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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 Q2 2026
Insight into the fine wine & global markets
Q2 2026 Performance Highlights
Q2 2026 was a mixed but more settled period for the fine wine market. After a steadier start to the year, performance remained selective rather than broadly positive, with the Cult Wine Investment Performance Index declining -0.96% over the quarter. This reflected modest gains in April and May, followed by a weaker June, as buyer confidence continued to return unevenly across the market.
The wider fine wine picture remained relatively contained. The Liv-ex 100 was broadly flat over the quarter, while the Liv-ex Fine Wine 1000 moved slightly higher, suggesting that the market is no longer moving uniformly lower. However, recovery remains gradual, with performance increasingly dependent on region, producer, vintage, liquidity and pricing.
Global financial markets presented a more positive backdrop, particularly across equities. The S&P 500 Total Return Index, NASDAQ and MSCI Asia Pacific all delivered gains during the quarter, while gold, Bitcoin and commodities moved lower after strong longer-term performance. This divergence underlines the value of looking beyond short-term market leadership and maintaining a diversified approach across traditional, alternative and tangible assets.
Overall, Q2 2026 suggested that fine wine remains in a transition phase. The sharpest part of the correction appears to have eased, but a broad-based rebound has not yet taken hold. For investors, the current environment continues to reward patience, price discipline and careful selection.
-0.96%
Cult Wine Investment Performance showed a modest decrease of -0.96% in Q2 2026, reflecting a market that remained selective, with weakness in June offsetting earlier gains in the quarter.
-3.22%
Cult Wine Investment recorded a -3.22% 5-year return, with a compound annual growth rate of -0.65%. This compares with the Liv-ex 100, which posted a -5.30% return over the same period.
+5.35%
Cult Wine Investment’s compound annual growth rate since inception in 2009 stands at 5.35%, 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
Q2 2026 delivered a stronger backdrop for global equity markets, while fine wine and several alternative assets remained more subdued. The S&P 500 Total Return Index rose 4.05% during the quarter, while the FTSE 100 Total Return Index gained 1.56%. The NASDAQ was the strongest of the major equity benchmarks in the table, rising 8.29%, supported by continued strength in technology and growth stocks. The MSCI Asia Pacific Index also performed well, gaining 5.88% over the quarter and 32.25% over 12 months.
Alternative assets delivered a more mixed picture. Gold declined -11.26% in Q2 2026, although its longer-term performance remained strong, with a 12-month return of 24.67% and a five-year return of 126.18%. Bitcoin also moved lower, falling -15.84% during the quarter and -44.52% over 12 months, despite remaining positive over three and five years. The Bloomberg Commodity Index declined -9.38% in Q2, but retained a 29.48% 12-month return and a 57.88% five-year return.
Fine wine remained comparatively measured. The Cult Wine Investment Performance Index declined -0.96% during Q2 2026, while the Liv-ex 100 was almost flat at -0.11%. Over 12 months, CWI Performance was down -1.63%, while the Liv-ex 100 gained 2.67%. Longer-term returns continued to reflect the impact of the fine wine market correction, with three-year returns of -20.42% for CWI Performance and -18.77% for the Liv-ex 100.
The quarter highlighted a clear difference between assets that benefited from renewed risk appetite and those still working through earlier price adjustments. Equity markets were supported by stronger sentiment, while gold, Bitcoin and commodities experienced short-term weakness. Fine wine continued to move within a narrower range, suggesting a slower and more selective adjustment phase rather than a sharp reversal in either direction.
Overall, Q2 2026 reinforced the importance of diversification. Market leadership shifted quickly between asset classes, and performance was shaped by a combination of earnings expectations, interest rate policy, inflation concerns, geopolitical developments and currency movements. Against this backdrop, fine wine remained a long-term, tangible asset, but one in which near-term performance continued to depend on careful selection and disciplined pricing.
| Index | Q2 2026 Return | 2026 YTD Return | 12 Month Return | 3 Year Return | 5 Year Return |
|---|---|---|---|---|---|
| CWI Performance | -0.96% | -2.31% | -1.63% | -20.42% | -3.22% |
| Liv-ex 100 | -0.11% | 0.12% | 2.67% | -18.77% | -5.30% |
| S&P 500 (TR) | 4.05% | 8.41% | 19.40% | 69.66% | 82.85% |
| FTSE 100 (TR) | 1.56% | 4.32% | 18.35% | 51.42% | 78.77% |
| NASDAQ | 8.29% | 16.34% | 28.03% | 88.66% | 98.71% |
| MSCI Asia Pacific | 5.88% | 10.84% | 32.25% | 58.93% | 37.54% |
| Gold (USD/oz) | -11.26% | -15.69% | 24.67% | 108.84% | 126.18% |
| Bitcoin | -15.84% | -18.42% | -44.52% | 119.70% | 54.56% |
| Bloomberg Commodity Index (TR) | -9.38% | 6.45% | 29.48% | 34.71% | 57.88% |
Source: Cult Wine Investment, Liv-ex and Investing.com as of 30 June 2026. Past performance does not guarantee future results.
Cult Wine Investment Performance
In Q2 2026, the Cult Wine Investment Performance Index declined by -0.96%, taking its 12-month return to -1.63%. The quarter began constructively, with modest gains in April and May, but June reversed this progress, pulling overall performance lower. This pattern reflects a market where demand has improved from the weakest point of the recent correction, but where confidence remains selective, and price discovery is still ongoing.
The broader fine wine market showed a slightly stronger picture. The Liv-ex Fine Wine 1000 rose 0.43% during Q2 2026 and was up 0.41% year to date, suggesting that the broadest measure of the market has moved closer to flat performance. This does not yet signal a decisive recovery, but it does point to a more stable environment than the persistent declines seen through much of the previous cycle.
Macroeconomic conditions continued to influence sentiment. Interest rate expectations, inflation concerns, currency movements and uncertainty around tariffs all shaped buyer behaviour during the quarter. At the same time, the recent repricing across many areas of the fine wine market has created more attractive entry points, particularly for wines with strong provenance, liquidity and long-term demand.
The current environment remains one where active management is important. After a period of broad correction, performance is increasingly being shaped by the quality of individual holdings, the depth of demand, vintage positioning and pricing discipline. Over the longer term, the Cult Wine Investment Performance Index has remained positive since its inception, with a compound annual growth rate of 5.35% from October 2009 to June 2026.
Cult Wine Investment Performance
The index level was rebased to 100 in October 2009.
| Period | Total Return | CAGR |
|---|---|---|
| Q2 2026 | -0.96% | - |
| 2026 YTD | -2.31% | - |
| 1 Year | -1.63% | - |
| 3 Years | -20.42% | -7.33% |
| 5 Years | -3.22% | -0.65% |
| Since Inception (31/10/2009) | 138.39% | 5.35% |
CAGR = Compound Annual Growth Rate
Source: Pricing data from Liv-ex as of 30 June 2026.
Analysis by Cult Wine Investment. Past performance does not guarantee future results.
Regional performance highlights
Regional performance in Q2 2026 showed a varied fine wine market, with gains in some areas offset by weakness elsewhere. The Cult Wine Investment Performance Index declined -0.96% over the quarter, but several regional indices moved higher, underlining the increasingly selective nature of the market.
Rhône was the strongest performer, rising 3.00% during Q2 and 2.97% year to date. Champagne also continued to show resilience, gaining 1.05% over the quarter and 2.54% in the first half of the year. Burgundy moved higher by 0.54% during Q2, taking its 2026 year-to-date return to 0.28%. These areas suggest that buyers are returning where pricing, scarcity and demand dynamics appear more attractive.
Other regions remained under pressure. The USA declined -2.46% during the quarter, making it the weakest performing region in Q2. Bordeaux fell -0.65%, Italy declined -0.43%, and Rest of World was broadly flat at -0.13%. These movements suggest that the market has not yet reached a uniform recovery phase, with performance still heavily influenced by region-specific factors and buyer selectivity.
The year-to-date picture is more balanced. Champagne, Rhône, Burgundy and Italy were positive over the first half of 2026, while Bordeaux, Rest of World and the USA remained negative. This compares with 2025, when all major regions recorded negative returns, showing that the market has become less one-directional even if overall momentum remains modest.
Overall, Q2 2026 reinforces the view that fine wine performance is increasingly being driven by regional and stock-specific factors. The market is showing signs of stabilisation, but recovery remains uneven. Producer strength, vintage quality, price discipline and liquidity continue to be central to performance.
| Index | Q2 2026 Rebased 31 March 2026 | 2026 YTD Rebased 31 December 2025 | 2025 Rebased 31 December 2024 |
|---|---|---|---|
| CWI Performance | -0.96% | -2.31% | -6.02% |
| Bordeaux | -0.65% | -0.49% | -3.18% |
| Burgundy | 0.54% | 0.28% | -5.65% |
| Champagne | 1.05% | 2.54% | -2.82% |
| Italy | -0.43% | 0.36% | -4.26% |
| Rhone | 3.00% | 2.97% | -4.33% |
| Rest of World (RoW) | -0.13% | -0.08% | -6.06% |
| USA | -2.46% | -1.38% | -6.22% |
Source: Pricing data from Liv-ex as of 30 June 2026.
Analysis by Cult Wine Investment. Past performance does not guarantee future results.
Fine wine outlook
With the first half of 2026 complete, the fine wine investment market appears to be moving through a more stable but still selective phase. The broad market is no longer showing the same sustained downward pressure seen through much of the correction, but the recovery remains gradual and uneven. Q2 performance suggests that buyers are returning in certain areas, while others still require further price adjustments.
The short-term outlook is cautiously constructive. The Liv-ex Fine Wine 1000 moved slightly higher during Q2 and remained positive year-to-date, suggesting a firmer base is beginning to form across the broader market. However, the Cult Wine Investment Performance Index remained modestly negative, highlighting that performance will continue to depend on portfolio composition, pricing and exposure to the most resilient areas of demand.
Macroeconomic conditions remain important. Interest rates, inflation expectations, currency movements, geopolitical uncertainty and tariff policy will continue to influence buyer behaviour, particularly among international collectors and trade participants. If confidence in financial markets holds and inflationary pressures ease, the fine wine market could benefit from improved liquidity and a renewed appetite for tangible assets. However, renewed volatility or further trade disruption could slow the pace of recovery.
The Bordeaux 2025 en primeur campaign also underlined the importance of pricing discipline. Early signs suggested modest improvement on the weaker 2024 campaign, but demand remained focused on a relatively narrow group of releases where quality, brand strength and pricing aligned. This points to a market where buyers remain highly value-conscious and carefully compare new releases against back vintages already available on the secondary market.
Looking ahead to Q3 and the remainder of 2026, the most realistic expectation is continued stabilisation rather than a sharp rebound. Selective gains are likely to appear first in regions, producers and vintages where prices have corrected meaningfully, and liquidity remains strong. For investors, the key will be patience, active management and careful positioning ahead of a more sustained recovery.
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.