Last month we compared the London release price for a
variety of Bordeaux 2012s with the current market price of the cheapest vintage
available (here
on the blog, and in further detail in the Cellar
Watch Market Report
).  On the whole,
the difference was marginal. 

Above, we have looked at the price difference between the
cheapest and most expensive wines from the last ten years (2003-2012). Here, the
variation is striking. There is just a 26% gap between Duhart Milon’s cheapest
and dearest vintages. Beausejour Duffau, on the other hand, displays a price
difference of over 800%.

The lower end of the scale is populated by labels that are in the main bought for the brand rather than the vintage. At the top end are many Right
Bank wines that have relatively small production levels but have seen prices soar for
a single outstanding vintage. Receiving a 100-point score has changed the game
for many. Beausejour Duffau has perfect scores for both its 2009 and 2010,
which has raised these prices to a massive premium.

100 point wines remain few and far between and therefore are
unlikely to be sold down. So the question is: will a 100-point score ultimately
lead to a broadening of the brand’s appeal and subsequently lift the off