The Liv-ex Fine Wine 50 index, which is calculated in Sterling, levelled off in July 2014 after falling from its June 2011 peak. It has seen strong upward momentum since November 2015, rising 19.9%. Yet as can be seen from the chart above, the performance of the Fine Wine 50 is very different when viewed in other currencies.
In Japanese Yen and Euro terms, the index also stabilised two years ago. In US Dollar terms, however, the Fine Wine 50 continued to fall until recently and is down 8.6% over the last two years.
When viewed in Japanese Yen, the index has fallen 19.5% since its peak in August 2015, but remains above the low it hit in August 2012. Since Brexit, the index has fallen in all currencies apart from Sterling, where the weaker currency has boosted trade with a number of wines recently registering all-time highs.