Pavie ’09 Saint-Emilion Reaches Record $4,260 After Promotion
Five half-cases of 2009 Chateau Pavie, a vineyard promoted in last year’s classification of Saint-Emilion wines, sold for the equivalent of 2,742 pounds ($4,260) a case this week on Liv-ex, a record for the vintage.
Pavie prices have risen since its elevation to the ranks of the top four Bordeaux growers in Saint-Emilion last September. It now rates as a Premier Grand Cru Classe A alongside Chateau Cheval Blanc, Chateau Ausone and Chateau Angelus in the classification, which replaced one dating from 1996.
The 2009 vintage of Pavie has outpaced the Liv-ex Fine Wine 50 Index, which has risen 5 percent in the past year. While Bordeaux wines have slipped in the past five months during the sales campaign for the region’s 2012 vintage, prices are now showing more stability, both on Liv-ex and at auction.
“There seems to be a bit more trading taking place” over the past couple of weeks in the fine wine market, Jeremy Peacock, broking manager at Redhill, U.K.-based Vin-X Ltd., said by phone. “The spread has tightened.”
Pavie 2009 has climbed 28 percent from the 2,150 pounds at which it traded in August 2012, before its promotion in the 2012 classification gave a boost to prices, according to London-based Liv-ex’s Cellar Watch website.
“It’s clearly made a lot of the back-vintage Pavies look quite undervalued,” Peacock said. Angelus was promoted alongside it.
A total of about 50 cases of Pavie ’09 have traded on Liv-ex this month, none for less than 2,600 pounds.
The estate, on the right bank of the Dordogne, was acquired by Gerard and Chantal Perse in 1998 and has about 35 hectares (86 acres) under vines, predominantly Merlot with some Cabernet Franc and Cabernet Sauvignon.
The 2009 Pavie was awarded a perfect 100 points by U.S. critic Robert Parker, who described it in an online tasting note in February last year as having “wonderful notes of blackberries, crushed rocks, roasted meats, spring flowers, cedar, blueberries, graphite and a hint of vanillin.”
The wine is the estate’s most expensive vintage since 2000, according to merchant data compiled by Liv-ex.
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