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United States Regional Report

Our United States Regional Report explores the development of an investment market, the emergence of cult wines and other key players.

The modern story of US fine wine begins in 1976, with the now-legendary Judgement of Paris. In a blind tasting held on 24 May, leading Californian Bordeaux-style blends were pitted against classified growth Bordeaux, and Californian Chardonnays against white Burgundy. To the surprise of many – and the disbelief of some – California emerged victorious in both categories.

This moment marked a turning point for American wine. What followed was not an overnight transformation, but a steady ascent. In the 1990s, the first Californian “cult wines” began to emerge – highly sought-after labels produced in tiny quantities, driven by word-of-mouth demand and critical acclaim. Screaming Eagle, in particular, established a model that many later producers would follow, supported by Robert Parker’s perfect scores and a growing global collector base.

Today, the United States – dominated by California, but increasingly supported by Washington and Oregon – has become a meaningful force in the global fine wine investment market.

WineCap’s USA Regional Report explores how this market has developed, how performance has evolved, and where opportunities are emerging across the country.

Key findings from the United States Regional Report

The United States has become a key fine wine investment region

In 2010, US wines accounted for just 0.1% of global secondary market trade. Today, that figure stands at around 7%, making the United States the largest non-European fine wine investment region by value.

This growth has been driven by strong domestic demand, expanding international distribution, and a sustained run of high-quality vintages over the past decade.

California dominates – but is no longer alone

California accounts for approximately 99% of US secondary market trade, with demand concentrated around a core group of powerful brands including Screaming Eagle, Opus One, Harlan Estate, Dominus, Promontory, Scarecrow, and Ridge Monte Bello.

However, investment-worthy wines from Washington and Oregon are increasingly attracting attention, offering relative value and diversification within the US allocation.

Strong long-term performance with recent buying opportunities

Over the last 15 years, Californian fine wines have outperformed both the Liv-ex 100 and Liv-ex 1000 indices, delivering steady long-term growth. Prices peaked in September 2022, after which the Liv-ex California 50 index declined by approximately 26% on average.

This correction has created attractive entry points, particularly for investors seeking exposure to top US brands at more favourable levels.

A brand-driven market with increasing terroir focus

Historically, Californian fine wine has been driven by brand power. While this remains true, the market has increasingly shifted towards a deeper understanding of terroir, AVAs, and vineyard specificity. Napa Valley remains the epicentre, with Oakville, Stags Leap District, and Rutherford firmly in the investment spotlight.

This evolution mirrors the maturity seen in Old World regions, strengthening California’s long-term investment credentials.

Expanding distribution is improving liquidity

Access has historically been a challenge in the US market, with private mailing lists and long waiting times limiting availability. More recently, leading estates such as Opus One, Inglenook, and Vérité have begun releasing wines via La Place de Bordeaux, improving transparency, access, and international liquidity.

This shift has been welcomed by the market and is expected to support further growth in secondary-market activity.

Explore the full report

WineCap’s United States Regional Report provides a comprehensive analysis of the US fine wine market, including its historic development, price performance, key AVAs, and the most investment-worthy producers, with a particular focus on Napa Valley.

Download the full United States Regional Report to explore the data, insights, and opportunities shaping one of the fastest-growing fine wine investment regions in the world.

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Report

Champagne | Regional Report

Champagne region

Champagne needs little introduction, even to those not typically involved with fine wine. It is everywhere – from restaurants and clubs to airport lounges and private cellars. Fit for every occasion, Champagne has developed an investment market in part thanks to its strong brand recognition. More approachable than other fine wines, the Champagne market has become one of the most liquid – an added benefit for investors. In fact, the region dominated the top-traded wines on the secondary market in 2023.

A decade ago, the region made up less than 3% of the fine wine investment market. Today, its trade share comfortably sits between 13% and 15%, making it a close contender to Burgundy (the second-     most-popular region after Bordeaux).

Pricing dynamics have also evolved during this time. From a relatively modest price performer, and one of the most affordable entry points into the wine investment market, Champagne has risen to new heights in recent years. As the ultimate fine wine ‘luxury’ asset, Champagne has shown remarkable resilience to economic crisis and relatively low volatility.

Our Champagne Report delves into the fundamentals of this fascinating region, including the development of its investment market, historic performance, recent expansion and key players.

Discover more about:

  • Champagne’s investment performance
  • Supply and demand dynamics
  • Key Champagne houses and brands to watch

Do not hesitate to get in touch and speak to one of our wine investment advisors for further information and to reserve your allocations.

 

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Regional-reports

Champagne Regional Report

Champagne region

Our Champagne Regional Report examines the development of an investment market and the key Champagne producers in a successful portfolio.

Champagne needs little introduction, even to those not typically involved with fine wine. It is everywhere – from restaurants and clubs to airport lounges and private cellars. Fit for almost every occasion, Champagne has evolved from a celebratory indulgence into one of the most recognisable and investable luxury assets in the fine wine market.

A key driver of Champagne’s investment appeal is its unparalleled brand recognition. More approachable than other fine wines, Champagne benefits from broad global consumption, strong distribution networks, and deep secondary-market liquidity — all highly attractive characteristics for investors.

A decade ago, Champagne represented less than 3% of the fine wine investment market. Today, its share sits comfortably at 15%, making it a close contender to Burgundy as the second-most traded fine wine region after Bordeaux.

WineCap’s Champagne Regional Report explores how this transformation has taken place, how pricing dynamics have evolved, and why Champagne has become a core allocation within diversified fine wine portfolios.

Key findings from the Champagne Regional Report

Champagne is one of the best-performing fine wine regions

Once considered a modest price performer and one of the most affordable entry points into wine investment, Champagne has risen to new heights over the past two decades. The Champagne 50 index has delivered exceptional long-term growth, positioning Champagne as the second-best-performing fine wine region after Burgundy. Its performance has been driven by a combination of vintage quality, global brand power, and sustained international demand.

Champagne’s global reach

Champagne is one of the most liquid regions in the fine wine market. Its widespread consumption – across hospitality, entertainment, and private collectors – creates a unique dynamic: as Champagne is consumed, supply diminishes, while quality improves with age.

This inverse supply curve, combined with strong brand recognition, underpins consistent secondary-market activity and makes Champagne particularly attractive to investors seeking flexibility and exit opportunities.

Champagne market expansion has driven new opportunities

As Champagne’s investment market has grown, participation has expanded beyond a narrow group of prestige cuvées. While leading houses remain central, the market now encompasses a broader range of vintage, rosé, and grower Champagnes.

This expansion has increased both depth and diversity, allowing investors to access Champagne across different price points and risk profiles.

Champagne’s entry levels

Following a strong bull run between 2020 and 2022, Champagne prices have corrected by around 34% on average over the past three years. Importantly, prices stabilised throughout 2025, creating attractive entry points without undermining Champagne’s long-term investment case.

Historically, periods of consolidation in Champagne have preceded renewed growth as supply tightens and demand continues to build.

Rosé and Grower Champagne are gaining momentum

Two of the fastest-growing segments highlighted in the report are rosé Champagne and grower Champagne. Produced in smaller quantities and often commanding higher release prices, rosé Champagnes have shown strong relative performance. Meanwhile, leading grower estates have transitioned from niche favourites to serious investment candidates, driven by scarcity, critical acclaim, and growing global recognition.

While liquidity can be thinner in these segments, selective allocation can enhance diversification and long-term returns.

Leading Champagne houses still anchor the market

Despite the market’s expansion, the most powerful Champagne brands remain central to investment portfolios. Houses such as Dom Pérignon, Louis Roederer (Cristal), Krug, Bollinger, Salon, and Ruinart continue to dominate secondary-market trade, combining brand strength, consistency, and global demand.

Explore the full report

WineCap’s Champagne Regional Report provides a comprehensive analysis of Champagne’s investment performance, supply and demand dynamics, the rise of rosé and grower Champagne, and the key houses and brands shaping the market today.

Download the full Champagne Regional Report to explore the data, insights, and opportunities behind one of the world’s most liquid and resilient fine wine investment regions.


Champagne Regional Report
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Regional-reports

En Primeur Report – Bordeaux 2022: Unfulfilled Potential

Bordeaux 2022 is a great vintage that, despite its high quality, failed to reverse the waning sentiment for En Primeur. The excitement of the new was counteracted by the value on offer.

Although there was a significant increase in the number of visitors at the En Primeur tastings this spring, the campaign did not succeed in capitalising on this positive momentum.

Our latest report, Bordeaux 2022: Unfulfilled Potential, delves into the reasons why the campaign didn’t quite deliver on hopes and the event’s place within the industry in coming years.

Key findings:

  • Bordeaux 2022 is a high-quality vintage that has surpassed expectations, given the challenges of the growing season.
  • Neal Martin’s average 2022 in-barrel score was below 2020, 2019, and 2016, with most critics noting that it is a vintage to be selective.
  • The En Primeur tastings saw a significant increase in the number of visitors this spring, indicating continued interest in the region.
  • Some wines managed to offer value and were met with high demand upon release, including Château Cheval Blanc, Château Beychevelle, and Château Lafleur.
  • Average price increases between 15% and 25%, and as high as 55%, did not resonate well with the soft Bordeaux market.
  • Bordeaux 2022 vintage failed to reverse the declining sentiment for En Primeur due to high release prices in the context of older vintages offering better value.
  • Producers should evaluate the market dynamics to navigate the evolving fine wine market, and the role of En Primeur within it.

Download your complimentary copy of the en Primeur Report – Bordeaux 2022 and discover how fine wine can enhance your investment portfolio.



Bordeaux Regional Report



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Regional-reports

Bordeaux 2021 | Vintage Report

Bordeaux vineyard

Our Bordeaux 2021 En Primeur Report is now available to download. Read our full analysis of the new 2021 vintage which is considered to be an approachable, good quality one that differs in style to the wines from the three previous years.

2021 was the coolest and second wettest vintage in the past decade with frosts, rain and mildew. This meant yields were down significantly in some appellations. Meticulous sorting in both the vineyard and the winery enabled producers to select only the best fruit and this created the finest wines possible. 

Critic reports suggested that quality was better than expected and there is a selection of outstanding wines on offer that will bear comparison with the very best and various châteaux have produced some of their highest ever rated wines.

Prospective buyers have been expectantly waiting for the 2021 vintage’s scores and prices. Release prices were expected to be lower than those of the top rated trilogy of 2018, 2019 and 2020 as this is a different style of vintage from a challenging year. However, there were economic reasons that could justify price rises such as inflation, wine shortages and the US dollar’s appreciation against the Euro.

In general, wines have been released at the same price as 2020 – just 1% lower on average. However, some châteaux released at up to 15% discounts, while others at up to a 15% premium with lower scores than last year.

Discover our analysis and the fine wines we recommend fully in this report. While it was a mixed vintage, there are some excellent wines on offer at attractive prices.



Bordeaux Vintage Report

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Regional-reports

Bordeaux 2020 | Vintage Report

Barrels in a Bordeaux cellar

Our Bordeaux En Primeur 2020 Report is available to download. Discover our wine investment experts thoughts on 2020, a vintage that has widely been heralded by prominent wine critics as excellent and the third in a row of top Bordeaux vintages. Find out which Bordeaux sub-regions and producers they feel delivered top class wines that are worth seeking out. 

As with the two vintages that preceded it, conditions in 2020 favoured producers with multiple plots of different soil types due to the abundance of both sunshine and rainfall. Right Bank clay soils were better able to retain water and thus sustain the vines. 

Although Bordeaux En Primeur 2020 is undoubtedly a fantastic vintage, investors are advised to be selective and search for relative value rather than being led solely by critics’ scores. 

Through careful study and data analysis, WineCap provides insight into the wines that we feel present both value and opportunity for capital growth. With our bespoke, industry-leading graph and analysis tools we have concluded that the wines selected in this report are attractive prospects and that any carefully built investment portfolio should consider 2020 Bordeaux.

Click the button below to download our Bordeaux En Primeur Report. Do not hesitate to get in touch and speak to one of our wine investment advisors to reserve your allocations.



Bordeaux Vintage Report

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Regional-reports

Bordeaux 2019 | Vintage Report

Bordeaux wine barrels in a cellar

Our Bordeaux En Primeur 2019 Report is available to download. Find out what our wine investment experts thought of 2019, a wonderful vintage that saw a surprisingly successful En Primeur campaign during the global uncertainty and financial stress of the time. Discover which Bordeaux sub-regions and producers we feel delivered top class wines worth paying attention to. 

In 2019, cool weather during flowering led to reduced quantities and conditions favoured producers with multiple plots of different soil types that could handle both the sunshine and rainfall. Right Bank clay soils were better able to retain water and thus sustain the vines.

Though 2019 is undoubtedly a fantastic vintage, investors are advised to be selective and search for relative value rather than being led solely by critics’ scores. 2019 was quite different in terms of how tastings were conducted. No longer could massive trade tastings be held for the media and critics. Therefore, the tasting notes from that year may be the most careful and well-thought out of any, as the critics were not being whisked from one mass tasting to another and could taste samples at their leisure at home. Without the pressure of being in the company of the winemaker, or under the influence of peers, these may be some of the most honest ratings ever. 

Through careful study and data analysis, WineCap provides insight into the wines that we feel present both value and opportunity for capital growth. With our bespoke, industry-leading graph and analysis tools we have concluded that the wines selected in this report are attractive prospects and that any carefully built investment portfolio should consider 2019 Bordeaux.

Click the button below to download our Bordeaux En Primeur Report. Do not hesitate to get in touch and speak to one of our wine investment advisors to discuss buying wines En Primeur.



Bordeaux Vintage Report

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Regional-reports

Bordeaux 2018 | Vintage Report

Our Bordeaux En Primeur 2018 Report is available to download. Find out what our wine investment experts thought of 2018, a vintage that promises long development times thanks to powerful tannic structures and acidity. Discover which Bordeaux sub-regions and producers we feel delivered top class wines that will perform well. 

2018 was defined by extremes of weather, with heavy rainfall earlier on followed by a hot, dry summer. Conditions favoured producers with multiple plots of different soil types that could handle both the sunshine and rainfall. Clay soils were better able to retain water and consequently sustain the vines throughout drier conditions.

Though 2018 is undoubtedly a fantastic vintage, investors are advised to be selective and search for relative value rather than being led solely by critics’ scores. 

Through careful study and data analysis, WineCap provides insight into the wines that we feel present both value and opportunity for capital growth. With our bespoke, industry-leading graph and analysis tools we have concluded that the wines selected in this report are attractive prospects and that any carefully built investment portfolio should consider 2018 Bordeaux.

Click the button below to download our Bordeaux En Primeur Report. Do not hesitate to get in touch and speak to one of our wine investment advisors to reserve your allocations.



Bordeaux Vintage Report

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Investment Options: Why Wine?

Bottles of wine in storage

Find out what investment options are out there so as not to miss out on wealth creation by holding excessive cash. That was the message from the Financial Conduct Authority (FCA) which launched a new campaign this week to both incentivise and educate Britons to invest their cash wisely.

The recent emergence of user-friendly apps and free time born of the global pandemic has drawn record numbers to the market in the hope of turning their down time into financial return. However, this surge of investment opportunism has given rise to poor decision-making; with many investors tantalised by the promise of big wins from high-risk strategies such as cryptocurrency and volatile stocks. The FCA’s double-pronged campaign aims to encourage more prudent investment, while at the same time educating about the risks. The watchdog is roughly targeting a fifth of the estimated 8.6m Britons who have over £10,000 in cash.

‘Over time, [they] are at risk of having their money eroded by inflation.’ – The FCA

This recent investment activity highlights that, with interest rates as low as 0.1% at the time of writing, those looking to either start investing or diversify their portfolios would do well to take advantage of the current trend and to consider investing in wine, a proven way of delivering growth.

The benefits of wine as an investment option:

  • In the last 30 years wine investment has delivered an average of 10% compounded growth

  • It is a tax-free investment with no Capital Gains Tax

  • It has a low correlation to other assets

  • Uniquely, wine both improves and becomes rarer with age, unlike other assets in the same class

Based on previous performance, solid returns could be realised after five years, though customers who have held their wine investments for up to ten years or more have seen even greater returns and any potential investor should consider a long-term strategy.

Ultimately, wine is considered an excellent opportunity to grow your pot of cash in a time where interest rates cannot. With good advice and the right selection, wine could be the best investment option you add to your portfolio this year.

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Our Top List of Tuscan Wines for Investment

A Tuscan vineyard

Italian wine is increasingly becoming hot property when it comes to wine investment. Last year was one of the category’s strongest when it came to trades, with an increase of 7%. Tuscany also performed remarkably well and, because of this, we have put together a list of Tuscan wines that are highly respected, built to age for years and that are leading the charge when it comes to investment grade wine.

The classic ‘Super Tuscans’ – including producers such as Solaia, Ornellaia and Tignanello (all having increased in trades in 2020 by 15%, 10% and 9% respectively) – began making incredible wines in the 1960s and 70s. These producers created standout wines using Bordeaux grape varieties and paved the way for others who are now gaining more and more recognition using other grape varieties, including Sangiovese.

Tua Rita is widely regarded as the producer who spearheaded the second wave of Super Tuscans, with its flagship wine Redigaffi. Like some of the greatest things in life, Redigaffi was created entirely by accident. In 1984, Rita Tua and her husband Virgilio moved to the quiet Etruscan coast to retire and cultivate wines for fun. Years later, and with 30 hectares of Merlot under vine, Redigaffi is now considered one of Tuscany’s finest wines that commands respect. This wine continues to gain momentum and we believe it would make an excellent investment option for those wanting to diversify their portfolio.

Second on our list of Tuscan wines is the top-flight Chianti producer Fontodi. Keeping a steady hand on the tiller at the Fontodi estate are Marco and Giovanni Manetti who have been making its predominantly Sangiovese-based wines since 1979. Their vision, expertise and commitment to quality continue to reap rewards: Fontodi’s Flaccionella della Pieve 2017 was one of last year’s top ten most-traded Tuscan wines & in the top 15 most-traded Italian wines. It represents a great diversification into a wine investment category that’s accelerated in the past 12 months.

Biondi Santi is one of the old, traditional Tuscan wine estates whose pioneering work propagating the Biondi Santi Brunello di Montalcino clone of Sangiovese cemented it as one of the region’s legendary producers. As perhaps the greatest expression of Brunello di Montalcino, this 100% Sangiovese wine aged for at least 36 months in oak is built to last for decades, if not longer. With the Riserva 2012 having all three ingredients that we would expect to appreciate: a historic brand, immense ageing potential and one of their highest ever scores – 97 points – it offers excellent value compared to top tier wines from other regions.

If you want to find out more about investing in Italian wines – and the growing Tuscan category in particular – schedule a free consultation with one of our investment experts.