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Points difference
How broad is the price variation between the cheapest and most expensive vintages in Bordeaux?
What a difference a point (or two) makes, to paraphrase the song and as Liv-ex has shown it can mean a substantial difference in pricing.
As part of a new examination of “fair value”, Liv-ex has examined the gaps that exist between the cheapest and most expensive wines from the same estate.
Looking at the smallest differences, the list contains all five of the second wines of the first growths among others. Liv-ex explained that with the second wines being so popular in China, “where brand name as opposed to vintage quality influences purchasing decisions. Consequently, pricing is more consistent.”
The smallest difference exists between Clarence de Haut-Brion’s 2006 vintage and the 2005. The former was rated 88 points by Robert Parker and has a mid-price of £485 per case and the latter scored 89 and has a £628 mid-price.
Pavillon Rouge has a 29% difference between its 2011 and 2005 vintages, Forts de Latour a 39% difference between the 2008 and 2003, there’s a 53% difference between the 2011 and 2003 vintages of Carruades de Lafite and a 59% difference between Petit Mouton’s 2011 and 2003.
The differences are much greater as soon as certain wines have 98-100 points and the disparity in pricing is increased (see chart below).
“This suggests that buyers of these wines are less concerned about brands and more concerned about perceived quality,” suggested Liv-ex.
The greatest difference exists between Eglise Clinet’s 2002 and 2005 vintages, the former an 82-point wine with a £601 mid-price, the latter a 100-pointer with a mid-price of nearly £4,000 p/cs – a difference of 552%.
Ausone’s 2004 with 94 points has a £2,825 p/cs mid-price yet still lags behind its 98+ point 2010 by 263%, while the 2011 Léoville Poyferré also with 94 points and a £371 mid-price is 266% behind its 100 point 2009 which is over £1,300 p/cs.
“Brand and quality thus hold different importance for different wines,” concluded Liv-ex.