In 2005, the Bordeaux market began what would be a six-year
bull run (marred briefly by the three-month blip following collapse of the
Lehmann brothers). While the First Growths led the charge, for brand-driven
Asian buyers their second wines also held much appeal – not only seen as
extensions of the coveted First Growths, but also far cheaper (Carruades de
Lafite 2005, for example, was released in London at £410 per 12×75 – Lafite
2005 was released at £3,750).

Consequently, the second wines experienced a huge surge in
prices. This was greater than any other group of the Bordeaux 500 (by the end,
the index had shown growth of 628%). When the market turned it was the first
index to fall, dropping in June 2011, while the others in the Bordeaux 500 did
not start to decline until July or August.  At 539.88, it is currently 30.6% off its peak
level of 781.98.

The graph below shows how the second wines have fared since
then. While four of the five have suffered heavy losses, Petit Mouton has held
relatively steady. Meanwhile its better sibling, Mouton Rothschild, has so far this year
outperformed the other Firsts. Left Bank Bordeaux may be out of fashion, but it
would seem that brand Mouton continues to hold appeal for buyers. 

 Second wines