTERNATIONAL, the fine wine market for the top 1,000 most traded premium wines experienced a decline of 6.8% in the second quarter of 2023. Nevertheless, compared to the overall trend over the last five years, Burgundy wines have seen an increase of nearly 6%, a significant appreciation in value.
Despite the current setbacks, the overall sentiment suggests that prices for wines from reputable Burgundy producers will continue to rise in the long term. The high global demand favors the momentum and indicates that these wines will not become considerably cheaper in the foreseeable future. PD