An upturn in prices in the second half of 2014 means the wine industry has reason to be cheerful, data from Liv-ex suggests. Despite a harsh three years, the Liv-ex Fine Wine 100 has risen for each of the past four months, while several sub-indices of the broader Fine Wine 1000 have demonstrated growth. The standout performer, driven largely by US wines, was the Rest of the World 50, which finished the year 2.8% ahead of where it was last December.

Market shares for regions beyond Bordeaux and Burgundy have also risen, with Italy and Rhone now accounting for 5.3% and 3.6% of the market respectively. The top performing wines this year have been California’s Dominus, whose 2004 vintage has risen 48% in the last year; Rhone’s Ermitage Pavillion 2011 by Chapoutier, showing growth of 41% in the same period; and Italy’s Tignanello 2008, which has increased in value by 28%. The rest of the top ten performers are French – four Bordeaux and one Champagne.

According to the Live-ex end of year report: "Increasing market shares for regions beyond Bordeaux points to a healthier, broader market.” "It remains to be seen whether breaking the cycle of the previous three years will lead to a longer term change in direction, but sentiment certainly feels a great deal more positive than it did going into 2014."