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Find out below about the performance of Cult Wine Investment and the wine investment market for this latest quarter.
Cult Wine Investment Overview Q1 2026
Insight into the fine wine & global markets
Q1 2026 Performance Highlights
Q1 2026 was a steadier quarter for the fine wine market, with the sharper correction of previous periods giving way to a more measured environment. The Cult Wine Investment Performance Index closed the quarter at -1.36%, while the wider market showed signs of firmer pricing and more selective buyer engagement.
Performance was not uniform. Some regions moved modestly higher, led by Champagne, the USA and Italy, while others remained flat or slightly negative. This variation points to a market increasingly shaped by producer quality, vintage strength, liquidity and relative value, rather than broad movement across every region.
The wider investment backdrop was mixed. Global equities and commodities posted stronger gains, while fine wine, gold and Bitcoin were more subdued over the quarter. Against this backdrop, fine wine continued to offer a differentiated long-term return profile, supported by tangible supply, active management and disciplined selection.
Overall, Q1 2026 suggested that the market is moving closer to stability, although recovery is likely to remain gradual and selective. The sections below look in more detail at macro market performance, Cult Wine Investment results, regional movements and the short-term outlook.
-1.36%
Cult Wine Investment Performance showed a modest decrease of -1.36% in Q1 2026, reflecting continued selectivity across the fine wine market.
+1.88%
Cult Wine Investment delivered a 1.88% 5-year return, with a compound annual growth rate of 0.37%. This compares with the Liv-ex 100, which posted a -2.34% return over the same period.
+5.50%
Cult Wine Investment’s compound annual growth rate since inception in 2009 stands at 5.50%, supported by long-term portfolio construction, active management, fine wine expertise and proprietary quantitative analysis.
Data-driven investment
To reach investment goals, we identify wines with the best relative value and growth prospects. We do that by using proprietary AI-driven statistical models derived from millions of data points.
Macro market summary
Q1 2026 delivered a stronger backdrop for global equities and commodities than for fine wine. The S&P 500 Total Return Index rose 4.19%, the FTSE 100 Total Return Index gained 2.72% and the NASDAQ advanced 7.43%. The MSCI Asia Pacific Index also moved higher, gaining 4.68% over the quarter and extending its 12-month return to 37.21%.
Alternative assets were more varied. The Bloomberg Commodity Index was the strongest performer in the table, rising 17.47% in Q1 and 44.82% over 12 months. Gold declined -4.99% during the quarter but remained firmly positive over one, three and five years. Bitcoin fell -3.06% in Q1 and remained negative over 12 months, although its three-year return continued to reflect the asset’s high volatility.
Fine wine remained comparatively subdued. CWI Performance declined -1.36% in Q1, while the Liv-ex 100 posted a modest gain of 0.23%. Over 12 months, both indices were close to flat but still slightly negative, with CWI Performance down -3.32% and the Liv-ex 100 down -0.28%. Longer-term figures continued to reflect the correction, although CWI Performance remained positive over five years at 1.88%, compared with -2.34% for the Liv-ex 100.
The quarter underlined the benefit of diversification. Market leadership sat with equities and commodities, while fine wine moved within a narrower range. This relative restraint did not translate into short-term gains, but it did show a market behaving differently from more volatile assets and continuing to follow its own cycle.
| Index | Q1 2026 Return | 12 Month Return | 3 Year Return | 5 Year Return |
|---|---|---|---|---|
| CWI Performance | -1.36% | -3.32% | -21.42% | 1.88% |
| Liv-ex 100 | 0.23% | -0.28% | -23.03% | -2.34% |
| S&P 500 (TR) | 4.19% | 31.05% | 80.20% | 85.39% |
| FTSE 100 (TR) | 2.72% | 26.27% | 47.11% | 78.77% |
| NASDAQ | 7.43% | 40.27% | 107.25% | 98.06% |
| MSCI Asia Pacific | 4.68% | 37.21% | 59.87% | 24.21% |
| Gold (USD/oz) | -4.99% | 40.56% | 132.33% | 161.37% |
| Bitcoin | -3.06% | -18.97% | 160.89% | 32.22% |
| Bloomberg Commodity Index (TR) | 17.47% | 44.82% | 55.07% | 85.64% |
Source: Cult Wine Investment, Liv-ex and Investing.com as of 31 March 2026. Past performance does not guarantee future results.
Cult Wine Investment Performance
In Q1 2026, the Cult Wine Investment Performance Index declined -1.36%, leaving the 12-month return at -3.32%. The result reflects a market still working through price discovery, but with movements that were less severe than during earlier stages of the correction.
The comparison with the wider market was broadly consistent. The Liv-ex Fine Wine 1000 was almost flat over the quarter at -0.01%, while its 12-month return remained negative at -2.43%. This points to a fine wine market where sentiment has improved, but where buyers remain focused on value, liquidity and long-term fundamentals.
Longer-term performance continues to show both the scale of the recent correction and the importance of portfolio construction. CWI Performance was -21.42% over three years, but remained positive over five years at 1.88% and stood at 140.70% since inception, equal to a CAGR of 5.50%.
Cult Wine Investment Performance
The index level was rebased to 100 in October 2009.
| Period | Total Return | CAGR |
|---|---|---|
| Q1 2026 | -1.36% | - |
| 1 Year | -3.32% | - |
| 3 Years | -21.42% | -7.72% |
| 5 Years | 1.88% | 0.37% |
| Since Inception (31/10/2009) | 140.70% | 5.50% |
CAGR = Compound Annual Growth Rate
Source: Pricing data from Liv-ex as of 31 March 2026.
Analysis by Cult Wine Investment. Past performance does not guarantee future results.
Regional performance highlights
Regional performance in Q1 2026 was mixed, with several areas moving into positive territory while others remained close to flat. The quarter did not point to a uniform recovery, but it did show that regional declines had become more contained than in earlier phases of the market correction. Champagne was the strongest performer, rising +1.47%, followed by the USA at +1.10% and Italy at +0.79%. Bordeaux also delivered a modest positive return of +0.15%, while Rest of World (RoW) was broadly flat at +0.05%.
Burgundy remained slightly negative at -0.26%, while Rhône was almost unchanged at -0.02%. These small movements suggest that buyer caution remains, but that pricing pressure has eased in several areas compared with the sharper declines seen previously.
The 2025 figures provide important context. All major regions were negative last year, with the USA and RoW seeing the largest falls. Against that backdrop, the more balanced performance in Q1 2026 suggests that recovery is likely to be region-specific, with producer strength, vintage quality, liquidity and pricing discipline continuing to drive results.
| Index | Q1 2026 Rebased 31 December 2025 |
2025 Rebased 31 December 2024 |
|---|---|---|
| CWI Performance | -1.36% | -6.02% |
| Bordeaux | 0.15% | -3.18% |
| Burgundy | -0.26% | -5.65% |
| Champagne | 1.47% | -2.82% |
| Italy | 0.79% | -4.26% |
| Rhone | -0.02% | -4.33% |
| Rest of World (RoW) | 0.05% | -6.06% |
| USA | 1.10% | -6.22% |
Source: Pricing data from Liv-ex as of 31 March 2026.
Analysis by Cult Wine Investment. Past performance does not guarantee future results.
Fine wine outlook
Looking ahead, the fine wine investment market appears better balanced than it did during the sharpest phase of the correction, although a broad rebound is still likely to take time. Prices in many areas remain below previous peaks, creating more attractive entry points for long-term buyers, but demand is expected to stay selective.
In the short term, buyers are likely to focus on wines with clear relative value, established liquidity and strong drinking demand. Producers and vintages that have corrected meaningfully, while retaining strong secondary market appeal, may be best placed to benefit first as confidence improves.
Macroeconomic conditions will remain important. Interest rate expectations, currency movements, geopolitical uncertainty and US trade policy could all influence the pace of recovery. Greater confidence in discretionary spending would be supportive, while renewed financial market volatility or further trade disruption could slow momentum.
Overall, the outlook for Q2 2026 and the rest of the year is cautiously constructive. The worst of the correction may be behind the market, but a sustained recovery is more likely to emerge through selective gains than through a rapid market-wide rally. In this environment, active management, careful pricing and long-term portfolio discipline remain essential.
Past performance is not indicative of future success; the performance was calculated in GBP and will vary in other currencies. Any investment involves risk of partial or full loss of capital. The Cult Wines Performance Index is a hypothetical tool. The results depicted here do not account for the annual management fees that may be charged to a Cult Wines customer which ranges from 2.95% to 2.00% depending on the size of the portfolio, and there is no guarantee of similar performance with an investor’s particular portfolio.