I first want to start off by thanking God for making it out of 2025. We might not have achieved and succeeded in all of the goals we set for ourselves, but we made it through another year and we are grateful for God's grace. So from a personal level, this year has not been a great year, it was a year filled with stagnation, grief, and self-sabotage, but I would like to quote a Bible verse to encourage anyone who had a similar year as me, whether in business or in life in general. Isaiah 43:18-19: "Forget the former things, do not dwell in the past. See, I am doing a new thing; now it springs up, do you not perceive it? I am making a way in the desert." This verse encourages me to not dwell on what was but to walk in the new promises God has made for us individually and as a business, so let's be encouraged in this end of year for what is to come and learn from our previous mistakes.
You will never be forgotten.
This year we lost our co-founder Jared Murphy, who was the best partner a guy could ever ask for—a man filled with vision, selflessness, a kind man full of love and a good heart, and a man who believed in living a life of doing good and living a life fulfilling your God-given purpose. I can attest that Jared spent his last days doing just that. You will forever be in our hearts, my friend.
Wine market end-of-year review
After a steep 2020–22 boom, fine-wine indices have largely stabilized. Key benchmarks (Liv-ex Fine Wine 100, 1000, etc.) are modestly down on the year (generally 4–9% YTD), but the pace of decline has slowed or even reversed in late 2025.
In particular, the broad Liv-ex 1000 index has retraced to roughly its pre-pandemic level after its 2020–22 peak. Traders report volumes rising even as prices ease, total trade is up ~6–12% YoY while the average price per bottle is down ~7%. This combination of higher liquidity and subdued pricing is typical of a market "quietly resetting" after a correction.
In summary, fine wine in 2025 is adjusting to a post-boom reality. Major indices have pulled back from late-2022 highs, but late-year data suggest the market may be nearing a trough. Blue-chip regions (Bordeaux, Burgundy, Champagne, Italy) have all corrected, yet remain near their long-term trendlines, offering entry points for buyers focusing on quality. Auction sales and trade volumes are rising again, led by the US and returning Asian demand. Amid global macro uncertainty, wine's unique supply profile (finite, aging inventory) and low correlation to equities continue to underpin its appeal as an alternative asset.
We just want to thank everyone who has been part of our journey in any capacity, and we will definitely come back stronger next year on all fronts, producing better content, more wine data and reports (meaning more transparency), and working our butts off to democratize fine wine to the mass market.
Merry Christmas and a happy New Year to all!