Window Shopping

London's status as the wine world's shop window is under threat. But a clear successor is far from obvious.

Choc a bloc with merchants and auction houses while lacking a domestic industry of its own, 20th-century London was undeniably the world's premier destination for the buying and selling of fine wine. It was a city where producers could reach international buyers; where brands were made; where merchants built markets for unfamiliar regions, and, crucially, where prices were set. Yet in the wake of Brexit, rising global competition, and shifting patterns of wealth, London's global standing as the world's shop window - and investor powerhouse - is increasingly under threat.

According to Sophia Gilmour, Market Analyst at Liv-ex: "If we think of price discovery instead from the angle of 'which buyers are most aggressive', there's a discernible shift in UK buyer patterns. UK buyers historically consistently accounted for over half of buyer-triggered purchasing (by value). This figure has fallen to 30%, broadly level with the EU and US."

In other words, she observes, UK buyers are no longer the most aggressive players in the market as "they now face global competition."

However, Gilmour adds an important qualification. While the UK's share of total buying has fallen significantly, UK investors remain a key driver of benchmark prices for Liv-ex indices.

"When we look at benchmark pricing for the Liv-ex indices in each region, UK buyers do tend to set the market. In short, the UK remains key for price discovery, but buyers do now face competition from aggressive price setters internationally; the same is true for UK sellers."

London nonetheless retains some formidable advantages. Its concentration of brokers, auction houses, specialist importers and bonded warehouses has been built over generations; according to Sotheby's latest figures, its European sales (led by France/UK) reached $56.7m in 2025. Meanwhile, the UK remains one of the world's largest wine-importing markets, with wine imports worth almost £4bn in 2024. And while Brexit has undoubtedly complicated the picture – customs formalities and the loss of frictionless access to the EU have made some aspects of trade more cumbersome – it would be spurious to argue that Brexit alone has dethroned London.

Multi-polar world

At the same time, London's competitors are circling. According to Sotheby's, its US sales reached $37.3m and Asia $33.5m in 2025. Notably, for the second consecutive year, New York overtook Hong Kong as Sotheby's number-one wine centre.



Yet at first glance, Asia's economic powerhouse is a more obvious candidate for succession. Its zero wine duty, introduced in 2008, created an extraordinarily favourable environment for fine wine. Merchant houses and collectors flocked there, while its proximity to mainland China appeared to offer an endless growth story.

However, insiders paint a rather more nuanced picture. John Chan, former sommelier at the Mandarin Oriental Landmark and founder of import business Somms In Da Hood, observes that "merchants are gathering in Hong Kong and looking for business opportunities in the Far East."

But he adds: "The city has not seen much growth in the post-Covid context. It seems that many potential investors and collectors are no longer based in HK; and even those who are, spend far fewer days there than before."

Chan continues: "As mainland Chinese purchasing power has weakened, the pull effect now relies more heavily on the local HK wine market. The local market is even harder to predict. Trends run in cycles, and the cycles are short. Unlike in London, where the scope is much broader and merchants can focus on a specific region, the HK market nowadays offers a very wide spectrum but without necessarily going very deep."

In addition, notes Chan, momentum has slowed as changing economic conditions in mainland China have inevitably altered the city's sphere of influence.

"Sales from China are declining, as international merchants are going direct to China, instead of using HK as a middleman," he reveals.

"Most of the buyers are not purchasing for immediate drinking, as most of them already have large collections built up. Prices have become very competitive, and even some wine merchants are leaving due to insufficient margins. But in the long run, this indicates healthy growth. HK does not need so many wine merchants."



Fine wine and fragmentation

The picture that emerges is less one of complete dethroning and more one of fragmentation of power. In the 1900s, London stood at the centre of the global trade, with the rest of the wine world looking in. Today, London still helps establish prices; however, New York attracts more capital-rich buyers, while mainland China is increasingly dealing directly with producers and merchants, despite an overall decline in purchasing power.

Indeed, the Liv-ex H1 2026 Wine Market Report shows US collectors in a bullish mood, while European and Asian participation continues to expand. In one recent week in 2026, American buyers accounted for 41.5% of Liv-ex purchase value – a striking indication of how far the centre of gravity has shifted.

Voilà! London's importance has diminished. Its share of global buying power is lower, its domestic market is shrinking - as are many markets - and its position is continually being challenged by the rise of wealth and wine consumption elsewhere. It is no longer the wine world's undisputed centre of gravity or its sole shop window. Instead, it is part of a growing ensemble cast.