Tuscany Gains Ground in Fine Wine Market

Tuscany is taking a larger share of the fine wine market even as the broader sector remains under pressure, according to the latest data from Liv-ex, the London-based exchange that tracks global wine trading. The Italy 100 index, which measures the performance of the top 100 Italian wines, has held steady while the wider fine wine market has continued a three-year decline, helped by firmer pricing and stronger trading in some of Tuscany’s best-known labels.

Liv-ex said Tuscany’s “heavy hitters” have provided much of the support. Masseto, one of the region’s most closely watched wines, has led the way, with several vintages including 2020, 2022, 2016 and 2014 each rising more than 5% year to date. The exchange said the gap between the highest offer and lowest bid on those wines has widened most sharply for the 2020 vintage, while the 2016 vintage has been better supported by actual trade.

The data also showed how concentrated Tuscany’s trading has become. Among Tuscan wines in the Italy 100, Super Tuscans accounted for more than 80% of traded value even though only nine wines out of 157 traded made up that share. That was a sharper concentration than a year earlier, when 21 wines out of 282 accounted for 80% of value. Liv-ex said that in the early 2000s it was common for the leading Super Tuscans to represent all Tuscan trade, but that between 2013 and 2021 their share fell as interest broadened across more wines from the region.

The exchange said that shift reflects both the strength and limits of the category. Super Tuscans have built strong international brands and have remained relatively stable through a downturn in the market and tariffs in the United States, but weaker demand has hit lesser-traded bottles harder. Liv-ex also said pricier and rarer wines from Piedmont have fallen more sharply within the Italian market.

The Italy 100 had already shown signs of relative strength earlier this year. In January, it was the only Liv-ex index to rise, gaining 0.6% after a slight decline in December. At that time, its bid-to-offer ratio was just above 0.5, making it the healthiest among Liv-ex’s major indices for that month.