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Right Bank 100 posts ninth consecutive gain |  |
Bordeaux 2012: all about price |  |
First Growths show the way |  |
Fine wine data from Liv-ex |
Liv-ex推出了一项重大崭新的制作图表工具，供其酒商成员在liv-ex.com或酒窖监察用户于 cellar-watch.com使用。图表资料是由Liv-ex无敌广泛的价格数据提供。
图表提供许了多新功能，包括一个强大的比较工具，使用户可对个别葡萄酒、年份、 私人酒窖、Liv-ex指数和其它另类指数进行比较，(包括富时100指数、恒生、标准普尔500指数和黄金)。另外, 在个别葡萄酒图表中也可得到其它新功能, 包括时间选择器、价格变动百分比和性能表。下图是一比较功能的范例:
如欲使用比较图表功能， Liv-ex成员可在“数据” 标签选项中选择“图表”; 而酒窖监察用户则可在“酒窖工具”标签选项中选择“图表”。请大家也看看个别葡萄酒页中的新功能。
Liv-ex has launched a major new charting tool, available to its member merchants on liv-ex.com and to Cellar Watch subscribers on cellar-watch.com. The charts are fed by unrivalled and extensive price data from Liv-ex.
The charts have a host of functions, including an enhanced comparison tool that enables users to compare individual wines and vintages, personal cellars, Liv-ex indices and many alternative indices (including the FTSE 100, Hang Seng, S&P 500 and Gold). Other new functions – also available on the individual wine charts – include time selectors, percentage price movements and performance tables. An example of the comparison function is shown below.
To read more about the charts, please visit the Cellar Watch blog.
Liv-ex members can access the comparison charts by selecting ‘Chart’ under the ‘Data’ tab, while Cellar Watch users can find them by selecting ‘Charting’ under the ‘Cellar Tools’ tab. Please also take a look at the new functions on the Individual Wine Pages.
The St Emilion re-classification last September – which saw Angelus and Pavie elevated to Premier Grand Cru Classé A status alongside Ausone and Cheval Blanc – was not without controversy. Pauline Vauthier, the winemaker who co-manages Ausone, was reported as describing the re-classification as "a big mess and a mistake" at the en primeur tasting last week.
We thought it would be interesting to see where the St Emilion wines would rank under the Left Bank’s classification. Liv-ex recently updated the 1855 Bordeaux classification, using the criterion applied in 1855: price. In today’s blog we have applied that criterion to a selection of leading St Emilion wines.
As a reminder, these were the price bands we used in our 2013 calculations:
As you can see from the table below, under Liv-ex’s classification Angelus and Pavie would be Second Growths, beneath Ausone and Cheval Blanc. Mondotte – which was also promoted last September – appears higher up the table than Pavie and Angelus, despite only being a Premier Grand Cru. Other wines that would shift classes are Pavie Decesse – a Second Growth under the Left Bank system – and Beausejour Becot, which would be a Fourth Growth.
According to Pierre-Olivier Clouet, technical director of Château Cheval Blanc, "Having too many Premier Grand Cru Classé As is not good for St Emilion’s image." Under the Liv-ex classification, there would be just two of them.
The Liv-ex Fine Wine 100 Index has been updated. As the industry’s leading benchmark, the index represents the price movement of the 100 most sought-out wines in the market for which there is strong secondary activity. Subsequently, low liquidity has pushed out a smattering of earlier vintages, including Bordeaux 1989s and 1990s. This has made way for seven new 2010s, in addition to top 2009s from Burgundy, Italy and the Rhone.
The other Liv-ex Indices – including the daily Liv-ex Fine Wine 50 Index – will see the Bordeaux 2010s added in June. Further details on the components of the indices can be found on our Indices page.
Nearly 160 years after it was drawn up by the Bordeaux Brokers Union, the 1855 Bordeaux Classification still defines the way we think about and refer to the Left Bank wines of Bordeaux. It was produced by the Brokers at the request of the Bordeaux Chamber of Commerce, intended for use as part of the regional display at the Paris Universal Exhibition of 1855. The Brokers returned their classification just two weeks after the original request was made. It was based wholly on price, and included only the major estates of the Left Bank.
Four years ago Liv-ex decided to recreate the 1855 classification, ranking major Left Bank wines in terms of their price. In 2011 we updated our classification to reflect the market, and now that the market has shifted again we have once again recreated the classification to reflect trading conditions.
Criteria and calculation:
To qualify for the Liv-ex Bordeaux Classification, wines had to be from the Left Bank (including Pessac-Leognan) and be produced in quantities of more than 2,000 cases. Only the first wine of each estate was considered. We then calculated the average case price for every qualifying wine (lowest available wholesale price for an in-bond owc 12x75cl case in good condition, excluding duty and sales tax) for the past five vintages, 2007-2011. Prices are in GBP and as of 28 February 2013.
As the brokers did in 1855 (and we did previously in 2009 and 2011) we then split up the wines according to price band, which for 2013 are as follows:
These price bands were modified from those used in 2011. We calculated the average price difference between the 2011 and 2013 studies for each level of the classification, and then applied this difference to the previous price bands. While the Third, Fourth and Fifth Growths all moved up by around 15%, the price band for Second Growths remained the same and the price band for First Growths dropped by 19%.
It remains a matter of academic debate whether the wines were listed in their respective classes in order of price/quality – though the evidence seems to point to this being so. We have assumed they were for the purposes of this analysis.
Download the 2013 Liv-ex Bordeaux Classification
* Mouton Rothschild was elevated to First Growth status in 1973
2013 highlights:
Latour has taken the place of top Left Bank wine this year: a position it held in 2009 but surrendered to Lafite in 2011. Mission Haut Brion remains a First Growth, while Leoville Poyferre and Smith Haut Lafitte have climbed from Third Growth status to Second Growth. Duhart Milon and Beychevelle – wines that have a strong following in China – have dropped from Second to Third Growth status.
The Second Wines: If the second wines from the great estates were included, where would they rank?
If we include the second wines, which didn’t exist in 1855, 13 would be included in this year’s classification. This is the first time that Petit Lion de las Cases has featured on the table: it was first introduced as the second wine of Chateau Leoville Las Cases in 2007. Carruades de Lafite has dropped from a First Growth to a Second, and Petit Mouton and Pavillon Rouge have switched places: back in 2011 the latter wine had a higher average price. The only other change is that Reserve de la Comtesse has fallen to the bottom of the table – in 2011 it was the 9th most expensive of the second wines.
Right Bank
The 1855 Classification did not include any wines from the Right Bank. We looked at the main Liv-ex Right Bank indices – the Right Bank 50 and the Right Bank 100 – to see where their components would have been placed. In this year’s classification, all of the wines in the Right Bank 50 (Ausone, Cheval Blanc, Lafleur, Le Pin and Petrus) are classed as First Growths, and all of those in the Right Bank 100 (Angelus, Clos Fourtet, Conseillante, Eglise Clinet, Evangile, Figeac, Fleur Petrus, Pavie, Troplong Mondot and Vieux Chateau Certan) are Second Growths. Of the latter group, Pavie is at the most expensive end of the spectrum with an average price of £2,002, while Troplong Mondot is the cheapest, at £756.
Climbers
The table below shows the biggest climbers when comparing the 2011 and 2013 classification. Many have seen their value boosted thanks to impressive 2009 and 2010 vintages.
Liv-ex has launched a new trade ticker widget. The ticker displays a rolling ribbon of recent Liv-ex trades (as above), allowing your customers to view exchange trading activity on your website.
Available for free and easy to implement, the size of the ticker can be changed to suit your website requirements.
For details on how to integrate the ticker with your website please click here.
