The fine wine market is diversifying beyond Bordeaux, with Burgundy and Tuscany gaining new fans, a report just out documents.
Data from fine wine exchange Liv-ex shows that sales of Bordeaux wines have been sluggish, with a poor 2011 en primeur campaign not helping the market. Nevertheless, one region’s loss is another's gain: Burgundy and Tuscany have recorded significant increases in trade this year on the exchange.
Burgundy now represents almost 5 percent of trading (Bordeaux, 85.7 percent), fueled by rising demand in Asia. Prices of the region’s top labels including Domaine de la Romanée-Conti and Henri Jayer have smashed records at auction this year.
In addition, over May and June, Italian wines have represented respectively 4 and 3 percent of trade, which is well above its 2010 and 2011 average of 1 percent, Live-ex notes in its July Cellar Watch Market Report.
Estates including Ornellaia and Sassicaia, in the small Tuscan town of Bolgheri, as well as Masseto and Tignanello, collectively known as Super Tuscans, lead the charge buoyed by glowing reviews of the 2008 and 2009 vintage by Antonio Galloni of The Wine Advocate.
The report also notes that the past month has been busy for an Australian cabernet sauvignon: 2009 Penfolds Bin 707, which “show[s] a confidence that the market is struggling to find elsewhere.”