1、DECEMBER 2025Liv-ex 2025Year In Review ReportIt took three years for the major Liv-ex indices to rise,but in September they finallydid.They have since ticked up steadily each month,giving the fine wine market adegree of optimism as we head towards the end of the year.Before getting ahead ofourselves

2、,a reminder of the full 2025 fine wine market performance.After 2024s consistent downward grind,this year started on a more positive note trade value and volumes rose in the first two months,signs perhaps that the stockclear out was well and truly underway.Then on March 13th President Trump threaten

3、ed 200%tariffs on EU alcohol,a gutpunch that winded the market.With April 2nds Liberation Day confirming tariffs onEuropean wine at 15%,US buyers withdrew.This posed a problem to the fragile finewine market.The results were immediate April saw the Liv-ex indices post their biggest lossessince 2023,w

4、ith regions like Champagne and Italy which had benefited fromconsistent US demand looking particularly vulnerable.After a Bordeaux En Primeur campaign that saw many producers drop their prices onlyto find that collectors had lost interest,the market entered the summer lull.The Fine Wine Market in 20

5、25A degree of optimism has returned to the market over Q3-4,with major Liv-exindices rising consistently since September.With the introduction of tariffs,US buyers 2024s most significant buying segment have taken a backseat this year.European buyers have stepped up,with total European purchase value

6、 up 48.2%year-on-year.Looking ahead,with prices showing stability and early signs of recovery on the Asianmarket,we consider what 2026 might have in store.IntroductionHowever,as merchants returned from the break,some positive signs started toemerge.Bid:offer ratios a barometer of market sentiment an