In the latest issue of The Wine Advocate – released last Friday – Robert Parker’s low opinion of Bordeaux 2013 did not come as much of a surprise, and not a single bottle of 2013 has since traded on the exchange. By contrast, the upgrades to 2003, 2005 and 2010 Montrose resulted in the wine accounting for an impressive 17.2% of all trade by value this week. Montrose 2010, the main talking point, was upgraded to a perfect 100 points. Taking 10.9% of this week’s trade by volume and 13.1% by value, it seems that the power of Parker remains strong.
Last week the bid/offer ratio tipped over 0.5 for the first time since February; as we have previously mentioned, a ratio of 0.5 or above is typically the point at which prices rise. The Liv-ex 50 edged up 0.3%, continuing the gains made in August, when the Liv-ex 50 and Liv-ex 100 posted month-on-month rises for the first time in 12 and 17 months respectively. As the tables show, overall the week was dominated by Bordeaux. It accounted for an 85.9% share of trade, an increase of ten percentage points from last week.
A note of caution. The bid/offer spreads – i.e. the difference between the highest bid to buy and the lowest offer to sell – are narrowing but remain relatively wide, which is typical during periods of market stress or uncertainty. There is a feeling of positivity in the air, which is good, but it is too early to call a turn just yet.