Bordeaux 2015: Beychevelle kicks off the week

After a short lull in releases the Bordeaux en primeur campaign continues this morning with Beychevelle and Lafleur – are their prices “fair”?

The Saint Julien fourth growth has increased the opening price for its 2015 by 16% (over the price for its 2014). Last year it asked €43.2 per bottle ex-négociant for its 2014, this time around it is €50.4 p/b.

Almost inevitably, its release price means the 2015 is more expensive than some back vintages – in this case the 2012, 2013 and 2014 wines.

On the other hand, from the 2011 vintage back the wines are all more expensive, the 2005 is over 38% more costly than the 2015.

Again, it’s arguable that that as the 2012 and 2014 have equal or marginally better scores and are cheaper the 2015 is too expensive.

Then again, the 2006, 2007, 2008 and 2011 vintages of Beychevelle all have substantially inferior scores yet are more expensive, while the 2013 may be cheaper but, again, has a lower score.

Beychevelle has in general proved itself a strong performer in the secondary market. As Liv-ex noted in March, it has been one of the driving labels of the Left Bank 200 index, its opening price is below the average market price for a bottle (€62) and on average the wines between 2005 and 2014 have shown a 66% return (mostly thanks to the three-figure appreciation of the 2005-2008 vintages).

Also out is one of the “standout” wines of the vintage (voted seventh “best” by merchants in Liv-ex’s recent survey) – Lafleur.

The Pomerol estate is being offered at £4,500 a case by merchants. With 98-points from The Wine Advocate and 100 from James Suckling, it has the best score since 2009 and even if it is the more expensive than the 2011-2014 vintages, it is at a 55% discount to the current market price of the 2005.

With the release of Gazin, Cantemerle and a few of the leading Sauternes estates last week, the en primeur campaign has well and truly begun and no doubt this week will see more top names emerge.

Price, as ever, is the dominant issue. Prices are expected to be – and indeed have so far largely proved to be – more expensive than the 2014s. Liv-ex has calculated that a discount of over 30% on the current price of the 2005 vintage might offer the “best value” – and as can be seen above it is a criteria that both Beychevelle and Lafleur fulfil.

As Liv-ex also pointed out in its recent Cellar Watch report however, with “the strength of the euro, wide disparities between critic scores and general buyer apathy”, château owners have “less room for price increases than they might have hoped for”.