Diversity has been a constant theme this month. Demand has spread to all corners of the market, lifting the volume of transactions on Liv-ex from a seven-month low in December to its second-highest level to date. Only October 2010 – when Lafite revealed that its 2008 vintage would feature a Chinese figure eight – overshadowed January in volume terms. Year on year, the number of transactions on the exchange is up 23 per cent.
The number of active markets on Liv-ex (i.e. wines that have both bids and offers placed against them) has also risen dramatically, while bid-offer spreads have tightened. These recent trends all underscore the secondary market's rapid development.