WineCap has launched its fine wine report for the second quarter of 2023. It examines the trends that shaped the fine wine market during the past quarter, takes a closer look at the macroeconomic factors affecting fine wine demand, the Bordeaux 2022 En Primeur campaign, and recent winery acquisitions and other industry news.

UK and US stocks experienced a positive upswing, but a note of caution prevails for the second half of the year, London-based WineCap said this week.

According to WineCap, major fine wine indices drifted in Q2, partly due to stronger sterling. Nevertheless, fine wine demand remains solid, with wealth managers and financial advisors predicting that it is set to increase, the firm said in a statement.

Bordeaux enjoyed sustained interest in Q2, due to the release of the high-quality 2022 vintage, the firm continued. The En Primeur tastings saw a significant increase in the number of visitors this Spring, indicating continued interest in the region, the firm said. Despite the challenges posed by the growing season, the Bordeaux 2022 vintage exceeded expectations in terms of quality. However, the overall reception of the vintage was lukewarm. The release prices, marked by average increases ranging from 15 per cent to 25 per cent and even reaching as high as 55 per cent, did not resonate well with the relatively subdued Bordeaux market, the firm said.

As a result, buyers turned their attention to older vintages, seeking value and more favourable pricing. The list of the best-performing wines in Q2 was dominated by physical Bordeaux vintages. Notable acquisitions also made the headlines in Q2. Marchesi Antinori took full ownership of Stag’s Leap, cementing their position in Napa Valley. Meanwhile, Joseph Drouhin has expanded their vineyard holdings in Burgundy, reinforcing their presence in the region. Jackson Family Wines also announced plans to begin producing English still and sparkling wine after hiring Gusbourne CEO Charlie Holland, the firm said.

Looking ahead to the third quarter, the focus is likely to shift to New World releases as the autumn La Place de Bordeaux campaign takes centre stage, the firm continued. See other articles on wine investment here and here.