Pichon Baron and Pichon Lalande were among the plethora of 2011s that were released yesterday. (See the Liv-ex En Primeur Pages for the latest prices, scores and news coverage.) Both wines came to market at €72 per bottle ex-negociant. Compared to last year's opening prices, this represents a 46% reduction for Pichon Baron and a 48% reduction for Pichon Lalande. 

Historically, Pichon Lalande has been more expensive than its fraternal neighbour. This can be seen from the chart below, which shows each label's release price history from 1997 onwards. From 2000 to 2004, the price difference between the estates ranged from 20% to 54%. For three of the last four vintages, however, it has been no more than 10%. 

Pichons