Market watch
New releases may dominate the headlines, but older Bordeaux wines can offer interesting options too, experts say. Wine merchant BI Fine Wine & Spirits recently noted ‘increased attention’ for the Bordeaux 2000 vintage and, to a lesser extent, 2005.
Several analysts believe prices for some older, top vintages can represent an interesting proposition versus their younger counterparts, depending on buyers’ rationale.
‘First growths from 2005 are available on average at a circa 10% [price] premium to the 2018 vintage*,’ said Chloe Ashton, of analysis group Wine Lister.
‘The same set from 1990 sits at an average premium of circa 30% to the 2018 – incredible value when one considers the 30 years of age.’
The reasons are complex, although Liv-ex co-founder Justin Gibbs noted that Bordeaux’s high production levels mean that supplies of even top vintages can take time to diminish.
He cautioned, however, that ‘it’s no longer easy to find Bordeaux from the 1990s in any kind of volume’.
Miles Davis, head of professional portfolio management at the Wine Owners exchange, said ‘there are always undervalued assets’, yet finding them requires ‘patience and a bit of an eye for detail’.
It is also essential to get as much information as possible on a wine’s condition, as well as storage and ownership history.
Ashton added: ‘Looking further back than the last 30 vintages, availability of course becomes more sparse, and it is all the more important to keep in mind provenance, and bottle condition.’
While reputable sources include merchant lists, auctions and peer-to-peer trading platforms, Ashton said buyers in the market for rarer wines should also contact merchants. ‘They have visibility on the marketplace day to day [and] on the portfolios of other private collectors, who may be looking to sell.’
* Château Latour 2018 has not been released.
This wine dropped by 10% over 12 months, highlighting soft pricing for some younger Bordeaux wines, despite high vintage ratings.