The fine wine market remained broadly flat throughout June, despite substantial falls in the equity markets, according to The Wine Investment Fund.

The main indices fell by 0.44 per cent on the Liv-ex Fine Wine 100 index and 0.12 per cent on the Liv-ex Investables index.

TWIF said buying interest generally concentrated on the 2000 vintage. Returns on the first growths were all closely bunched, with Latour just managing to break into positive territory. The others all showed a fall of around 0.5 per cent on the month. The top Right Bank wines fared better, with both Pétrus and Cheval Blanc rising by around 0.5 per cent, TWIF said.

Meanwhile, there were signs of a revival of the US market as the annual charity Auction Napa Valley raised $16.9 million, 61 per cent per cent more than the previous record set in 2005.

The threat of import duties on wine as a result of China increasing taxes as part of a wider trade dispute with the European Union also appear to have receded. 

Signals from India are also positive as federal import taxes could be cut more sharply than expected, and could be accompanied by moves to standardise state duties.

"Following the more than disappointing en primeur season which is now over, the overall impression is now of a market seeking direction. Demand remains reasonable, but participants have limited appetite for taking positions. This seems unlikely to change over the summer as the wine market enters its traditional seasonal lull," said TWIF.