Talking Trade – Big names at the top

This week trade by value was flat whilst trade by volume climbed 17%. Bordeaux’s share remained fairly constant, but Burgundy’s share dipped back to more usual levels as interest in other regions returned. Champagne increased to 6.5%, while the US accounted for 3.3%, boosted by activity for Screaming Eagle and Opus One. The Fine Wine 50 continues to edge higher – up 0.2% this week.

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Lafite 2010: Still off-peak

Big names dominated the top of the trade by value table for a further week. Lafite 2010 was the second most traded wine by value. Its last trade was 48% lower than at peak, around the time that it was released. This is in stark contrast to the some other vintages featured in a blog post this week.

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Volume traders

Dom Perignon 2006 saw significant activity this week. It was the top traded wine by volume and third by value. There was also a lot of activity across vintages of Beychevelle, which comprised a total 5.9% of trade by volume, beaten only by Lafite and Mouton.

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Talking Trade: Bordeaux and Burgundy focus

Trade by both value and volume dipped this week. The market turned its focus to Bordeaux and Burgundy which collectively accounted for nearly 95% of trade by value. Activity for all other regions was reduced. The Fine Wine 50 index edged higher – up 0.6%. It is currently less than 1% below its 5-year high in March 2012.

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Blue chip traders

The Bordeaux First Growths took an increased 31.4% of trade by value this week. While Lafite was the most traded of the Premier Cru overall, two Mouton Rothschild vintages feature in the ‘top by value’ table.

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Latour release – “Mixed reaction”

Absent from the table was Latour 2005. On Tuesday, 3,000 cases of the wine were released from the Chateau at £7,800, a 14.7% premium to Market Price. Previously, ex-Chateau releases from Bordeaux have triggered activity for lower-priced cases in the secondary market. This week, Liv-ex saw Latour 2005 trade at £7,000 per 12×75. This follows a handful of trades the previous week at £6,700.

The Drinks Business reported a “mixed reaction” to the Latour release, suggesting that sales were “apparently very strong in places and merely reasonable in others.”

Bordeaux 2014 – coming soon

Neal Martin’s report on Bordeaux 2014 in bottle is expected at the end of this month. This week, a handful of wines from the vintage traded including Pavillon Rouge, which was the most active by volume, and Montrose which has seen a flurry of trades recently.

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Also in the news

Also in the headlines this week was Laurent Ponsot’s decision to leave the family’s estate in Burgundy to establish his own winery in the region. Liv-ex published a short article looking back at the performances of Ponsot Clos Roche Vv vintages over the past year. The Liv-ex Blog also published an update on the Super Tuscan indices, highlighting a recent drop for Tignanello.


Talking Trade: Bordeaux steady, Lynch Bages takes charge

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Activity for Bordeaux was steady at 66.8% this week, but its share of the market by value continues to be low in historical terms. This week Latour announced that it would release its 2005 grand vin later this month. As always, there is market speculation surrounding its ex-chateau release price.

In general, the First Growths have continued to see prices rise. The Fine Wine 50 closed Thursday higher at 341.39 (+0.5%), edging closer to its five-year high of 347.08.

Regional

It was another busy week for Italy and Champagne. The two Montalcino 2012s (Altesino and Argiano) featured again. Poggio San Polo Brunello Montalcino 2010 was also active. The most traded Italian vintages were the 2014, 2012 and 2010s.

Trade for Burgundy was much lower this week and dipped below its average of 7.9% for 2016. The region has seen a strong start to 2017, registering 18.4% and 14.2% of trade by value in January and February respectively. DRC Tache 2012 and DRC Echezeaux 2013 both featured in the top wines from Burgundy this week, alongside Prieure Roch Nuits Saint Georges Clos Corvees 2013.

Value

The top wines traded by value were from Bordeaux and Champagne. Angelus 2011 was top and traded at an all-time high of £2,285 per 12×75. According to Robert Parker, the wine is “supple and sexy with lots of blueberry and black raspberry fruit intermixed with liquorice, barbecue smoke and camphor.” He awarded it 94 points.

Latour 1996 was also active. It is a wine that has divided critics at The Wine Advocate. Parker awarded it 99 points calling it a “spectacular Latour.” It “continues to perplex” Neal Martin who awarded it 95 points.

Lynch Bages 2008

93-point Lynch Bages 2008 hit an all-time high of £1,013 this week. It is up 23.4% year-on-year, and 9.8% on its previous trade price of £923.

Lynch

Looking for weekend reading? This week, Liv-ex published two blogs on the forthcoming Latour 2005 releaseLatour 2005: ‘Fair Value’ among the back vintages and Latour 2005: a chequered past. Liv-ex also published the merchant prediction results from its survey Fine wine merchants bullish in 2017 – survey results.


 

 

Talking Trade: Champagne and Italy activity, Lafite hits fresh high

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Trade by value and volume was up this week, driven by activity for low value, high volume wines. The Fine Wine 50 was flat, closing Thursday at 339.76. Bordeaux activity slowed and was below February’s average share. Most other regions saw activity increase.

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Italy was boosted by two Brunello Montalcino 2012s: Altesino and Argiano. A number of Super Tuscans – Sassicaia, Ornellaia and Tignanello – were also active. Sassicaia was the most traded with the 2013, 2010 and 2009 vintages all finding the bid. Sassicaia 2010 traded at £1,372 per 12×75 this week, just under its all-time high of £1,374 in August 2016.

Activity for Champagne was driven by Salon Mesnil 2004, Louis Roederer Cristal 2009 and Krug Vintage Brut 2002. Antonio Galloni has awarded 97+ points to Salon Mesnil 2004, calling it “bright, tense and crystalline.”

Volume

The top five wines traded by volume were from Bordeaux, Italy and Burgundy. Prieure Roch Nuits Saint Georges Clos Corvees 2013 and Altesino Brunello Montalcino 2012 were also among the top wines traded by value.

Top viewed

Last month, the top three traded Bordeaux vintages were 2010, 2005 and 2014. The most viewed individual wines pages were all First Growths or high-scoring Bordeaux, as shown in the table below.

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Lafite high

90-point Lafite Rothschild 2013 hit an all-time high of £4,000 this week. It is up 25.5% year-on-year. Robert Parker described it as a “lightweight Lafite Rothschild that does improve with aeration… yet it never scales the heights of the greatest vintages from this First Growth.”

Lafite 2013

Looking for weekend reading? This week, Liv-ex published two blogs on its benchmark indices – Liv-ex 1000 increases 0.6% in February and Liv-ex gains 0.4% in February. Liv-ex also continued to look at wines from the Bordeaux 2007 vintage – Bordeaux 2007: value and performance of the First Growths.


 

Talking Trade: Bordeaux slows, new high for Fleur Petrus

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Trade by value and volume was up this week, but Bordeaux activity slowed. The Fine Wine 50 dipped slightly (-0.1%), closing Thursday at 339.68. First Growth trade was also lower at 15.5%. Lafite Rothschild was the most active (33%) of the Bordeaux Premier Crus, followed by Mouton Rothschild (24%) and Latour (22%).

Regional

Burgundy and the ‘Others’ were both solid. The ‘Others’ were boosted by the USA with a number of Screaming Eagle vintages finding the bid. They included the 2012, 2011, 2010, 2006 and 1994. The 2012 and 2010 have both been awarded 100 points by Robert Parker. He said the 2010 was “opulent and full-bodied with multidimensional personality, gorgeous purity and a stunning, flawless texture.”

Activity for Burgundy was boosted by Ponsot Clos Roche Vv 2012, Armand Rousseau Chambertin 2012 and DRC Montrachet 1995. The most active vintages from the region were the 2014, 2013 and 2010.

Value

The top five wines traded by value were all from Bordeaux, apart from Sassicaia 2013. The Super Tuscan traded at an all-time high of £1,190 per 12×75. Antonio Galloni downgraded Sassicaia 2013 from an original barrel score of 93-96+ to 92 points in-bottle. He said that “several recent bottles haven’t been as impressive as the barrel samples were last year.”

Petit Mouton 2014 and Mission Haut Brion 2012 were among the top five wines by value and volume this week. According to Robert Parker, Mission Haut Brion 2012 displays First Growth levels of quality. He awarded it 97 points.

Volume

97-point Fleur Petrus 2010 hit an all-time high of £2,018 this week and is now trading on the Exchange just 2.7% below the identically scored Fleur Petrus 2009.

Fleur 10

Looking for weekend reading? This week, Liv-ex published two more blogs on Bordeaux 2007 – Ten years on: Sauternes 2007 and Ten years on: Right Bank 2007. Liv-ex also looked at wines from the Bordeaux 2009 and 2010 vintages that carry identical scores – Great gaps or little difference: Bordeaux 2009 and 2010.


 

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.

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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.

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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.

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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.

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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.