Since the 2005 vintage, high
release prices for Cheval Blanc have prevented its wines from subsequently rising
in price. The story is similar for fellow LVMH-owned brand Yquem. The 2004 was
released at £1,175 per 12×75; the 2005 was released at over three times this price,
This means that recent Yquem vintages have fallen in price
since release, irrespective of quality. The 2006, with scores in the high 90s
(and 19/20 from Jancis Robinson) has dropped 70%.
Yet this recent overpricing makes older vintages look appealing.
The 1990, with scores of 98 and 99, has traded several times on Liv-ex this
week for £2,710 per 12×75. As shown in the chart below, it has barely moved in
price since 2007 – offering good value for any potential buyers.