The last week has resulted in some striking figures. First, the
ratio of bids to offers on the Liv-ex exchange has risen to a six-month high of
58%. Second, the First Growths accounted for 50% of weekly trade by value for
the first time since August. And third, the Liv-ex 50 reached 299.51, the
closest it’s been to the 300 level since 1st October.

A flurry of trade for off-vintage First Growths has
contributed to all of the above. The appetite for lesser Lafite vintages that
we were starting to see
in November
has filtered through to the rest of the First Growths in
December. Trade by value for recent off-vintage Margaux (01, 02, 04, 06, 07 and 08),
for example, is currently six times that for on-vintage Margaux (00, 03, 05, 09
and 10).

So far in December, the acclaimed 2009s continue to lead the
pack for First Growth trade by value. But it is the less extolled 2004s that have
accounted for the highest trade by volume.  

Trade for First Growths