May in fine wine is like the IPL finals week - everything stops and everyone watches Bordeaux. Each year the newest Bordeaux vintage goes on sale as "En Primeur" - futures bought before the wine is even bottled. The quality of the vintage, the critics' scores, and the release price determine whether it becomes a market catalyst or a missed opportunity. In 2026, the Bordeaux 2025 vintage is not just good. The critics are calling it one of the great vintages of a generation - compared to 2010, and in Pauillac to the legendary 1982, 1959, and 1953. That is not marketing language. That is what the world's leading wine critics are saying independently and unanimously.

But before we get to the 2025 story, let me walk you through what the broader market did in April 2026 — because there is a lot happening in every region that your portfolio needs to know about.

Section 01

The Big Picture: Trade Is Up, Buyers Are Back, Indices Are Rising

The headline number from April 2026 is this: trade volume on Liv-ex was up 22.6% year-on-year. That means significantly more bottles changed hands in April 2026 than in April 2025. And the value traded was up 6% on the same month last year. More buyers, higher prices, more confidence. All pointing in the same direction.

The US buyer return deserves special attention. Their trade share hit 26.2% in April and rose further to 30% in the week of 8-14 May-nearing the pre-tariff levels of early 2025 before the April 2025 shock. For context: US participation bottomed at 16.5% in Q2 2025 after Trump's tariff announcement froze North American trade. The recovery from that low has been steady and is now accelerating.

Section 02

Where Every Pound of Trade Went in April 2026

Bordeaux's dominance at 34.7% is directly linked to the En Primeur campaign putting a spotlight on back vintages. When new wines are released and critics write about the 2025 vintage, collectors rush to also buy mature Bordeaux alongside it. In May that figure rose further to 37.9%. The legendary 2009 vintage led demand-Petrus 2009 was the second most traded wine by value on Liv-ex mid-May, with its price recovering from the 2020 low of £29,268 to £35,928 per case -back to 2018 peak levels.

Section 03

The Five Most Traded Wines in April: What Buyers Were Actually Paying

All prices: Liv-ex.com, 30.04.2026. Illustrative of actual market transactions — not retail estimates.

Three Tuscan wines in the top five is not a coincidence. Tuscany has been the most consistent fine wine region through the entire market correction of 2022-2025. Half of the eight most traded investment wines across all regions in April were Super Tuscans. When you see Sassicaia appearing at both £1,970 (2019) and £3,200 (2016) in the same month's top five - that £1,230 gap between a seven-year-old and a ten-year-old bottle of the same wine is the ageing premium in action.

Section 04

Region by Region: Who Won, Who Held, and Who Dipped

Section 05

The Wines That Delivered: Real Returns With Real Numbers

Burgundy — The Month's Star Performer

Bonneau du Martray Corton Charlemagne 2013 has now delivered 148.2% over five years. Let me make that tangible for you.

And this is not the only wine crossing the 100% mark. Two more Leflaive wines also crossed the double-in-value threshold over five years. Three wines doubling in one region is not luck. It is the consistent result of world-class producers, limited supply, and a buyer base that keeps growing.

Italy — Tuscany Dominates Again

Where Did Rhone Slip — And Should You Be Worried?

The Rhone 100 index slipped -0.5% in April. On paper that looks like a warning sign. It is not. Here is what actually happened: the entire market's attention swung to Bordeaux, Burgundy, and Champagne in April because of the En Primeur campaign. Trade share for Rhone fell to 1.5% - not because buyers stopped wanting these wines, but because they were temporarily occupied elsewhere.

Section 06

The Champagne Story Nobody Is Talking About: A 38% Discount

Armand de Brignac's Ace of Spades NV - Jay-Z and LVMH's famous Champagne -hit its lowest trade price since 2015 in early May. It was trading at 38% below its peak price. The report specifically calls this out as an example of opportunities still available in the market. US buyers noticed and moved first.

This is precisely what patient investors look for: a premium, globally recognised asset temporarily priced below its historical norm. Cristal Rosé 2012 has already risen 19.2% year-to-date. Dom Perignon 2015 is up 11.2%. The index held flat at 0% for the month - which belies, as the report notes, the genuine underlying demand that is building.

Section 07 — The Big Story

Bordeaux 2025: One of the Great Vintages of a Generation

The Release Prices: What the Chateaux Are Charging

Release prices sourced from Vin-X May 2026 Report. Illustrative of current En Primeur campaign — prices subject to change as more estates release. Not financial advice.

Highest quality. Lowest supply since 1991. This is the setup that has historically produced the finest long-term investment returns in Bordeaux.

Section 08

What All of This Means for You

The May 2026 report is the most positive I have analysed since this series began. Trade is up. Buyers are back. The En Primeur campaign has produced a genuine generational vintage in 2025. And multiple regions are offering specific, identifiable entry points at attractive prices. This is not a moment to be passive about a fine wine portfolio. The data is telling you something. The question is whether you are listening.

Happy Investing!