Secondary market broadens with addition of wines from Canada and Tenerife
The fine wine market has continued to broaden during 2022, with a number of new regions being traded on the secondary market for the first time, Liv-ex has said.
The number of wines traded in the year to date has grown by 2.4%, the fine wine marketplace said, with a record 4,692 wines being traded in the year to date.
While the usual regions are there – Burgundy has been a huge contributor accounting for 40% of the total market, with Italy in second place, accounting for 16% of the wines traded this year – wines from regions not previously seen on the secondary market were also been traded for the first time.
These include Ontario in Canada, with a Vidal Icewine from Inniskillin 2002, a 2018 Pinot Noir from Nelson in New Zealand (Seifried, Rabbit Island Pinot Noir), an Assytiko from Greece’s Aegean islands as well as wines from Cotes Catalanes in France, Italy’s Lazio and Valle d’Aosta, Portugal’s Bairrada and Aragon and the Tenerife on the Canary Islands (Spain).
Liv-ex said that one contributing factor to this broadening of the market could be found in the wider pool of buyers and sellers, with the number of people participating up 1.7% on last year’s figure.