This morning Pontet Canet released a second 2014 tranche, up 18.2% on the first. The second tranche is expected to represent around 25% of the total release.

If the same increase were applied to the international merchant price, it would inflate from £648 for the first tranche to £766 per 12×75 for the second. Of course, it won’t. The reality is that the first tranche is still widely available across the globe. Indeed some are offering it at £620.

If not demand driven, why this second, more expensive release?

In his notes, Neal Martin reported: “I find this more appealing than the 2013 last year and this 2014 should be a vintage that puts a smile on Jean-Michel Comme's face.”

But will anybody else be smiling?