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.
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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.”
Is this the same Peter Shakeshaft lambasted on Radio 4?
And Shaky thinks 2011 Cheval Blanc is prime for Investment!! Hmmm!