Both the Liv-ex Claret Chip Index and the Liv-ex Fine Wine 50 Index continued on their recent downward trajectory last week, with the Claret Chip down 1.20 per cent week-on-week and the 50 down 1.06 per cent. 

As you can see in the chart below, the Claret Chip has fallen almost five per cent since the end of June (the high point of the market) although it remains almost six per cent up in the year to date.  

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If we split out the performance of the individual component brands, we get a clearer picture of what is driving the indices lower. In short, a sharp fall in the price of Lafite, which is down almost eight per cent since its March 2011 high, and seven per cent since the end of June. 

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