{"id":247934,"date":"2025-07-08T12:03:09","date_gmt":"2025-07-08T12:03:09","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/247934\/"},"modified":"2025-07-08T12:03:09","modified_gmt":"2025-07-08T12:03:09","slug":"tuscany-bucks-the-bear-market-trend","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/247934\/","title":{"rendered":"Tuscany bucks the bear market trend"},"content":{"rendered":"

Amid difficult trading conditions in the global fine wine market, Italy has stood out as an isolated bright spot \u2013 and that trend is continuing in 2025, with Tuscany\u2019s \u2018big four\u2019 driving increased trading at Bordeaux Index<\/a>. Richard Woodard reports.<\/strong><\/p>\n

\"\"Val d\u2019Orcia in Tuscany, Italy: Tuscany is bucking the bear market trend<\/p>\n

\u00a0<\/strong><\/p>\n

When the fine wine market is going through a tough time, the positives are painted in even sharper relief than usual. In recent weeks, there have been suggestions of an uptick in Burgundy trading, and renewed signs of activity among buyers in Asia. Through all of this, however, Italy has proven to be more resilient than any other part of the market.<\/p>\n

\u201cItaly is one of the only major regions to post growth in sales value in the first half of 2025, with activity up 14% year-on-year,\u201d says Matthew O\u2019Connell, head of investment at Bordeaux Index and CEO of the company\u2019s LiveTrade platform. \u201cWhile volumes remain 16% below the multi-year H1 average, this is a significantly stronger showing versus Champagne, the US and Bordeaux, where activity is down by around 50%; only Burgundy is in the same category of having higher trading year on year.\u201d<\/p>\n

This contrast with the more depressed performances offered by other fine wine regions makes Italy\u2019s outperformance even more evident. The woes of Bordeaux \u2013 highlighted by another underwhelming en primeur campaign \u2013 and the correction seen in Champagne after a buoyant few years are helping to create an even more positive impression among collectors.<\/p>\n

But if there is a surprise in Italy\u2019s recent performance, it is that Piedmont \u2013 which back in 2016-18 was one of the hottest regions on the fine wine planet \u2013 is not spearheading the growth. Instead, Tuscany, building on its price breakout period across 2021-22, has reinforced its position as the fine wine region of choice for collectors of Italian wine.<\/p>\n

\u201cTuscany continues to dominate Italian sales at Bordeaux Index, accounting for approximately 85% of total value,\u201d explains O\u2019Connell. \u201cIt has also proven to be one of the most resilient fine wine regions, with activity down just 10% from peak levels, outperforming peers by some margin.<\/p>\n

\u201cBy contrast, Piedmont has seen a marked decline. Once hyped as \u2018the next big thing\u2019 back in 2020-23, it has struggled to maintain momentum, with sales volumes and values significantly off those previous highs.\u201d<\/p>\n

For observers who may have thought of Piedmont as Italy\u2019s answer to Burgundy, with its focus on terroir-forward expressions of place, this may appear to be counter-intuitive. O\u2019Connell describes the phenomenon as \u201cthe Piedmont paradox\u201d, adding: \u201cA great story, enviable specificity, important cheerleaders \u2013 but it just doesn\u2019t resonate in the way that Burgundy does.\u201d<\/p>\n

So Italy\u2019s recent resilience is very much a story about Tuscany; more than that, its market strength is largely concentrated in the \u2018big four\u2019 brands, familiar names that together account for roughly two-thirds of the region\u2019s market trading: Sassicaia, Tignanello, Solaia and Ornellaia.<\/p>\n

But, even here, there are nuances: \u201cTignanello continues to perform exceptionally well, registering something approaching year-on-year growth,\u201d says O\u2019Connell. \u201cSolaia has also posted strong numbers, with 2025 shaping up to be its best year in the last six \u2013 pretty much unprecedented. Sassicaia remains the largest single brand by value, although 2025 trading suggests it has reached a sales plateau, with figures well below the highs of 2022-23.\u201d<\/p>\n

Another key to the relative success of Italy is the mix of vintages attracting buyer interest, with trading largely focused on two ends of the spectrum: either young vintages, where availability is strong and pricing accessible; or celebrated vintages of greater maturity, where quality and secondary market interest combine to drive consistent turnover.<\/p>\n

It\u2019s important to emphasise that Italy has not been pursuing an unremittingly upward trajectory in the recent past: as a rule, prices are currently about 10% off the peaks recorded in 2023. But this offers a stark contrast with other important fine wine regions, where pricing has slumped by between 25% and 30%.<\/p>\n

The trend of resilience and continued interest, led by the marquee names of Tuscany, is clear enough. But what are the underlying reasons for Italy\u2019s strength?<\/p>\n

Firstly, there is value: O\u2019Connell highlights Italy\u2019s \u201cattractive pricing\u201d, especially when compared to Bordeaux as an obvious read-across. There\u2019s a historic element to this too, in that the country\u2019s wines, generally speaking, started from a lower base in pricing terms. \u201cItalian wines were historically undervalued, allowing room for meaningful price appreciation,\u201d O\u2019Connell points out. \u201cCrucially, the benefits of this appreciation have been enjoyed by both producers and collectors.\u201d<\/p>\n

Quality perceptions of fine Italian wine are underpinned by two further factors: strong harvests \u2013 \u201ca run of high-quality recent vintages has bolstered confidence,\u201d says O\u2019Connell \u2013 and a prolonged period of increased attention to the vineyards. \u201cA decade of sustained investment has improved quality and consistency across top estates,\u201d he says.<\/p>\n

These supply side considerations combine with perceptions of a robust quality-to-price ratio to create a winning trading environment for Italy, and for Tuscany in particular. But O\u2019Connell is keen to mention one more facet to Italy\u2019s story of resilience and appeal: changing consumer tastes. He concludes: \u201cAs Bordeaux\u2019s star has waned, Italy has benefitted in terms of both perception and demand.\u201d<\/p>\n

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