Last week Liv-ex looked at the relationship between the prices of First Growths and their second wines, noting that it is currently possible, on average, to buy 2.7 bottles of second wine for every first. This ratio has narrowed since January 2013 thanks to brand buying pushing the prices for second wines higher.
Beyond the First Growths, the price ratios between some of the “Super Seconds” and their second wines have also been narrowing. Although none of the ratios of these wines are as tight as Mouton, Lafite or Margaux, the ratios of Pichon Lalande, Montrose and Ducru Beaucaillou have tightened from October 2016 to record lows of 2.7, 3 and 3.7 respectively. If anything this could make the value of Clarence Haut Brion, which is 4.2 times less expensive than Haut Brion, more apparent.
Not all second wines are becoming more expensive relative to their Grand Vin. The price growth of Cos d’Estournel has outpaced Pagodes Cos in the last year. Subsequently one can now buy 3.3 bottles of Pagodes for every bottle of Cos d’Estournel, compared to 3 bottles this time last year.
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