• Spain has a long and diverse history on the secondary market masked under a low trade share 
  • Vega Sicilia is Spain’s leading brand on the secondary market 
  • A Pedro Ximénez is the most traded Spanish wine by value in 2021  

It was announced last week that the first Spanish wine to be released through La Place de Bordeaux is coming this September – Telmo Rodriguez’s “YJAR” 2017.  

The historic distribution network has widened its offerings beyond Bordeaux and put the spotlight on other fine wine regions, a contributing factor to increased secondary market activity. Is Spain heading in the same direction? 

Spain’s secondary market

Spain has a long history on the secondary market, despite largely avoiding the limelight. 

The first trade for Spanish wine was in 2002, when a case of Vega Sicilia Unico 1987 changed hands. Wines from Castilla y Leon, Andalucia, Catalonia, Castilla La Mancha, the Balearic Islands, Murcia and Rioja have traded since, with the number of distinct wines seeing activity rising 1,250% between 2010-2020 – albeit from a small base.  

During this time, Spain has accounted for an average trade share by value in the Rest of the World (RoW) category of 12%. So far in 2021, it has taken 9% of the RoW’s trade share by value, and just 0.9% of the total market.  

Leading Spanish labels

Vega Sicilia has cemented its place as the leading Spanish label. It ranked 12th in the 2020 Power 100, a list of the most powerful fine wine brands in the world, and Vega Sicilia Unico fell in the 2nd tier of the Liv-ex Classification 2019, which sorts the wines of the world on the basis of price. (The updated Liv-ex Classification 2021 will be published next week). 

Wines from Dominio de Pingus, the famous Ribera del Duero producer, have also actively traded on the secondary market.  

fortified wine from Montilla-Moriles, Toro Albala Don Pedro Ximenez Gran Reserva is the second most-traded Spanish label historically, however.  

Most traded Spanish wines in 2021

Toro Albala Don PX 1946 has led Spain’s trade by value so far this year.  

Wine Spectator’s Wine of the Year 2020, however, is a close second. Marques de Murrieta Castillo Ygay Gran Reserva Especial 2010 has seen sustained demand and its Market Price has risen 27% since release. Various Vega Sicilia Unico vintages have been in demand too.