Liv-Ex Power 100 Report 2025: signs of recovery after a difficult two-year period

The fine wine secondary market closes 2025 in a different climate compared to the previous year. The Liv-ex Power 100 Report (December 2025) describes a context that remains challenging for the overall trading that occurs after the producer’s first official sale (hence the definition “secondary market”). But with some indicators improving. The Liv-ex indices have recorded three consecutive months of gains. In the sample considered, 35 brands showed an average price increase, compared to 11 last year. Demand, especially among traders, has shifted from the question of “when will it end” to “what to buy now”.

The ranking is based on wines traded on Liv-ex over the last year of observation, from October 1, 2024 to September 30, 2025, grouped by brand. To enter the ranking, brands must have traded at least three wines or vintages and reach at least £10,000 in total trade value. The ranking criteria combine year-on-year price performance, trading activity (by value and volume), breadth of traded range, and average price of the brand’s wines, with weighting that assigns greater importance to the trading component.

At the top of the Power 100 2025 rises Château Cheval Blanc, which gains nine positions and takes first place. The report attributes the result to a more structured and consistent approach to pricing in recent years, amid widespread distrust of Bordeaux.

Behind the leader comes San Guido, which consolidates the role of Super Tuscans on the international market. The report indicates an average price increase for the brand of +4.5%, and attributes the placement also to high liquidity (with very high positions in the volume and value trading rankings).

Among the most significant leaps in the 2025 edition is Château Rayas, which rises from 54th place the previous year to 5th, climbing 49 positions. The report links the performance primarily to the price component: after the correction of the 2023-2024 period, in the period considered Rayas shows an average increase of +2.7%, also supported by significant trading.

On the “New World” front, Opus One is the best-placed Californian, at 9th place overall. In the period analyzed, the brand’s average prices are up +1.8%, with a specific note: the more recent 2021 vintage showed declining trading prices, while other vintages held up better.

The geographical distribution of brands in the Power 100 2025 shows a shift in balance. Bordeaux increases its presence from 25 to 27 brands, as does Champagne, which rises from 7 to 9, matching its best historical result.

For Champagne, the report indicates Krug as the highest-placed brand among sparkling wines, thanks primarily to positive price performance, albeit modest (+0.6% average). Dom Pérignon, meanwhile, is identified as the most traded brand by volume in the segment and ranks 15th overall.

In the brand count by region, Burgundy drops from 30 to 29 entries. The report also highlights significant internal rotation: it is the region with the most entries and exits from the annual ranking. The analysis highlights growing interest in “mid-range” labels (in relative terms, below the threshold of £2,000 per case of 12 75cl bottles), meaning more accessible wines oriented toward consumption as well as investment.

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Italy also retreats in the number of brands present, dropping from 22 to 20. The report makes a clear distinction, however: Super Tuscans hold up better, while several traditional Tuscan producers (particularly areas like Chianti and Brunello) are more penalized. The indicated cause is the withdrawal or reduced presence of US buyers, who in the previous period had represented a very significant share of demand for those appellations.

Brands like Ornellaia, Masseto, Tignanello, and Solaia remain well positioned or strengthening, while names like Montevertine, Biondi-Santi, Il Marroneto, Soldera Case Basse, and Valdicava still appear in the rankings.

Among the most evident movements outside the Franco-Italian axis, the report highlights Vega Sicilia, which after first place in 2024 drops to 16th in 2025. The stated reason concerns reduced support from US buyers; in the period observed, average prices are essentially flat, despite still-high trading levels.

Overall, Liv-ex’s reading is clear: the market in 2025 rewards primarily brands with consistent pricing and solid reputation, in a context where liquidity and trust matter as much (and sometimes more than) price spikes.