Friday, 12 December, 2025
The Drinks Business, James Bayley
Fine wine tiptoed out of its longest downturn in more than a decade in 2025, helped by returning US demand and a quiet resurgence in Champagne and Tuscany. Following the release of the company’s annual report, WineCap CEO Alexander Westgarth spoke to db about tariff clarity and projections for 2026.
WineCap’s CEO Alexander Westgarth described 2025 as a year in which the market flinched, steadied itself, then regained its poise with surprising alacrity. He said, “What surprised me the most was the speed of the rebound once tariff clarity emerged. The initial shock of the proposed 200% US tariffs naturally created hesitation in the market as Champagne was hit particularly hard in H1. But as soon as the final 15% rate was announced in July, buyers returned quickly, especially to regions that suffered the most early on. Moreover, in a year defined by volatility, the depth of demand for mature vintages stood out.”
This was borne out across WineCap’s A year in review report, which described 2025 as a period of stabilisation after three years of attrition. As per the report, fine wine remained the most popular collectible and a top alternative asset, even as tariff threats and subdued sentiment muted activity in the first half of the year. According to WineCap, Q3 2025 delivered the first positive quarter since 2022, while Champagne, Tuscany, California and parts of Bordeaux began to reappear on investors’ radar after prolonged declines.
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