Older vintages of the world’s leading wines have held up better through the recent market correction, and they are leading the recovery. Since the market low in August 2025, older vintages have risen 6.8%, against 2.7% for younger vintages.

At the same time, many new releases are priced above older, ready-to-drink vintages of the same wine. Our analysis back to 2003 has not identified another period when both conditions have occurred together to this extent.

That is why we have launched The Vintage Collection, a WineFi syndicate that buys only mature wines already within their drinking window. If you are new to the asset class, start with our guide on how to start investing in fine wine in the UK.

Key takeaways

• Older vintages have risen 6.8% since the August 2025 market low, against 2.7% for younger vintages. They led in all seven regions WineFi analysed.

• 68.7% of newer vintages underperformed older vintages of the same label in their first 24 months on the secondary market.

• Since January 2008, wines approaching or within their drinking window have returned 271.7%, against 174.3% for wines further from maturity.

• The Vintage Collection is open from £3,000, with a 4–7 years anticipated holding period. Capital is at risk.

Why are older vintages outperforming?

For most of the history of fine wine, the logic was simple. You bought young, often en primeur, and were paid for your patience. Older vintages cost more because they were scarcer and ready to drink.

That relationship has weakened. Matthew Small, Head of Investment at WineFi, puts it this way: “Established vintages are increasingly available at more attractive prices than younger equivalents, despite being closer to their drinking windows.”

Two conditions have emerged together.

A significant market correction. The market has been through one of the largest fine wine corrections on record. Many established, high-quality wines are now available at substantial discounts to their previous prices.

High release prices. Despite the correction, many producers have continued to release new vintages at high prices. In many cases a new release now costs as much as, or more than, older vintages of the same wine.

Older vintages held up better in the downturn

To test this, WineFi built the Liv-ex 1000 +10 Vintage Composite. It tracks 947 wines in the Liv-ex Fine Wine 1000, a leading benchmark for investment-grade wine, and compares each with the same label roughly ten vintages older.

Over the five years from September 2021, the older vintages returned +1.6%. The Liv-ex Fine Wine 1000’s own wines returned −2.5%.

The gap did not come from one period. The older wines fell less during the correction and have risen faster since prices began to recover.

Older vintages are leading the recovery in every region

Since the recovery began in August 2025, older vintages have outperformed younger equivalents in all seven major regions WineFi analysed.

• Rhône: older vintages ahead by 5.5 percentage points.

• Burgundy: older vintages ahead by 4.7 percentage points.

• Bordeaux: older vintages up 1.2%, while younger wines fell 1.3%.

• Piedmont: older vintages up 2.0%, while younger wines fell 0.4%.

The consistency matters. It points to a broad shift in buyer demand towards established, ready-to-drink wines, rather than a recovery concentrated in one region. You can read more on how ageing affects prices in our article on the age at which wines appreciate the most.

Is buying young still worth it?

On current evidence, it has become harder to justify. WineFi tracked newer vintages from their first listing on the secondary market and compared each with older vintages of the same label over the same 24 months.

• 68.7% of newer vintages underperformed.

• The median shortfall was 11 percentage points.

As Neal Martin of Vinous wrote in June 2025: “Why risk money on an unfinished wine when there is no need?”

Why does the drinking window matter?

A wine’s drinking window is the period in which critics expect it to be at its best. As a wine approaches that window, more collectors want to open it. Every bottle opened reduces the supply that remains.

WineFi’s research shows this has been reflected in prices:

• Since January 2008, wines approaching or within their drinking window have returned 271.7%. Wines more than three years from their window returned 174.3%.

• The more mature group was ahead in 77% of months over the period.

• Today, wines approaching or within their drinking window trade at a median 18.7% below their previous peak prices.

What does WineFi’s investment model say?

The WineFi Investment Score (WIS) ranks wines on their potential to outperform their peers. It is built from more than 40 million historic price points and 3 million critic scores.

WIS has moved towards mature vintages across every major region:

• 58% of wine labels now score their older vintages higher than their younger ones, up from 43.8% in January 2022.

• In Bordeaux the figure is 87%, and in Piedmont 82%.

• 34.2% of older Bordeaux vintages score above 70 on WIS, against 16.5% of younger Bordeaux.

WIS describes the model’s current preference. It is not a forecast of returns.

What do critics say?

Leading critics and merchants have made the same point.

• Jancis Robinson MW (February 2025): “It is just so obvious that older vintages offer much better value.”

• Stephen Browett, Chairman of Farr Vintners (July 2025): “Consumers have bought two vintages en primeur and seen them cheaper later.”

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How The Vintage Collection works

The Vintage Collection is a WineFi syndicate. Members invest together in a diversified portfolio of mature fine wine, rather than buying a few cases each. You can read how syndicates compare with a private portfolio in our guide to investing in wine through a private portfolio or a syndicate.

Key terms

• Minimum investment: £3,000.

• Anticipated holding period: 4–7 years.

• Backtested net annual return: 11.2%.*

• Investable universe: 97 producers across six permitted regions: Bordeaux, Burgundy, Champagne, Piedmont, the Rhône and Tuscany.

• Indicative regional split: Burgundy 40%, Italy 25%, Bordeaux 15%, Champagne 15%, Rhône 5%. This is an approximate guide only and depends on purchase opportunities at the time of sourcing.

Selection criteria

Every wine must meet all four criteria:

• A WineFi Investment Score (WIS) greater than 70.

• A global liquidity score of 4 or 5 out of 5.

• A valuation above £125 per 750ml bottle.

• Currently within its drinking window.

All purchases are also subject to satisfactory sourcing price and exit liquidity checks.

Structure, storage and governance

• Structure: a UK bare trust nominee, which enables the CGT exemption to pass through to syndicate members.

• Storage: wines are held at Coterie Vaults, a purpose-built, UK government approved bonded warehouse, and insured at their full replacement value. More on how WineFi stores wine.

• Governance: a self-governance model. Members hold full day-to-day control and vote on all acquisitions, disposals and management decisions.

• Sourcing: takes place over 8–12 weeks once allocations close and payments are received.

• Exit: assets are sold progressively over the holding period, with proceeds distributed pro rata to members.

Tax

In many circumstances fine wine is exempt from UK Capital Gains Tax. A letter of recommendation will be provided by a third-party UK tax specialist. Tax treatment depends on your individual circumstances and may change in future.

Fees

WineFi charges a single upfront fee. It covers sourcing, structuring, fully insured storage and management for the projected five-year life of the syndicate.

*Derived from backtesting on historic data (2002–2026) across five-year investment periods from 2009 onwards, applying The Vintage Collection syndicate criteria. Net of fees. Backtested figures are illustrative only. They are not a forecast and are not a reliable indicator of future returns.

What are the risks?

Fine wine is an alternative and illiquid asset class. It should only form a small part of a well-diversified portfolio.

• Capital at risk: the value of your investment can go down as well as up, and you may not get back the full amount you invested.

• Illiquidity: the anticipated holding period is 4–7 years, but it could be longer. Exit opportunities are uncertain.

• Market conditions: trends in the wine market do not guarantee future outcomes. The conditions described here may not last.

• Unregulated: WineFi is not regulated by the Financial Conduct Authority, and direct investment in fine wine is not an FCA-regulated activity. FSCS and Financial Ombudsman protection is unlikely to apply.

• Physical storage: despite professional storage and insurance, there is a risk of damage, fire, contamination or theft.

• Tax: tax treatment depends on your circumstances and may change.

Read more in the real risks of investing in fine wine.

Frequently Asked Questions (FAQ)

What is The Vintage Collection?

The Vintage Collection is a fine wine syndicate from WineFi. It buys mature wines from 97 leading producers that are already within their drinking window, score above 70 on WIS and have strong global liquidity.

What is the minimum investment?

The minimum investment is £3,000. Fees are charged once, upfront, at 12.5%, 11.25% or 10% depending on the amount invested.

Why invest in older vintages rather than new releases?

Since the August 2025 market low, older vintages have risen 6.8%, against 2.7% for younger vintages. Many new releases are also priced above older vintages of the same wine. Past trends are not a reliable guide to future returns.

How long is the investment held?

The anticipated holding period is 4–7 years. Wines are sold progressively over that period, and the period could be longer.

Is fine wine exempt from Capital Gains Tax?

In many circumstances fine wine is exempt from UK Capital Gains Tax. Syndicate members receive a letter of recommendation from a third-party UK tax specialist. Your own position depends on your circumstances.

Where is the wine stored?

At Coterie Vaults, a purpose-built, UK government approved bonded warehouse. The wine is insured at its full replacement value.

What does the 11.2% figure mean?

It is a backtested net annual return. It comes from applying The Vintage Collection’s selection criteria to historic data (2002–2026) across five-year periods from 2009 onwards, net of fees. It is not a forecast or a guaranteed return.

The Vintage Collection is open now, from £3,000. View the presentation →

Capital at risk. Fine wine is an unregulated asset class and the value of your portfolio may fall as well as rise. Fine wine is an alternative and illiquid asset class and should only form a small part of a well-diversified portfolio. You may not get back the full amount you invested. Past performance and backtested returns are not reliable indicators of future returns. This article is for information only and is not tax, legal or investment advice. If in doubt, take independent professional advice.

Sources: WineFi analysis as at 30/09/2026, using latent trade prices (WineFi TruePrice) built from merchant, auction and exchange secondary trade data. Liv-ex Fine Wine 1000 from Liv-ex. Older vintages: 1998–2014 (Champagne 1994–2004). Younger: 2015–2023 (Champagne 2005–2023). Critic quotes as cited in The Vintage Collection investment overview.