London June 2026 – Liv-ex, the global exchange for fine wine, market data and insight, last week released its En Primeur 2025 closing report, revealing a campaign defined by selective demand and intense competition from older vintages. While the 2025s struggled to compete with attractively priced 2019s and 2020s, historical comparisons suggest they may ultimately be judged more favourably than their initial reception indicates.
Cheval Blanc, Margaux, Lafite, Batailley Deemed Successful Releases
According to Liv-ex members, Cheval Blanc, Margaux, Lafite and Batailley were among the most successful releases of the 2025 En Primeur campaign. Cheval Blanc, Margaux and Lafite 2025 were each released at €280/btl ex-château (€336 ex-négociant), while Batailley 2025 was released at £289/12×75 ex-London.
Strong scores, stronger competition
Released at similar levels to the current Market Prices of the 2019s and 2020s, the 2025s faced stiff competition from these similarly-rated, established vintages that many buyers saw as better value. Although the campaign was disappointing, a stabilising market gives us reason to believe that, in two years time, when the 2025s reach shore, alternative vintages won’t be cheaper than they are now.
History May Yet Vindicate the 2025s
En Primeur 2014 offers a striking comparison with 2025. Both vintages followed years of ambitious pricing (2009, 2010; 2021, 2022) and came immediately after poorly rated, low-yielding vintages (2013; 2024). While 2014 pricing was heavily criticised at the time, the wines have since rewarded buyers, largely thanks to improving market conditions in subsequent years. With the benefit of hindsight, many would now view those release prices as an opportunity rather than a mistake. The same may one day be said of the 2025s.
Sophia Gilmour, Market Analyst, provides expert commentary:
“This is not the first time a seemingly critical campaign has been met with tepid sales. With the wisdom of hindsight, we can look back at campaigns such as EP 2014 — once considered disappointing — and recognise that those prices may well have been sensible. There are indicators that this may too, one day, be the case for EP 2025.“
