The Bordeaux 2011s are now physical and trading steadily, with the vintage accounting for 3% of Bordeaux trade in March, 10% in April (ahead of Parker’s in-bottle scores, released on 1st May) and 17% so far in May. But which wines have whetted traders’ appetites? The chart above takes the 20 wines that have accounted for the most Bordeaux 2011 trade this month – varying from 25% for Pavie to 0.6% for d’Armailhac – and looks at their Market Price compared to the next cheapest vintage, alongside their new Parker score.
For over half of the traded wines above the 2011 is the cheapest physical vintage, suggesting that they are not being picked for score alone. The three 2011s with the biggest discount to the next vintage are also, incidentally, wines that have not even been scored in bottle by Parker. At the other end of the chart are 2011s that are not the cheapest on the market but which received high in-bottle scores from Parker, typically over 93. These include the First Growths, but not Lafite, which is yet to receive its in-bottle score.
There would thus seem to be a clear split: wines that have traded for score, and wines that have traded for price. As we have noted previously, the 2011s have generally come down in price since release – for those seeking an early drinking vintage, several now look to offer value.