How did the fine wine market fare in 2010? And what of the future?After some strong re-building in 2009, 2010 always had the potential to be a great year for the fine wine market. The Liv-ex 100 index started the year at 239.36 and rose to a new high of 336.28 by the close, an increase of 40.5%. Lafite Rothschild and second wine Carruades de Lafite continue to lead the way. There is no let up in demand from China for wine’s über-brand. Most vintages of Carruades now trade at over 3.5K/cs and the Grand vin prices head ever further into the stratosphere. The other first growths have also seen big gains in 2010. Mouton Rothschild’s decision to commission Xu Lei to design the label for the 2008 had an overnight impact on the demand for all Mouton vintages. And what of the auspicious 2008 vintage? Much was made of the significance of these lucky numbers before the `08 primeur campaign, but buyers from China never materialised. Now that some wines are available, we expect this to change.
One of the outstanding successes in 2010 was of course the release of the 2009s from Bordeaux. Our tasting team travelled to Bordeaux in April and tasted extensively throughout the Medoc, Graves, Pomerol and St Emillion. The vintage is rightly heralded as one of the greats. We witnessed some of the most decadent, hedonistic, enchanting wines we have ever tasted. Release prices, as we had forewarned were very high, but the demand was even greater. As with previous `greats` (2000, 2005), the record release prices didn’t put consumers off. They also had a knock on affect to older vintages, which comparatively looked cheap!
2011 has started with a bang. Our Burgundy 2009 campaign has broken the records set by the 2005s. Over 450 people attended our tasting and demand for the top wines has been typically voracious. And whilst the very top wines have now been snapped up there are still plenty of wonderful wines to be had from Bourgogne to Grand Cru level. Have a look on our website for full availability. 2010 Bordeaux is potentially very exciting too; a small crop, but the quality is excellent, so there is much to look forward to. We don’t have a crystal ball, but it seems likely that the fine wine market, in near term at the very least, will depend on the evolution of the Chinese market. We are already seeing an increase in demand for super seconds and other top Cru Classés. And why not? The gulf between the firsts and the others has never been greater. Those looking for smart drinking are clearly looking beyond the likes of Mouton and Lafite, and who knows, maybe investors will follow...
