Since the First Growths' 2010s were released last week, back vintages have seen strong volumes of trade on the exchange. But with the market still digesting 2010 prices, demand has yet to translate into price growth.
The chart below shows the last Liv-ex trade prices of the Premiers Crus for the 2010, 2009 and 2005 vintages. As you can see, the 2005s are an average of ten per cent cheaper than their corresponding 2010s. Latour 2005 certainly catches the eye (and boasts 99 points from the Wine Spectator - around the same score as the 2010). With the 2000, 2009 and the 2010 all trading at over £11,000 per case, will demand bridge the current price gap?
Though the majority of First Growths have seen limited price movement over the past few days, there have been some notable exceptions. Margaux 2003, for example, recently traded on Liv-ex at a new high of £6,347 per case, having previously changed hands at £6,200. Haut Brion 2005 followed a similar trajectory and traded at £6,577 – its highest level since September 2008.
For an in-depth look at 2010 trading activity, read the forthcoming Cellar Watch Market Report. You can also find comprehensive coverage of news and release prices on the Liv-ex En Primeur Pages.