Bordeaux has formed the foundation of the international fine-wine market for decades. Its leading châteaux benefit from recognised classifications, relatively substantial production and long price histories. These characteristics make Bordeaux more accessible and easier to benchmark than many other regions.
The market is now considerably broader. Burgundy, Champagne, Tuscany and several other regions are regularly traded internationally. Liv-ex reflects this development through indices covering Burgundy, Champagne, the Rhône, Italy, California and a selection of wines from the rest of the world.
A broader market does not mean that every expensive wine from these regions is suitable for investment. Producer reputation, vintage, demand, provenance, storage and resale activity remain essential.
1. Burgundy: extreme scarcity and high entry prices
Burgundy is an established core market rather than an emerging region. Its economic structure, however, differs sharply from Bordeaux. Leading Bordeaux estates may produce substantial volumes, while a Burgundy grand cru from a small parcel may amount to only a few barrels.
Fragmented vineyard ownership and tiny plots restrict supply. The strongest international demand focuses on prestigious domaines and wines from grand cru or selected premier cru vineyards.
Well-known producers include:
- Domaine de la Romanée-Conti,
- Domaine Leroy,
- Armand Rousseau,
- Georges Roumier,
- Coche-Dury,
- Domaine Leflaive,
- and Comte Georges de Vogüé.
Scarcity can support prices but also creates risk. High entry prices, limited trading volumes and substantial movements in individual wines make diversification difficult. Prestigious Burgundy is also a prominent target for counterfeiters.
The Liv-ex Burgundy 150 tracks a selection of red and white Burgundies. Its history demonstrates that strong long-term appreciation can still be interrupted by meaningful corrections.
2. Champagne: powerful global brands
Vintage Champagne has developed into a distinct secondary-market segment. Leading houses benefit from brands recognised well beyond traditional wine-collecting circles.
Relevant names include:
- Dom Pérignon,
- Krug,
- Louis Roederer Cristal,
- Salon,
- Pol Roger Cuvée Sir Winston Churchill,
- Taittinger Comtes de Champagne,
- and Bollinger La Grande Année.
Champagne can appeal to investors because of its brand recognition and comparatively standardised product structure. Major houses often produce more bottles than small Burgundy domaines, however. Scarcity is particularly relevant to sought-after vintages, late releases, rosé editions and rare large formats.
The Liv-ex Champagne 50 tracks actively traded vintage Champagnes. Its previous performance should not be treated as a promise of future appreciation.
3. Tuscany: internationally established labels
Tuscany is one of Italy’s most liquid fine-wine regions. The Super Tuscans played an important role in building its global market, often using Bordeaux varieties such as Cabernet Sauvignon, Cabernet Franc and Merlot.
Leading labels include:
- Sassicaia,
- Ornellaia,
- Solaia,
- Masseto,
- Tignanello,
- and Redigaffi.
Brunello di Montalcino also matters. Wines from Biondi-Santi, Soldera and other respected traditional and modern producers can attract international collectors.
During individual trading weeks in 2026, Liv-ex reported a substantial share of market value coming from Tuscany. Weekly activity demonstrates demand but should not be interpreted as a long-term performance forecast.
Tuscany benefits from recognisable brands, international distribution and sufficient production to support a functioning market.
4. Piedmont: Barolo and Barbaresco
Piedmont’s investment market is centred on Nebbiolo-based Barolo and Barbaresco. Its best wines combine long ageing potential with defined vineyards and historic producers.
Internationally recognised estates include:
- Giacomo Conterno,
- Bartolo Mascarello,
- Giuseppe Rinaldi,
- Bruno Giacosa,
- Gaja,
- Roagna,
- and Vietti.
Piedmont may offer lower entry prices than the most expensive Burgundy wines. This does not guarantee better returns. Trading can be infrequent, while prices vary substantially according to producer, vineyard and vintage.
Storage and provenance deserve particular attention when buying mature Barolo or Barbaresco. These wines often spend decades in private cellars, making their history central to their value.
5. The Rhône: famous names in a narrow market
The Rhône produces internationally recognised wines, but its investment segment remains concentrated. Syrah from Hermitage and Côte-Rôtie dominates the northern Rhône, while Châteauneuf-du-Pape leads the south.
Important producers include:
- Jean-Louis Chave,
- E. Guigal,
- Paul Jaboulet Aîné,
- Auguste Clape,
- Thierry Allemand,
- Château Rayas,
- and Henri Bonneau.
Château Rayas has particularly strong collector demand. One cult label, however, should not be used as a proxy for the entire region.
The Liv-ex Rhône 100 tracks five northern and five southern Rhône wines across several vintages. Because relatively few labels trade internationally at scale, careful selection is essential.
6. California: cult wines with global demand
California is the most important US fine-wine region. The investment market is dominated by Cabernet Sauvignon-based wines from Napa Valley and a limited number of producers elsewhere.
Prominent names include:
- Screaming Eagle,
- Harlan Estate,
- Opus One,
- Dominus,
- Scarecrow,
- Ridge Monte Bello,
- and Sine Qua Non.
The Liv-ex California 50 follows the ten most recent physical vintages of Screaming Eagle, Opus One, Dominus, Harlan Estate and Ridge Monte Bello.
California’s cult wines benefit from high scores, restricted mailing-list allocations and wealthy domestic demand. Trading may nevertheless be concentrated in a small number of brands. European buyers must also consider currency, import and taxation issues.
7. Spain: led internationally by Vega Sicilia
Spain has an enormous wine industry, but relatively few brands achieve consistent international secondary-market demand. Vega Sicilia, particularly Único, is the principal reference point.
Pingus, L’Ermita, La Rioja Alta, López de Heredia and selected traditional Rioja producers may also appeal to collectors. Not every highly rated Spanish wine has enough trading activity to function as an investment asset.
Spain can offer attractive entry prices, but the market is less standardised than Bordeaux, Champagne or Tuscany. Buyers should establish whether the specific wine has a genuine and recurring resale market.
What about Australia and Germany?
Australia’s international investment market is led by Penfolds Grange and a small number of other prestigious labels. Penfolds Grange is included in the Liv-ex Rest of the World 60 alongside wines from Spain, Chile and the United States.
Germany has globally sought-after Rieslings from producers such as Egon Müller, Keller and Joh. Jos. Prüm. Its secondary market remains narrower and is heavily concentrated around individual producers, vineyards, Prädikat levels and auction releases.
Both countries may interest specialist collectors but do not yet offer the same breadth as the core international regions.
How to evaluate a region
A famous region alone is not a sufficient reason to buy. Investors should ask:
- Does the specific wine trade regularly?
- Are reliable prices and completed sales available?
- How broad is international demand?
- Which vintages and formats do buyers prefer?
- Is provenance fully documented?
- Has the wine been stored professionally?
- What storage and transaction costs apply?
- Through which channel could the wine later be sold?
Diversification should extend beyond owning several labels from the same producer. A more balanced collection considers regions, estates, vintages, price levels and drinking windows.
Conclusion
The fine-wine market now extends well beyond Bordeaux. Burgundy and Champagne are established international segments. Tuscany and Piedmont have secured important positions in the secondary market. The Rhône, California and Spain provide further opportunities but may offer less breadth and liquidity.
Region is only a starting point. A wine becomes genuinely investable when reputation, demand, scarcity, condition, provenance and storage all support its resale potential. The aim should not be to guess the next fashionable region, but to select wines likely to retain a credible market many years from now.
This article is provided for general information only and does not constitute personalised investment advice.