Finally Latour emerges but campaign far from over

Latour emerged for its last campaign yesterday without a recommended resale price.

It’s ex-négociant price of €440 p/b was a 43% drop on its €780 2010 release price but this was judged to be “reasonable” and trade was announced as “steady” on the Liv-ex platform.

At £4,500 a case, Latour sits in the middle of other physical vintages and as this is its last vintage sold en primeur, it is unsurprising that there has been some interest in acquiring it.

Cheval Blanc also released at €440p/b, it was a hefty cut of €48% on last year’s equally hefty €850p/b release price but it failed to spark excitement among buyers.

Priced above all other physical vintages, with the exception of 2000, 2005, 2009 and 2010, it lacked the “compelling reason” to buy it that merchants have stressed so strongly this campaign.

Other châteaux that released yesterday were better received, Eglise Clinet at €102p/b (a 63% drop) and Pavie at €114 (-49%) among them.

Despite calls for a quick campaign and reassurances from owners earlier this month that the campaign was about to pick up and be over with after a patchy start, many big names are still to release.

Just like last year, the campaign has been drawn out to Vinexpo (although this year in May rather than June) in what has been termed “messy” even by the Bordelais.

Ausone, Le Pin, Duhart-Milon, Pétrus, Vieux Château Certan, Talbot, Ducru Beaucaillou and Léoville Las Cases are among those still not out.

Releasing at next week’s Hong Kong Vinexpo will do them no favours as all in the trade are fully aware that if there is little appetite for 2011 in Europe and the US, there is none at all in Asia.