When the market moved up in November 2012 it was driven by price
rises for the ‘lesser’
vintages of the First Growths. As shown above, their outperformance has
continued; in extremis there is a 10% gap between the 2004 and 2007 vintages
and the 2003 and 2008 (considered better years). The rise of the lesser
vintages is due, in part, to them being considered good value (or having less downside) in the first
place: when the market is under stress, merchants are more likely to offload
expensive vintages and seek value elsewhere.
Of the individual brands Mouton is clearly the wine of the
moment, rising nearly 11% in a year. Meanwhile Lafite – once the market’s
darling – is showing just a 2.4% rise over the same period.