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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 Q4 2023


Fine wine market Q4 2023 summary

Cult Wine Investment performance detail

Fine Wine Outlook

Cult Wines Illustrations White Our Performance

Insight into the fine wine & global markets

Cult Wines quarter in a nutshell

Q4 2023 Performance Highlights

The fine wine market encountered another challenging quarter at the close of 2023, hindered by stagnant performance and economic uncertainties. The quarter ended with all regions recording losses, primarily due to sustained caution from buyers and investors, along with reduced demand from Asia. The Bordeaux market persisted in its downward trajectory, with further drops in prices, especially among some of the most esteemed producers and their younger vintages, which saw the most significant declines. Champagne also experienced the second-largest loss during this difficult period.

Despite these hurdles, the outlook for 2024 appears promising for investors, with new opportunities emerging on the horizon, positive interest in the 2022 vintage releases from Burgundy, and signs of stabilization noted as the year came to a close.



Cult Wine Investment Performance Index witnessed an overall downturn of -3.00%, particularly affected by significant declines in Bordeaux and Champagne.


Cult Wine Investment Rest of World managed to slightly outshine the broader market in an overall challenging third quarter of 2023.


Cult Wine Investment’s compound annual growth rate since inception (2009) driven by a focus on sustained long-term performance supported by our extensive fine wine knowledge and proprietary quantitative analysis.

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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.


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Macro market summary

The fourth quarter of 2023 marked a notable turnaround in the financial markets, characterised by significant gains in major stock indices and impressive performance across a variety of asset classes. This period unfolded against a backdrop of economic and policy shifts that collectively influenced the observed market dynamics.

Equities in the United States demonstrated exceptional strength, with the S&P 500 (TR) surging 17.90% and the NASDAQ leading with an extraordinary 20.93% return. This resurgence stemmed from several factors, including easing inflationary pressures, a robust earnings season surpassing market expectations, and increasing optimism regarding economic growth. Additionally, the Federal Reserve's signals of a potentially more dovish monetary stance for 2024, hinting at possible rate cuts, played a critical role in boosting investor confidence and propelling the equity rally.

In contrast, the UK market, as represented by the FTSE 100 (TR), achieved a modest increase of 1.48%. This performance reflects the ongoing uncertainties related to Brexit negotiations and their economic fallout, alongside a shift in global investor focus towards markets with more aggressive growth, particularly in the technology sector.

The MSCI Asia Pacific index saw a marginal decline of -0.05%, indicative of mixed economic indicators across the region and the impact of varying degrees of geopolitical tensions and trade uncertainties on investor sentiment.

Gold experienced a significant uptick of 10.22%, drawing benefits from its status as a safe-haven asset amid persistent geopolitical tensions, especially in Eastern Europe and the Middle East, and adjustments in market expectations for future interest rate movements.

The US Treasury Bond market also enjoyed solid gains, returning 6.78%, as investors gravitated towards the safety of government securities in light of the evolving economic landscape. This trend was further supported by a flattening yield curve, indicating market expectations of either slower economic growth or a forthcoming adjustment in monetary policy.

As 2023 draws to a close and we look ahead to 2024, the financial markets appear to be on a recovery trajectory, driven by strategic policy interventions and an improving economic forecast. However, investors continue to exercise vigilance, closely observing global economic indicators, central bank policies, and geopolitical shifts for insight into potential market movements. The anticipation of new opportunities, coupled with a prudent approach, shapes the investment landscape as we advance into the new year.

*Fine wine = Cult Wines Global Index.
Source: Wine-Searcher, Investing.com as of 31 December 2023.
Past performance does not guarantee future results.

Cult Wine Investment Performance 

The fourth quarter of 2023 has continued to be a challenging environment for fine wine investments. Several factors have contributed to a decline in market performance during this period.

Cult Wine Investment Performance was down -3.0% in Q4.


Cult Wine Investment Performance

The index level was rebased to 100 in October 2009.

CAGR = Compound Annual Growth Rate
Source: Pricing data from Liv-ex as of 31 December 2023.
Analysis by Cult Wine Investment. Past performance does not guarantee future results.
Cult Wine Investment Performance Q4: -3.53%


In Q4, we observed a continued acceleration in the downward trajectory of prices, extending the bearish trend of 2023 and maintaining momentum from the previous quarter. Notably, Bordeaux did not experience the same post-COVID surge in prices, unlike some regions. But those that did specifically, premier labels such as the First Growths and top-tier names like Petrus were among the hardest hit in 2023, a trend that persisted into Q4.

By quarter's end, there emerged a sentiment that, following certain price adjustments, select labels and vintages began to present value. Despite the prevailing sellers' market conditions, there appeared to be a discernible appetite and liquidity among buyers at the corrected price levels. Additionally, as the year drew to a close, the buyers' focus, particularly in Asia, shifted towards the Chinese New Year — a period historically marked by robust demand for physical vintages of Bordeaux's top 20 labels. Early indicators were promising, suggesting that the market may have reached its nadir.

The quarter had scant highlights, but noteworthy mentions include Clarence Haut Brion and La Chapelle de la Mission, which exhibited relative price stability across most vintages, with occasional upticks in older vintages—potentially indicative of heightened demand from Asia in anticipation of the Chinese New Year. Another highlight was the re-scoring of Eglise Client 2012 to 100 points by William Kelley of The Wine Advocate, which prompted a price surge from approximately £700 per 6 to the current best offers at £1,050 — a remarkable 50% increase.


Q4 Performance (selected producers)

*Across vintages held in our AUM
Cult Wine Investment Performance Q4: -2.75%


Another difficult quarter for Burgundy in Q4, with performance rounding out a bad year overall. The theme in 2023, was a big readjustment in the prices for the most high-profile names, especially those that had performed so well in the previous 2-3 years. Rousseau was notable, with vintages of Chambertin slipping to around £24k per 12 level. Some notable examples are below.


Q4 Performance (selected producers)

*Across vintages held in our AUM


On the more positive end of the spectrum, pockets of White Burgundy continued to hold up well and show some resilience and demand. Furthermore, up-and-coming producers that offer good quality-to-price ratios, especially in the strong village and premier cru levels, seemed to fare better than their grand cru counterparts.

Overall, it’s undoubtedly a period of consolidation for Burgundy prices, and whilst the pace seemed to slow down towards the end of 2023, it’s anticipated that a continuation of the slowdown will be evident in Q1 2024.

Cult Wine Investment Performance Q4: -6.22%


Champagne continued its price correction in Q4 2024, but the pace and decline slowed. Partly due to seasonality, as well as the fact a lot of the top cuveés had already come down from their peaks. A name that showed strongly was Larmandier-Bernier, the grower champagne, which is growing in popularity and saw solid gains across the range. With the Rosé de Saignée, and Vieille Vigne du Levant, increasing 20% in value across the quarter. A Cult favourite, which seemingly defied the market in 23, was the 2002 Millesime Brut, Rare Champagne, which was up 16% in Q4 from £450 to £525 per 5 pack. With availability thin momentum could see this continue to push to £200+ per bottle.

As is the theme, the wines which performed so well, gave back the most in Q4. It’s not unsurprising to see the below top names, all see prices drop on average across holdings from 3-10%.


Q4 Performance (selected producers)

Cult Wine Investment Performance Q4: -1.76%


One of the best-performing regions in 2023 overall and this was reflected in the Q4 numbers. Prices have fallen, but not as significantly as in other regions, with pockets of outperformance. Tignanello and Solaia continue their strong trend despite more difficult market backdrops (we wrote an analysis on this as part of our Top 100 Wines of 2023). The 2018 vintage of Tignanello led the way, increasing its market value by 8% in the past 3 months. Older vintages of Biondi Santi fared well, with the 2007, 2008 and 2009 all gaining ground with 10%+ changes in their market price. Lastly, multiple vintages (2013, 2015, 2018), of Marroneto, Brunello di Montalcino, Madonna Grazie traded at all-time highs between 14-18% up, continuing strong upwards momentum for a brand and region that continues to defy the broader market.

At the other end of the spectrum, the producers highlighted below had the biggest drag on performance in Q4. As detailed though, whilst we have seen some price corrections in the top names such as Masseto and Sassicaia, it is not as severe as what we have witnessed in Burgundy, Champagne, and parts of Bordeaux.


Q4 Performance (selected producers)

Cult Wine Investment Performance Q4: -2.15%


Somewhat of a laggard in the fine wine investment market, Rhone’s light shone brightly for a while as it was led in performance by the stellar rise of Chateau Rayas, and other icons such as Thierry Allemand (-3.5% on average in Q4) in Cornas, Chave (-1.2%) and Chapoutier (-3%). Rayas has, unfortunately, seen its stock fall as quickly as it rose, with it posting some of the biggest price reversals in the entire market in 2023 and saw another quarter of declines in 2023 (-3%).

Whilst generally, the story in Q4 for Rhone was the same, there were a few standouts. Guigal’s 2016 La Mouline ended the year on a high, trading at £2,460, up 7.6% on its previous high and trading price earlier in the year (£2,220); the market now starts at £2,560 for this well-scored vintage (97,98 pts). With prices settling towards the end of 2023, it seems the market still has an appetite for well-scored, well-priced, top-tier producers. Perhaps, in these new market conditions, Rhone feels an area where consumers can find comparative ‘value’.

Cult Wine Investment Performance Q4: -0.55%


The quietest sub-set in the overall portfolio, wines from the rest of the world were overall flat. The more iconic labels such as Penfolds Grange, saw prices fall on average by 2-3%. Vega Sicilia Unico saw prices on average fall 2% but did see a number of vintages finish the year on a high, with trades above their previous, and generally solid liquidity and demand from buyers at the right price. The 2004, 2006, and 2010, saw modest rises of between 4-7% in Q4. The lesser-known labels, and those from South America and Rioja, which offer great quality-to-price ratios, saw a relatively flat trading period.

Cult Wine Investment Performance Q4: -2.85%


Consistent with trends observed across various regions, the portfolio of U.S. wines under our management experienced a decline in Q4, marking the most significant drop of the year in the final quarter. This period underscored a recurring pattern where producers and wines that had previously thrived during the market's boom phase were the hardest hit in 2023, culminating in a marked acceleration of price corrections. As noted in our analysis, Q4 emerged as the most challenging quarter, characterised by steep declines. However, with prices adjusting downward and liquidity improving — particularly for sought-after labels like Opus One and Dominus, which have shown resilience at competitive price points — there is an anticipation of market stabilisation in early to mid-2024.

The quarter offered few highlights, but it's worth noting the performance of key producers that constitute a significant portion of our portfolio. Dominus and Opus One, specifically, stood out for their active markets and buyer interest. Notably, the 2018 Dominus experienced a notable recovery, rallying from a low of £2,252 to a December peak of £2,744, which traded at +5.5% above the current market value. This resilience amidst broader market adjustments underscores the potential for strategic opportunities in the U.S. wine segment as conditions begin to level.


Q4 Performance (selected producers)

Fine wine outlook

Amidst the turbulence witnessed in Q4 2023, discerning investors might see the landscape as ripe for securing fine wines at attractive valuations. This period, marked by considerable market fluctuations, demands a judicious approach, especially as the fine wine sector continues to be acutely responsive to broader economic shifts. A well-informed strategy, coupled with a vision for the long haul, becomes indispensable for those looking to capitalise on the current conditions.

Encouragingly, the latter part of the quarter indicated a price stabilisation, hinting at heightened interest and a growing perception of the market's potential opportunities. The adjustment in global monetary policies and optimistic macroeconomic improvements, including the general anticipation of interest rate reductions in 2024, cast a favourable light on the wine market's prospects next year.

While Q1 2024 might present its challenges with anticipated price adjustments, we foresee the most significant pace of corrections having already reached its zenith. From Q2 onwards, the market is expected to unveil more promising opportunities for buyers positioned to leverage these dynamics.

Further reading

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 Global Index is a hypothetical tool. The results depicted here are not based on actual trading and do not account for the annual management fees that may be charged to a Cult Wines customer which ranges from 2.95% to 2.25% depending on the size of the portfolio, and there is no guarantee of similar performance with an investor’s particular portfolio.