By
Tom Gearing
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The week to 26 October was quiet on first count. Across the market we see, value came in about 17% under the average week since late April, and trades 9% under. One week is not a trend, so I looked at the month.
October is in better shape. Up to 25 October it was running 13% above the summer months on trades per day, and about 3% above on value. At that pace it finishes level with September on value, perhaps a little ahead, and busier on trades. September was already the strongest month since the spring. Two good months in a row is not a boom. It is a market finding its footing, with more deals at slightly smaller sizes.
Bordeaux took 46% of the value traded in the week to 26 October across the market we see, its highest share of any week since April. It is not a one-week story. Since early August Bordeaux has taken 40% or more in 9 of 12 weeks. Between May and July it managed that in 2 of 13. Burgundy has gone the other way, from an average of 28% of value between May and July to 21% since early August, and 16% in the latest week.
The week’s largest trades by value were mostly mature Bordeaux from famous vintages: Cheval Blanc 2005, Mouton Rothschild 2009 and Margaux 2000. So I read their trades, and those of three other Bordeaux that moved.
| Case of six unless stated | A year ago | October 2026 trades | Market price |
|---|---|---|---|
| Cheval Blanc 2005 | £3,550 to £4,150 | £4,166 to £4,200 (3) | £3,910 |
| Mouton Rothschild 2009 | £2,380 | £2,651 (1) | £2,613 |
| Margaux 2000 (dozen) | £6,600 to £7,057 | £6,942 (1) | £7,142 |
| La Mission Haut-Brion 2016 | typical £1,119 | £1,029 to £1,200 (3) | £1,150 |
| Lynch-Bages 2020 | typical £380 | £410 to £425 (5) | £394 |
| Smith Haut Lafitte 2018 (dozen) | typical £730 | £628 to £688 (2) | £749 |
Cheval Blanc 2005 is the clearest. Its three October trades, £4,166 to £4,200, all cleared about 7% above its market price of £3,910. That is back to where it traded in October 2025, after a dip to £3,550 in June 2025 and a trade at £3,936 in February 2026. On 27 October the best bid was £3,810 and the lowest offer £4,509.
Mouton Rothschild 2009 trades rarely, so read it with care: £2,380 in July 2025, £2,650 in June 2026, then £2,651 on 20 October, just above its £2,613 market price. On 27 October there was no offer on the book, and a best bid of £2,372. Six other Mouton vintages traded between mid-October and 27 October, most at or below market price. Buyers wanted the 2009, not just the name.
Margaux 2000 is the patient one. Its market price fell 27% from the end of 2022 (£9,723 a dozen) and has held at about £7,100 since June 2026. Its trades have sat between £6,600 and £7,500 for 18 months. The latest, £6,942 on 21 October, was 3% under market price. A floor, not a rally.
Further down the classification, all five October trades in Lynch-Bages 2020 cleared above its £394 market price; a year earlier the typical trade was £380. Its neighbours are mixed, though: the 2018 last traded above market price, the 2017, 2019 and 2022 below. La Mission Haut-Brion 2016 climbed from a summer low of £964 to £1,140 and £1,200 on 19 October.
The exception is Smith Haut Lafitte 2018. Every trade since May 2026 has been between £628 and £688 a dozen, against a typical £730 a year earlier and a market price of £749.
My read: buyers are paying up for the best-known wines and vintages, and the gains get patchier below that. Across Bordeaux, busier is not yet dearer. At the top, it is starting to look that way.
Mature Champagne keeps turning up among the wines trading above market price in the market we see: in 7 of the 12 weeks to 26 October. Two names stood out.
Comtes de Champagne 2008, which we covered in issue 2, traded eight times in October up to the 24th, between £780 and £800, every one above its £762 market price. Since late 2024 the lowest trade in each quarter has been between £685 and £720. October’s lowest was £780.
Charles Heidsieck Blanc des Millénaires 2006 is a quieter story on CultX. Its October trades, £437 to £480, sit below its £497 market price. But look at the path. A year earlier the typical trade was £392 and the lowest £370. The typical trade rose every quarter from there to £463 in summer 2026, and was £450 in October. Nothing has traded below £437 since July. On 27 October the lowest offer was £465 and the best bid £435, a gap of 7%.
Il Marroneto’s Brunello di Montalcino Madonna delle Grazie was among the five wines whose trade prices rose most in the market we see in the week to 26 October, through its 2017. On CultX, the vintage that is really moving is the 2015.
Madonna delle Grazie 2015 has a market price of £1,612 a case of six, up 35% in a year and 26% in six months. Its trades show why. In spring 2026, nine trades ran from £1,370 to £1,456. Then £1,626 in July, £1,969 in September, and £1,980 and £2,030 in mid-October, the highest it has ever traded on CultX. The latest, £1,580 on 21 October, came back just under market price. On 27 October there was no offer on the book, and a best bid of £1,377.
The 2017 has not followed. Its market price is down 11% in a year, to £846, there is no offer and the best bid is £660. Both vintages score 98 from the Wine Advocate. At market price one costs about £269 a bottle, the other £141. Either the market is right that the 2017 is the lesser wine, or that gap is too wide. I do not know which yet.
In issue 2 my one to watch was Carruades de Lafite 2019. It has not traded since 17 October, so the test is still open. On 27 October the book had not moved: best bid £720, lowest offer £1,100, market price £865.
Janasse’s Châteauneuf-du-Pape Chaupin 2019 has not traded since 10 October either. Its best bid has slipped from £261 to £254 a dozen, about £127 for six, further under my £135 line. Neither call is settled, but the second is leaning towards a floor that does not hold.
Burgundy took 16% of value traded in the week to 26 October across the market we see, its lowest share of any week since April. But Burgundy spans far more wines than Bordeaux, each made in small quantities at higher prices, and its average trade is usually about 60% larger. A few big trades in names like Romanée-Conti, Leroy or Roumier can move its share by several points in a week, so it swings more than Bordeaux’s.
In that week, Burgundy’s share of the number of trades dipped only slightly. The value fell because the trades were smaller: for the second week running, the average Burgundy trade was about a third below its usual size, and no Burgundy made the week’s top five by value. With old Burgundy selling well above our market prices at auction in October, I read this as a pause at the top end, not buyers leaving. My test: if Burgundy is back above 20% within three weeks, this was a pause. If it stays under 18%, the money has moved.
Bordeaux is busy and its best names are finding buyers. If you are seeing something on the platform that I have missed, tell us. The best stories usually start with one odd trade.
Tom Gearing is co-founder and CEO of CultX.
This article is market commentary. It is not investment advice or a personal recommendation. All prices are CultX in-bond prices for the case size stated, as shown on the platform on 27 October 2026, and exclude fees, storage, duty and VAT. Auction prices include the buyer’s premium. Past prices are not a guide to future prices, and fine wine can be slow to sell. CultX earns fees when wines trade on the platform. Past performance is not a guide to future returns. The value of wine investments can rise or fall. This analysis is provided for informational purposes and does not constitute personalised investment advice. Wines referenced may not be available for purchase on the CultX marketplace at all times.
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