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

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
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