Quick answer Collectors buy fine wine for scarcity, enjoyment and as a tangible asset, but returns are not guaranteed. Over five years, Liv-ex data shows Italy and Champagne held value while Bordeaux fell.
Fine wine is one of the few assets you can both hold and drink. Every bottle opened makes the remaining ones rarer, and the best producers make a limited quantity each year. That scarcity is the main reason collectors build cellars. The market, however, moves in cycles, and the honest way to think about it is to look at the data by region.
Key takeaways
- Scarcity and enjoyment are the main reasons collectors buy fine wine.
- Over five years the Liv-ex Fine Wine 1000 index is down 10.8%, but Italy 100 (+3.0%) and Champagne 50 (+5.1%) are up.
- Region and producer choice matter: First Growth Bordeaux (Fine Wine 50) is down 24.8% over the same period.
Why do collectors buy fine wine?
- Scarcity: top producers make limited quantities, and bottles are consumed over time.
- Tangible asset: a bottle can be stored, inspected and enjoyed, unlike a purely financial product.
- Choice: you can hold it, drink some of it or sell it when the market suits you.
- Diversification: wine prices have their own cycles, which differ from those of shares and bonds — but this is not a guarantee of protection.
What has fine wine returned in the last five years?
Liv-ex publishes indices that track fine wine prices from transaction data. As displayed on Liv-ex’s indices page on 10 October 2026, the 5-year change was −10.8% for the Fine Wine 1000, −10.5% for the Fine Wine 100 and −24.8% for the Fine Wine 50 (the five First Growth Bordeaux). Italy 100 was up 3.0% and Champagne 50 up 5.1% over the same period.
| Liv-ex index | 5-year change |
|---|---|
| Champagne 50 | +5.1% |
| Italy 100 | +3.0% |
| Burgundy 150 | -3.0% |
| Fine Wine 100 | -10.5% |
| Fine Wine 1000 | -10.8% |
| California 50 | -11.4% |
| Rest of World 60 | -13.6% |
| Rhône 100 | -19.8% |
| Bordeaux 500 | -20.4% |
| Fine Wine 50 (First Growths) | -24.8% |
What does this mean for buyers?
The data shows that “fine wine” is not one market. Over five years, Italian wines and Champagne held their value better than Bordeaux, and Burgundy fell far less than the First Growths. For a collector this points to a simple principle: diversify across regions and producers rather than concentrating on one name. You can browse Italian wines, sparkling wines and Bourgogne in our selection.
What are the risks of investing in fine wine?
- Price risk: indices can fall for several years, as the 5-year figures above show.
- Liquidity: it can take time to find a buyer at the price you want.
- Costs: storage, insurance and selling fees reduce your net result.
- Provenance and condition: a bottle’s value depends on authenticity and how it was stored — see how to store wine.
How can you estimate your own result?
Use our fine wine return calculator to test different price scenarios after storage and selling costs.
Collectible bottles from our investment selection
Important: this article is general information, not financial advice. Fine wine prices can fall as well as rise, wine is not easy to sell quickly, and past performance does not guarantee future results. Figures in scenarios are illustrative assumptions, not forecasts.
Frequently asked questions
Is fine wine a good investment?
It can be part of a diversified collection, but returns are not guaranteed. Liv-ex data shows that the Fine Wine 1000 index is down 10.8% over five years, while Italy 100 is up 3.0% and Champagne 50 up 5.1%.
Which fine wine regions have held value best recently?
According to Liv-ex’s five-year figures, Champagne 50 (+5.1%) and Italy 100 (+3.0%) were the only listed indices in positive territory.
What are the Liv-ex indices?
Liv-ex indices track fine wine prices using transaction data. The Fine Wine 1000 tracks 1,000 wines across several regional sub-indices.
What are the main risks of buying fine wine?
Price changes, difficulty selling quickly, storage and selling costs, and the importance of provenance and condition.
Can I drink the wine I buy?
Yes. Unlike many assets, a bottle can be enjoyed, though opening it removes it from the portfolio.
Sources
- Liv-ex — Indices (Fine Wine 50, 100, 1000 and sub-indices) — Index definitions and 1-month, YTD, 1-, 2- and 5-year changes; values as displayed when consulted on 10 October 2026.
Last reviewed: October 2026.
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