After a couple of slower weeks, trade by both value and volume picked up after the Easter break. Bordeaux’s share of trade by value continues to decline, down to 64.8%, while trade for Burgundy remained flat week on week. New world regions accounted for a significant portion of trade by value this week. The USA contributed 5.3%, boosted by the recently released Screaming Eagle 2014. Australia and Spain represent 3% and 1.6% respectively.

Mouton Rothschild 2011 led the trade by value this week. It last traded at £3,370 per 12×75, 8.9% lower than the price it was released at five years ago.  Trade for First Growths as whole remains low at 20.3% and the Liv-ex Fine Wine 50 is down 0.6% on last week, the second consecutive week it has fallen. The April close of the Liv-ex 100 will be published next week, will it follow suit?

Bordeaux 2016 Update 

Doisy Vedrines and Filhot came out earlier in the week, keeping their 2016 ex-negociant prices the same as 2015, as has been the trend with Sauternes offerings so far. Cos d’Estournel surprised many by releasing their 2016 vintage this week.  There was much speculation among the trade as to why the wine was released so early, but this did not extend to trade of back vintages on Liv-ex. Instead activity was limited to wine page views; 34% of wine page views across Cos d’Estournel back vintages occurred on the day of the 2016 release.

In the second half of the week devastating frosts threatened the 2017 vintage across many parts of Bordeaux. These have been described as the worst since 1991. While the full extent of the damage on the 2017 harvest may be unknown for a while, it is rumoured that this will delay 2016 releases as vignerons assess their losses. Depending on how much the future yields are depleted, there are suggestions that there could be further upward price pressure on the forthcoming releases. In 1991 the frosts pushed wholesale prices up by 20%. Could the market bear this above the already expected increases?