The Liv-ex fine wine indices began to move in a positive direction in the second half of 2014. This movement picked up pace last month with January seeing all of the major Liv-ex indices rise: the Liv-ex 100 rose by 1.9%, its largest monthly increase for two years while the Liv-ex 50 rose by 1.8%. Yet, previous years have started optimistically before declining in the latter three quarters and closing in the red. Is this another false start or the beginning of a more permanent change in direction?

Of the wines of the Bordeaux 500 index, 10% have seen prices increases of more than 10% since July 2014. Additionally, 30% are up by at least 5%, while 60% are in positive territory overall. The chart below shows the 20 best performing wines from the Bordeaux 500. A collector holding these would be up by at least 15% in just seven months: a bull market in any other context.

Haut Bailly 2009 – upgraded to 100 points by Robert Parker in November – is the top performer, rising 62.4% since July. Six of the top 20 performers are from the 2005 vintage which has recently seen a turn in fortune following a number of upgrades from Parker towards the end of last year and recent reviews from Neal Martin and Jancis Robinson.

Over the coming week, we will dig deeper into the Bordeaux 500. Which vintages and which brands are leading the charge?