The dust settles on Bordeaux 2009

All vintages enjoyed high demand in June, with the 2009s trading at the highest prices, next only to the 1982s. But at these levels their value is questionable.

June saw exceptionally strong trading activity, with both the newly released 2009s and their corresponding back vintages enjoying high demand throughout the month.

The Liv-ex Fine Wine 100 Index rose to 305 by month end, up 2.8% on May, while the Liv-ex Fine Wine 50 Index – our newly launched daily index – saw a similar uplift, rising by 2.9% to 344%.

Increasing interest in moderately priced back vintages certainly boosted the indices somewhat, particularly value vintages such as 2006 and 2004. Still, 2009 garnered the most attention, dominating trade and driving just under 40% of exchange turnover. Lynch Bages and Carruades de Lafite both saw keen trade, with Pontet Canet the leader by volume and Lafite Rothschild the strongest by value.

By the end of June, the Bordeaux 2009 en primeur campaign had drawn to a close. The volume of releases had risen steadily as the month progressed, reaching a crescendo between the 21st and 25th, when the majority of the major wines were released – including the first growths.

The Liv-ex release price index, which tracks 22 top châteaux (first tranche prices only), shows prices were up 48% on the initial release of the 2005 and 213% on 2008. And with the tranche game played out in extremis this year, the true level of uplift could be somewhat higher.

Perhaps of greater interest, however, is how the current trading prices of the 2009s compare to key back vintages. If we take the same 22 châteaux tracked in the release price index as our sample, we find that, on average, the 2009s are trading at a 30% premium to the 2005s and a touch above the 2000s. This makes it the most expensive currently available vintage, bar 1982, despite it being two years away from delivery.

Some vintages are even trading at a premium to their respective 1982s. Margaux 2009 is changing hands at £9,050 per 12x75cl case – £870 more than the château’s ready-to-drink 1982 and £1,350 more than the 2005.

The most recent vintage of Haut Brion is also priced a good deal higher than the 1982 (£5,380) at £7,600, while non-first growths such as Angelus 2009 have followed the same path, with the 2009 trading £850 higher than the 1982.

Even at this nascent stage, the 2009s look fully (if not over) priced and those in search of value, whether for drinking or investment, are likely to find better opportunities elsewhere.

See the August edition of the drinks business for full coverage of the 2009 en primeur campaign and the Liv-ex Fine Wine Monitor.

Jack Hibberb, research manager, Liv-ex, August 2010