2012 boosts Left Bank Bordeaux trading

Analysis of the current success of the Bordeaux indices on Liv-ex has shown that it is the 2012 vintage that is one of the driving forces behind the success of non-first growth wines.

At the end of last week the news from Liv-ex was that the Left Bank 200 index – composed of the leading second to fifth growths – and Second Wine 50 were the most successful Bordeaux indices overall.

Breaking it down further it appears that it is the 2012s that are making the most gains on the Left Bank 200, outpacing the 2008s, 2006s and 2004s.

Liv-ex notes that since becoming physical last year, prices for non-first growth 2012s have gone up 8.3%, while those of 2008 are currently up 6.8% on average since February 2015 and the 2006s are up 6.2%.

Interestingly, prices for the 2009s and 2010s are also positive on average, up close to 4% for the ‘09s and around 3% for the ‘10s. The 2005s however, are struggling to make much headway.

Following Robert Parker’s 10-year retrospective of the ‘05s last year, there was a great deal of activity but it quickly dropped away.

Vintages where prices are going in the wrong direction are (in order) the ‘07s, ‘11s and ‘03s – the latter being down over 1%.

In many ways, the success of the 2012s so far is part and parcel of a certain rehabilitation of the vintage.

Both Parker and Jancis Robinson MW have been fulsome in their praise of certain aspects of the vintage and certain estates, noting that there are “nice surprises” to be found – especially on the Right Bank and Pessac-Léognan.

It is also worth bearing in mind that the 2012s are often the second cheapest physical wines in the market, after the 2011s.

The recent praise – and some strong scores – has likely turned heads in the vintage’s direction once more.