Italy Ascendant, Spain on Top: Liv-ex Power 100 released

The annual Liv-ex Power 100 is an essential resource for fine wine investors: the list of the top wine brands from the leading global marketplace for fine wine is both a snapshot of the market's present performance and a barometer for trends and opportunities to come. In a year characterized by market corrections and cautious buying, the 2024 Power 100 tells a nuanced story.

On the one hand, this year’s Liv-ex Power 100—a ranking of fine wine brands that reflects trade on the global marketplace over 12 months—was something of an expected conclusion. All major Liv-ex indices are down at least 9% year-on-year, with the Liv-ex 100 down 9.2% and the Liv-ex 1000 (the broadest measure of the market) down 9.6%. Trade activity is up (with the count of trades for the 2024 Power 100 list 7.9% higher than for the 2023 list) but volume traded is down by 6.5% as buyers hesitate to take on stock that might not move.

On the other hand, there was, as there always is, more to the story. Notably, despite these challenging conditions, Vinovest portfolios have generally outperformed the Liv-ex indices, underscoring the value of expert curation and strategic selection in navigating a fluctuating market.

As for the Power 100 itself, there were some intriguing shifts in composition among those top 100 wines—most notably from the power peninsulas of Italy and Spain.

In total, 22 wines from Italy claimed spots on this year’s Power 100, nine more than last year and more than double the country’s showing from just five years ago.

Moreover, those 22 wines represent a diverse group of offerings, from “high value, relatively illiquid brands” like Soldera Case Basse to comparatively inexpensive, much-traded brands like Produttori del Barbaresco (13th top-traded brand by volume, with the 23rd cheapest trade price).

Market players in fine wine (including here at Vinovest) have buzzed for years that Italian wine is overdue for its place in the spotlight—is that prediction coming to fruition at long last? The coup of a strong showing in the Power 100 is a solid data point in that direction, and other signs are equally positive: a recent survey of fine wine professionals identified Piedmont as the region with the greatest potential in the year to come, beating out Champagne and Burgundy alike (with some respondents going so far as to call Barbaresco and high-end Barolo “the new Burgundy”).

More to the point, our Vinovest team has kept in step with this Italian renaissance. “We have deliberately bought volumes of Sassicaia and Tignanello in the knowledge that these are the most traded wines,” says Robert Taylor, Vinovest’s Head of Trading, APAC & Global. “When the market turns around, we are in a good position to see gains.”

Adds Enrico Bresciani, Senior Portfolio Manager: “As an Italian wine passionate, I'm incredibly happy to see Gaja in second place... the market is realizing the huge pocket of value Piedmont bluechip wines have, so I expect prices to follow soon!”

Spain, meanwhile, held steady at its more modest representation in the 100, with just 3 brands making the cut, but did claim the crown of top ranked wine, a first in the history of the Power 100. The #1 spot went to Spain’s Vega-Sicilia, which has had a banner year overall: compared to 2023, Vega-Sicilia Unico’s trade count is up 193%, trade value is up 310%, and trade volumes are up an eye-popping 324%.

While the overall market picture is still one of a correction in action, these movements are nevertheless the kind of small but notable shakeups for investors and connoisseurs alike. As Liv-ex notes, “an entry on the Power 100 is arguably more valuable than ever,” and with 2025 on the horizon, these contenders will certainly be ones to watch in the year to come.