(Decanter) - Optimism has given way to foreboding on the fine wine market as a new report shows falling prices for top Burgundy and Bordeaux in 2019.

New figures from Liv-ex show declines of between 3% and 7% across several indices tracking prices of top Burgundy and Bordeaux in the first 11 months of 2019, in sterling currency.

The main Liv-ex 100 index also fell by 2.5%  over the same period, said the group in its 2019 fine wine market review. However, in US and Hong Kong dollar terms, the Liv-ex 100 was up by around 1%.

Liv-ex doesn’t represent the entire secondary market, but its figures suggest collectors have become more cautious.