Improved sentiment has boosted the total value of bids on the Liv-ex Exchange. The ratio of bids to offers tends to fall during periods of market stress, as can be seen from the chart below. In the last few weeks, confidence has returned and the value of bids on the exchange has doubled. As a result, the ratio has climbed from a three-year low in December to its highest level since August 2011. Does this, along with the Liv-ex Fine Wine 50's recent breakout, confirm a change in trend?

Bids vs offers