Tag: second wines

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Regional-reports

Bordeaux Regional Report

Bordeaux regional report 2025

Our Bordeaux Regional Report examines the evolution of its investment market, the First Growths, their second wines and En Primeur.

Bordeaux has long been the backbone of the fine wine market. Its unique combination of history, scale, and globally recognised brands has positioned it not just as a leading wine region, but as the reference point for fine wine investment worldwide.

As early as 1787, Thomas Jefferson recognised the collectible potential of Bordeaux’s finest estates. More than two centuries later, that early insight still holds true. While the fine wine market has diversified significantly in recent years, Bordeaux continues to play a defining role – often setting the tone for broader market performance.

At its peak in 2010, Bordeaux accounted for an extraordinary 96% of the fine wine market by value. Although its share has since moderated as regions such as Burgundy and Champagne have risen, Bordeaux remains the most influential and liquid region in the investment landscape.

WineCap’s Bordeaux Regional Report explores why this remains the case – and where the most compelling opportunities now lie.

Key findings from the Bordeaux Regional Report

Bordeaux remains the most important fine wine investment region

Despite increased diversification, Bordeaux still accounts for over a third of the fine wine market by value today. Its long-established distribution networks, global demand, and deep secondary market continue to underpin its dominance, particularly for investors prioritising liquidity and long-term stability.

The First Growths continue to anchor the market

The Bordeaux First Growths – Château Lafite Rothschild, Château Latour, Château Margaux, Château Haut-Brion, and Château Mouton Rothschild – remain the cornerstones of fine wine portfolios. While their share of total trade has declined from historic highs, they still represent around 30% of Bordeaux’s secondary market activity, reinforcing their role as pricing benchmarks and confidence indicators.

Second Wines and “Super Seconds” offer compelling value

One of the most notable trends highlighted in the report is the growing importance of second wines and so-called “Super Second” estates. These wines benefit from the same terroirs and technical expertise as their flagship counterparts but offer more accessible entry points. In many cases, they have delivered stronger relative performance over the past decade, driven by rising quality and growing global recognition.

Older vintages are often undervalued

The report shows that some of the most attractive opportunities in Bordeaux today lie not in the latest releases, but in older, overlooked vintages. These wines frequently trade at favourable price-to-quality ratios and can offer greater upside potential than more recent En Primeur releases, particularly in a more price-sensitive market environment.

En Primeur’s influence has weakened

While En Primeur remains a defining feature of Bordeaux, its role has evolved. Pricing misalignment in recent campaigns has reduced its appeal, shifting the focus towards disciplined, selective participation. The report highlights that En Primeur can still present opportunities, but only when release prices reflect broader market conditions and long-term value.

Bordeaux’s role in a diversified market

As the fine wine market has broadened to include Burgundy, Champagne, Italy, and California, Bordeaux has increasingly positioned itself as the region of stability. Its slower but steadier appreciation, combined with unrivalled liquidity, continues to make it a foundational allocation within diversified fine wine portfolios.

Explore the full report

WineCap’s Bordeaux Regional Report provides a detailed analysis of the region’s evolution, historic performance, key investment estates, and future outlook in an increasingly diversified fine wine market.

Download the full Bordeaux Regional Report to explore the data, insights, and opportunities shaping one of the world’s most important fine wine regions.



Bordeaux Regional Report
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Finding value in the Bordeaux second wines

  • The average First Growth case price is £5,300, while second wines come in at £1,941.
  • Le Clarence de Haut-Brion is the most affordable second wine.
  • Le Petit Mouton has been the best performer over the last decade.

Following our article last week, which examined the performance and value of the Bordeaux First Growths, we take a look at the data behind their second wines.

What are second wines?

Most Bordeaux châteaux produce more than one wine each vintage, and some might make three or four. Each château’s second wine draws on the expertise and knowledge that goes into the Grand Vin. Generally, second wines are made with fruit from younger vines, or vines and parcels that are not quite up to the quality of the Grand Vin in any given year.

However, they are often produced using grapes from the same vineyards as the flagship wines, receiving the same technical treatment in both vineyard and winery. Considerably less expensive than their siblings,  second wines represent a particularly attractive and accessible option for investors.

Second wines – at what price?

White the average First Growth case price is £5,300, second wines come in at less than half the price (£1,941).

Interestingly, prices of the first and the second wine are not always rising in unison. For instance, Château Latour is the second most expensive Grand Vin after Château Lafite Rothschild. Les Forts de Latour, however, sits directly in the middle, with Le Petit Mouton and Carruades de Lafite being pricier.

When it comes to value for money, Le Clarence de Haut-Brion has the lowest price per point of £16, similar to its Grand Vin. As examined last week, Château Haut-Brion is the most affordable of the First Growths, while also boasting the highest average Wine Track score. Yet while Le Clarence is also the most affordable of the second wines, its Wine Track score is lower.

But looking purely at scores is not the best indicator of value when it comes to the second wines. Second wines differ from the Grand Vins, as the dominant relationship is between price and age, not price and quality. As time passes, their value rises, following the traditional wine investment dynamic.

Moreover, this group of wines is often bought by collectors and investors as they present access to a brand. Though suitable for aging, these wines are built for earlier consumption, offering an alternative to opening bottles of the Grand Vin as soon as they are delivered.

Performance of the second wines

In the last decade, Le Petit Mouton de Mouton Rothschild has been the best-performing second wine, up 111.9%.

The most affordable, Le Clarence de Haut-Brion, has delivered the second-best returns of 76.2%. It has been followed by Carruades de Lafite (64.7%) and Pavillon Rouge (63.1%).

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.