After first falling below the 300 level on July 6th, the Liv-ex Fine Wine 50 has been near-flat for seven weeks. Its post-bank holiday level is 297.87, up 2.21 points (0.75%) on last Friday.  

Although the index has remained relatively static, it has resolutely failed to climb back above 300. There are some positive market signals, however. If we run the Liv-ex Fine Wine 50 against the ratio of  Bids to Offers on the Liv-ex exchange, we can see that the weight of Bids has been steadily climbing throughout the summer. Historically, a high Bid-Offer ratio has been a feature of a rising market.

With the market still stuck firmly in the summer doldrums, however, it would be unwise to read too much into these numbers. Indeed, a similar spike in March proved only a brief respite. As we mentioned in our last post, we will need to wait until trading kicks off again in September for market's true trajectory to become apparent.