Liv-ex is the world’s leading online marketplace for fine wine. We run an internet and phone-based information, trading and settlement platform, with members in 35 countries on six continents. Liv-ex continues to strive towards bringing higher standards of efficiency and transparency to a traditionally opaque market.
Weekly trade by value at its highest level in 2018
Lafite Rothschild 2015 most active wine
Bordeaux 2017 trundling on
Port 2016 releases
New Market Price logic launched
With the Bordeaux 2017 campaign not offering much in terms of excitement, activity on the secondary market jumped to a yearly high. Bordeaux and Burgundy increased their market shares as recent vintages from big names such as Lafite Rothschild and DRC found the bid.
Although the First Growths trade share increased to a three-month high of 31%, prices dropped slightly. As a consequence, the Liv-ex Fine Wine 50 closed Thursday at 353.44, a decrease of 0.2% on the same time last week.
Lafite Rothschild 2015 was the most active wine last week. The last trade price of £5,398 per 12×75 represents an increase of 24% on the En Primeur release price.
Bordeaux 2017 ground to a halt after Wednesday afternoon and is not likely to resume until after Vin-Expo Hong Kong finishes at the start of June.
The main success of the week was Lynch Bages 2017. Although it opened at a higher price than the current Market Price of its 2014 vintage, it is a UK favourite and came out at an attractive discount to fair value.
Port 2016 vintage declared
The 2016 Port vintage was the first general declaration since 2011. Information on release prices from the major Port shippers can be found here.
New Market Price logic
The Market Prices that you see on Liv-ex are now more accurate and up-to-date than ever before, and cover a broader range of wines. This week, we completed a refresh of our prices using a new and improved algorithm. This was run across 209,282 individual wines (LWIN11) in the Liv-ex database, covering 500 million data points. The procedure took six days and a cumulative processing time of 3,300 hours. Further information on this will follow next week.
LWIN is a unique seven-digit code that offers a simple and consistent naming convention for fine wines. Our Supply Chain Initiative in 2018 was to release LWIN as Open Data and give it a Creative Commons (CC) licence. This is a firm commitment from us that the LWIN dictionary will remain free forever, a decision that cannot be reversed. By giving LWIN a Creative Commons licence, other companies (including those who are not Liv-ex members) now have the right to share, use and build upon the dictionary for free.
With this initiative, we hope to improve the fine wine supply chain for all those involved. This is aligned with our mission to make the fine wine market more transparent, efficient and safe for the benefit of our members and the industry as a whole.
For more information on LWIN, click here, or watch our short video below.
Saint Pierre 2017 has been released at €38.40 per bottle ex-negociant, down 16% on the 2016 release of €45.60. It is being offered by the international trade at £396 per 12×75, a decrease of 29% on the 2016’s release in sterling terms.
Overall, critics have been positive in their reviews of Saint Pierre 2017. Neal Martin (Vinous) scored the wine 92-94 points. In his tasting note he said it “showed immense brightness and energy”. His colleague Antonio Galloni described it as “an outrageously beautiful wine” and awarded 92-95 points.
Saint Pierre – Current Market Price vs Score
Today’s release places Saint Pierre below the line implied by Liv-ex’s fair value methodology. Buyers looking for value may wish to consider the equally scored 2014 which is available at a 17% discount.
Gloria 2017 has been released at €25.80 per bottle ex-negociant, down 14% on the 2016’s opening price of €30. It is being offered by the trade at £315 per 12×75.
At this price, it is positioned above many of the ‘off’ back vintages, but below the ‘greats’. Its score of 89-92 from Neal Martin places it somewhere in the middle, and the critic hinted at an upgrade: “It actually ends much better than it begins so I will expand my banded score to indicate potential upgrade in quality.”
His Vinous colleague Antonio Galloni rated it slightly higher. He scored it 91-94, calling it “one of the most compelling values in all of Bordeaux”. Liv-ex members appear to agree. In a survey, they voted it among the top ten wines of the vintage below £500.
Buyers with an eye for value do, however, have a number of options among the back vintages. The similarly scored 2008 is close in price and comes with nearly a decade in bottle. Both the 2014 and 2015 are scored higher and priced lower.
Phelan Segur 2017 has been released at €28.80 per bottle ex-negociant, down 11% on the 2016 release price of €32.40. It is expected to be released at £350 per 12×75, a decrease of 10% in sterling terms on the 2016 release of £390 per case.
The volume of stock entering the market is down 10%.
Writing for Vinous, Neal Martin scored the wine 89-91 points. In his tasting note he commented that the wine was “quite foursquare and masculine”, adding that it was “needing more flesh to come through on the finish”. James Suckling was slightly more generous. He described the wine as “a poised and focused young wine” and awarded 92-93 points.
Today’s release is entering the market above a number of recent vintages. Buyers looking for value may prefer the higher scored 2014 which is available at a 29% discount.
Cantenac Brown 2017 was released today at €34.80 per bottle ex-negociant, down 10% on the 2016 release price of €39. It is being offered at a recommended retail price of £428 per 12×75, a decrease of 10% in sterling terms on the 2016 release of £474 per case.
The volume of stock entering the market is down 40% due to frost.
Neal Martin (Vinous) scored this year’s wine 89-91 points, adding that it was “a structured and more masculine style of Cantenac Brown”. James Molesworth (Wine Spectator) awarded 89-92 points and described it as “a pure and elegant wine that should fill out a bit more with the élevage”.
Today’s release is entering the market above a number of other recent vintages. Buyers looking for value, therefore, may wish to consider the higher scored 2014. The wine received 92 points from Neal Martin and is available at a 13% discount.
Croix Beaucaillou 2017 has been released at €30 per bottle ex-negociant, a 13.8% decrease on the 2016 release price of €34.80. It is being offered by UK merchants for £372 per 12×75, down 11.4% in sterling terms on the 2016 release of £420 per case.
Neal Martin scored the wine 90-92 points and commented that “this will probably require three or four years in bottle just to soften the edges.” James Molesworth noted that the wine was “ not big but a textbook St.-Julien.” He awarded the wine 88-92 points.
Those eyeing back vintages might consider the either the 2014 or 2015, both of which have a slightly higher score, years in bottle and lower price to today’s offering.