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Fine Wine Report Q1 2021 Fine Wine Report Q1 2021

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Fine Wine Report Q1 2021 Fine Wine Report Q1 2021 FINE WINE REPORT Q1 2021 FINE WINE REPORT Q1 2021 STATEMENT FROM THE CEO DANIEL CARNIO, CEO & CO-FOUNDER A YEAR TO REMEMBER The past year has had an unprecedented impact on our lives, our businesses, and the global economy as a whole, affecting every one of us to some degree. As I write this, many companies still face challenging trading conditions. The wine industry in particular has endured reduced demand in key markets due to the wholesale closure of on-trade customers for much of the last 12 months. Sadly, the old cliché that one person’s problem is another’s opportunity still rings true. Signifi- cant volatility in traditional asset classes such as the stock market and FX have encouraged investors to embrace alternative assets like wine. This surge in interest has enabled Oeno to expand greatly over the past year even despite the strict restrictions on global travel. We now have an established presence in the German, Span- ish and U.S. markets as well as growing numbers of investors in Portugal and other European countries. T +44 (0) 207 846 3366 | E [email protected] | W www.oenofuture.com | A Level 30, The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB This is not intended to constitute financial advice. Investors are urged to seek independent professional advice when considering an investment. Investing places your capital at risk and the value of investments is variable. Unless it is guaranteed, it can go down as well as up. Past performance is not a reliable indicator of future results. Tax rules and allowances depend on your circumstances and may change. FINE WINE REPORT Q1 2021 Our distribution arm, Oenotrade, has also opened a number of new accounts despite the closures affecting the hospitality sector. The wine team in particular is working hard to sup- port our clients as they prepare to re-open through measures like our consignment service. This allows restaurants to offer an excellent fine wine selection with minimal upfront capital requirement since payment is due only after the bottle is sold. In March the team also hosted our virtual event, #OenoAtHome, which allowed top somme- liers and wine critics to taste through a selection of our trade wines. This included labels from our exclusive agencies Boerl & Kroff and Liber Pater. We have also been hard at work sourcing one-of-a-kind large format bottles like the 30 litre Boerl & Kroff 1995 Champagne which was even featured on Sky News in March 2021. The lockdown here in the UK has also given us time to focus on our most ambitious project yet, OenoHouse, our wine boutique and bar in the Royal Exchange. I know I’m not alone in saying I can’t wait to share a glass of wine with you there later this year! T +44 (0) 207 846 3366 | E [email protected] | W www.oenofuture.com | A Level 30, The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB This is not intended to constitute financial advice. Investors are urged to seek independent professional advice when considering an investment. Investing places your capital at risk and the value of investments is variable. Unless it is guaranteed, it can go down as well as up. Past performance is not a reliable indicator of future results. Tax rules and allowances depend on your circumstances and may change. FINE WINE REPORT Q1 2021 FINE WINE MARKET PERFORMANCE Q1 2021 DANIEL WALKER, HEAD OF INVESTMENT OVERVIEW With many analysts predicting a strong bounce back in the second half of this year, now is a good moment to take stock of the current market situation and consider how the next few quarters are likely to unfold. The broadening of the fine wine market in the years prior to 2020 had already placed the market in a strong position to weather the intense volatility seen during the pandemic. At the start of 2021 confidence was high across the globe thanks to the planned rollout of vaccination programmes buoying hopes for an end to the pandemic. Positive COVID-19 vaccine news in the final months of 2020 had markets looking to 2021 with optimism — and hope for a return to something more “normal.” T +44 (0) 207 846 3366 | E [email protected] | W www.oenofuture.com | A Level 30, The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB This is not intended to constitute financial advice. Investors are urged to seek independent professional advice when considering an investment. Investing places your capital at risk and the value of investments is variable. Unless it is guaranteed, it can go down as well as up. Past performance is not a reliable indicator of future results. Tax rules and allowances depend on your circumstances and may change. FINE WINE REPORT Q1 2021 LIV-EX TOP PERFORMERS VS FTSE 100 Those who choose to invest in wine in 2020 can congratulate themselves on an excellent de- cision. According to the Liv-ex 100 and the Liv-ex 1000 indices, last year fine wine outper- formed the FTSE 100, Hang Seng, and Germany’s DAX. As seen in the graph above, many of Liv-ex’s top performers dramatically outperformed the FTSE 100 year-on-year. Here at Oeno we were proud to deliver an average 12.4% return on our managed client accounts over the course of 2020. This is conclusive proof of the market’s robustness and resilience even during the most severe global challenges. All Liv-ex indices have increased over 25% over the past 5 years and are up over 5% on the past 12 months. The most recent year-to-date figures are showing gains of between 0.39% to 1.40%, indicating that growth continues into 2021. T +44 (0) 207 846 3366 | E [email protected] | W www.oenofuture.com | A Level 30, The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB This is not intended to constitute financial advice. Investors are urged to seek independent professional advice when considering an investment. Investing places your capital at risk and the value of investments is variable. Unless it is guaranteed, it can go down as well as up. Past performance is not a reliable indicator of future results. Tax rules and allowances depend on your circumstances and may change. FINE WINE REPORT Q1 2021 MAJOR INDICES In the most active February on record, the Liv-ex Fine Wine 1000 closed up 0.62%, while the same index is up 5.26% year-on-year. February 2021 marked its sixth consecutive month of gains, giving strong confidence that the market is showing sustained growth. In yet another sign of how the market has bounced back over the past year, trade by value was almost double that of February 2020. TRENDS > MORE INVESTMENT OPPORTUNITIES: BROADENING AND LIQUIDITY The ‘Rest of the World 60 Index’ has seen a near 200% year-on-year growth in value of its bids with Rhone and Champagne showing notable rises as well Australia, Germany and Spain all performing well. FINE WINE REPORT Q1 2021 REGIONAL TRADE SHARE BY VALUE This diversification trend is also helping Rhone, which has jumped by 2.3% year-to-date. The region’s acclaimed recent vintages have generated increased trading activity. T +44 (0) 207 846 3366 | E [email protected] | W www.oenofuture.com | A Level 30, The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB This is not intended to constitute financial advice. Investors are urged to seek independent professional advice when considering an investment. Investing places your capital at risk and the value of investments is variable. Unless it is guaranteed, it can go down as well as up. Past performance is not a reliable indicator of future results. Tax rules and allowances depend on your circumstances and may change. FINE WINE REPORT Q1 2021 > CONTINUED VI-1 UNCERTAINTY The continued uncertainty surrounding VI-1 certification forms for European wines is mak- ing for a speculative market. Although their introduction has been pushed back to 1 July 2021 rather than being implemented from 1 January, they still have the potential to put enormous financial burdens on the UK trade and render the market unviable for smaller European pro- ducers. > EU-US TARIFF AGREEMENTS News of the recent trade truce between the United States and European Union has reinvigo- rated transatlantic trade. Bids from US merchants rose sharply as a result and have been cen- tred around Bordeaux, Burgundy, Champagne and Rhone wines. The tariffs have had a singu- lar effect on the fine wine market over the last 18 months, not least for Italy and Champagne whose wines were excluded from the extra 25% levy. REGIONAL PERFORMANCE So far 2021 has seen Burgundy return to strong growth of 3.41% while Champagne continues to do well with 2.55% growth. Italy is the only region to slip back with a modest decline of -1.18%. Buyers now seem to be returning to the region following a period of price consolidation. T +44 (0) 207 846 3366 | E [email protected] | W www.oenofuture.com | A Level 30, The Leadenhall Building, 122 Leadenhall Street, London, EC3V 4AB This is not intended to constitute financial advice. Investors are urged to seek independent professional advice when considering an investment. Investing places your capital at risk and the value of investments is variable. Unless it is guaranteed, it can go down as well as up. Past performance is not a reliable indicator of future results. Tax rules and allowances depend on your circumstances and may change. FINE WINE REPORT Q1 2021 BURGUNDY REMAINS STRONG Looking back over the past five years, the Burgundy 150 outperformed the rest of the market with increases of 86.67%.
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