Since the 2005 vintage, high
release prices
for Cheval Blanc have prevented its wines from subsequently rising
in price. The story is similar for fellow LVMH-owned brand Yquem. The 2004 was
released at £1,175 per 12×75; the 2005 was released at over three times this price,
at £4,000.

This means that recent Yquem vintages have fallen in price
since release, irrespective of quality. The 2006, with scores in the high 90s
(and 19/20 from Jancis Robinson) has dropped 70%.


Yet this recent overpricing makes older vintages look appealing.
The 1990, with scores of 98 and 99, has traded several times on Liv-ex this
week for £2,710 per 12×75. As shown in the chart below, it has barely moved in
price since 2007 – offering good value for any potential buyers.