|Right Bank 100 posts ninth consecutive gain||Bordeaux 2012: all about price||First Growths show the way||Fine wine data from Liv-ex|
Of the component indices of the Liv-ex Bordeaux 500 Index, the Sauternes 50 gained the most in April, closing the month up 1.4%. Nevertheless, the appellation has seen the greatest loss year to date and is the only index to have declined over a five year period.
Meanwhile, the Right Bank 100 continues to strengthen. The index has risen every month since July, with prices steadily lifting for vintages of promoted St Emilion wines Angelus and Pavie. Even eye-watering release prices for their 2012s appear to have had a positive effect, with prices for back vintages rising to meet the level. And with critic scores highlighting Pomerol as the stand-out commune for the new vintage, Right Bank prices may well continue to outperform.
Today Haut Brion 2012 was released at €240 per bottle ex-negociant, the same as Margaux and Mouton. It is being offered in London for £2,800 per 12x75. This makes the new wine 4% more expensive than its next more affordable recent vintage, the 2007.
As last week’s blog highlighted, it is the wines at the top end of the price spectrum that offer the most handsome reduction on the 2011s. In particular, Lafite and Margaux 2012 – as shown in the chart below – are significantly cheaper than their next most affordable vintage.
It is early days for Haut Brion 2012: it is yet to trade. Meanwhile Lafite, Margaux and Mouton have accounted for 84% of all Bordeaux 2012 trade on Liv-ex to date. In a campaign where price is everything, the Firsts are leading the way.
For the first time since November the Liv-ex 100 closed the month with a loss. Falling 1.3%, it closed April on 276.26, while the Liv-ex 50 dropped 1.3%, to 318.57.
Although Bordeaux 2012 release prices have come down on the levels of 2011, the market is so far unimpressed. While a handful wines have traded on the secondary market, many consider Bordeaux too expensive, and have reacted by selling high value wines from exceptional vintages.
Meanwhile off-vintage Bordeaux found the bid, and feature in April’s top movers alongside acclaimed champagne brands. Interestingly, Palmer 2005 rose on the back of the 2012 release which came out in London at a staggering £1,700.
如下图所示，这俩酒庄的2012葡萄酒均比其2006年，2007年，2008年和2011年都更昂贵。自酒庄升级以来，柏菲庄价格平均上涨了23％，而金钟庄则上涨了25％。酒庄已发布了其最高价格的挑战。现时在Liv-ex的出价为每箱(12×75) 1,500 至1,600英镑或每瓶146至156欧元，显示买家愿意为2012支付多一点, 但其上限似乎不太可能高达现时这昂贵的发行价。
The chart below shows how prices have dropped for the 2012 vintage against current 2011 prices (the anomaly in grey is due to Pavie, Angelus and Palmer). The First Growths – to the right of the table – have made the biggest effort, and they are the wines seeing tentative activity on the secondary market. Otherwise the Bordeaux 2012s have by and large failed to ignite interest.
An hour ago Robert Parker released his Bordeaux 2012 scores. Pomerol scores highly, and Mouton is the First Growth of the vintage, but there are few surprises on the upside. For those chateaux yet to release, price is now key.
Today's blog is by the Bordeaux wine producer and writer Gavin Quinney (@GavinQuinney), who has kindly provided us with his notes and scores for Bordeaux 2012. He has tasted over 500 wines from the vintage.
Key points about Bordeaux 2012:
Comparison with another vintage? None, as far as the climate goes. 1998 perhaps, 2001 even? Not really. As it was a case of 'picking before the rains' for many chateaux, 2012 could even be a modern take on 1964 (great Pomerols, St-Emilions and Graves, awkward in the Medoc on the whole). But much has changed since the Beatles.
Actually, never mind 1964, a lot has changed since 2004. Not least, the prices. Onwards and upwards.
Gavin's top 40 Bordeaux 2012s:
Today Margaux became the third First Growth to release its 2012. Its ex-negociant price is €240 per bottle, the same as Mouton, which equates to around £2,460 per 12x75. Released onto the international market at £2,800, it is 12.5% lower than its next cheapest vintages, the 2004, 2006, 2007 and 2008.
It is early days but Margaux 2012 has already seen trade on the secondary market above release price, at £2,660 per 12x75.
In sharp contrast to the other Bordeaux 2012s, Pavie and Angelus have today released well above their 2011 ex-negociant prices and above the market price of many earlier vintages. Both came out at €180 per bottle ex-negociant.
Due to their promotion last September, the chateaux’s 2012s were expected to be more expensive than last year’s wines. Yet not everyone foresaw an increase of this size – in our En Primeur survey Liv-ex members predicted, on average, that Pavie 2012 would be released at €120.4 per bottle ex-negociant. This would have been a 6% increase on 2011, as opposed to the actual increase of 58%.
As shown below, the 2012s are more expensive than the chateaux’s 2006, 2007, 2008 and 2011 vintages. Since the upgrade, prices for Pavie have on average risen 23%, and those for Angelus have risen 25%. The chateaux have released as high as they dare. And with bids on Liv-ex already ranging from £1,500-£1,600 per 12x75, or €146-€156 a bottle, it seems that buyers are willing to pay more for the 2012 – just not quite as much as the release price.