Great gaps or little difference: Bordeaux 2009 and 2010

Several Bordeaux wines have received equally high scores for their 2009 and 2010 vintages – but prices can be far from even. To find out where the gaps are, Liv-ex has identified 18 Bordeaux wines that have achieved equal scores in both years from Robert Parker and calculated the price differences between the two.

For a number of the Chateaux, both vintages are very closely priced. Pontet Canet 2009 and 2010 – both 100 points – currently command identical Market Prices. The two vintages of Haut Brion and Margaux are similarly close, priced within 1% of each other.

Elsewhere, the gaps are greater. 97-point Fleur Petrus 2010 – “a truly magnificent wine for this estate”, according to Parker – is the most heavily discounted against the 2009.

Montrose 2010, which was upgraded to 100 points in 2014, is yet to fully catch up with its “astounding” older sibling: It is available at 8.9% below the 2009. Still, this gap has narrowed considerably since before the upgrade when there was a 38% price gap between the two vintages.

A number of 2009s are available at discounts to the 2010s. 100–point Latour 2009, “one of the most remarkable young wines [Parker has] ever tasted”, is one example.

Prices and scores for the 18 wines considered are shown in the table below. Opportunities, perhaps, for those that share Parker’s palate.

Bordeaux 2009 and 2010 prices


Ten years on: Sauternes 2007

Over the past few weeks, Liv-ex has examined the price variations – the highest and lowest Market Prices against the current and release prices – of Bordeaux wines from the 2007 vintage. The chart below displays the same data for the highly rated 2007 wines of the Sauternes 50 sub-index of the Bordeaux 500.

In contrast to the other sub-indices of the Bordeaux 500, all five of the wines in the Sauternes 50 index have dropped in value since En Primeur.

Yquem 2007 has fallen the most and is now available for £2,100, a 46.2% decrease on its release price of £3,900. The equally scored Climens 2007 (NM 98) sees the second largest variation in price. At peak, its Market Price was 37.1% above release. Since then, it has nearly halved to £650.

Suduiraut is now trading at £319, 23.1% below release.

Despite modest rises after En Primeur, Rieussec and Coutet have fallen over 23% and are now available at £295 and £225 respectively.


Previous analysis on 2007 – ten years on:


Ten years on: Right Bank 2007

Last week Liv-ex looked at how the prices of various Left Bank wines have moved since release. Below, we examine those from the Right Bank 50 and Right Bank 100 indices.

There are significant variations in the way these wines have performed. Those lucky enough to have secured allocations of Le Pin or Petrus at En Primeur would have seen significant returns: they have risen by 162.1% and 73.8% respectively.

The other three wines from the Right Bank 50 are each available below their release prices. Ausone and Lafleur have fallen more than any other red 2007s in the Bordeaux 500 since release.


Angelus 2007 also stands out. Its release price of £995 per 12×75 was not significantly higher than the majority of other wines shown below. However, like other Angelus vintages, the wine has made major gains and is now strides ahead of its peer group. This is despite a mediocre score of 92 (RP).

Over the last ten years, few of the wines below have dipped far below their release prices. Pavie 2007, one exception, was available at discounts of up to 64% on release at various points, but has climbed considerably since.


Our final report, on Sauternes 2007, will be published this week.

Previous analysis on 2007 – ten years on:

Ten years on: Left Bank 2007

As part of a series on Bordeaux 2007 ten years on, Liv-ex has examined the price variations of wines from the Left Bank 200 index, which tracks the price movements of 20 major Left Bank Chateaux.

The chart below shows how the wines’ current Market Prices compare to their highs, lows and En Primeur release prices. The majority are either currently at their highest ever levels or within 8% of it. Four – Palmer, Leoville Las Cases, Cos d’Estournel and Grand Puy Lacoste – are at peak.

Duhart Milon 2007 holds a number of records. It rose the most from release to peak (389.4%), has fallen the most since (42.6%) and yet is currently second furthest (180.9%) above its release price. Part of the Lafite stable, it might look more at home with the Second Wines which have performed in a similar way.

Beychevelle – another wine with a strong brand following in China – has risen the most since release, up 239.8%.

Only Mission Haut Brion and Pape Clement are available at discounts to their release prices, having fallen 25.6% and 6.0% respectively.

Not only have the wines performed strongly in terms of price, but there are signs from critics that they are also showing (surprisingly) well ten years on. In Decanter today, Jane Anson wrote that “the Cabernet Sauvignons did well when they were able to fully ripen, and there are many classic, even luscious, drinking clarets on the Left Bank”.

Read more:

Bordeaux 2014: scores in bottle


As interest surrounding Bordeaux 2014 continues to build, critics have started to announce their in-bottle scores for the vintage. James Suckling released his this week; James Molesworth and Antonio Galloni published theirs last week.

Mouton Rothschild 2014 is the only wine to appear in all four critics’ top ten. Cheval Blanc, Latour, Vieux Chateau Certan each appear in the top ten for three of the four reviewers.

James Suckling’s top scores were higher than other critics. He awarded Lafleur and Ausone a ‘perfect’ 100 points, noting that he is “in awe” of Ausone, and exclaiming that Lafleur “is fantastic on the nose. OMG!” As can be seen, eight of his top ten wines have been scored above their original barrel range.

James Molesworth and Antonio Galloni have been a little more reserved. All of Molesworth’s scores fall within their original barrel ranges. Galloni awarded 97 points to seven Bordeaux reds with Vieux Chateau Certan acheiving the top score of 97+, above its original barrel range of 93-96+.

Neal Martin’s in-bottle scores for Bordeaux 2014 are expected in the next few months.

crtics 2

The chart above highlights the differences of opinion amongst the leading critics for twenty of the high-scoring wines that received a score from all four reviewers. It uses a mid-point of the barrel range for Neal Martin. As can be seen there are significant variations between critics for particular wines. For example, Clos Fourtet received 90-92 from Neal Martin from barrel, but 97 points in bottle from Antonio Galloni.

Neal Martin has generally scored towards the bottom of the range so far. However, as we have seen Suckling and Galloni have both increased their scores from barrel to bottle. It will be interesting to see whether Martin also finds more quality in the vintage when he releases his in-bottle scores later in the year.


Ten years on: Second Wines 2007

Second wines

Last week Liv-ex analysed the price variations – the highest and lowest Market Prices against the current and release prices – of the Bordeaux First Growths from the 2007 vintage. The chart above displays the same data for the wines from the Second Wines 50 sub-index of the Bordeaux 500.

All five of the First Growths’ second wines have made staggering gains since En Primeur. Like its first wine, Carruades Lafite 2007 has risen the most – 283.3% since release – and sees the largest variation in price. At peak in August 2011, its Market Price was more than six times higher than its release of £600.

Similarly, like its first wine, Clarence Haut Brion 2007 has gained the least since release, but is still up by 113.8%. The 2007 was the first vintage from the estate to be named Clarence, rather than Bahans Haut Brion.

Petit Mouton and Pavillon Rouge are both around 10% off their peak and command Market Prices of £1,646 and £1,350 per 12×75 respectively.


Bordeaux 2007: performance of the First Growths

In his Bordeaux 2007 En Primeur report, Robert Parker predicted that “most consumers will probably love the style of the vintage’s top wines because they are so flattering, seductive, and fruit-forward”, adding that they “should age surprisingly well for 10-15 years”.

As we enter the tenth year since the vintage, there is some interest in how the wines have progressed. In a series of short blog posts, Liv-ex will examine how the prices of the wines have moved since release.

These posts will examine price variations – the highest and lowest Market Prices against the current and release prices – for wines within the Bordeaux 500 Index, starting with the First Growths.

At a glance

On average, the wines of Bordeaux 2007 are up 69% since release. Their performance has outpaced the broader market: since Spring 2008, the Bordeaux 500 index has increased by 41.9%.

The wines are 15.6% off their peak levels on average. Seven of the 50 examined are currently at their highest ever Market Price. These are Angelus, Cos d’Estournel, Grand Puy Lacoste, Le Pin, Palmer, Pavie and Vieux Chateau Certan.

Just one wine, Climens, is at a record low.

First Growths

Bordeaux 2007

The chart above shows how prices for the 2007 First Growths have varied since release. Lafite’s Market Price has varied the most over time. In April 2009 it hit a low of £1,900 per 12×75, but by July 2011 it had climbed to £8,200. Its current Market Price of £6,100 – still the highest of these wines – represents a 25.6% drop from peak.

Both Mouton Rothschild and Margaux are within 6% of their record Market Prices.

Bordeaux 2007 First Growths

For analysis on the remaining wines of the Bordeaux 500 index, check back over the next week.

Lafite: highs and lows

Lafite 2012

Two Lafite Rothschild vintages have recently traded at all-time highs. Last week the 2012 traded a record £4,390 per 12×75. This is an increase of 40.3% on its trade price of £3,128 one year ago.

The 2014 vintage also traded at an all-time high this month, at £4,134.

However, several other Lafite vintages remain far off their highest levels, achieved at the peak of the Bordeaux market in 2011.

As shown in the chart below, the ‘05, ‘08, ‘09 and ‘10 vintages all traded above £12,200 during the China-led boom in 2011 but are now offered well below this.

The 2008 vintage has seen the largest variation in price. During En Primeur, it traded at a low £1,800 per 12×75. In 2010, it jumped to £10,160 the day after it was announced that the bottle would carry the Chinese symbol for the number eight.

Lafite highs

Spotlight on… Tignanello


Owner: Marchesi Antinori

Classification: Toscana IGT

Vineyard area: 140 acres (57 hectares)

Colour: Red

Standard blend: 80% Sangiovese, 15% Cabernet Sauvignon, 5% Cabernet Franc.

Average production: 20,000 – 30,000 cases


In 1850 the Antinori family acquired several small farms with vineyards in the Chianti Classico area. These included Paterno, Santa Maria, Poggio Niccolini and 47 hectares at Tignanello, which would go on to become the current Tignanello estate.

During the Second World War in 1943, the family residence at Villa Antinori was damaged and the family moved to the Tignanello estate. However, it wasn’t until 1970 that the first vintage of Tignanello was created, with 20% Canaiolo, 5% Trebbiano and 5% Malvasia alongside Sangiovese. The following year, the blend of Tignanello was not compliant with the rules of Chianti Classico. By the 1975 vintage white grapes were eliminated from its blend altogether.

Because of this, Tignanello was unable to be classified as Chianti Classico DOC and was branded as a table wine for many decades along with a group of other wines including Ornellaia, Sassicaia and Solaia. Together these wines broke away from DOC restrictions and became recognised as a group of high quality non-DOC wines: Super Tuscans.

Chianti Classico DOC has now altered the regulations, allowing Tignanello to label its wine Chianti Classico. However, the winery chose to not use Chianti Classico on the label, and continues to produce under Toscana IGT.

Market Performance

The Tignanello index – which tracks the price movements of the last ten physical vintages – is up 27.1% year-on-year. It has outperformed the Italy 100 index which is up 13.8% over the same period. Tignanello is also the best performing Super Tuscan index year-on-year, while commanding lower Market Prices than others. Second to Tignanello is its sister wine, Solaia, which is up 17.9%.

The best-performing vintages have been the 2006 and 2008 over the past twelve months, up 37.8% and 33.6% respectively. The 2007 followed close behind with a 33.1% increase.


The chart below compares Tignanello Market Prices against their scores from Antonio Galloni. The chart shows that Tignanello follows the traditional price pattern of fine wine: prices rise as the wine gets older and quantities in the market deplete.

Buyers willing to wait might therefore consider the more recent vintages. They are amongst the most highly scored, but their prices are still waiting to catch up with those of their older siblings. For example, the 2007 (AG 95) and 2013 (AG 95) have equal scores but the 2013 is available at a 32.3% discount to the 2007.


Age appears to have more of a direct impact on price than critic scores. When Tignanello Market Prices are plotted against age, the trend line shows a positive exponential correlation. The wines that drift furthest below the trend line are 2009 and 2005. These might be considered undervalued compared to Tignanello vintages around the same age.



Perfect Pavie 2009 hits new high

Pavie 2009

Pavie 2009 traded at an all-time high today of £3,100 per 12×75. This is an increase of 40.9% on its trade price of £2,200 one year ago.

Robert Parker has described the wine as “a modern Bordeaux legend” and awarded it a perfect 100 points. However, others have been less impressed. Jancis Robinson awarded it 16.5/20, commenting that it “could do with a bit more freshness”.

The wine is trading at a slight premium to the Chateau’s equally scored 2010 vintage which last saw activity on the market at £2,984.

The chart below compares the Market Prices of the 100-point Pavie vintages. Despite their rising prices, 2005, 2009 and 2010 are still trailing far behind Pavie 2000. It traded for £5,000 in November.

100-point Pavie vintages