Peaking at the end of June last year, the Liv-ex 50 Index began its descent in July 2011. With the Firsts out of favour, buyers have gravitated towards other Bordeaux wines. Comparing July 2012 so far with the same period last year, the chart below shows the share of Bordeaux trade for all vintages of the 50 wines in the sub-sections of the Bordeaux 500 Index (First Growth 50, Right Bank 50, Second Wine 50, Sauternes 50, Right Bank 100 and Left Bank 200).

As we would expect, the First Growths’ share has dipped, falling 7 percentage points year-on-year. The Second Wines have similarly retreated, their share of July 2012 trade shrinking to a fifth of that in 2011.

With buyers diversifying, other wines have made gains.  The Right Bank as a whole has seen a larger share of trade, with the Right Bank 100 wines’ portion almost quadrupling from 2% to 7.7%. Lesser Left Bank wines are also coming to the fore, with those in the Left Bank 200 taking over a fifth of all Bordeaux trade so far this month, 6.5 points higher than in July 2011. The contrast between their share of trade compared to the Second Wines (who were slightly ahead this time last year) is striking.

Sauternes’ share has increased by 1.7 points, while beyond the 500, other Bordeaux wines accounted for 8.7% of trade this July compared to 3.8% this time last year.