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market report

Liv-ex is an electronic exchange for fine wine used by professional merchants and collectors. Each month Liv-ex publishes a detailed Market Report analysing fine wine prices and trends in the marketplace. The Market Report is part of a package of data and services offered to subscribers of Liv-ex, with subscriptions starting at 39.95 per year.

Below is just a brief extract from the latest Market Report. An extract will be offered on wine-pages as soon as it is published each month, but for the full report and Liv-Ex's extensive services, sign-up with them at www.liv-ex.com

Liv-Ex Market Report
by Liv-ex.com, September 2004

Trading
Activity in September was pretty flat. It is a month that usually takes a week or two to get going (after the holiday hangover), but this year the market struggled more than usual. Trade through the Exchange was flat on August's levels, and flat year on year. The Liv-ex 100 composite was flat for the month while stock held by the UK's leading stockholders was - marginally up!


(more analysis by region in the full report)

Major Movers
The table below - which shows the major movers for September - tells a pretty interesting story. Having banged the drum on a number of occasions that young wines are clearly overvalued relative to the back vintages, this theme is starting to play itself out in the market. While 2003s have come off in recent months, the biggest decliners in September were 2000s. Conversely, wines from the eighties and 1990 dominate the gainers. This is a theme that it becoming more and more prevalent as the best 1982s and 1990s in particular are becoming more difficult to find.


(featured wines analysed in detail in full report)

Critical Corner
This month we take a look at three re-ratings that have appeared on the web, but are yet to appear in official publications. These are all wines to watch:

Margaux 1982
At a recent tasting published on his website, Parker gave this wine 100 points. While Mouton, Lafite and Latour have been 100-point wines for some time now, Margaux has had a patchy time. In chronological order Parker has scored the 1982 as follows; 99 points (in 1993), 99 (1994), 96 (1995), 98 (1998), 94 (2000). 98 (2002) and 100 (2004). This has been reflected in its price, which on average has been 12% below its peers over the past five years, but is this set to change?
(the other two re-ratings included in full report)

Final Thought
Louis Roederer Cristal 1996 has been the most regular visitor to the featured wines section. The favourite tipple of every gangster rapper and footballer's wife, demand for this wine has been without peer over the last few years. So how does Champagne in general and Cristal, in particular, perform as an investment? Below we have created a composite of the best vintages from the three biggest brands in the game - Krug, Dom Perignon and Louis Roederer Cristal and have charted these against three of Cristal's most recent vintages. While the chart shows that these top marques have produced steady returns, Cristal is the consistent out performer.
(composite, other tables and detailed comparisons of Champagne against blue-chip clarets as investment wines in full report)

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