Mar­ket watch

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In­vestor in­ter­est in sec­ond wines from top Bordeaux es­tates drives strong growth in prices for high­est-rated vin­tages, Jane An­son’s anal­y­sis re­veals SEC­OND WINES OF top Bordeaux châteaux have shown some of the high­est price gains since en primeur re­lease for the very best vin­tages, newly com­piled fig­ures sug­gest.

Fresh anal­y­sis by Decanter’s Jane An­son com­par­ing the five Bordeaux vin­tages of 2016, 2015, 2010, 2009 and 2005 has high­lighted the po­ten­tial re­turns on of­fer for buy­ers of sec­ond wines in top years.

Liv-ex data cov­er­ing many of the top Bordeaux wines and span­ning those five vin­tages showed that the 2005 Car­ru­ades de Lafite, Le Pe­tit Mou­ton and Pav­il­lon Rouge have seen the big­gest price gains since en primeur re­lease.

In pounds ster­ling terms, prices for those three wines rose by 632%, 592% and 333% re­spec­tively be­tween first re­lease and Oc­to­ber 2018.

‘It’s the sec­ond wines that have gen­er­ally done the best across five of these vin­tages, with an av­er­age price rise of 120.7% since primeur re­lease,’ said An­son in a re­cent re­port for

‘Ac­cord­ing to Liv-ex,’ she added, ‘the wine that has shown the best price rise over the five fea­tured vin­tages was Pe­tit Mou­ton, with a 206% price rise on av­er­age since re­lease, fol­lowed by Car­ru­ades de Lafite, at 177.2%.’

Things have been more mixed for the first growth grands vins, with sev­eral 2009 and 2010 wines still be­low re­lease prices.

As an over­view, 2005 has the ad­van­tage of ma­tu­rity, dom­i­nat­ing the list of top-per­form­ers:

‘Even though 2005 has risen so high, I’d be sur­prised if there wasn’t fur­ther to go, be­cause the wines are ex­tremely well struc­tured and will con­tinue to be­come more scarce,’ said An­son.

For the re­cently bot­tled 2016 wines, it has been more mixed so far (see ‘ups and downs’, right), per­haps high­light­ing the im­por­tance of sup­port­ing head­line fig­ures with a closer look at in­di­vid­ual es­tates’ pric­ing strat­egy and his­tor­i­cal trad­ing.

Read Jane An­son’s col­umn com­par­ing these five vin­tages on and see her Bordeaux 2016 in-bot­tle scores on Decanter Pre­mium.

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