What’s happening in the market?
Amidst the 2023 En Primeur campaign, Bordeaux has taken 43.1% of trade share this week to date. Chateau Lafite Rothschild 2020 and Chateaux Margaux 2019 led trade for the region.
Champagne has taken 6.4% of trade share by value. Three vintages of Taittinger, Comtes de Champagne Blanc de Blancs – 2008, 2012 and 2006 – and Louis Roederer, Cristal 2008 have led the charge.
Opus One 2018 also features among the top-traded wines.
Today’s deep dive: Bordeaux – beyond the 2023 vintage
The ongoing En Primeur 2023 campaign has had a lukewarm reception according to Liv-ex members, despite significant price cuts. Even with an average year-on-year price decrease of 21.3%*, buyers are looking to back-vintages to decide if the current releases offer value. Too often, they feel they do not.
Looking at the top-traded Bordeaux vintages by value so far this year, buying patterns are remarkably balanced across vintages. The 2010 vintage takes the top spot, closely followed by the 2019 and the 2009.
The 2010 vintage boasts an average benchmark critic score* of 95 points. Chateau Mouton Rothschild is the top-traded Bordeaux 2010 by value year-to-date, followed by Chateau Lafite Rothschild and Chateau Cheval Blanc.
Mouton Rothschild 2010 trades on Liv-ex
Neal Martin (Vinous) awarded Mouton Rothschild 2010 97 points, on par with his barrel range of 97-98 points for the 2023. The 2010 last traded at £6,100 per 12×75, a 21.3% decrease on its original release price.
If buyers are looking at the highest rated back vintages, 2005 stands out as offering value. It boasts an average score of 95.8, nearly 20 years in bottle and the wines are currently entering their drinking windows. Mouton Rothschild 2005 last traded at £5,500, a 27.8% premium to the 2023 release.
The 2009 First Growths may present an option for bargain hunters. Released on the heels of the successful 2008 campaign and into a red-hot market, largely due to the 2010 Chinese stimulus package, the wines are now, on average, down 26% from their original release prices. Chateau Lafite Rothschild has seen the largest decrease, falling 43.2%.
Established savvy collectors and new market entrants alike may be tempted by this famous vintage at near record-low prices.
Amongst more recent vintages, the 2019 has clearly attracted attention – and for good reason. It has become clear through this campaign that they are providing value to buyers. Take yesterday’s release of Château Léoville Poyferré. As the graph below highlights, despite a 32.7% decrease when compared to the 2022’s opening price, – it is the 2019 that falls well below the Fair Value line, offering a compelling option for buyers.
There are currently over 7,541 LIVE BORDEAUX OPPORTUNITIES on the exchange. Log into Liv-ex to view them.
*As of 20.05.2024
* Neal Martin or Robert Parker
Our Bordeaux En Primeur 2023 page contains everything you need to know about this year’s campaign. You can also sign up for our daily En Primeur email alerts using the form below.
Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real time activity of Liv-ex’s 620+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £100m of bids and offers across 20,000 wines.
