Burgundy And Champagne Are Stealing Bordeaux’s Investment Spotlight

Two decades ago, Bordeaux essentially was the fine wine market. In 2010, it accounted for roughly 95% of traded value on Liv-ex, with First Growths alone representing about 60% of all Bordeaux flowing through the platform.

The dominance felt utterly permanent, built on centuries of reputation, established classification systems that everybody understood, and deep liquidity that made Bordeaux the obvious choice for anyone treating wine as an asset rather than just something to drink at dinner.

However, that world has vanished with startling speed. By late 2021, Bordeaux’s share had collapsed to somewhere between 35% and 40%, and weekly 2025 data often shows it sitting at just 32% to 33%, frequently getting overtaken by Burgundy or Champagne in any given week.

Why Collectors and Funds Are Moving Away From Bordeaux

The fundamental problem with Bordeaux from an investment perspective has become precisely what makes it attractive for drinking: there’s simply too much of it.

That abundance kills the volatility that speculative capital needs to generate interesting returns. Bordeaux’s production scale and breadth dampen price swings in ways that make patient long-term holding sensible but rapid profit generation nearly impossible.

Liv-ex bid and offer readings through 2024 and into the first half of 2025 show increasingly tepid demand for younger Bordeaux releases, with buyers growing selective about what they’ll pay for anything outside the most prestigious names.

The en primeur system that once efficiently distributed new vintages has transformed from solution into problem. Commentary through 2024 and 2025 details ambitious release pricing from châteaux met with weak buyer appetite, creating the uncomfortable reality where First Growth futures actually trade at discounts in the secondary market. When Financial Times coverage calls recent en primeur campaigns among the toughest in years, with critics noting producers seem disconnected from market realities, you’re watching a system lose credibility in real time.

The entire logic collapses when you can buy allocated wine in the secondary market below what futures buyers paid months earlier.

Index performance tells this story more brutally than any anecdote. The Bordeaux 500 underperformed peers dramatically in the first half of 2025, falling 5.6% year to date before continuing to slip through summer. Multiple Liv-ex market roundups explicitly flagged Bordeaux as hit hardest during the mid-2025 correction, with weakness concentrated outside the very top tier.

While legendary names can still clear at strong prices, mid-tier châteaux have lagged badly. Weekly flow data shows the money rotating out of Bordeaux and into Burgundy and Champagne with increasing conviction. Funds and merchants rebalanced meaningfully through 2024 and 2025, moving capital away from Bordeaux positions that simply weren’t generating the returns they needed.

Lastly, younger collectors building their first serious cellars equate authenticity and scarcity with value in ways that favor tiny-production domaines over industrially scaled châteaux, regardless of objective quality.

Labels with production runs measured in hundreds of cases carry prestige that broad, commoditized supply cannot match in the current cultural moment. Burgundy’s grower mystique and Champagne’s artisanal houses resonate with collectors who want stories and genuine scarcity rather than reliable availability from established brands, as Liv-ex trend analysis consistently documents.

Burgundy and Champagne Are Outpacing Bordeaux in the Race for Returns

By 2022, Burgundy had reached 26.3% of Liv-ex trade value, surging from just 5.3% a decade earlier, while Champagne hit 13.7%.

Combined, these two regions commanded roughly 40% of the market and kept climbing. Weekly updates through 2025 frequently show Burgundy between 28% and 36% with Champagne in the teens, often relegating Bordeaux to second or third place in any given week.

Research from our analysts reveals just how dramatically scarcity translates into actual trade intensity, as thei Value-Intensity Score measures trade value commanded per 10,000 hectares of vines, captures something fundamental about what the market actually values.

Early October 2025 data shows Burgundy generating roughly 3.6 times more trade value per hectare than Bordeaux.

Think about what that means: Burgundy commanded 35.5% of weekly trade from just 32,300 hectares, while Bordeaux’s 29.1% share came from 95,000 hectares, nearly triple the vineyard area producing substantially less trade activity. This quantifies the scarcity premium in ways that make clear this isn’t just fashion but fundamental economic reality.

In addition, even after the correction worked through 2023 and 2024, five-year gains through October 2025 remained solidly positive for both regions. The Burgundy 150 index shows gains of 12.4% while the Champagne 50 climbed 16.7% over five years, with recent months showing stabilization and occasional upticks rather than continued bleeding.

Our analysts calculate what they call the Outperformance Spread, comparing regional returns against Bordeaux as baseline. Burgundy outperformed Bordeaux by 25.6 percentage points over five years, while Champagne’s premium reached 29.9 percentage points. These aren’t rounding errors but represent completely different investment outcomes from choosing one region over another.

Also they tracked something they call the Volatility-with-Durability Check that highlights something remarkable about Burgundy’s investment profile. Despite harvest swings of minus 33% in 2021 followed by plus 29% in 2023, the kind of production volatility that would devastate most agricultural investments, the Burgundy 150 still posted that 12.4% five-year return. This reinforces how scarcity compounds value over time for top domaines even when vintage quality and quantity fluctuate dramatically year to year.

Champagne’s evolution from celebratory beverage into serious collectible asset class happened faster than most market observers expected. The region’s trade share hit record highs in 2022 and sustained them through subsequent years, with houses like Cristal, Dom Pérignon, Salon, and Jacques Selosse dominating high-value trades through 2024 and 2025.

The Champagne 50’s 16.7% five-year gain came despite cooling through the most recent two years, while frequent double-digit weekly trade shares reinforce ongoing global collector demand particularly from Asia and the United States where Champagne collecting has developed genuine depth.

Moreover, our analysts measure what they call Trade-Intensity per 100 million Bottles, adjusting for production scale to understand collector focus. Even with Champagne shipments compressing from 326 million bottles down to 275 million between 2022 and 2024, with 2025 expected around 255 million, the region’s trade intensity stays remarkably elevated.

Champagne commanded 16.5% of weekly trade in early October 2025 despite producing vastly more wine than Burgundy, supporting the thesis that it’s genuinely transitioning into a collectible asset class rather than just riding temporary fashion before reverting to commodity status.

What This Shift Means for the Future of Fine Wine Investing

The positioning going forward suggests Burgundy and Champagne will likely maintain price resilience over multi-year horizons, though access constraints will intensify rather than ease as more collectors compete for essentially fixed supply.

Tiny allocations and rigid pricing from top domaines and houses mean getting access to the best bottles requires relationships and patience that newer collectors often lack regardless of how much money they’re willing to spend.

Weekly flow data confirms persistent demand whenever quality stock appears on the market, with buyers competing aggressively for the limited supply that reaches secondary channels where most collectors must shop.

Bordeaux’s path back to relevance probably hinges on value-driven vintages priced realistically and broader recognition that back-vintages from strong years offer genuine relative value compared to current releases that feel overpriced.

Liv-ex notes that mature Bordeaux finds support even as younger releases struggle, suggesting the market recognizes quality when pricing aligns with reality rather than producer hopes.

Our analysts track what they call the Recovery-Distance Gauge measuring how far key Bordeaux indices sit from previous cycle lows.

In May 2025, the Bordeaux 500 sat roughly 5.8% below its 2020 low, but by September the Fine Wine 50 covering First Growths posted its first monthly rise in three years, climbing 0.7%. The stabilization appeared first in older back-vintages tracked by the Legends 40 index, while en primeur-linked baskets continue lagging behind, suggesting value buyers are finding opportunities in mature bottles while avoiding overpriced futures.

Portfolio construction for serious fine wine investors now requires balancing the liquidity that Bordeaux blue chips still provide against scarcity premiums that Burgundy and Champagne command. Our analysts calculated that Burgundy’s trade share divided by its vineyard area shows it earning 77% more trade share than its physical footprint would suggest, while Bordeaux under-earns relative to its massive vineyard holdings.

The transformation happening right now represents more than just cyclical rotation from one region to another that will eventually reverse when fashion changes. Something fundamental has shifted about what collectors value and how they express those preferences through actual buying behavior