Talking Trade: Bordeaux 2014 active, Petrus climbs higher

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Bordeaux activity has improved this week with the region taking a healthy 80.9% of trade. The most active Bordeaux wines were the 2014s. The vintage took a larger proportion of Bordeaux market share than the ‘great’ vintages of 2010, 2005 and 2009. Interest in the 2014s has been building since the vintage started to become physical. Adding to this, critics have recently started to release their in-bottle scores.

Regional

The Fine Wine 50 dipped lower this week, down 0.3%. However, First Growth trade was higher at 17.7%, but still remains low in historical terms.

After a number of strong weeks for Burgundy, the region dropped back to 6.4% this week, close to its average for last year. Activity for Champagne increased, boosted by Salon Mesnil 2004, Pol Roger Sir Winston Churchill 2002 and Louis Roederer Cristal 2007.

Value

Overall, the top two wines traded by value were 100-point (RP) Cheval Blanc 2005 and 98-point (RP) Lafite Rothschild 2010. The rest of the top five were all Bordeaux 2014s. Mouton Rothschild 2014 has received critical acclaim with James Molesworth (96), James Suckling (99), Antonio Galloni (97) and Neal Martin (94-96) all rating the wine highly.

Likewise, Cheval Blanc 2014 has received high scores. James Molesworth scored it 97 points in-bottle and said it has “notes of Lapsang souchong tea, smoldering cigar and cold charcoal wafting up from the core of dense yet supple currant, fig and blackberry preserves.” Neal Martin said it is “a formidable Cheval Blanc” and awarded it 95-97 points in-barrel.

Volume

Bordeaux 2014 was also prominent among the top wines traded by volume. Ducru Beaucaillou 2014 was awarded 99 points by James Suckling and described as “Complex. Full-bodied, yet agile and complete.” One of the top-scoring wines from Bordeaux 2015 was also active. Canon 2015 (98-100, NM) is now up 86.9% from its release price of £750 per 12×75.

100-point Petrus 2010 traded at an all-time high of £29,450 this week. It is up 33.5% over the last year. Robert Parker said it is an “awesome Petrus”.

Petrus 2010

Looking for weekend reading? This week, Liv-ex published two blogs on Bordeaux 2007- Ten years on: Left Bank 2007 and Ten years on: Second Wines 2007. It also looked at recent in-bottle critic scores for Bordeaux 2014 – Bordeaux 2014: scores in bottle.


 

Talking Trade: Burgundy solid, Haut Brion rising

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Activity for Bordeaux was higher at 69.7%, up from a low level last week of 42.6%. However, Bordeaux’s share of the market remains weak in historical terms. The Fine Wine 50 was up, closing Thursday at 341.11 (+0.6%) below the five-year high of 347.08.

Regional

First Growth trade was also low at 15.3%. Lafite Rothschild was the most active, taking a 33% share of the Bordeaux Premier Crus. The most active Bordeaux wines were from the “great” years – 2009 ,2005 and 2010. The 2014 remained active and Lagrange St Julien 2014 was among the top five wines traded by volume. Neal Martin awarded it 87-89 points and said it “needs to pull its socks up by the time of bottling.”

Trade for Burgundy was lower compared to last week, but remains solid against its average of 7.9% for last year. The region has recently received a boost from hype surrounding the 2015 En Primeur campaign.

Value

All of the top five wines traded by value this week were from Bordeaux. 100-point Montrose 2010 was top and traded at £1,985 per 12×75, below its all-time high of £2,049 it hit in January. It is now available at a 14.2% discount to its 100-point 2009 sibling.

Volume

The top wines traded by volume were from Italy, Bordeaux and the Rhone. Guigal Condrieu 2015 was described by Jeb Dunnuck of The Wine Advocate as “a blockbuster” and “a rich, unctuous, thrillingly textured beauty.” He awarded it 95 points.

95-point Haut Brion 2003 traded at an all-time high of £3,550 this week. It is up 42% over the last year. Robert Parker said it is a wine of “both power and finesse.”

HB 03


 

 

Talking Trade: A big week for Burgundy

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The Fine Wine 50 gained 0.6% over the last week, closing Thursday at 339.10. However, Bordeaux activity slowed with the region taking just 42.6% of trade by value, well below January’s average share. All of the key Liv-ex indices were firmer in January. The Liv-ex 100 – the industry leading benchmark – closed the month 1.25% higher, while the Liv-ex 1000 – the broadest measure of the market – was up 0.5%.

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It was a solid week for Burgundy. Maison Leroy Bourgogne Rouge 2015 and Maison Leroy Bourgogne Blanc 2015 were the top wines traded by value and volume. 2014 was the most traded Burgundy vintage, followed by 2015 and 2010. Champagne, Italy and the Rhone also saw an increase in trade.

value

First Growth trade was lower, but there was continued activity for Lafite Rothschild 2014. The wine was in the top wines traded by value and traded at a fresh high of £4,134 per 12×75. A number of other Bordeaux 2014s traded this week. They included Margaux, Pichon Baron, Calon Segur and Clerc Milon.

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94-point Calon Segur 2009 traded at an all-time high of £800 this week. It is up 30% over the last year and has been described by Neal Martin as an “excellent Saint Estephe.”

Calon Segur 2009

Looking for weekend reading? This week, Liv-ex published blogs on the monthly close of the Liv-ex 1000 and Liv-ex 100 indices.. You can also read a spotlight on Italian Super Tuscan producer Tignanello.


 

Talking Trade: Bordeaux bounces back, 2014 in focus

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Bordeaux activity picked up this week with the region taking 68.7% of trade by value. Overall, trade by value was higher, but trade by volume edged lower as buyers focused on high value brands. The Fine Wine 50 dipped (-0.1%), closing Thursday at 336.92.

Regional

Bordeaux’s bounce back included a number of 2014s with Lafite 2014 (WA 94-96) and Cheval Blanc 2014 (WA 95-97) among the top wines traded by value. Cheval Blanc is one of the top-scoring wines of the vintage.

High-scoring Montrose 2014 (WA 95-97) also found the bid. It was released above expectations at £850 per 12×75 – making it the fourth most expensive vintage on the market at the time. The wine is now up 8% and last traded at £914.

Value

It was also a busy week for Burgundy with DRC Tache 2006 and DRC Echezeaux 2012 trading. Italian, Altesino Brunello Montalcino 2010 was the top wine traded by volume for the second consecutive week.

Volume

Lynch Bages 2009 traded at just £58 under its all-time high of £1,338 it hit in 2012. It was awarded 98 points by Robert Parker and is up 37.6% over the last year.

Lynch

Looking for weekend reading? This week, Liv-ex published two blogs on the broadening of the fine wine market – A more diverse market: the regional view and The long tail: fine wine market broadens. You can also read about Perfect Pavie 2009 hits new high.


 

Talking Trade: Italy and the USA lead the way

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While trade by value declined this week, the overall volume traded increased as buyers focused on more accessibly priced wines. It was another slow week for Bordeaux: the region took a low 56.4% of trade by value. The Fine Wine 50 also dipped slightly (-0.2%), closing Thursday at 337.10.

Despite this, First Growth trade share increased to 17.1% by value. Overall, Haut Brion was the most active, but Lafite Rothschild 2015 was the top individual wine traded.

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It was a busy week for wines from a number of Italian regions.  Altesino Brunello Montalcino 2010, Renato Ratti Barolo Marcenasco 2011 and Sassicaia 2013 were all among the top wines traded.

The USA also saw a solid week, with its trade share at 6.2%. The acclaimed 2012s, which have been compared to Bordeaux 2009 and 2010 in terms of quality, proved popular. 100-point Screaming Eagle 2012 was among the top wines traded by value. Verite Joie 2012 and Verite Desir 2012 also found the bid.

value

Mouton Rothschild 2002 traded at £3,925 per 12×75 this week, just £25 below its previous all-time high of £3,950. Its latest trade price represents an increase of 36.5% on the beginning of the year.

mouton

Looking for weekend reading? This week, Liv-ex published a second blog on Lafite –  Quantifying Lafite’s brand value. You can also view blogs on the Liv-ex members’ survey Fine wine merchants underestimate price rises in 2016 and read about Burgundy – highest risers.


Talking Trade: Bordeaux slows, Burgundy rises

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The Fine Wine 50 Index saw renewed momentum this week with Sterling dropping to a 31-year low against the Dollar. The index increased 0.5%, closing Thursday at 337.73. Trade by value and volume was up, but it was not a strong week for Bordeaux with the region’s trade share at 59.1%.

Regional

Meanwhile, this week saw the Burgundy 2015 En Primeur tastings kick-off in London with early consensus suggesting the vintage will be very good. Jancis Robinson said “the 2015 reds are seriously impressive – though for those paying in pounds they will also be seriously expensive.”

Activity for Burgundy was solid on the market. The region saw a mix of young and old vintages trade with Dominique Laurent Chambertin Vv 2006, Armand Rousseau Chambertin 2014, and high-value DRC Romanee Conti 1996 all finding the bid. Neal Martin has awarded DRC Romanee Conti 1996 a score of 99-100 and said it was “perfectly balanced.”

It was also a strong week for Champagne. Salon, Mesnil 2002 was the top wine traded by value and Verve Clicquot, Yellow Label NV was in the top five wines traded by volume. Other Champagnes that traded this week included Moet & Chandon, Dom Perignon 2006 and Louis Roederer, Cristal 2006.

Value

The value and volume tables were mixed this week with wines from Champagne, Bordeaux, Italy and Burgundy all finding the bid. San Guido Guidalberto 2014 was top by volume. Antonio Galloni said the wine, “doesn’t have the richness or overtness of most years, but it makes up for that with its understated, silky personality.” He scored it 88 points.

Volume

95-point Pichon Baron 2008 hit at an all-time high of £890 per 12×75 this week. This is 2.3% above its previous high of £870 it struck in July 2011 during the China-led boom. Robert Parker said the wine was “gorgeous” and “well-proportioned”, upgrading it from its original barrel score of 92-94 points.

Pichon Baron

Looking for weekend reading? This week, Liv-ex published a blog on Lafite’s premium. You can also view a Spotlight on Beychevelle and read about Vine’s 1,000,000th case.


 

Talking Trade: Montrose and Mouton lead the way

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Trade by value and volume increased this week with Bordeaux activity remaining solid. The region took 76.4% of the market, but First Growth trade was lower at 19.2%. In December, Bordeaux’s monthly market share was at its lowest for the year at 66.1%.

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Champagne’s share of trade was weaker at 0.7% after a strong month in December in the lead up to the festive break. Trade for the ‘Others’ was up at 6.6% with the USA representing 3.4%. Dominus 2010, Screaming Eagle 2012 and Opus One 2013 all found the bid.

value

Bordeaux dominated the value table this month with high-scoring 99-point Mouton Rothschild and 98+ point Leoville-Las Cases all active. Carruades Lafite 2014 also continued to see activity.

100-point Montrose 2010 was the top traded wine by value and hit at an all-time high of £1,990 per 12×75. It is still available at a 6.9% discount to its 100-point 2009 sibling, but looks to be bridging the gap.

montrose

The top five price risers from the Liv-ex 1000 in 2016 were split across a number of regions. Pape Clement 2009 received 100 points from Robert Parker in the Hedonist’s Gazette in April, a week after he officially announced his retirement from tasting Bordeaux. He had previously awarded the wine 95 points.

top-risers

Looking for weekend reading? This week, Liv-ex published its January Cellar Watch report. You can also view the closing levels for the Liv-ex 100 and Liv-ex 1000.


 

Talking Trade: Latour and Pavie see new highs

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Trade dipped this week by both value and volume as merchants began to slow down ahead of the Christmas break. However, the Liv-ex Fine Wine 50 held steady, closing Thursday at 334.80. Bordeaux activity bounced back, with the region accounting for 77.7% by value. Champagne pulled back after seeing high activity last week.

share-of-trade

First Growth activity also edged up this week, representing 23.5% of trade. Latour was the most active, followed by Mouton and Lafite. Latour 2000 was the second most traded wine by value and traded at its highest level since February 2014.

latour-2000

Pavie 2009, the fifth most active wine by value this week, traded at an all-time high of £3,070 per 12×75. Robert Parker said “this wine feels almost as if you could lose your palate in it” and awarded it 100-points. Pavie’s controversial 2003 vintage also traded at an all-time high recently.

trade-by-value

pavie-09

Looking for weekend reading? This week, Liv-ex published the top ten traded wines of 2016 and had a look at Pape Clement, one of the top-performing Bordeaux wines this year.


Talking Trade: Champagne and the USA lead the way

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Market activity remains solid, with trade by value and volume up on the previous week. The Liv-ex Fine Wine 50 rose 0.1%, closing Thursday at 334.71. Bordeaux trade is lower at 60.7%, but Champagne and the USA have seen an increase in activity.

regional

Despite the drop for Bordeaux, the First Growths were more active on the previous week and represented 17.6% of the market. Lafite Rothschild was the most active, followed by Mouton Rothschild and Haut Brion.

It was another strong week for Champagne with the festive season seeing a pick-up in demand. Salon, Mesnil 2004 and Pol Roger, Sir Winston Churchill 2004 were amongst the top wines traded by value and volume. Louis Roederer, Cristal 2007 was also active.

The ‘Others’ category was boosted by the USA, with Screaming Eagle 2013 finding the bid. Dominus 2011, Dominus 2009 and Opus One 2011 also traded. Robert Parker originally gave Screaming Eagle 2013 a barrel score of 98-100, but awarded the wine a score of 97+ in bottle. He said it was “full-bodied, rich, but perfectly balanced” and “another terrific example of this iconic estate”.

value

Carruades Lafite 2014 was active again this week and was among the top wines traded by value and volume. Talbot 2014 also saw activity. Both wines have recently started to become physical.

volume

Beychevelle 2011 traded at an all-time high this week of £632 per 12×75. The wine received a score of 87 points from Parker who said it was “well-balanced with excellent equilibrium and lots of dusty, loamy soil notes interwoven with black cherry and plummy fruit”.

beychevelle_2011

Looking for weekend reading? This week, Liv-ex published the eleventh edition of the Power 100 – the annual list of the most powerful brands in the fine wine market. You can also view the brands’ ranks according to price performance. In other news, Vega Sicilia, Unico 2005 has been released. See price analysis here.


 

Talking Trade: Pichon rises and a strong week for Champagne

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Bordeaux activity was down this week to 66.1%, but the Fine Wine 50 was stable, closing Thursday on 334.23 (+0.1%). Trade for the First Growths was particularly low, with the wines only taking 14.3% share of trade. However, Champagne activity climbed to 7.1% and Italy and Burgundy both saw an increase in trade.

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Sauternes and Champagne dominated trade. Yquem 2009 was the third most traded wine by value. Neal Martin awarded the wine 100 points and described it as “a star that will blaze brightly and undimmed for many years”. Salon, Mesnil 2002 and Krug 2002 also featured in the top ten.

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Pichon Lalande 2010 saw a flurry of activity this week and traded at its highest value for five years. The wine has seen a sharp price increase since the beginning of the year and was the top traded wine by value this week.

pichon-lalande-2010

top-5-share-of-trade-by-volume

Looking for weekend reading? This week, Liv-ex published the first Spotlight on Haut Brion, the December 2016 Cellar Watch Market Report and the second part of our interview with Giovanni Geddes da Filicaja, CEO of Masseto and Ornellaia.