The Director’s Serve
When I last wrote to you, I said that we learn most about the strength of something when it is being tested. The past year has been that test, and I’m pleased to say that both the market and our business have come through it with real momentum.
After a near three-year correction, the fine wine market turned positive last September and has shown a steadiness we have not seen for a number of years. It has not been without interruption, as geopolitical tension and shifting trade policy have kept buyers cautious at times however demand has returned, notably from the US, and many of the world’s great wines are still trading well below their previous highs. For patient, selective collectors, that remains an highly attractive position.
Within CB Wine, we have used this period to build. Our new website is now live, offering a clearer window into our thinking and the full breadth of our client offerings. CB Uncorked and CB Wrapped continue to give our clients genuine routes to market beyond trade pricing, and our lifestyle services now span events and travel. We were also delighted to be featured by Sports World, bringing our story to a new audience. Most notably, we have extended our expertise into rare Japanese whisky, offering access to closed-distillery bottles and a private cask programme built on four decades of relationships across Asia. It is a natural step, guided by the principles you already know us for: strict selection, provenance and a long-term view.
Each of these developments brings us closer to a self-sustaining business that works harder for your holdings. Thank you, as ever, for your continued support, and I look forward to seeing many of you at our upcoming events.
Enzo Giannotta
Founder / Director
Global Overview
Q3 has brought a noticeable shift in sentiment across the global fine wine market. After several years of price correction and cautious buying, confidence is beginning to return, although selectively. Liv-ex has reported greater stability across its major indices, while demand is becoming more internationally distributed. Burgundy has been one of the clearest beneficiaries, overtaking Bordeaux as the most traded fine wine region by value in September for the first time since 2022.*
Bordeaux is showing a different kind of opportunity, with buyers increasingly focusing on mature and back-vintage wines where pricing has corrected significantly from previous highs. More broadly, WineCap estimates that fine wine prices remain around 25% below their 2022 peak, creating a different entry environment from that seen several years ago. At the same time, 97% of UK and US wealth managers surveyed expect client demand for fine wine to increase in 2026, the strongest result among the collectible categories assessed.**
Fine wine has also moved further into the mainstream investment conversation. In September, Michael Burry published Shorting the Dollar by Drinking Free First Growth Bordeaux For Life, analysing Bordeaux through the same lens as other alternative assets: scarcity, relative value, currency exposure and long-term purchasing power. The relevance lies less in one investor endorsing wine and more in the fact that fine wine is increasingly being discussed as part of a wider diversified investment strategy.
That discussion is particularly timely in the UK. Recent reporting has identified Capital Gains Tax as one of the measures under consideration ahead of the 28 October Budget, although no change has been confirmed. The same report notes that CGT receipts rose sharply in 2024–25, reinforcing wider investor focus on the tax efficiency of different assets. Fine wine should not be viewed purely through a tax lens, but qualifying wines may receive different CGT treatment where they meet the UK definition of a wasting asset.
Taken together, Q3 feels less like the start of another speculative cycle and more like the emergence
CB News
It has also been a busy quarter at Cult & Boutique. We have launched our newly redesigned website, expanding the depth of information available across fine wine investment, producer insights, market commentary and practical guides, while keeping the same personal service and client access behind the scenes.
We were also pleased to be featured in Sports World, with our article From Cellar to Market exploring fine wine through an investment lens for a UHNW and professional-sport audience. Alongside this, our events calendar continues to grow, with a strong programme of private tastings, corporate events and client experiences planned through the remainder of the year.
Together, these developments reflect the direction of CB more broadly: more insight, more access and more opportunities to engage with fine wine across investment, events and the wider market.
*Liv-ex, Burgundy Report 2026 <www.liv-ex.com/liv-ex-burgundy-report-2026>
**WineCap, ‘Fine wine vs whisky investment: What wealth managers prefer in 2026’, <winecap.com/editorial/news/fine-wine-vs-whisky-investment-what-wealth-managers-prefer-in-2026>
