Tariff threat stymies signs of revival

Fine wine prices are continuing to fall, but there were some spring-like green shoots apparent in March trading activity – until the threat of US tariffs dented market confidence.

The impact of US President Donald Trump’s threat of 200% tariffs on the European Union was writ large on the fine wine market in March. US purchase share fell from 33.3% in February to 21.3% in March, a reduction of 35.5% in nominal terms.

However, despite this sharp slump in US purchases, March rounded off an active first quarter. While prices continue to fall, total trade value, trade count and trade volume were all up compared to the same period in 2024.

Notably, March saw average transaction value rise 14.7% on February. While January and February saw the average transaction value sit 9.5% below their 2024 levels, the average transaction value in March 2025 was 2% above the March 2024 average.

This can be largely attributed to an uptick in higher-end Burgundy trade. In March the average cost per 12×75 case of Burgundy traded was 9.8% above the February level. With Burgundy trade volumes also rising 24.2% in March, total Burgundy trade value was up 39% month-on-month. This resulted in Burgundy trade share rising to 25.1% in March from 19% in February.

Partner Content

Antigal showcases the diversity of Mendoza terroir

Wines of Hungary makes central Europe the centre of attention

What can the UK trade expect from VIN 2026?

Why you should add Barcelona Wine Week to your calendar

At the end of March, the Liv-ex 1000 bid:offer ratio by value sat at 0.43, the highest level since January 2024. March saw the value of bids rise 11.1% on February, while offer value fell 6.8%. However, the already risk-averse market was dealt a blow on 13 March with the threat of 200% tariffs. While tariffs at that level were very unlikely, it knocked the wind out of the US market.

fine wine monitor – in association with

Liv-ex is the global marketplace for the wine trade. Along with a comprehensive database of real-time transaction prices, Livex offers the wine trade smarter ways to do business. It gives access to £81m-worth of wine and the ability to trade with 500 other wine businesses worldwide. It also organises payment and delivery through its storage, transportation and support services. Wine businesses can find out how to price, buy and sell wine smarter at: www.liv-ex.com