The five-year high of the Liv-ex Fine Wine 50 – tracking the price movements of the five Bordeaux First Growths – has now moved to 2017, as the chart above shows. On 22nd March, the index closed at 344.34.

Despite edging up, the Fine Wine 50 is some distance off its peak. At its current level, it is 22.9% off its all-time high of 445.56 in June 2011.

As the chart below shows, it is close to its levels in March 2010 and March 2012, when the market either saw a rapid rise or a sharp drop. The Bordeaux 2016 campaign is just around the corner. Another turning point?