Left Bank_price variation

In the second of our blogs investigating relative value, we have taken a look at the group of 20 wines that comprise the Left Bank 200 index (a sub-index of the Bordeaux 500, which is itself a sub-index of the Liv-ex Fine Wine 1000). In the charts above we have compared London release price and current price with the wines’ highest and lowest market prices (the top and bottom of the line). (Please note that the 2000 vintage is not currently in the Left Bank 200, which comprises 2001-2010 vintages.)

As with the First Growths (from last week’s blog), the 2000 vintage has risen the furthest in price since release and is close to its record high. The 2010s – released on average at almost four times the price of the 2000s – are currently below release price. The cheapest vintage is the 2005.

Left Bank 2005_price variation

Looking at the 2005s individually it becomes clearer where potential value lies. Despite underlying market conditions several wines are near to all-time highs, including Ducru Beaucaillou, Lynch Bages and Beychevelle. Conversely, there are some wines that are offered well below their highs but still carry good Parker scores: Montrose, Leoville Barton and Haut Bailly.