After sprinting to new highs last year, prices for the Premiers Crus' second wines have been relatively static in recent months. In the year to date, the last five physical vintages of the wines have increased in value by an average of just four per cent. The chart below shows the price movement of the second wines (vintages 2004-2008) from June 2009 to June 2011. (Each price index has been rebased at 100 in June 2009.)

Second wine price movement 

Though Pavillon Rouge and, of course, Carruades have seen the most notable price appreciation over the last two years (having increased in value by 280 per cent and 282 per cent respectively), the second-wine price hierarchy has, for the most part, remained intact. This can be seen from the second graph, which shows the average price of vintages 2004 to 2008 for each wine as it was in June 2009, and as it is today.

 Avg prices of second wines

With the second wines now trading at First and Second-Growth prices (as highlighted in the 2011 Liv-ex Classification), have they run too far, too fast?