Bucking the trend: Pavie and Angelus 2012

In sharp contrast to the other Bordeaux 2012s, Pavie and
Angelus have today released well above their 2011 ex-negociant prices and above
the market price of many earlier vintages. Both came out at €180 per bottle
ex-negociant.  

Due to their promotion
last September, the chateaux’s 2012s were expected to be more expensive than last
year’s wines. Yet not everyone foresaw an increase of this size – in our En Primeur
survey
Liv-ex members predicted, on average, that Pavie 2012 would be
released at €120.4 per bottle ex-negociant. This would have been a 6% increase
on 2011, as opposed to the actual increase of 58%.

As shown below, the 2012s are more expensive than the
chateaux’s 2006, 2007, 2008 and 2011 vintages. Since the upgrade, prices for Pavie
have on average risen 23%, and those for Angelus have risen 25%. The chateaux
have released as high as they dare. And with bids on Liv-ex already ranging
from £1,500-£1,600 per 12×75, or €146-€156 a bottle, it seems that buyers
are willing to pay more for the 2012 – just not quite as much as the release
price. 

Pavie_and_Angelus2012

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