This week the value of bids on the Liv-ex exchange increased by £1 million, pushing the bid/offer ratio to 0.46, the highest it’s been since March. Typically, a ratio of 0.5 or above is the point at which prices begin to lift. Meanwhile, as the chart above shows, the Liv-ex 50 has now held steady for a month. Positive signs?
There was solid trade for the Bordeaux First Growths, whose share of total trade reached 46% (up from 35% last week). Lafite’s market share continues to grow – following its record low of 4% in June, this week it accounted for 22% by value. Three Lafite vintages are in our top 5 value traded table, although – as shown by our blog on the 2000 vintage earlier this week – this does not equate to price rises. Janasse CNDP 2011 is once again in our top traded by volume table, and a special mention should be given to Port, which accounted for a market share of 1.2% thanks to trade for the premium (and rare) Quinta do Noval, Nacional2011, released last year.
This week we saw a surge in bids for Cos d’Estournel 2003. In July, Robert Parker wrote on the bulletin board of his site that he had bought some of this “fabulous wine.” With a new review of Bordeaux 2003 due from The Wine Advocate at the end of this month – along with Parker’s first scores for 2013 – are buyers anticipating an elevation in Cos D’Estournel’s score?