Cellar Watch March 2017 Market Report released

Fine wine market report - January 2016The Cellar Watch March Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • Market holds steady
  • Ausone returns
  • Neal Martin on Mouton Rothschild
  • Right Bank movers
  • Final thought: Opus One

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You can download page one – with charts and data – here, or read the text below:

Market holds steady

Trade this month was down on January both by value and volume. The bid:offer ratio has also edged lower to 1.22 from 1.60. However, active markets stood at 6,613 at the end of February, up from 6,232 one month ago. All of the key Liv-ex indices have continued to firm over the last month, and the Fine Wine 100 has now risen for an unprecedented fifteen months.

Bordeaux quality leads

The top five most traded wines in February were all ‘First Growths’ of the Left and Right Bank. Lafite Rothschild was the most traded, accounting for 11.6% of market activity by value. Latour (3.2%) and Mouton Rothschild (7.6%) were also active. Petrus and Cheval Blanc represented 4.3% and 3.7% of trade respectively. The most active Bordeaux vintages were 2010, 2005 and 2014.

Room for Burgundy

Bordeaux activity was up from last month but remained low in historical terms, taking 68.6% of trade by value. Burgundy slipped slightly, but was still solid at 14.2%. Italy saw trade by value increase from 6% to 6.5% last month. Altesino, Brunello Montalcino 2012, Sassicaia 2012 and Sassicaia 2013 were the most active Italian wines.

Indices continue higher

February was another solid month for the Liv-ex indices. The Liv-ex 1000 closed the month at 303 after reaching record highs for seven consecutive months. It is up 21.6% over the past year. The Rest of the World 50 and the Italy 100 were the only indices that drifted. The Champagne 50 made the largest gains last month among the Liv-ex 1000 sub-indices, up 1.8%.

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Cellar Watch February 2017 Market Report released

Fine wine market report - January 2016The Cellar Watch February Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • Market on the move
  • Neal Martin on Bordeaux 1986
  • Mixed monthly movers
  • Fine wine risk vs. return
  • Final thought: Bordeaux 2014

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You can download page one – with charts and data – here, or read the text below:

Market on the move

Trade by both value and volume was up this month. A number of wines traded at all-time highs, including 100-point Pavie 2009 and 95-point Pichon Baron 2008. As the trade continue to show high levels of engagement, the number of active markets—wines with both a bid and offer on the Exchange— increased to 6,232 from 5,597. Most of the Liv-ex indices were firmer this month.

Bordeaux slows

Bordeaux got off to a slow start this year with the region accounting for just 61.6% of trade by value compared to its 74.7% average in 2016. Instead, the spotlight this month was on Burgundy which took a solid 18.4%, well above its 7.9% average in 2016. Italy accounted for 6.0%, the Rhone 2.5% and the USA 2.6% with Screaming Eagle and Dominus taking the lion’s share.

Lafite leads

Bordeaux 2014 saw good activity in January: it was the second most traded Bordeaux year after the great 2009 and ahead of 2010. Overall, Lafite Rothschild (10.8%) was the most traded wine by value. Mouton Rothschild (5.4%) and Burgundy’s Ponsot Clos Roche Vv (4.2%) also saw high levels of activity last month.

Indices push higher

The Liv-ex 1000 gained 0.5% in January with all of the sub-indices rising apart from the Bordeaux Legends 50 (-0.9%). The strongest performers among the sub-indices were the Italy 100 and Champagne 50 which saw renewed strength after posting small declines the previous month.

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Cellar Watch January 2017 Market Report released

Fine wine market report - January 2016The Cellar Watch January Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • Burgundy’s back
  • Vintage variation
  • Tignanello rising
  • Jancis Robinson on 2002 Champagne
  • Final thought: The year that was – 2016

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You can download page one – with charts and data – here, or read the text below:

All-time high trades

Trade this month was down on November by both value and volume as the market slowed down for Christmas. Despite the December lull, trading activity remained higher than in 2015 and the indices closed in a strong position moving into the new year. A number of wines traded at all-time highs this month, including Beychevelle 2011 and controversial Pavie 2003.

Burgundy’s back

Regional share of trade for Burgundy bounced back, having fallen behind either Italy or Champagne each month since August. The region accounted for 10.1% by value, compared to 7.3% in November. Champagne and the USA also rose this month, boosted by high value trades for Salon, Mesnil and Screaming Eagle. Bordeaux dipped from 73.7% to a below average 66.1%.

Vintage variation

Lafite Rothschild was once again the most traded wine this month, accounting for 5.7% of market activity by value. Mouton Rothschild (5.0%) and Carruades Lafite (4.7%) followed. Two of the top Bordeaux years—2010 and 2009—were the most traded vintages. The recent 2013 vintage followed close behind, thanks in part to high volumes of trade for Leoville Poyferre 2013.

A year of index highs

The Liv-ex 1000 gained 1.1% to close December at another all-time high of 299.8. Among the sub-indices, the Burgundy 150 was the strongest performer of 2016 after gaining 2.6% in December to close the year at 317.4. The Liv-ex 100 saw modest gains, edging up 0.4%. The Champagne 50 (-0.9%) and the Italy 100 (-0.2%), recorded small declines this month.

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Cellar Watch December 2016 Market Report released

Fine wine market report - January 2016The Cellar Watch December Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • November gains
  • Liv-ex 100 – at its highest level in five years
  • Rhone 2015: Jancis vs. Jeb
  • Italian strength
  • Final thought: Sauternes

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You can download page one – with charts and data – here, or read the text below:

November gains

Trade this month was down on October by both value and volume, but still high compared to 2015. The pace of the market appears to be slowing slightly and there seems to be no set pattern in movers. Overall the market strength appears robust, (market is up despite Sterling strength) but as we head towards 2017, it remains to be seen whether the long period of sustained rises will continue.

Lafite leads

Lafite Rothschild was the most traded wine this month. It accounted for 9.5% of market activity followed by Carruades Lafite (8.2%) and Mouton Rothschild (7.0%). 2013, 2010 and 2014 were the most traded vintages. 2009 and 2012 were also active. Carruades Lafite 2014 saw high levels of trade activity by both value and volume, as the stock became physically available.

Italian strength

After a quiet October for the region, activity for Italy picked up in November: it accounted for 8.7% of trade by value compared to 3.9% the previous month. Leading the charge were Sassicaia, it’s second wine Guidalberto and Altesino, Brunello Montalcino. Trade for Burgundy took a steady 7.5%, while Bordeaux dipped slightly this month from 76.2% to 73.1%.

Index records

November was another strong month for the Liv-ex indices. The Liv-ex 1000 has now reached record highs for four consecutive months, closing at 296.6. The Champagne 50 and the Burgundy 150 were the biggest movers of the sub-indices, up 3.9% and 2.5% respectively. The Liv-ex 100 increased for the twelfth consecutive month, closing at 296.1. It is currently at its highest level in five years.

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Cellar Watch November 2016 Market Report released

Fine wine market report - January 2016The Cellar Watch November Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • October rises
  • Liv-ex 1000 – another record high
  • Bordeaux 2013: Martin Vs. Parker
  • Champagne bubbling
  • Final thought: Targeting Burgundy value

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You can download page one – with charts and data – here, or read the text below:

October rises

October was an active month, with trade on the market up over 10% by both value and volume. With a weaker Sterling, the secondary market continues to see increased buying from Euro and Dollar-based merchants. Buyers appear to have switched their attention from the First Growths to the more accessibly priced seconds and thirds.

Bordeaux 2009

The most traded Bordeaux vintage by value was 2009 – by some length. It accounted for almost a fifth of all Bordeaux activity. The acclaimed ‘10 and ‘05 vintages followed further behind. Mouton Rothschild was the most traded wine, followed by Petrus and Lafite Rothschild. Outside of the First Growths, Pape Clement and Angelus saw high levels of activity.

Champagne bubbling

Champagne continued to see good levels of activity, taking 8.3% of trade by value with Krug and Salon Mesnil leading the way. After a slow September, Burgundy saw an increase this month, as its trade share doubled to 6.4%. Despite a number of new releases the Rhone accounted for a low 1.5% of activity. Italy took 3.9%; wines from ‘other’ regions took 3.8%.

Another record high for Liv-ex 1000

October was another solid month for the Liv-ex indices. The Liv-ex 1000 index hit another record high for the third month, closing at 293.58. The Italy 100 and Champagne 50 were the biggest movers of the sub-indices, up 5.08% and 3.65% respectively. The Liv-ex 100 increased for the eleventh consecutive month, up 3.6%. It closed at 291.36 and is up 22.3% year-to-date.

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Cellar Watch October 2016 Market Report released

Fine wine market report - January 2016The Cellar Watch October Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • Strong September
  • Liv-ex 1000 still rising
  • Neal Martin on Figeac
  • Champagne sparkles
  • Final thought: California dreamin’

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You can download page one – with charts and data – here, or read the text below:

Strong September

It was another strong month for the fine wine market. Trade by value increased 9.2% on the previous month. The bid:offer ratio closed the month at 1.65 and the total exposure of the market rose to £39.8 million. The Liv-ex indices all firmed and a number of wines hit record highs. Haut Brion 2012 traded at a record £3,092 and continues to be well bid.

First Growth activity

Lafite was the most traded wine this month. It accounted for 7.4% of market activity, followed by Haut Brion (5.9%) and Mouton Rothschild (5.4%). The “great” 2009, 2005 and 2010 Bordeaux were the most traded vintages. 2003 and 2012 were also active. Of the 2003s, Haut Brion was the most active. It last traded at £3,240 in September — up 29.5% from the end of last year.

Champagne gets its fizz back

Champagne took its largest share of trade by value this year at 9.6%. In last month’s report it was observed that the Champagne market had improved recently. The Liv-ex Champagne 50 index has now hit four consecutive highs, climbing 8.7% since May. Activity for Bordeaux was lower at 70.5%, while Burgundy was higher at 8.6%. Italy recorded its lowest month of trade this year at 4.2%.

Liv-ex 1000 still rising

September was a solid month for the Liv-ex indices. The Liv-ex 1000 index hit another record high, closing at 285.30. The Rest of the World 50 and Champagne 50 were the biggest movers of the sub-indices, up 3.1% and 3.0% respectively. The Liv-ex 100 increased for the tenth consecutive month, up 1.6%. It closed at 281.23 and now sits 23% below is peak of June 2011.

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Cellar Watch September 2016 Market Report released

Fine wine market report - January 2016The Cellar Watch September Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • August: heating up
  • All-time high for Liv-ex 1000
  • Lafite Rothschild 2013: top performer
  • Robert Parker on Bordeaux 1982
  • Final thought: Champagne—sparkling

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You can download page one – with charts and data – here, or read the text below:

August: heating up

August is typically a quiet month for the fine wine market. This year activity did not slow down: a weakened Sterling offered opportunities for Euro and Dollar-based buyers, and trade by value increased by 30% on August 2015. The Liv-ex indices continued to climb, and the bid:offer ratio closed the month at 1.76, up from 1.51 at the end of July.

Bordeaux rising

After a quiet July for the region, activity for Bordeaux picked up in August: it accounted for 75.1% of trade by value compared to 69.5% the previous month. Burgundy took a steady 7.3% boosted by activity for top wines including Armand Rousseau, DRC, and Leroy. Champagne accounted for 4.9% of activity, while Italy took 5.8%.

Bordeaux greats

The four “great” Bordeaux vintages of this century were the most traded in August, collectively accounting for 44.5% of Bordeaux activity by value. 2010—with 17.5%—took the top spot, followed by 2005 (10.1%), 2009 (8.6%) and 2000 (8.4%). Lafite Rothschild 2010 was the most traded individual wine overall.

All-time high for Liv-ex 1000

August was another strong month for the fine wine indices. The Liv-ex 1000 index hit an all-time high, closing the month on 281.62. The Bordeaux and Burgundy sub-indices moved the most, with the Bordeaux 500 and Burgundy 150 both up 3%. The Liv-ex 100—up 2.9%—increased for the ninth consecutive month, its longest streak of positive movements since 2009.

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Cellar Watch August 2016 Market Report released

Fine wine market report - January 2016The Cellar Watch August Market Report has been released.

Containing all the latest Liv-ex research and analysis, the full issue includes:

  • Strong momentum
  • Record month for “Others”
  • Bordeaux quality in focus
  • Keep on rising
  • Final thought: The Rhone, A North-South divide

To access the full report, please log in or subscribe to Cellar Watch.

You can download page one – with charts and data – here, or read the text below:

Strong momentum

It has been a strong month for the fine wine market. The Exchange remained active with exposure — the total value of firm bids and offers — reaching a new record level. The number of active markets also struck a new record. A number of wines have also hit record highs.

Record month for “others”

It was a record month for the “Others” category at 8.2% of trade by value. Bordeaux was lower at 69.5% while Burgundy took 8.4%. Champagne took 6.6% and Italy took 4.4%. The Rhone equalled its 2016 record at 2.9%.

Bordeaux quality in focus

The “great” 2005, 2009 and 2010 Bordeaux were the most traded vintages in July followed by the 2008 and 2012s. Of the 2012s, Margaux  hit a fresh high of £3,240 and represented 8.6% of all 2012 trade, with Mouton Rothschild 2012 and Haut Brion 2012 close behind at 8.3% and 7.6% respectively.

Keep on rising

All of the major Liv-ex indices continued to firm in July. The Liv-ex 50 gained the most — up 5.4% — while the Liv-ex 100 increased 3.6% and the Liv-ex 1000 moved up 3.4%. The Liv-ex 100 has now increased for eight consecutive months. The Bordeaux 500 was up 3.8%.

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Cellar Watch July 2016 Market Report Released

Fine wine market report - January 2016The Cellar Watch July Market Report has been released. As well as offering a summary of the past month’s market activity, the report contains a special three-page overview of the Bordeaux 2015 campaign for Pro and Premium Cellar Watch subscribers. This is an abridged version of an extended report that will be circulated to Liv-ex’s merchant members this afternoon.

This month’s full issue includes:

  • From Bordeaux to Brexit
  • Brand buying
  • Edging up: Bordeaux 2012
  • Antonio Galloni on Salon
  • Extended final thought: Bordeaux 2015 – hunting for value

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You can download page one – with charts and data – here, or read the text below:

From Bordeaux to Brexit

June saw the conclusion of this year’s Bordeaux En Primeur campaign with the release of Cheval Blanc 2015 on Tuesday 21st. Days later, the UK’s decision to leave the EU was declared and immediately stole the news headlines. The resulting collapse in the value of Sterling led to a surge in dollar-based buying. This had a marked impact on fine wine index levels.

Bordeaux back

Activity for Bordeaux rose in June: trade for the region accounted for 75.2% by value compared to a low 66.6% the previous month. Burgundy (9.2%) and Italy (7.7%) sustained levels seen in May, with the latter boosted by Sassicaia and San Guido, Guidalberto 2013. Sixteen other regions including Lebanon and South Africa traded in small quantities.

2012 action

Bordeaux 2012 stole the show in June: it was the most traded vintage, accounting for 14.8% of Bordeaux activity by value. The 2011 took 9.3%, pushing the acclaimed 2005 (9.1%), 2009 (8.4%) and 2010 (7.9%) further down the table. The recently released 2015 vintage accounted for 5.8%, with wines including Lafite Rothschild and Pavie finding a market.

Lucky number seven

While the Liv-ex 100 Index rose for the seventh month in a row in June, the Liv-ex 1000 reached its highest level in almost five years. All of the sub-indices closed the month in positive territory. The Burgundy 150 (+5.2%) gained the most, while the Bordeaux Legends 50 (4.4%) also made strides. The Bordeaux 500 Index edged up 3%, and the Liv-ex 50, tracking First Growth prices, increased 2.5%.

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Cellar Watch June 2016 Market Report released

Fine wine market report - January 2016The Cellar Watch June Market Report has been released. Containing all the latest Liv-ex research and analysis, the full issue includes:

  • Broadening out
  • Six months of gains
  • Liv-ex 100 month on month
  • Neal Martin on Bordeaux 2006
  • Final thought: Value in the back vintages

To access the full report, please log in or subscribe to Cellar Watch. The report will be available to download from Cellar Watch next week. Pro and Premium subscribers will have already received it via email.

You can download page one – with charts and data – here, or read the text below:

2015 focus

With the Bordeaux 2015 campaign gathering pace and distracting the trade in May, the value of secondary market activity dipped by a fifth on the previous month. The bid:offer ratio touched a new high of 1.76 towards the beginning of May but had pulled back to 1.1 by month end. With the campaign continuing to unfold into June, market sentiment remains in the balance.

Broadening out

Bordeaux took a devilishly low 66.6% of trade by value in May as activity broadened across other regions. Burgundy remained the second most traded, accounting for 10.6% while Champagne and Italy took 8.2% and 8% respectively. “Other” regions accounted for 5.3% boosted by activity for the USA’s Screaming Eagle. The Rhone took a meagre 1.3%.

Bordeaux greats

The four ‘great’ vintages of the century—2000, 2005, 2009 and 2010—dominated Bordeaux trade in May, collectively accounting for nearly half of activity for the region. 2009, taking 19.3%, traded most while Petrus was the most active wine. Outside of the First Growths, Pontet Canet and Pavie also found the bid.

Six months of gains

The Liv-ex 100 Index gained 0.6% in May, marking its sixth month of consecutive rises—the first time it has seen such a streak since March 2011. It also bucked the trend of recent years by rising in the midst of an En Primeur campaign. The last time it did this was in May 2010. The Liv-ex 50 and 1000 gained 0.5% and 0.4% respectively, while the Bordeaux 500 dipped 0.2%.

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