Burgundy became the most traded fine wine region by value in September, overtaking Bordeaux for the first time since 2022, according to a market report published Wednesday by Cult & Boutique, a London-based fine wine specialist. The firm cited data from Liv-ex, the wine marketplace and index provider, in reaching that conclusion.
For wine buyers and collectors, the shift signals a market that is stabilizing after nearly three years of falling prices. A staff reporter for this site, who covers the fine wine trade for its regular readers, notes that changes in regional trading patterns often ripple through pricing, allocation and buying decisions across the industry, from auction houses to restaurant wine lists.
The report described overall sentiment as improved during the third quarter, even as geopolitical tensions and shifting trade policy continued to shape activity. Liv-ex data cited in the report pointed to greater stability across major market benchmarks. Demand is also spreading more widely by geography, the report said, with buying activity in the United States standing out as a source of renewed interest.
Burgundy's rise to the top spot does not mean Bordeaux has fallen out of favor, according to the report. Instead, buyers are approaching Bordeaux differently, focusing more on mature and back-vintage wines after prices corrected from earlier peaks.
WineCap, a market research and advisory firm cited in the report, estimated that fine wine prices remain about 25% below their 2022 high point. That gap leaves the market well below the rapid gains seen several years ago. Lower prices can offer an opening for buyers with cash and patience, the report said, while sellers and merchants continue working through the reset that followed the earlier boom.
Cult & Boutique said the market turned positive last September, following what it called a near three-year correction. The firm characterized the current period as one of steadier price formation rather than the start of a new speculative run. That distinction follows a stretch in which higher interest rates, weaker risk appetite and uncertainty around global growth made buyers more cautious.
The report also pointed to fine wine gaining recognition as an alternative asset class. It cited a WineCap survey showing that 97% of wealth managers in the United Kingdom and the United States expect client demand for fine wine to rise in 2026, the strongest figure among the collectible categories measured in that survey. Separately, the report noted that investor Michael Burry published an essay in September examining first-growth Bordeaux through factors including scarcity, relative value, currency exposure and long-term purchasing power. The report suggested the broader significance lies not in one investor's opinion but in the fact that wine is increasingly discussed alongside other portfolio diversifiers.
Policy risk remains part of the picture, particularly in Britain. Cult & Boutique said recent reporting has identified capital gains tax as one measure under consideration ahead of the U.K. budget scheduled for October 28, though no change has been confirmed. The report said that debate has sharpened attention on how different assets are taxed. Under U.K. rules, some wines may receive different tax treatment if they qualify as a wasting asset, a classification that has long appealed to some collectors and investors.
The market signals extend beyond individual collectors' portfolios. Fine wine pricing often influences purchasing and release decisions across the luxury on-premise market, specialist retail, auction houses and private-client sales. A more stable market could support pricing discipline following the correction. Burgundy's stronger trading alongside Bordeaux's relative affordability may also prompt importers, distributors and hospitality buyers to adjust allocations in the high-end channel. If international demand keeps broadening, producers and merchants may reconsider how they divide supply across regions and customer types.
The report also noted that Cult & Boutique has expanded into rare Japanese whisky, including bottles from closed distilleries and a private cask program. That move is specific to the one firm, but the report framed it as part of a wider pattern among premium drinks merchants seeking to serve both enthusiasts and investors across wine and spirits. With the market still below its 2022 highs and sensitive to trade and economic uncertainty, the report suggested that kind of diversification may become more common as companies look for growth and collectors look for value.
