A case of 2010 Chateau Pichon-Longueville, a second-growth Bordeaux wine estate, fetched 1,260 pounds ($2,040) on the Liv-ex market in the past week, its low for this year, as demand weakened for the region’s top wines.
The transaction, on Sept. 27, was followed by two more cases selling for 1,350 pounds each on Oct. 1 and six bottles fetching the equivalent of 1,336 pounds per case the same day. With the exception of last week’s sale, those trades were also at prices below previous deals this year on the exchange, according to data on Liv-ex’s Cellar Watch website.
The Liv-ex Fine Wine 50 Index has fallen since mid-March following a muted response to the sales campaign for Bordeaux 2012 wine futures. While gains in the first three months of the year mean it has still risen 2 percent since the end of December, wine investors have been looking for price growth beyond the core Bordeaux markets. The broader Liv-ex 100 Index has also dropped for the past six months.
“There were few buying trends in September,” Liv-ex said in a market commentary blog on its website. “Only a handful of wines in the Liv-ex 100 saw significant positive price moves.”
The transaction last week was 32 percent below the peak of 1,845 pounds paid for a case of the vintage in February, and 16 percent down from the 1,500 pound level at which three cases changed hands in late December. The vintage first traded on Liv-ex at 1,400 pounds a case in June 2011 soon after its release to the market.
The estate is owned by Axa Millesimes, a wine investment unit of French insurer Axa SA (CS), and has 73 hectares (180 acres) of vineyards planted with 65 percent Cabernet Sauvignon and 35 percent Merlot grapes.
Pichon-Longueville’s 2010 vintage is the wine estate’s most expensive since 2000, according to merchant prices tracked by Liv-ex.
The 2010 wines were awarded a rating of 97+ points by U.S. critic Robert Parker in an online tasting note in February, fractionally below the 98 points awarded to the 2009 wines and making the two vintages the estate’s top-rated of the past 12 years.
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