A case of Pavillon Rouge 2010, the second wine of Bordeaux estate Chateau Margaux, sold for 925 pounds ($1,415) on Liv-ex, its lowest level for more than four months, amid muted demand for vintages from the region.
The transaction yesterday was 10 percent down from the 1,030 pounds at which it traded in May and 38 percent below the record 1,490 pounds paid in June 2011 as it was released to the market.
The Liv-ex Fine Wine 50 Index has risen 4 percent this year, with gains in the 10 weeks to mid-March pared by a drop since then. The index, a benchmark for top wines from Bordeaux, is currently heading for its fourth straight month of declines.
“The region has been releasing wines at too high a price for too long, and is now paying the price,” Liv-ex said in a commentary on its market blog.
The 2010 vintage of Pavillon Rouge is the most expensive of the past five years, according to merchant prices collated by Liv-ex on its Cellar Watch website.
The wine was awarded a 94 rating on a 100-point scale by U.S. critic Robert Parker, making it the highest-ranked Pavillon Rouge of the past decade, according to the eRobertParker.com website.
Margaux has been producing a second wine since the nineteenth century, and the current name Pavillon Rouge du Chateau Margaux dates back to 1908, according to Margaux’s website. Production lapsed in the 1930s and resumed when Andre Mentzelopoulos bought the estate in 1977. His daughter Corinne now runs the business.
Pavillon Rouge is produced from wine that isn’t retained for the main Chateau Margaux brand during the blending process. It is frequently made from younger vines and bottled three or four months sooner than the main wine for earlier drinking.