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Liv-ex 50: 304.05 (0.36%) | Liv-ex 100: 259.71 (2.12%) | Liv-ex 1000: 264.35 (3.35%)

So far, there has been little let up. The LX50 now stands 6% higher than it did one month ago. However, Sterling is at the same level it touched the week after the Brexit vote, suggesting either a delayed (and on-going) reaction to the currency reset or a market in a rather bullish mood. As many of you have reported, there was a surge in activity in the days that followed the June 23rd vote.

Three weeks ago Liv-ex saw its highest weekly trade by value in three years, but things has been slowing since. What has not slowed is the activity of members as measured by the value of LIVE bids and offers. This number stands today at a new record of £34.5m.

The number of active markets (wines with a bid or offer on them) has reached 6,500 while the number of spreads (wines with a bid and offer on them) is at 1,300. But, and there is a but, spreads seem to be widening.

The average spread on the LX50 (First Growths) is currently 5.42%. One month ago it was 4.42%.

There can be little doubting the vigour that has been injected into the market post Brexit, but widening spreads suggest that sellers are raising their prices faster than buyers are raising their bids. And that may be cause for pause.

Liv-ex 50 (6 months)

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