January 2025 Wrap-Up
Are WineLeaks back? Here's what happened in the world of wine in the month of January
New Year, New Me.
A new format to wrap up everything exciting that happened in the world of wine this month.
The end of Dry January
I doubt many of my readers are dedicated Dry Januariers. Or are there?!
Liv-ex Data
Liv-ex hasn’t released its full monthly returns yet (I’ll update them here when they do), but a few interesting charts stand out:
Bid-to-Offer Ratio at Historic Lows → A (continued) bearish market signal.
U.S. Buying Power Increasing → Relative to other regions, the U.S. has stepped up its fine wine acquisitions. That makes Trump’s tariff threat yet another blow to the wine trade.
Burgundy 2023 EP
Peter Dean’s The Buyer report n the 2023 Burgundy En Primeur vintage can be summarised as follows:
Great and bountiful vintage, but pricing has left customers perplexed. Again.
Yesterday I got a consumer offer from Lay & Wheeler on a 2023 village Chablis of good repute but why would I want to buy it if I can buy the 2019 for 75% of the price? or buy 2021 cheaper? I’ve tasted this 2023 and it’s well made, classic Chablis but it’s not opening my wallet. You can actually buy a 12 pack of half bottles of the 2019 of a 1er Cru from the same producer for less than half of the 2023 price – and the importer has 360 of these cases still in stock.
So why are prices still high?
Producers justify it by pointing to the catastrophic 2024 harvest, which will severely impact next year’s cash flow.
…and on the topic of Burgundy and En Primeur:
Bouchard Père & Fils withdraws from en primeur
Big changes are happening at Bouchard P&F, as reported by The Drinks Business.
Bouchard Père & Fils is owned by Artémis Domaines, the wine investment arm of François Pinault’s Artémis Group. As part of this restructuring:
Narrowing Focus → Vineyards in the Côte de Nuits previously under Bouchard’s control will be transferred to Domaine d’Eugénie, another Artémis Domaines property, while Bouchard will now focus solely on its holdings in the Côte de Beaune, refining its portfolio and production strategy.
No More En Primeur → Starting with the 2023 vintage, Bouchard will no longer participate in En Primeur. Instead, wines will be aged in their cellars and released when ready, with the 2023 vintage set for release in March 2026.
Ending Négociant Activities → The estate will stop its négociant business, cutting overall production by 60-75% compared to five years ago.
Fine wine investors will face delayed access to Bouchard wines as they will no longer be available EP, reduced availability due to the estate cutting négociant activities and production volumes, and a market shift as Bouchard focuses on estate-grown wines, potentially increasing quality and desirability.
Given the state of En Primeur, I’m not sure investors will mind the delay…
Barolo 2021 Vintage Report
Ahead of the Grandi Langhe,
& Federico Moccia released the Barolo del Comune 2021 Vintage Report.So how was 2021?
“If you love classic Barolo - wines with tension and muscles - you will adore this vintage, but be aware that, compared to its two siblings - the colder 2016 and the more balanced 2019 - this is a warmer spin-off.”
Which Comune Wins?
“For the second consecutive year, Monforte takes the crown as the overall best commune. Its classic traits of forest floor and mushroom with an austere palate remain, now enhanced by an ethereal layer - occasionally amplified where volatile acidity is slightly higher.”
Among Monforte producers, Domenico Clerico and Castello di Perno stand out. Thanks to their transparency, you’ll find a spreadsheet with their tasting notes in the full article.
UK Duty Increase – Effective 1st Feb
Commiserations to all UK-based fine wine collectors with bonded stock.
From 1st February, a new duty regime will base alcohol duty on ABV, leading to higher costs for most wines.

To lock in the lower duty rates, release your wine before 1st Feb.
Might be a good excuse to end Dry January a little early!
Read David Quinney’s excellent breakdown of the new duty rules.
Wine Market – Predictions for 2025 by Simon Farr
Simon Farr is, by any measurable standard, one of the most successful business figures in the wine industry. He has decades of experience in the wine industry, co-founding Bibendum in 1979 and later founding and serving as Chairman of Cru World Wine. He’s also involved with ventures like Wine Owners and Nebbia & Luce, and owns a vineyard in South Africa. His career has spanned wine distribution, trading, and collection management, shaping various aspects of the fine wine market.
In just 12 minutes, he sums up his outlook on the wine market for 2025.
Worth a watch.
A few points:
The wine market downturn is expected to continue through 2025.
Is there a ceiling on how much consumers will pay for a bottle of wine?
The cost of holding wine to maturity may have been underestimated, particularly in En Primeur pricing.
Structural shifts: Baby boomers, now in their 70s, won’t be financing En Primeur for wines they’ll drink in their 90s—so who will fund wine to maturity?
Younger generations may have more adventurous tastes, shifting demand away from traditional regions.
Marketplaces will increasingly play a key role in price discovery, and they are distinct from the notion of e-commerce.
This shift in price discovery could reshape the role of wine merchants, as price transparency has been the Achilles’ heel of the wine trade.
Brexit impact: Movixng and storing wine in the UK has become too costly and bureaucratic.
A positive POV
Amid all the negative press surrounding alcohol, I’ve found someone even more bullish than I am.
Well,
found him and interviewed him.His name is Noah Sanborn Friedman, and his VC firm, Top Shelf Ventures, invests exclusively in alcoholic beverages.
Worth a listen.
And Finally…
Happy Year of the Snake, from a snake myself!
Thanks for reading.
Sara Danese 🐍
One more thing…
Two polls in one email???! Yes, I am feeling extra today.
If you like this format and want to contribute, send me any articles or charts you find interesting at sara@inthemoodforwine.com.
Thanks again.
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