It is the first time a Spanish producer has ever secured top spot in the highly anticipated Power 100 rankings from Liv-ex, a global marketplace for fine wine traders.
Burgundy normally reigns supreme on this list. Domaine Leroy took the crown in 2020, 2021 and 2022, and Domaine Leflaive then topped the list in 2023.
However, it has been a ‘gruelling year for the fine wine market’ and ‘Burgundy has fared badly’, according to Liv-ex. Bordeaux has also struggled, and there are no French producers in this year’s top three.
Vega Sicilia leads the power rankings after trade volumes increased by 324% and value shot up by 310%. ‘With considerable heritage – it was first produced in 1915 – and still representing good value, it is unlikely to be a flash in the pan,’ said Liv-ex.
Italian producer Gaja took the runner-up spot. The brand was 38th in the 2022 list and seventh in 2023, so it has been building up momentum in recent years. Liv-ex said that Gaja has been ‘carefully and consistently built up over decades’ and ‘is well known and trusted’.
Another Italian brand, San Guido, climbed 54 places to finish third on the list. ‘Produced in decent volumes, with relatively consistent release prices, and, in the scheme of things, affordable trade prices, it represents a safe bet in a down market,’ said Liv-ex. ‘It is a wine that can be bought in high volumes and, crucially, drunk without too much concern as to whether one should wait for tomorrow.’
Burgundy producer Joseph Drouhin took fourth place, ahead of Château d’Yquem, Henri Boillot, Château Mouton Rothschild, Australian producer Penfolds and then Domaine Leroy.
Cheval Blanc was 11th, and E. Guigal, Domaine Leflaive, Latour, Dom Pérignon, Roagna, Margaux, Bouchard Père et Fils, Guiseppe Rinaldo, Faiveley and Giacomo Concerto rounded out the top 20.
Liv-ex ranked each brand in four key categories: year-on-year price performance (12 months to 30 September 2024), trading performance on Liv-ex, the number of wines and vintages traded, and the average price of the wines.
Just 11 brands within the top 100 managed to increase their average sales price over the past year, as Liv-ex noted that the ‘might of many estates has been eroded since the downturn began two years ago’.
Burgundy remains the best represented region in the top 100, with 30 brands. However, that is down from 37 last year and 39 in 2022.
The number of Bordeaux brands fell from 30 last year to 25 in 2024, with the likes of Le Pin and Léoville Poyferré dropping out.
The biggest fallers all hailed from Burgundy and Bordeaux, with Pierre Girardin dropping 77 places to No. 94.
Meanwhile, Italy is snapping at their heels. The country made the strongest gains in this year’s top 100 list, filling 22 spots, up from just 13 last year.
‘While Tuscany, and in particular Brunello, has made the greatest gains, a deeper look reveals a far from homogenous set of Italian producers that have entered the list this year,’ said Liv-ex.
The company also said that Spain is worth keeping an eye on after Dominio de Pingus and R. López de Heredia joined Vega Sicilia in the Power 100.
‘As confidence has dissipated from the market, participants have gravitated towards brands that represent the least risky bets,’ said Liv-ex. ‘Brands which share many stereotypically Bordelais traits have risen to the top.
‘Volume, liquidity, heritage brand and prices that invite the uncorking of bottles are their calling cards. With the market still looking for a turning point [following two years of declining sales for fine wine], it is unlikely participants will be changing tack just yet.’
See the full Liv-ex Power 100 rankings here.
