When the market moved up in November 2012 it was driven by price rises for the ‘lesser’ vintages of the First Growths. As shown above, their outperformance has continued; in extremis there is a 10% gap between the 2004 and 2007 vintages and the 2003 and 2008 (considered better years). The rise of the lesser vintages is due, in part, to them being considered good value (or having less downside) in the first place: when the market is under stress, merchants are more likely to offload expensive vintages and seek value elsewhere.
Of the individual brands Mouton is clearly the wine of the moment, rising nearly 11% in a year. Meanwhile Lafite – once the market’s darling – is showing just a 2.4% rise over the same period.