In 2010, as the fine wine bull market neared its peak, Bordeaux accounted for 95.7% of trade by value on Liv-ex. It was the year of the 2009 En Primeur release, and that vintage alone accounted for 13.2% of trade. Other regions barely registered: Champagne, the second strongest, took just 1.2%.
Bordeaux trade has been in steady decline since then. Pushed out by unsustainably high prices, buyers sought value from other regions. The market shares of regions beyond Bordeaux have grown substantially since 2010, with Champagne, Italy and the Rest of the World particularly leaping ahead in 2015 to so far account for 6.1%, 6.9% and 4.6% respectively.
As shown above, Bordeaux’s current market share of 74.2% is now back to 2004 levels, before the bull market began. There is little doubt that the emergence of mainland Chinese demand led to a bubble in Bordeaux prices. When viewed purely in terms of market share, one could say that bubble is now well and truly behind us. Buyers have broadened their interests – and the market looks more balanced.
Original Source: Liv-ex BlogBordeaux, champagne, Liv-ex