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 12x75; the 2005 was released at over three times this price, at £4,000.
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 12x75. As shown in the chart below, it has barely moved in price since 2007 – offering good value for any potential buyers.