Bordeaux 2012 was not an immediate success on the secondary market. Between En Primeur release and this time last year – when the wines had become physical – the overall value of those within the Bordeaux 500 index had dropped by 2.6%. Trading activity was also low: the vintage had accounted for just 2.9% of Bordeaux trade.
Since becoming physical, the news has been more positive: the wines have made gains of 9.7% over one year, outperforming the Bordeaux 500 index which is up 0.7% over the same period. This means that the wines are now in positive territory – up 6.9% – since En Primeur release. Activity has also increased, with the vintage accounting for 9.5% of Bordeaux trade since February 2015.
Of the 48 wines from the vintage represented in the Bordeaux 500 Index – Latour and Forts Latour 2012 are yet to be released – 41 are in positive territory over one year. Pavie 2012, which carries a special silver label to celebrate its elevation to Grand Cru Classé A status, has made the greatest gains. Interestingly, Angelus 2012 (-6.5%) is among the seven fallers. It has failed to maintain the boost offered by its own commemorative bottle which was announced in May 2014.
Lafite Rothschild 2012, which was the cheapest physical vintage of the wine until the recent release of the 2013, has accounted for almost a quarter of Bordeaux 2012 trade over the past year. The “iconic” Pape Clement 2012 – one of Robert Parker’s top picks from the vintage – also features among the most traded.