|The Liv-ex Market Price||Cellar Watch Fine Wine Market Report||Standard setters||Fine wine data from Liv-ex|
The Liv-ex 1000 closed February on 243.57, down 0.4% on the previous month as a number of the sub-indices dropped back after strong performances in January. The Champagne 50 fell the most, down 2.7% while the Burgundy 150 also struggled, falling 1.1%. The Bordeaux 500 dipped 0.6% after rising for seven consecutive months.
The Rest of the World 50 – which has been the strongest performer over the past 12 months – saw the greatest gains in February, increasing 1.8%. The Bordeaux Legends 50 also continued to edge up, recovering from declines in the latter half of 2014. The Rhone 100, which was the only sub-index to fall last month, held steady in February. Please click here to view all Liv-ex indices.
After seeing its largest monthly rise for two years in January, the Liv-ex 100 dipped slightly in February, falling 0.4%. The Liv-ex 50 also drifted after a strong performance the previous month, closing February down 0.7% after sliding towards the end of the month.
Three of February’s top performers within the Liv-ex 100 are from the 2005 vintage, reflecting the month’s theme. Within the Bordeaux 500, the wines of the Left Bank 200 have seen the strongest performance since July, and Palmer and Cos d’Estournel 2005 were amongst the top movers. The weakest performers this month came from a variety of regions, with Pape Clement 2010 falling the most, down 7.5% on January.
继杰西斯•罗宾逊Jancis Robinson和尼尔.马丁Neal Martin发布了2005年份波尔多的10 年回顾后，罗伯特•帕克Robert Parker在本周也宣布他将在今年年底会对2005年份作出完整的重新品评。上周2005年份继续其主导地位，占总交易价值达20％；以白马Cheval Blanc，梦玫瑰Montrose和拉图Latour的表现最为出色。价格得宜的2008年份葡萄酒（打折）也有中标，当中包括克莱蒙教皇Pape Clement。
意大利继续是买家热门之选，而高得分的Argiano Brunello di Montalcino 2010 年已连续第三个星期登上最高数量排行榜中的前五名。
After pulling back last week, the Liv-ex Fine Wine 50 Index held firm. With Chinese New Year still casting its shadow, activity was mixed but Bordeaux made a steady hand, taking 80% of overall trade.
With Jancis Robinson and Neal Martin having already released their ten-year retrospective reports for Bordeaux 2005, Robert Parker announced this week that he would be doing a full revisit of the 2005s later this year. This week the vintage continued to dominate activity, accounting for 20% of overall trade by value, with good trade for Cheval Blanc, Montrose and Latour. Well-priced wines (discounted) from the 2008 vintage also found the bid, including Pape Clement.
Italy was popular amongst buyers, with the high-scoring Argiano Brunello di Montalcino 2010 appearing in the top traded by volume table for the third week this month.
We recently asked whether the market has changed direction for Bordeaux, observing that 60% of the wines represented in the Bordeaux 500 index have been in positive territory since July 2014 when the market began to show positive signs after 17 months of decline. A further look at the relative performance of the ten most recent physical vintages revealed that the 2005s have been leading the charge ahead of other years. But how does this look when performance is broken down by brand?
Of the 50 brands represented in the Bordeaux 500, 37 have risen since July, with 13 gaining at least 4% over this period. The top ten performers are shown in the chart below. Four out of the top five of these are those that have seen upgrades for one or more of their vintages in recent months. Haut Bailly, which has seen an average increase of 15% since the summer, saw its 2009 vintage awarded 100 points from Robert Parker following a visit to the Chateau in November.
Since July 2014, 13 brands have declined. Of these, six are from the Right Bank, the region that had previously seen the strongest performance. As the chart below shows, wines from the Left Bank – which struggled the most during the decline of the market – are now making headway.
代表波尔多500的50个品牌中，自7月起，有37个品牌有所上升，而当中有13个品牌至少有4％的升幅。下图显示了表现最佳的十大葡萄酒品牌。在前5名中，有4个品牌都有1个或以上的年份在近月得到评分升级。在11月罗伯特•帕克Robert Parker探访了高柏丽Haut Bailly酒庄后，给予其2009年份100满分；该品牌自夏季便已有15％的平均升幅。
上周由于高价值葡萄酒（如拉菲、罗曼尼康帝和白马Cheval Blanc）交易旺盛，在交易所交易的平均每瓶价格急升- 比今年的平均水平高30％。
上周的最高数量排行榜中包含了多個不同的葡萄酒酒区。意大利的Argiano Brunello di Montalcino 2010 年和Einaudi Barolo Costa Grimaldi回复两周前的良好表现，并荣登榜首； 而泰亭哲康Taittinger Comtes 2005年也交易旺盛。前周同时登上了最高价值和最高数量排行榜榜首的表爱士图尔Cos d'Estournel，继续表现出色，价格保持攀升 ：其2005年份的交易价格从一个星期前的1270英镑升至上周的1325英镑。
Although much of the trade in Asia have been busy with Chinese New Year this week, the Exchange continued to see high levels of activity. Bordeaux’s share was down on the previous week, allowing Burgundy to make gains: it took 11.3%, boosted by DRC, Romanee Conti 2005 and Georges et Henri Jayer Echezeaux 1996.
In spite of a dip in trade for Bordeaux, the First Growths’ share of all trade climbed to 36.4%. Lafite Rothschild was the main contributor to this, accounting for 18% alone. As shown in the table below, its 2010 vintage took the lion’s share, followed by the 2005. Angelus 2012, with its black and gold bottle, continued to attract interest. This week it traded at £2,818: up 6% since the beginning of February, and up 40% since June 2014 when it traded at £1,680.
Due to high value wines such as Lafite Rothschild, DRC and Cheval Blanc seeing strong activity, the average price per bottle traded on the exchange leapt this week: up 30% on this year’s average.
A diverse selection is represented in the high volume table. Italy’s Argiano Brunello di Montalcino 2010 and Einaudi Barolo Costa Grimaldi returned to the top after good activity a fortnight ago, whilst Taittinger Comtes 2005 also traded well. Cos d’Estournel, which topped both the value and volume tables last week, continued to see good activity and its price continues to rise: the 2005 traded at £1,325, up from £1,270 one week ago.