Liv-ex members are expecting the fine wine market to rise further in 2017, according to the results of a survey conducted in February.

On average, respondents expect the industry benchmark Liv-ex 100 index to increase by 7.8% this year to close on 320.6. This would represent a second year of strong gains for the market.

So far, the index is has edged up by 1.7% after posting gains in both January and February.

The vast majority of respondents expect the index to move upwards. 89% of those surveyed predicted that the index will rise; just 9% think it will fall. A small handful expect it to run completely flat.

The most optimistic respondent expects gains of 31%; the most pessimistic predicts a drop of 15.9%.

In 2016, members underestimated price rises for the year. Their average prediction was for gains of 5.4%. The reality was an increase of 24.8%.

Liv-ex members represent the largest pool of professional fine wine traders in the world. Its 440-strong member base is estimated to account for 95% of fine wine turnover globally.