WineFi Q3 2025 wine market report suggests confidence on the rise

By Oliver Catchpole

Published: 08 October, 2025

WineFi, the wine investment platform, has released its wine market report for Q3 of 2025.

The report brings cause for optimism in the fine wine trade. For the first time since 2022, The WineFi Trade Price Index rose quarter on quarter by 4.3%. This represents an increase in average trade prices that is broad-based – not driven by outliers – suggesting a positive trend.

Additionally, there is increasing evidence of market stabilisation. Historically, trade discounts have narrowed during periods of strength in the market, as sellers concede less and buyers have more confidence. Recently, trade discounts narrowed to 6.2%, down from a 15-year average of 9%.

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This fall in discounts is not merely the result of falling list prices, as the rate of decline in these prices is slowing. It instead represents a genuine improvement in the market – the best list price index for highly-liquid, investment class wines fell -3.7% over the past six months (far less severe than the average decline of -5.5% across the last four six-month periods).

Not only this, but the percentage of wines with falling list prices has declined to 23%, compared with an average of 33% across the prior 18 months, reflecting pockets of price resurgence and signs of a market moving towards balance.

Another barometer for market health is the Liv-ex Bid-Offer Ratio. It measures the total value of live bids relative to offers (i.e. higher ratios reflect stronger buyer demand). In September, the Liv-ex Wine 100 reached a ratio of 0.70, it’s strongest since May 2023.

Rising confidence can also be seen through tightening bid:offer spreads (the gap between the lowest live offer to sell and the lowest live offer to buy), which signals greater price agreement and liquidity. These are now at multi-year lows.

Matthew Small, head of investment at WineFi, commented: “This report… explores the key market indicators we use to assess the health of the fine wine market, including bid-offer ratios, spreads, cross-sectional volatility, and movements in both list and trade prices. Taken together, these indicators suggest that optimism is gradually returning.

“Regionally, the standouts were younger-vintage Super Tuscans and Champagne, particularly older vintages in the premium tier. The auction market also showed signs of stability, offering more evidence that collectors remain alert for opportunities. While it is too early to declare a full recovery, Q3 marks another step in the right direction for the fine wine market.”

The full report can be found here.

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