Today, Latour 2005 and Forts Latour 2011 have been released ex-Chateau. 3,000 cases of Latour 2005 are being offered at €670 per bottle ex-negociant, and at around £7,800 per 12×75 by merchants. As the chart above shows, this represents a premium of 14.7% on cases of the wine available in the secondary market.
This price also positions the release above the ‘fair value’ trend line, shown below, and places it above the 100-point Latour 2003.
Unlike many other First Growths, prices for Latour 2005 have stagnated over the past 12 months. It has increased by 4.2% compared to gains of 25% for the Fine Wine 50 index.
Still, anecdotal evidence suggests that merchants are confident the wines will sell through, despite the premium.
Forts Latour 2011 has been released at €140 per bottle ex-negociant, and is being offered by merchants at around £1,650 per 12×75. This represents a premium of 17.9% on the wine’s Market Price of £1,400.
Like many of the second wines, prices for Forts Latour 2011 have risen rapidly over the last year. It is up 29.6% since March 2016.
Last March, Latour 2000 and Forts Latour 2009 were released at premiums of 12.5% and 20.9% to their Market Prices respectively. In September, 3,000 cases of Latour 2007 were released at Market Price. Merchants reported strong demand for the release of the 2000, and some interest in – though lower sales for – the 2007.
Cristal 2009 has recently been offered by merchants at £549 per 6×75 (£1,098 per 12×75). The wine is currently available pre-release. As such, there are no recent tasting notes available from leading critics. However back in 2010 Antonio Galloni awarded it 94-96, praising its “superb length and exceptional overall balance” and noting that it “literally shimmers on the palate”.
In November, Liv-ex posted analysis on releases from Champagne houses Taittinger and Dom Perignon. It showed that the most recently released three or four vintages from each house were available at similar levels. Older vintages – those from 2002 or earlier – commanded higher prices. They had appreciated in value as supplies began to diminish.
A similar trend is shown by Cristal vintages in the chart above. At £1,098 per 12×75, Cristal 2009 is pitched at a very similar level to the next most recent releases of the label, 2006 and 2007. Its older siblings have all gained value since release. The 1999 – a decade older than the house’s newest vintage – traded at £920 per 12×75 in May 2005. It last traded at £1,960 per 12×75, a 113% increase. As with Dom Perignon and Taittinger, therefore, those seeking Champagne for the years ahead may see value in buying early.
On March 21, Latour is expected to release the total remaining stock of its 2000 vintage and the 2009 vintage of its second wine, Forts Latour.
The high-scoring Latour 2000 last traded on Liv-ex at £6,800 per 12×75 (€722 per bottle), down 40% from its peak in March 2011 when it traded at £11,275. It has a current Market Price of £7,200 (€767 p/b) and received a score of 98 points by Robert Parker. Current best live bids and offers stand at £6,700 (€712 p/b) and £6,850 (€727 p/b) respectively.
Forts Latour 2009 last traded on Liv-ex at £1,210 (€128 p/b). This is 48% lower than its peak price of £2,306 on the Exchange in June 2011. The wine was awarded 95 points by Robert Parker. Current best live bids and offers are at £1,210 (€128 p/b) and £1,280 (€136 p/b).
With 95-points, 2009 is the second-highest ranking of the vintages released since 2000, pipped only by the 97-point 2010 vintage.
Some recent ex-Chateau releases, such as Pontet Canet 2006, came out above the current market prices of the respective wines. Anecdotal evidence suggests they did not sell through. In the case of Pontet Canet 2006 the release did, however, stimulate secondary market activity and price increases.
Mission Haut Brion 1998, on the other hand, was recently released ex-Chateau at a price equal to its Market Price and is reported to have sold through.
Robert Parker once said that Latour 2000 “flirts with perfection” and called Forts Latour 2009 “possibly the best second wine ever made” at the property. The quality is there – but will the price be as good?
On January 6th Chateau Pontet Canet released a tranche of its 2006 vintage at €95 ex-Bordeaux, or £850 per 12×75. Since this release, increased activity and interest for the wine has been observed: it is the most searched for label so far in January, and it featured in Friday 8th January’s Talking Trade amongst the most traded wines (by volume) over the previous seven days.
As the chart above shows, prices have also been on the rise: before the release, it traded for £521 per 12×75. On January 7th it reached £590, an increase of 13.2%. However, no trades have come close to the recent release price of £850 since the peak of the market in 2011 (Pontet Canet 2006’s highest ever trade price on the Exchange was £848 in August 2011). The recent high of £590 is 30% off this peak.
Robert Parker called the wine “enormously endowed, modern day classic (…) a legend in the making” and awarded it 95+ points. He adds: “Enormous credit is due to proprietor Alfred Tesseron for turning things around at this estate in 1994, and continuing to produce first-growth level wines.”
You can view historic price data for Pontet Canet 2006 on Cellar Watch by clicking here.