🍾 The Fairs Begin

In this week’s DECORKED digest, we track the global trade show season as it kicks off across Europe, explore why fine wine is behaving more like property, and look at fresh momentum from emerging regions and varieties.

February 16, 2026

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Happy Monday! We hope you have a great week ahead. In this week’s DECORKED digest, we track the global trade show season as it kicks off across Europe, explore why fine wine is behaving more like property, and look at fresh momentum from emerging regions and varieties. Keep reading!

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Read the most important and interesting news this week.

đź“Ś New measures to protect and promote the EU’s wine sector READ HERE

📉 Direct wine shipments suffer their worst decline in history READ HERE

đź’ĄThe iconic Treasury Wine Estates takes a $650m loss READ HERE

🌟 Alcohol-free steals the spotlight at Wine Paris READ HERE

đź“ť Six wineries on the rise in 2026 READ HERE

🥂 Rhône’s bubbly future? READ HERE

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THE BIG THREE BEGIN

Wine’s international trade show season is in full swing, forming a strategic triangle between Paris, Düsseldorf and Verona, with a sustainability-focused stop in Bologna. Wine Paris is expanding its global footprint and Italian presence, ProWein is recalibrating amid softer market dynamics and rising competition, and Vinitaly is doubling down on international outreach, tourism and new segments from no-alcohol to spirits. Together, the fairs reflect a sector seeking visibility, buyers and new markets in a year that remains uncertain but highly active.

FINE WINE TRADES LIKE PROPERTY

A new report suggests fine wine no longer behaves like a traditional collectible, but more like a UK-anchored real asset shaped by liquidity, interest rates, credit conditions and currency movements. While prices once moved closely with global equities and emerging-market wealth, post-2011 dynamics show stronger links to money supply growth and sterling shifts, reflecting a more financialised and mature secondary market. Supporters see this as proof of wine’s role in diversified portfolios, though critics note its lack of income yield and unique liquidity profile. With macro signals mixed, the moment may favour selective buying over broad optimism.

EASTERN EUROPE STEPS FORWARD

Central and Eastern Europe is emerging as one of wine’s most compelling growth stories, blending centuries-old heritage with a new wave of quality-focused, export-minded producers. From Slovenia and Romania to Bulgaria and beyond, winemakers are championing indigenous varieties alongside international grapes, positioning their wines as distinctive, high-value alternatives to more established regions. While challenges remain around scale, visibility and distribution, rising interest from sommeliers, younger consumers and specialist importers is driving momentum. With sharper storytelling and continued investment in quality, the region is getting closer to a genuine global breakthrough.

THE NEXT TRADE BATTLE?

Tensions between China and the EU could escalate after a state-affiliated Chinese account signaled the possibility of anti-dumping investigations or retaliatory tariffs on EU wine and spirits. The warning follows a French strategy proposal suggesting a 30% tariff on Chinese imports or a major currency adjustment to counter low-cost goods. China has called the idea discriminatory and potentially in breach of WTO rules, framing it as a trade provocation. While no formal measures have been launched, the rhetoric has already unsettled markets, particularly in the cognac sector. With China representing roughly $700 million in EU wine exports in 2024, nearly half from France, the industry is watching closely for signs of a renewed trade dispute.

MERLOT RECLAIMS ITS GROUND

In Cabernet-dominated Napa Valley, Merlot is quietly rebuilding its reputation with a sharper focus on site and quality. While total plantings have declined and some growers remain cautious about broad demand, those committed to the grape argue that better vineyard selection and more precise winemaking are producing more structured, age-worthy wines. Cooler pockets of the valley are proving particularly well suited, and weaker sites have largely been removed, leaving a leaner, more focused category. With premium-priced Merlot showing signs of renewed interest, the future appears less about volume and more about positioning Merlot as a serious, terroir-driven alternative at the high end.

POLAND’S WINE COMEBACK

Once known mainly for vodka and lager, Poland is now experiencing a quiet wine renaissance. Since regulatory changes in 2008, more than 600 wineries have emerged, working with cold-resistant hybrids like Solaris alongside classic grapes such as Riesling and Pinot Noir. Production remains small, but Polish wines are gaining traction on UK restaurant lists, valued for their freshness and cool-climate precision. What was once a curiosity is fast becoming one of Europe’s most intriguing emerging wine scenes.

DEFYING THE DOWNTURN

While global wine consumption continues to decline, New Zealand Sauvignon Blanc is still growing. Over the past decade, it has posted a +3.6% CAGR, with especially strong gains in the US, now its largest market, and steady momentum in the UK, plus rapid expansion in markets like South Korea, have lifted exports and reinforced its premium positioning. In a shrinking category, it is still gaining share and anchoring New Zealand’s wine success.

NEW YORK BACKS CAB FRANC

Cabernet Franc is close to being named New York State’s official red grape, with producers pushing for legislative approval that could come within the year. Advocates say formal recognition would strengthen the state’s identity around a variety that delivers reliable yields, fresh, lower-alcohol styles and growing export appeal, even as policymakers balance wider agricultural interests.

Learn something new every week.

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WINE REGION OF THE WEEK: GOZO, MALTA

Gozo is a small Maltese island with its own DOK appellation for red, white and rosé wines, despite having only a handful of producers. Winemaking dates back to around 500BC, and most vineyards sit on the cooler, sheltered north coast. Both local and international grape varieties are permitted, with a wide range of wine styles allowed under the appellation rules.

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GRAPE OF THE WEEK: GIRGENTINA

Girgentina is a native white grape of Malta, likely linked to Sicily’s Inzolia, and one of the island’s two indigenous varieties. Today it is increasingly overshadowed by international grapes such as Chardonnay and Vermentino. The wines are typically light-bodied, low in alcohol and delicately floral, but often lack strong acidity. As a result, plantings have declined and only a few producers continue to bottle it in meaningful quantities.

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