The Cellar Watch July Market Report has been released. As well as offering a summary of the past month’s market activity, the report contains a special three-page overview of the Bordeaux 2015 campaign for Pro and Premium Cellar Watch subscribers. This is an abridged version of an extended report that will be circulated to Liv-ex’s merchant members this afternoon.
This month’s full issue includes:
- From Bordeaux to Brexit
- Brand buying
- Edging up: Bordeaux 2012
- Antonio Galloni on Salon
- Extended final thought: Bordeaux 2015 – hunting for value
To access the full report, please log in or subscribe to Cellar Watch.
You can download page one – with charts and data – here, or read the text below:
From Bordeaux to Brexit
June saw the conclusion of this year’s Bordeaux En Primeur campaign with the release of Cheval Blanc 2015 on Tuesday 21st. Days later, the UK’s decision to leave the EU was declared and immediately stole the news headlines. The resulting collapse in the value of Sterling led to a surge in dollar-based buying. This had a marked impact on fine wine index levels.
Activity for Bordeaux rose in June: trade for the region accounted for 75.2% by value compared to a low 66.6% the previous month. Burgundy (9.2%) and Italy (7.7%) sustained levels seen in May, with the latter boosted by Sassicaia and San Guido, Guidalberto 2013. Sixteen other regions including Lebanon and South Africa traded in small quantities.
Bordeaux 2012 stole the show in June: it was the most traded vintage, accounting for 14.8% of Bordeaux activity by value. The 2011 took 9.3%, pushing the acclaimed 2005 (9.1%), 2009 (8.4%) and 2010 (7.9%) further down the table. The recently released 2015 vintage accounted for 5.8%, with wines including Lafite Rothschild and Pavie finding a market.
Lucky number seven
While the Liv-ex 100 Index rose for the seventh month in a row in June, the Liv-ex 1000 reached its highest level in almost five years. All of the sub-indices closed the month in positive territory. The Burgundy 150 (+5.2%) gained the most, while the Bordeaux Legends 50 (4.4%) also made strides. The Bordeaux 500 Index edged up 3%, and the Liv-ex 50, tracking First Growth prices, increased 2.5%.
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