Wine Cap releases Q3 Fine Wine Report

By Oliver Catchpole

Published: 05 November, 2025

The wine investment platform Wine Cap has released its Q3 2025 Fine Wine Report, highlighting a strengthening market background.

According to the report, after two years of contraction the fine wine market is showing signs of recovery, building on trends noted in the Q2 report (as reported by Harpers) – since the downturn began, the Liv-ex 100 posted its first quarterly gain, rising +1.1% in September.

Promisingly, the bid:offer ratio – a measure of demand relative to supply – reached 0.70, its highest level since April 2023.

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In addition, for the first time in three years, the Liv-ex 50 (which mostly tracks Bordeaux first growths), experienced monthly growth, while five Liv-ex regional indices rose in August and September.

Wine Cap suggested such rises are signs of buyers slowly re-entering the market, enticed by attractive pricing and renewed confidence.

It added that increased optimism over growth and the potential for rates cuts are responsible for increased investor risk appetite, creating a firmer backdrop for assets such as fine wine (although inflation remains an issue).

However, the La Place de Bordeaux autumn campaign had underwhelming results – Wine Cap said uncertainty around tariffs, oversupply and cautious investors represented a drag on demand, which remains subdued as new releases fail to offer value against available back vintages.

Looking more closely at regional fine wine performance, the report shows that there is an overall slowdown in the rate of decline, with several categories even beginning to rise. The Liv-ex 1000 ended the quarter 0.6% lower, but an uptick across many regions is an encouraging sign.

Champagne maintained near flat performance across the quarter, remaining one of 2025’s most resilient categories with increased demand from Asia and the US.

Meanwhile, Italy saw a small gain of +0.4%, along with the Rest of the World 60, which grew by +0.3% in Q3. The report suggested that these are additional signs of increasing confidence beyond the traditionally strong markets of Bordeaux and Burgundy, both of which fell this quarter.

Looking ahead, Wine Cap suggested that Q3 was a transition period for the fine wine market as it reestablishes its footing after a two year downturn, while trends point to a more balanced market environment in Q4, with performance driven by scarcity, selectivity, and producer reputation.

The full report is avaliable here.

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