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market report
Liv-ex is an electronic exchange for fine wine used by professional merchants and collectors. Market Report is part of a package of data and services offered to subscribers of Liv-ex, with subscriptions starting at £49.95 per year.
Below is just a brief extract from the latest Market Report. For the full report and to access Liv-Ex's services, sign-up with them at www.liv-ex.com
Liv-Ex Market Report
by Liv-ex.com, April 2007
Trading
April is usually a calm month before the annual En Primeur storm.
While many merchants did report quiet times, the investment market
remained buoyant. Exchange turnover doubled year on year and
prices leapt forward again. The Liv-ex 100 (see www.liv-ex.com for
details) set yet another new all time high with a 9.2% rise for the
month, leaving the twelve-month gain at 57.1% (to find Liv-ex 100
on Bloomberg: see index code LIVX100).
You will recall a similar picture in June last year when the benchmark
added 9.4%. Then it was a reaction to the release prices of the 2005
vintage- this time it would seem to be all about expectations for 2006.
Having attended the Union des Grand Crus in Bordeaux at the
beginning of the month it became clear to many traders that the
Chateaux owners were unlikely to cut prices far enough to make the
new vintage interesting. As our annual survey suggests, the market
is expecting prices to be down about a third from 2005, but still way
above any other vintage in history. With this in mind several back
vintages caught the bid. In particular, the top names from the best
years i.e. 2005, 2003, 2000, 1996, 1990 and 1986.
(more analysis in the full report)
Major Movers
The table below highlights some of the price movers for the month
of April. Lafite continued to dominate the leader’s board while two
of the Right Banks most desirable labels, Lafleur and Ausone, played
catch up with Petrus. The common denominator being a perfect 100
point score from Robert Parker. This theme continues to drive the
market in May.
Critical Corner
(analysed in detail in full report)
Below we list a selection of Robert Parker’s Bordeaux 2006 scores,
from Issue 170 of The Wine Advocate (with the revised 2005 scores
from the same issue). It is worth noting that Lynch Bages, Talbot,
Mouton and Pichon Lalande on the left bank and Hosanna, Fleur
Petrus and Vieux Chateaux Certan on the right bank have out
scored their respective 2005s. (To compare Parker’s scores to those
from the Wine Spectator and Jancis Robinson, see the 2006 pages
on our website):
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