Shakeshaft warns against Tignanello

Observations by Liv-ex that recent Tignanello vintages may be undervalued relative to older examples have been refuted by Peter Shakeshaft, founder of wine investment company, Vin-X.

In its November Cellar Watch Market report, Liv-ex pointed to how Tignanello was a major market mover in October, when its 2011 vintage gained 13% and its 2009 claimed 4.2% of Italy’s trade share.

But Shakeshaft is unconvinced. “My view is that some of the vintages are over-valued against historical performance,” he told the drinks business.

“The under-value that Liv-ex mentions is, in fact, normal value. I believe the value of a case is too small to hold as an investable asset.”

Liv-ex also highlighted how the most recent vintages of Tignanello are among the most highly scored, yet are still lagging behind the older vintages as far as price is concerned.

Liv-ex reasoned: “The 2007 has a score of 95 from Antonio Galloni and a market price of £750 per case. The 2011 and 2012, the cheapest Tignanello vintages on the market, are also scored 95 but are available at £530 and £500 respectively: discounts of around 30%.

“These recent vintages may therefore look favourable to buyers – while they are still available.”