Deep dive: La Mission Haut-Brion
Critic scores for this Pessac-Léognan property may be high, but pricing trends suggest that it is not always an attractive buy, according to Liv-ex.
Though both are under the ownership of Domaine Clarence Dillon, Châteaux Haut-Brion (HB) and La Mission Haut-Brion (MHB) are often seen as rivals, vying for the top position among Pessac-Léognan’s reds. MHB’s scores approach and, in some vintages (depending on the critic), supersede its first growth neighbour. MHB is invariably cheaper, but the two estates’ release prices are not pegged – the Haut-Brion premium (at release) varies over the past 15 years between 13% and 100%.
Price performance since release
Neither wine has been spared from decline since release, with HB 2014 and MHB 2013 the last from each brand to retain any positive gains (disregarding cost of carriage). The 2021 is the worst-performing vintage from both châteaux, with HB’s Market Price down 47% and MHB’s down 55%. This will not come as a surprise – the 2021s were too sharply priced across the board – although these two have been among the worst-affected wines. With the exception of the 2022 vintage, where MHB was released at close to half the price of HB, MHB has fared worse.
When did prices fall?
Wines released at market peaks may have an excuse for their swift declines – albeit one that buyers will not be satisfied with. Earlier vintages of MHB, however, are more conspicuous. Why have vintages 2015 to 2018 fallen by 38% or more? Comparing the 2015 vintages of HB and MHB (both receiving 96 points from Neal Martin), we can see that, while the former’s price rose during the 2021 bull run, the latter’s did not. Sparse, volatile trade in 2021 and 2022 indicates poor confidence in MHB’s prices, even as the broader market strengthened. Despite La Mission Haut-Brion’s high scores, it lacks the safety that Haut-Brion’s frequent trade provides. Paired with the poor post-release price performances of recent vintages, buyers likely see it as too risky an option.
Where does that leave us?
Although the brand-level La Mission Haut-Brion index is finding new lows, there is stability to be found among more frequently traded vintages. The 98-point 2019, for example, has been trading actively around or above its Market Price of £1,570 since August.
Neither of Pessac’s two leading châteaux can be hailed as winners through the market’s downturn, but MHB has suffered more greatly. It perhaps chose the wrong moments to secure footholds at higher prices, creating distrust and confusion in its market. While there is little technical support available to its broader index, current prices for some vintages appear to be appealing, high quality:price ratios drawing trade price consolidation.
Alongside the 2019 vintage mentioned above, buyers may also consider the following years: 2018: Received 97 points (Neal Martin); Market Price £1,660 per 12×75; tight spread; prices consolidated
since August. 2016: Received 99 points (Neal Martin); Market Price £2,360 per 12×75; prices recovering from low in early 2025 with fairly consistent trade. 2008: Received 96+ points (Neal Martin); Market Price £1,490 per 12×75; following 18-month gap in trade, prices have found a new attractive level.
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