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Bordeaux 2017s slide in secondary market
With the 2017 Bordeaux about to be shipped, Liv-ex has analysed prices for 50 of the top labels and found just seven have risen in value since they were first offered en primeur.
Source: Liv-ex
The campaign itself last summer was a decidedly underwhelming affair. Average prices fell 12% from the hugely expensive 2016s but volumes were also reduced by a staggering 60% and sales values fell 45%.
There was interest in the first growths and a select few estates from across the Left and Right Banks but, for the rest, demand was very lacklustre as db analysed at the time.
With the wines being reassessed in bottle in London today (16 October) and soon to be bottled and shipped to buyers, Liv-ex has reassessed the price performance of the 50 wines represented in its benchmark Bordeaux 500 index.
What Liv-ex found was that only seven labels have risen in value, three have stood still and 37 have declined in price to some extent.
The highly rated Château Lafleur has proved itself and risen 57% in value to £8,400 a case. Petrus meanwhile has seen its 2017 rise 48%, Lafite’s second label Carruades is up 37%, Le Pin up 33% and Petit Mouton up a rather more demure 8%.
Le Pin and Petrus are of course a slight case apart but the presence of two first growth second labels highlights their enduring brand appeal – even if their upper price ceiling limit will forver be pinned behind their respective grand vin.
The worst two performing wines, sadly, are Sauternes. Suduiraut has declined 42% in price and Coutet 30%. Rieussec has also dipped 11%.
Among the reds, Grand-Puy-Lacoste, Mouton Rothschild and Pavie have all declined 10%, Margaux 9%, Palmer 8% and Montrose and Duhart Milon both 7%.
As Liv-ex concluded: “All is subject to change, especially as the wines become physical in the secondary market. How might the trade’s and critics’ renewed attention influence prices? The trend since release has been downward. Those holding the wines will be hoping for some good news from the tasting season ahead.”