|Tom Cannavan's wine-pages.com|
Liv-Ex Market Report
by Liv-ex.com, January 2012
After falling for six consecutive months, First Growth prices stabilised in January. Increased demand stemmed further losses and the Liv-ex Indices posted small gains. Trade was once again spread across a broad base. The volume of monthly transactions rose 41 per cent year on year, while turnover increased 51 per cent on December. The buzz surrounding the Burgundy 2010 campaign, combined with the general broadening of the market, buoyed Burgundy’s share of trade. Comte Vogue outpaced DRC trade (by value) and Burgundy accounted for seven per cent of turnover. Bordeaux took just 87 per cent of trade, having ceded five per cent to Italy and the Rhone. The Liv-ex Fine Wine 100 closed January with a rise of 1.4 per cent—its first increase since June. It was the First Growths that recovered the most ground (though gains were slight) and as such the Liv-ex Fine Wine 50 rose more quickly. The index, which tracks the movement of the First Growths only, finished the month at 341—up 1.9 per cent month on month.
(more analysis in the full report)
Following a six-month period that has seen the big guns of Bordeaux lead the market downwards, January was something of a return to form for the First Growths. Mouton, Latour and Haut Brion all make a welcome appearance on this month’s Major Movers table—with the off-prime vintages of 2002 and 2007 leading their more expensive siblings back upwards. With the Burgundy 2010 campaign in full flow, a wider range of the region’s Grand Cru and Premier Cru wines made an appearance on trading screens last month. The Rhone generated three per cent of monthly turnover (down from a record six per cent in December). Chapoutier’s red and whites led the charge, followed closely by Guigal cuvees from the Cote Rotie.
(analysed in detail in full report)
Fine wine merchants and traders attended a plethora of Burgundy 2010 tastings in London last month. Initial reactions to the vintage have been exceptionally favourable, with Allen Meadows (aka Burghound) noting that the wines could in fact be superior to their 2009 counterparts. Meadows suggests that the wines are notable for their refinement, balance and great sense of energy: "It’s one thing to have racy acidity and punch but it’s another to ally these attributes with real substance." Jancis Robinson, though less explicit, has also sung the vintage’s praises. She has urged her Purple Page readers to seriously consider buying 2010 “as it is very typically Burgundian”. The critics top picks of the vintage are shown in the table below..
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