Buyers turn to Bordeaux back vintages

Liv-ex has reported an increase in the trading of back vintages of Bordeaux as several of the second tranches from certain châteaux look to top their first release prices.

With the prices of 2010 and 2009 so far in advance of anything else, there has been a “strong” increase in the buying of back vintages especially from the first growths.

This week saw the final châteaux release their 2010 prices. Le Pin came out at €1,300 p/b, an 8% rise on 2009 and Pétrus released at €690.

With prices 10% cheaper on average than 2010 – and occasionally cheaper still than 2009 – even 2005 looks affordable by comparison. Liv-ex stated that it saw trade for Haut Brion 2005 hit its highest mark since September 2008 recently when it traded for £6,577.

Margaux 2003 also hit a new high of £6,347 and at less than £10,000 a case, Latour 2005 seems an interesting proposition, particularly when one considers that it has 99 points from the Wine Spectator exactly the same as 2010 which is already at £11,000 a dozen.

At Lafite, the 2005 and 2010 vintages are both trading at £12,000. Lafite recently released its second tranche at €1,000 per bottle following first price releases from Latour and Haut Brion that trumped their fellow first growths, followed by Margaux raising its second tranche prices.

It is likely, therefore, that the other first growths will raise their second prices as well but will demand withstand the hike and more importantly will that translate into price growth?