August is a quiet month for the wine trade, so it's no surprise that trading on the fine-wine platform Liv-ex took a hit. However, Tuscany's finest wines bucked the trend, witnessing "a flurry of trading activity."
Indeed, the market’s major movers in the last month have come from Tuscany. The 2009 vintage of Ornellaia and the 2007 vintage of Tignanello saw the largest price rises on Liv-ex in August, increasing by 13 percent and 10.9 percent respectively.
The price spike is, in part, a reflection of rising interest in fine wines beyond Bordeaux. In the past five years, notes the Liv-ex Cellar Watch Market Report, the Super Tuscan Index has risen more than 48 percent, outgrowing the Liv-ex 50 by more than 30 percent.
This month’s “flurry” can be also be attributed to the publication of excellent reviews from former Wine Advocate critic Antonio Galloni, who now runs vinousmedia.com.
In his Tuscany report on the 2010 and 2011 vintages, Galloni writes: “In my view, 2010 will go down as one of the great all-time vintages in Tuscany. The wines show beautifully delineated aromatics, punchy fruit and vibrant, mouth-watering acidity.“
It is no surprise that such high praise has resulted in healthy trading of the 2010 vintage, which represented half of all Italian wines changing hands in August.
However, while prices have been rising, Italy’s best wines still trade at a fraction of the cost of France’s top wines. The average Super Tuscan, notes Liv-ex, costs 1,807 pounds ($2,817) per case, whereas the average first growth is more than two and a half times that, currently sitting at 4,658 pounds ($7,261).