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Tuesday 30 September 2014

Non first growths show value in 09

21st July, 2014 by Rupert Millar

Although wines from Bordeaux have seen high levels of decline in the last couple of years, away from the first growths there are many estates offering good value.

liv-ex 09 chart

source: Liv-ex

Liv-ex recently compared the performance of wines from the 2009 vintage in three sections; the first growths, wines given 100-points by Robert Parker (excluding the first growths) and the “Magical 20” Parker picked out from the vintage (with crossovers from the 100-point group: Clos Fourtet, Cos d’Estournel, Léoville Poyferré, Ponet Canet and Smith Haut Lafitte).

As Liv-ex explained, the wines were so costly upon release that prices hardly budged at all until the wines became physical in 2011 and then when Parker issued his in-bottle scores in 2012, at which point prices followed a rollercoaster course which has sent the first growths plummeting but largely kept the other 100-pointers and Magical 20 up.

The Magical 20 group have been the most consistent performing wines, spiking on the back of Parker’s in-bottle scores in 2012 before falling but remaining above their 2010 levels ever since.

Quality assurance, good scores and non-Lafite prices ensured, as Liv-ex explained, that, “buyers could own the best of a great vintage without having to pay first growth prices.”

The 100-pointers have seen a dramatic change, declining to begin with and then slowly building themselves up before peaking last year.

On the other hand, as Liv-ex continued: “They are off peak levels, which might present opportunity to those who are yet to own Parker’s favourite vintage.

“For example, Léoville Poyferré – both a 100-point wine and one of the Magical 20 – is off 20% since peak. With a market price of £1,440, this is the cheapest 100-point wine from Parker’s favourite Bordeaux vintage that money can buy.”

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