The Tignanello index – which tracks prices for the ten most recent physical vintages – increased by 27.1% in 2016. Over a one year period, it remains the strongest of the Super Tuscan indices. However, so far this year the Tignanello index has slumped while its peers have continued to make gains.

Tignanello generally offers attractively lower prices relative to other major Super Tuscans. Its highest priced recent vintages, the 2004 and 2006 – £1,094 and £1,518 per 12×75 respectively – are priced at around the same level as Sassicaia’s low and mid-priced vintages. However, it appears that buyers previously hunting Tignanello value may now be looking elsewhere.

Of the last ten physical vintages, the 2005 has fallen the most so far this year, down 15.5%. It is closely followed by Tignanello 2004, down 15.3% over the same period. The 2008 has bucked the trend by gaining 13.6%.

Italy’s share of trade by value dipped in 2016 (6.1%), but has bounced back this year and was at 6.5% in February. Sassicaia 2012 and 2013, and Altesino, Brunello Montalcino 2012 were the most active Italian wines last month.

A version of this report was originally sent to Liv-ex members in an email update last week.