Liv-ex: UK buyers diversifying away from Bordeaux

By Oliver Catchpole

Published: 14 November, 2025

Global wine exchange Liv-ex has released its market report for November, which shows that momentum in the secondary market is continuing to build – encouragingly, the Bordeaux 500 saw its first increase since March 2023.

The report took a closer look at UK buyers, suggesting that while they hold less influence over the overall fine wine market in terms of market share, the diversification in terms of their buying habits sees them remain an important buying demographic.

In terms of this diversification, UK buyers are shifting away from Bordeaux and towards Californian, Burgundian and Barolo wines.

Read more: Verallia launches 300g Burgundy bottle

Sophia Gilmour, Liv-ex market analyst, explained the trajectory of UK buyer's influence: “Considering monthly purchasing (by volume) alongside the Liv-ex 1000 reveals a relationship between volumes purchased by UK buyers and price levels. Intuitively, when prices are driven down to levels where buyers see value, trade volumes rise.”

She continued: “The Liv-ex 1000 is the broadest measure of the market; the strengthening of this relationship shows that while UK buyers have ceded some of their market share, they have become more influential over a broader range of regions as their purchasing has diversified.”

As an example, in 2010 an uptick in UK purchasing benefitted Bordeaux more than other regions. However, in 2020, the uptick benefitted those other regions above Bordeaux.

Notably, prior to 2018, Bordeaux made up 50% of UK buyers’ yearly purchases, but since than its market share has declined, and is now more similar to Burgundy at 30%.

Despite the shift, this year, the top traded wines (by value) for UK buyers were Petrus and Château Lafite Rothschild.

Meanwhile, Screaming Eagle’s Oakville Cabernet Sauvignon overtook Château Mouton Rothschild to take third place, while Cristal was fifth.

Speaking about UK buyers' total share of the wine market, Gilmour added: “In 2005, 74% of buyers hailed from the UK, accounting for 76% of purchasing (by volume). By 2010, they made up 56% of buyers and accounted for 55% of purchased volume.

“With the release of the 2009 and 2010 Bordeaux vintages capturing the attention of not only Asian buyers but also UK buyers (historically Bordeaux's largest export target), their share rose once again.

“Disillusionment with En Primeur pricing and, as a byproduct, Bordeaux, set in quickly; a drop in trade levels followed. UK buyers have consistently maintained a c.30% share of traded volume over the past decade.”

More generally, October marked the highest trade value, volume and count since the introduction of US tariffs, with all major Liv-ex indices recording gains.

The Liv-ex 100 led the expansion, with growth of +0.9%, while the Liv-ex 50, 100 and 1000 all recorded their second consecutive monthly rise.

Looking more closely at the Liv-ex 1000, the report showed that 462 of its components rose, 141 remained flat and 397 fell over October.

Other than the Rhone 100, which fell -1.0%, this meant that each of its sub-indices rose over that time period, with the Italy 100 performing the best, climbing +1.3%.

Italy was driven by San Guido and Giacomo Conterno – the two highest traded producers in October – achieving its greatest share of trade (19.4%) since August 2020, and its highest absolute trade value since April 2022.

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