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Pavie ’09 Fetching $4,240 Holds On to Gains Fueled by Promotion

Bottles of Chateau Pavie
Pavie prices have risen since its elevation to the ranks of the top four Bordeaux growers in Saint-Emilion in September last year. Photographer: Elin McCoy/Bloomberg

A case of 2009 Chateau Pavie, a wine estate promoted in last year’s Saint-Emilion classification, fetched 2,610 pounds ($4,240) in the past week on Liv-ex, consolidating a level around which it has traded since April.

Pavie prices have risen since its elevation to the ranks of the top four Bordeaux growers in Saint-Emilion in September last year. 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 2 percent this year. While Bordeaux wines have slipped during the past six months after the sales campaign for the region’s 2012 vintage, some Saint-Emilion producers have performed better than left-bank rivals.

In the year since the promotion of Pavie and Angelus, “both have seen solid activity on the secondary market and substantial price moves across all recent vintages,” Liv-ex said in a market commentary blog on its Cellar Watch website.

Pavie 2009 has climbed 21 percent from the 2,150 pounds at which it traded in August 2012, before its promotion gave a boost to prices, according to data on Cellar Watch. The Liv-ex 50 is up 4 percent over the same period.

Merlot Grapes

A total of about 50 cases of Pavie ’09 traded on Liv-ex in August, none for less than 2,600 pounds, while two trades last month both took place at 2,610 pounds a case.

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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