Burgundy overtook Bordeaux as the most traded region on Liv-ex, the London fine-wine exchange, for the first time since 2022. (Liv-ex Burgundy Report) Yet Liv-ex's Burgundy 150 index rose just 0.67%, second-weakest of the seven regional indexes we track. Champagne, which drew far less attention, led at 3.38%.
The auction room told a similar story. Hart Davis Hart, the Chicago auction house, sold all 2,673 lots at its September sale for $13.2 million, and three bottles of 1945 Château d'Yquem fetched $83,650, six times the high estimate. (HDH September results) Results like those make headlines. The index returns show how far they sit from the typical bottle.
How to read this issue: index figures are unadjusted Liv-ex returns. Auction results are as reported by the house. Neither is a valuation of any bottle you own. Details are in the methodology note at the end.
The quarter in five points
- Prices rose, modestly. The Liv-ex Fine Wine 100 gained 2.01% in the third quarter and the broader Fine Wine 1000 gained 0.89%. (Liv-ex) Champagne 50 led the regional indexes at 3.38%; Bordeaux 500 was the only decliner.
- August broke the summer lull. WineCap reports secondary-market trading hit an 18-month high in August, normally the quietest month of the year. (WineCap Q3 review)
- Back vintages beat new releases. Nine of WineCap's 10 best third-quarter performers were from 2018 or earlier. The top performer, Château d'Yquem 2018, rose 21.7%. (WineCap Q3 review)
- A $13.2 million auction sold every lot. Hart Davis Hart's September sale cleared all 2,673 lots, with a 151-lot Yquem collection fetching more than $1.3 million against a high estimate of $915,250. (HDH September results)
- The best move this quarter may be in your own cellar. Before the holiday buying season, reconcile what you own, decide what to open, and close the gaps in your records. A checklist is below.
Liv-ex regional index performance, Q3 2026
Returns compare June 30 and Sept. 30 index levels. Liv-ex prices its indexes in British pounds, so a U.S. collector's dollar return would differ by the quarter's currency move.
| Liv-ex index | June 30 | Sept. 30 | Q3 change |
|---|---|---|---|
| Champagne 50 | 496.31 | 513.10 | +3.38% |
| Rhône 100 | 172.81 | 176.01 | +1.85% |
| Italy 100 | 351.52 | 357.25 | +1.63% |
| California 50 | 297.91 | 302.71 | +1.61% |
| Rest of the World 60 | 271.86 | 276.03 | +1.53% |
| Burgundy 150 | 613.41 | 617.51 | +0.67% |
| Bordeaux 500 | 276.03 | 275.55 | −0.17% |
Source: Liv-ex historical index data. California 50 is shown for U.S. readers; it is not a component of the Fine Wine 1000, and the Bordeaux Legends 40 component is not shown.
Two things stand out. The spread is narrow: six of seven indexes landed between 0.7% and 3.4%, so no region broke away. And the ranking nearly inverts the trading story. Burgundy and Bordeaux, the two most traded regions by value, posted the two weakest price returns.
Burgundy: demand first, prices later?
Liv-ex attributes the shift to rising demand for top producers. Burgundy's share of trading hovered near 20% from 2023 through 2025 and is now approaching 30%. WineCap, a London fine-wine investment firm, says the interest is concentrated in particular domaines rather than in any class of vineyard. Buyers are chasing names, not villages. (Liv-ex Burgundy Report; WineCap Q3 review)
Auction results point the same way. The top lot at HDH's September sale was three bottles of 2001 Domaine Leroy Musigny, which sold for $101,575, or about $33,900 a bottle. Three bottles of 2002 Georges Roumier Musigny sold for $53,775 against an estimate of $28,000 to $42,000; HDH called it a world record. (HDH September results)
Rising trading volume often precedes a price move. It doesn't guarantee one, and Burgundy's index barely moved this quarter. But if you own wines from Burgundy's top producers, interest in them is rising, and now is the time to make sure your records are in order.
If you are buying, treat the Leroy and Roumier results as a reason to compare, not as a benchmark for your own bottles. Before a headline sale informs any decision, check the producer, vineyard, vintage, bottle size, number of bottles, condition and whether the price includes the buyer's premium. If the only link to your bottle is "both are Burgundy," keep looking.
The new release that undercut its own back vintages
Collectors spent the autumn release season pushing back on new wines priced above older, ready-to-drink vintages. WineCap singled out one exception. Opus One 2023 was released at £2,815 for a case of 12, below the 2013 (£3,320), 2014 (£3,100) and 2016 (£3,090), and it carries 98-point scores from Wine Advocate and Vinous, matching the best of those vintages. WineCap called it the campaign's "one clearly attractive release." (WineCap Q3 review)
That is the test to apply to any allocation offer. Before accepting one, put three options side by side:
- The new release: what do you want from it, and how long will you wait to open it?
- An established vintage of the same wine: is there one you already know, at a price and maturity that fit your plans better?
- A bottle you already own: would opening it satisfy the same occasion?
Compare total cost: price, tax, shipping, storage and any buyer's premium. The goal isn't the cheapest label. It's a purchase you can explain, on both enjoyment and cost.
Auction spotlight: 214 years of Yquem, and what an estimate is worth
On Sept. 24-25, HDH sold a single-owner collection of 151 lots of Château d'Yquem, the Sauternes estate, spanning nearly two centuries. It brought more than $1.3 million against a presale estimate of $614,050 to $915,250. (HDH September results) Three results stand out; HDH called each a world record:
The 1945, the "victory" vintage, sold for roughly six times its high estimate. The 1812, a far rarer bottle, sold for less than twice its own estimate. An estimate is an informed guess made before the sale. A result is what two bidders were willing to pay on one afternoon. Neither is a valuation, and a collector who treats either as one will be wrong in both directions.
One more Yquem note. The 2018 vintage was WineCap's best performer of the quarter, up 21.7%, in the same month the HDH collection set records. (WineCap Q3 review) Two markets moving the same way for one estate proves nothing on its own. It is worth watching.
HDH credited the collection's appeal to rarity, provenance and history. You don't need 19th-century Sauternes to apply the lesson. Could someone else understand your collection without you there to explain it? For your most important bottles, keep the invoice, purchase date, exact wine and bottle size, current photos, storage history and location in one place. Where a record is missing, say so rather than fill the gap with a guess.
Your year-end cellar check
Our recommendation for the fourth quarter: a short reconciliation before the buying season starts. Begin with the bottles that matter most, whether for value, sentiment or an approaching occasion.
- Count what is there. Check purchases, bottles opened, gifts, sales and moves against your inventory.
- Separate cost from value. What you paid, what it's worth today, what it would cost to replace and what it would fetch at sale are four different numbers. Keep them apart.
- Choose what to enjoy. Make the holiday list before you shop. Something in your cellar is probably at its peak right now.
- Make the cellar understandable to someone else. Check locations and supporting documents, and make sure someone besides you knows how to find them.
- Take professional questions to professionals. Insurance, estate, tax and appraisal questions belong with the relevant adviser, not a market newsletter.
A well-kept cellar should help you decide what to open as readily as what to hold.
What we are watching in the fourth quarter
Questions, not forecasts:
- Does Burgundy's price follow its volume? If trade share holds near 30%, does the Burgundy 150 start to move?
- Breadth. Does activity extend beyond trophy producers into a wider range of names and price points?
- Release discipline. Do more producers follow Opus One's lead and price beneath their back vintages?
- Follow-through. Do the September records get confirmed by comparable lots in the autumn sales, or stand alone?
At VaultSomm
VaultSomm offers a free cellar for up to 25 bottles, Collector at $9.99 a month or $99 a year for up to 500 bottles, and Connoisseur at $39.99 a month or $399 a year for up to 5,000. Valuation reports are separate one-time purchases, reviewed by a person before release and delivered within seven days. (VaultSomm pricing)
Use the platform to keep your collection organized. Order a report when you need documentation for a specific purpose. Indicative valuations in the app are estimates, not professional appraisals, and acceptance of any report remains with the relevant professional or institution.
Track every bottle and keep the records that make a cellar understandable.
Start freeClosing thought
Stay interested without becoming indiscriminate. Burgundy is drawing money again, Champagne quietly led on price, and a 1945 Sauternes sold for six times what the experts expected. None of those facts tells you what to do with your cellar. Your records, your plans and your palate do.
Before the next purchase, ask one question: what in my cellar deserves attention now? The answer may be a missing invoice, a bottle to share, or a wine you have been waiting too long to open.
Data & methodology
This review covers July 1 through Sept. 30, 2026. Platform information reflects the offering as of mid-October 2026.
Index returns. Third-quarter returns are calculated as (Sept. 30 level ÷ June 30 level − 1) × 100 from Liv-ex's published index levels, rounded to two decimal places. (Liv-ex historical charts; major-index monthly closes; regional monthly closes) Liv-ex prices its indexes in British pounds. We apply no currency conversion or additional weighting, and no adjustment for an individual collector's transaction costs, storage, insurance or taxes. Indexes are reported under Liv-ex's own names and coverage: Italy 100 is a single index, not separate Piedmont and Tuscany figures, and California 50 is not a Napa-only benchmark.
Auction results are reproduced as reported by Hart Davis Hart and are not presented as hammer prices, seller proceeds or per-bottle returns. World-record claims are the auction house's. WineCap's top-performer list is a selection of strong performers, not a representative basket.
This newsletter is for informational purposes only. It does not constitute investment, tax or legal advice, a professional appraisal, or a recommendation to buy, sell or hold any asset. Past performance does not guarantee future results. © 2026 VaultSomm LLC.