Despite trade by volume falling this week, the value of wine traded was the highest it has been for over a month. Bordeaux’s share increased marginally to 65.4%, along with the growing apathy for this year’s En Primeur campaign.
On the other side of France, Burgundy’s trade share increased dramatically from last week, rising to 18.5% at the expense of wines from the USA, which saw little activity.
Lafite Rothschild vintages accounted for 16% of trade on the exchange with the classic 1982 vintage trading as an imperial, pushing it to the top of the trade by value table. Also trading in a larger format were magnums of Taittinger, Comtes Champagne, which buttressed a strong week for wines from the Champagne region.
Latour 2005 continues to find the bid as the market grapples with the additional stock that became available after March’s ex-chateau release.
Bordeaux 2016 Update
This week’s En Primeur campaign got underway on Tuesday with a succession of balanced prices. Margaux became the final First Growth to debut on the market with a well-judged and successful release. Leoville Barton also came out at a very delicately poised price, along with Brane Cantenac.
Wednesday’s releases were less favourable for the consumer. Canon Gaffeliere, Issan and Beausejour Duffau all entered the market above prices suggested by Liv-ex’s ‘fair value’ methodology, while Lascombes, Issan and Clos Fourtet also raised their prices ambitiously.
Thursday’s offerings broadly fell into two categories. Those that were successful opened at prices under ‘fair-value’ such as Clinet and Leoville Poyferre, and to a lesser extent Smith Haut Lafitte. Those that didn’t such as Ducru Beaucaillou and Pichon Baron proved incredibly difficult for the trade to sell on.
The releases earlier today have been fully-priced. Pichon Lalande was quite literally off the charts, yet only just over fair value, while Haut Bailly was slightly under. Pontet Canet and Evangile rounded things off at a price level that will satisfy few outside the Chateau
It has become clearer throughout this campaign that the wines that have sold well have been offered at a price close to ‘fair value’, while those that have struggled, have not. Increasingly questions are being asked of the En Primeur objectives of the chateaux, given the generally decreased volumes and increased prices. Perhaps in the forthcoming final week of this year’s En Primeur campaign there will be some more wine and value available for the consumer.