The increasing pace of this year’s En Primeur campaign has done little for Bordeaux’s trade on the exchange, which climbed marginally to 64.6%. Burgundy fell to a year-to-date low after a strong previous week, overtaken by both Champagne and the USA which contributed 8.5% and 9.7% respectively.
Screaming Eagle 2013 topped the trade by value table, largely contributing to USA’s enlarged trade share. Mouton Rothschild 2005 also made an appearance, in a week which Mouton vintages accounted for 40% of the total First Growth’s trade share.
The controversial Cos d’Estournel 2009 found the bid multiple times this week, to come second in trade by value. Officially the holder of a Robert Parker 100-point score, yet for Neal Martin this is a wine that might have “forsaken its identity as quintessential Saint Estephe?” and is only worth 91 points.
Bordeaux 2016 Update
The En Primeur campaign started rather unexpectedly on Monday with the release of Gruaud Larose getting both their price and timing muddled, catching out many UK wine merchants enjoying their long weekend.
On Tuesday the UK wine trade returned to work and were greeted in the morning with the releases of Haut Brion and Mission Haut Brion which were both moderately successful. Larcis Ducasse was also released, at a price that was 65% higher than suggested by Liv-ex’s ‘fair-value’ methodology.
Wednesday commenced with Lagrange and Malescot St Exupery before the arrival of the Saint Estephe pair of Calon Segur and Phelan Segur, Calon’s release being one of the real successes of the campaign thus far.
Thursday started with the successful and straight forward release of Mouton Rothschild , which kept volumes the same as last year.
Troplong Mondot entered the market at an elevated level, along with Cantenac Brown and Lafon Rochet. The fashionable pair of Canon and Rauzan Segla came at lunchtime, Canon opening at a remarkably fair price. Grand Puy Lacoste, a firm favourite with Liv-ex members, closed proceedings with a highly rated offering, but also a higher price on release than ever before.
Finally, today saw the entry of Cheval Blanc, priced above the 100-point 2005. Pavie Macquin was also offered early morning, at a price slightly under ‘fair value’. Giscours and Domaine Chevalier closed the week, opening at prices above all of their recent vintages other than 2005.
Elsewhere on Liv-ex
Gavin Quinney provided us with a comprehensive map and report on the recent frosts in Bordeaux.
Earlier today Liv-ex published an interview with Bernard Magrez, the owner of Chateau Pape Clement and three other classified growths. In the interview, which you can read here, Monsieur Magrez discusses his working life, his involvement with wine, and the central role of Liv-ex in the fine wine market.