Wine Investment Performance
Discover the performance of Cult Wine Investment, the wine investment market and global investment markets for the last quarter.
Cult Wine Investment Overview Q3 2026
Insight into the fine wine & global markets
Q3 2026 Performance Highlights
Q3 2026 marked a more balanced period for the fine wine market, with several indices moving into positive territory after a mixed first half of the year. The Cult Wine Investment Performance Index rose 0.31% over the quarter, reducing its year-to-date decline to -2.00%. While the recovery remains gradual, the quarter pointed to improving stability and a more constructive tone across parts of the market.
The wider fine wine market also showed signs of progress. The Liv-ex 100 rose 2.01% during Q3 and moved 2.13% higher year to date, while the Liv-ex Fine Wine 1000 increased 0.89% over the quarter. This suggests that the market is no longer being driven solely by broad-based declines, although performance remains highly selective.
Global financial markets were shaped by a complex backdrop of resilient equities, higher borrowing costs, stronger oil prices and continued geopolitical uncertainty. The NASDAQ and S&P 500 Total Return Index both advanced during the quarter, while Bitcoin and commodities also rose strongly. Gold recovered some ground after Q2 weakness, though it remained negative year to date.
Overall, Q3 2026 suggested that fine wine is moving through a steadier phase. The market has not yet entered a broad-based recovery, but improved trading activity, modest gains in key benchmarks and greater buyer engagement point to a more stable environment heading into the final quarter of the year.
How to read these figures: CWI Performance is a hypothetical index. All returns on this page are shown before fees and in GBP, and your own portfolio's returns will differ. Past performance is not a reliable guide to future returns.
+0.31%
The CWI Performance Index showed a modest increase of 0.31% in Q3 2026, reflecting a more stable quarter for fine wine following weakness earlier in the year.
-7.33%
Cult Wine Investment recorded a -7.33% 5-year return, with a compound annual growth rate of -1.51%. This compares with the Liv-ex 100, which posted a -10.46% return over the same period.
+5.29%
CWI's CAGR since inception in 2009 stands at 5.29%, 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
Q3 2026 was a positive quarter for several major financial markets, despite a challenging macroeconomic backdrop. The S&P 500 Total Return Index rose 4.49%, while the NASDAQ gained 8.45%, extending its 2026 year-to-date return to 20.01%. The MSCI Asia Pacific Index was broadly flat during the quarter, rising 0.04%, but remained up 10.24% year to date. The FTSE 100 Total Return Index was the weakest of the major equity indices in the table, declining -0.55% in Q3, although it remained positive over the year to date.
Alternative assets were stronger than in Q2. Bitcoin rose 32.96% during the quarter, taking its year-to-date return back into positive territory at 6.19%, although it remained down -23.73% over 12 months. The Bloomberg Commodity Index also performed well, gaining 9.73% in Q3 and 22.27% year to date, supported by stronger energy prices and broader commodity market momentum. Gold rose 3.62% during the quarter, but remained down -13.90% year to date following its earlier weakness.
Fine wine delivered a more contained performance. The Cult Wine Investment Performance Index rose 0.31% in Q3, while the Liv-ex 100 gained 2.01%. Over 12 months, CWI Performance was down -0.75%, compared with a 4.35% gain for the Liv-ex 100. Longer-term returns continued to reflect the impact of the recent correction, with CWI Performance down -18.31% over three years and -7.33% over five years.
The quarter highlighted the contrast between risk assets that continued to benefit from strong market momentum and tangible assets that are moving through a slower recovery cycle. Equities, Bitcoin and commodities all delivered strong quarterly gains, while fine wine advanced more gradually. This reflects a market where confidence is improving, but where buyers remain disciplined on pricing, provenance and liquidity.
Overall, Q3 reinforced the importance of diversification. Market leadership continued to shift between asset classes, influenced by technology earnings, interest rate expectations, higher oil prices, geopolitical developments and currency movements. Fine wine remained comparatively measured, but the return to positive quarterly performance suggests the market is becoming more stable after an extended correction.
| Index | Q3 2026 Return | 2026 YTD Return | 12 Month Return | 3 Year Return | 5 Year Return |
|---|---|---|---|---|---|
| CWI Performance | 0.31% | -2.00% | -0.75% | -18.31% | -7.33% |
| Liv-ex 100 | 2.01% | 2.13% | 4.35% | -13.29% | -10.46% |
| S&P 500 (TR) | 4.49% | 13.43% | 15.43% | 93.49% | 81.98% |
| FTSE 100 (TR) | -0.55% | 7.67% | 13.84% | 62.53% | 77.18% |
| NASDAQ | 8.45% | 20.01% | 18.59% | 112.80% | 93.46% |
| MSCI Asia Pacific | 0.04% | 10.24% | 18.10% | 79.15% | 36.86% |
| Gold (USD/oz) | 3.62% | -13.90% | 4.67% | 111.28% | 134.97% |
| Bitcoin | 32.96% | 6.19% | -23.73% | 141.26% | 36.35% |
| Bloomberg Commodity Index (TR) | 9.73% | 22.27% | 38.82% | 56.60% | 68.89% |
Source: Cult Wine Investment, Liv-ex and Investing.com as of 30 September 2026. Returns shown before fees. Past performance does not guarantee future results.
Cult Wine Investment Performance
In Q3 2026, the Cult Wine Investment Performance Index rose 0.31%, marking a more stable quarter after the softer performance seen in Q2. The gain was modest, but it helped reduce the year-to-date decline to -2.00% and brought the 12-month figure to -0.75%. This suggests that the market is moving closer to balance, even if a full recovery remains uneven.
The broader fine wine market showed a slightly stronger picture. The Liv-ex Fine Wine 1000 rose 0.89% during Q3 and was up 1.30% year to date, while its 12-month return stood at 2.15%. This points to a market where sentiment has improved, supported by renewed trading activity and greater interest in attractively priced opportunities. However, gains remain selective and are not being felt evenly across every region or segment.
Macroeconomic conditions continued to influence buyer behaviour during the quarter. Higher borrowing costs, currency movements, stronger oil prices, geopolitical uncertainty and changing interest rate expectations all shaped sentiment across global markets. Against this backdrop, fine wine continued to benefit from its long-term appeal as a tangible, supply-constrained asset, but buyers remained focused on quality, liquidity and relative value.
The current environment remains one where active management is important. After a prolonged correction, performance is increasingly being shaped by individual holdings, vintage positioning, producer strength and pricing discipline. Over the longer term, the Cult Wine Investment Performance Index remains positive since inception, with a compound annual growth rate of 5.29% from October 2009 to September 2026.
Cult Wine Investment Performance
Cult Wine Investment Performance Index. Rebased to 100 in October 2009.
Source: Pricing data from Liv-ex as of 30 September 2026. Analysis by Cult Wine Investment. Returns shown before fees.
| Period | Total Return | CAGR |
|---|---|---|
| Q3 2026 | 0.31% | - |
| 2026 YTD | -2.00% | - |
| 1 Year | -0.75% | - |
| 3 Years | -18.31% | -6.52% |
| 5 Years | -7.33% | -1.51% |
| Since Inception (31/10/2009) | 139.14% | 5.29% |
CAGR = Compound Annual Growth Rate
Source: Pricing data from Liv-ex as of 30 September 2026.
Analysis by Cult Wine Investment. Returns shown before fees. Past performance does not guarantee future results.
Regional performance highlights
Regional performance in Q3 2026 was mixed, but the overall picture was more constructive than in the first half of the year. The Cult Wine Investment Performance Index rose 0.31% over the quarter, with several regions delivering positive returns. Suggesting that the market is becoming less one-directional, even though recovery remains uneven.
The USA was the strongest performing region, rising 2.44% during Q3 and moving 1.03% higher year to date. Champagne also continued to show resilience, gaining 1.12% over the quarter and 3.68% year to date. Burgundy rose 0.98% in Q3 and was up 1.27% for 2026 so far, while Rest of World increased 0.73%. These areas point to improving demand where pricing, brand strength and scarcity are more supportive.
Bordeaux declined -0.35% during the quarter and remained down -0.84% year to date. Italy was almost flat, rising 0.03% in Q3 and 0.40% year to date. Rhône was the weakest performer, falling -5.12% over the quarter and -2.30% year to date, which offset some of the strength seen elsewhere.
Compared with 2025, when all major regions recorded negative returns, the 2026 year-to-date picture is more balanced. Champagne, Burgundy, USA, Rest of World and Italy were all positive for the first nine months of the year, while Bordeaux and Rhône remained negative. This reinforces the view that regional selection is becoming increasingly important as the market stabilises.
Overall, Q3 2026 suggests that fine wine performance is being driven by more specific regional and stock-level factors. The recovery remains narrow, but there are clearer signs of buyer engagement in areas where pricing has adjusted, supply remains limited and liquidity is stronger.
| Index | Q3 2026 Rebased 30 June 2026 |
2026 YTD Rebased 31 December 2025 |
2025 Rebased 31 December 2024 |
|---|---|---|---|
| CWI Performance | 0.31% | -2.00% | -6.02% |
| Bordeaux | -0.35% | -0.84% | -3.18% |
| Burgundy | 0.98% | 1.27% | -5.65% |
| Champagne | 1.12% | 3.68% | -2.82% |
| Italy | 0.03% | 0.40% | -4.26% |
| Rhone | -5.12% | -2.30% | -4.33% |
| Rest of World (RoW) | 0.73% | 0.64% | -6.06% |
| USA | 2.44% | 1.03% | -6.22% |
Source: Pricing data from Liv-ex as of 30 September 2026.
Analysis by Cult Wine Investment. Returns shown before fees. Past performance does not guarantee future results.
Fine wine outlook
With the first nine months of 2026 complete, the fine wine investment market appears to be moving into a more stable phase. The broad market has started to show modest positive movement, with both the Liv-ex 100 and Liv-ex Fine Wine 1000 positive year to date. However, the recovery remains selective, and not all regions or price points are moving at the same pace.
The short-term outlook is cautiously constructive. Increased trading activity and positive movement in several benchmarks suggest that buyers are beginning to re-engage, particularly where prices have corrected meaningfully from previous highs. Demand appears strongest for wines with clear secondary market liquidity, proven provenance, established brand strength and compelling relative value.
Macroeconomic conditions remain an important influence. Higher interest rates, stronger oil prices, inflation concerns, geopolitical uncertainty and currency movements may continue to affect buyer confidence and international demand. If global risk appetite remains resilient and financial market volatility stays contained, fine wine could benefit from improving sentiment. However, a further rise in borrowing costs or renewed trade disruption could slow the pace of recovery.
The market is also becoming more disciplined. Buyers are comparing prices carefully against recent trading levels, back vintages and alternative opportunities. This is likely to favour wines where the supply and demand balance has improved, particularly mature vintages and high-quality producers where consumption has helped reduce available stock. Areas with weaker demand or less compelling pricing may take longer to recover.
Looking ahead to Q4 2026 and the rest of the year, the most realistic expectation is continued stabilisation, with selective gains rather than a broad rally. The market appears to be turning more constructive, but patience and active management remain essential. For investors, the key will be careful regional selection, disciplined pricing and positioning in wines where long-term fundamentals remain strong.
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 2.75% to 2.00% depending on the size of the portfolio, and there is no guarantee of similar performance with an investor’s particular portfolio.