Off the back of a tremulous March for global equities, April wasn’t just a semblance of calmness, but a full-fledged rally. The S&P 500 jumped 12.7% in April, followed closely by the FTSE 100 at 8% and the DAX at 7.7%. Market optimism was on the back of reports reinforcing the progress of countries in their efforts against Covid-19.
Fine wine prices maintained their indifference to global events – the Liv-ex Fine Wine 100 drifted just 0.30%. Price stability in April can be explained by the fact that just 23% of Liv-ex 100 prices moved more than ± 3% in the month, compared to over 50% in March.
The breadth of the market continued to expand in April. Distinct wines traded in the month were 9% more than in March – 30% more than in January. The average bottle price traded fell to £94 from £121 in March and £147 in January.
As we enter May, minds will doubtless begin to turn to the delayed 2019 Bordeaux campaign. An announcement of how the release will be handled is expected on 11th May. It is widely predicted to now take place in June or July. Critics are already calling it “a very good to excellent vintage” (Gavin Quinney at JancisRobinson.com) and with the excitement (or trepidation?) beginning to stir, a renewed interest in physical Bordeaux – the largest weighting of the Fine Wine 100 – might just emerge.