Following a disappointing 2024 campaign, which Liv-ex attributed to unrealistic pricing, the fine wine exchange has described the 2025 En Primeur season as “middling”. 

In its closing report, Liv-ex said trading conditions varied across the UK wine trade. Reflecting on the campaign, the platform noted that the market had begun to recover from the difficulties of 2024.  

Early signs of rising indices prompted cautious optimism, but uncertainty and risk aversion remained, with many merchants purchasing smaller volumes of stock. 

Value continued to dominate buying decisions. According to Liv-ex, buyers increasingly asked: “Can I buy another similarly or better rated vintage already on the market at a lower price?” 

Most merchants interviewed by the platform still believed release prices were too high to overcome hurdles facing the market. While there were flashes of excitement, these proved brief.  

Overall, Liv-ex said the 2025 campaign was characterised by disappointment, although it pointed to signs of stabilisation, particularly in the Bordeaux market. 

“In short, this was not a knock-out campaign,” the platform concluded, but neither was it as poor as the previous year.