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Cos d’Estournel ’05 at $1,910 Is Trading Close to Six-Year Low

Chateau Cos d’Estournel stands in Saint-Estephe, France. Photographer: Pierre Andrieu/AFP/Getty Images
Chateau Cos d’Estournel stands in Saint-Estephe, France. Photographer: Pierre Andrieu/AFP/Getty Images

Jan. 15 (Bloomberg) -- A case of 2005 wine from Chateau Cos d’Estournel, a second-growth Saint-Estephe estate, fetched 1,160 pounds ($1,910) on Liv-ex yesterday, within 6 percent of its cheapest level in more than six years.

The trade followed three cases selling for 1,150 pounds on Dec. 17 and Dec. 19, the lowest price in four years, and three others fetching 1,100 pounds on Dec. 17, the lowest since 2007, according to data on Liv-ex’s Cellar Watch website. Another 12 bottles sold the same day for 1,210 pounds.

The Liv-ex Fine Wine 50 Index has held stable since the start of this year after falling 3 percent last year, 10 percent in 2012 and 17 percent in 2011. Muted investor demand for top Bordeaux has reduced the proportion of first-growth wines traded on Liv-ex and is weighing on prices of other leading estates.

The Liv-ex Investables fell 0.4 percent in December, leaving it with a gain of 0.1 percent for the year, Liv-ex said in a market commentary blog, noting broader measures of wine performance in Bordeaux and elsewhere outperformed the narrower Liv-ex 50. It also said that for some regions “typical year-end volatility on light volumes meant that price movements were relatively arbitrary.”

Cos d’Estournel 2005 has dropped 33 percent from its peak of 1,730 pounds a case on Liv-ex in July 2011, and is still up 16 percent from the 999 pounds at which it traded in June 2006 when it was released to the market.

Auction Market

In the international auction market, a single case sold at Christie’s in New York in November for $2,205.

The 2005 vintage is the fourth most expensive Cos d’Estournel of the past 10 years, behind only the 2010, 2009 and 2003 wines, according to merchant data collated by Liv-ex.

The 2005 Cos d’Estournel was given a 98-point rating by U.S. wine critic Robert Parker in an online tasting note in April 2008, putting it among the top three wines produced by the estate in the past decade.

Cos d’Estournel is located in Saint-Estephe, north of close neighbor Chateau Lafite Rothschild, and was designated a second-growth estate in the classification drawn up for Napoleon III’s 1855 Paris Exhibition, which remains in force throughout the Medoc region.

To contact the reporter on this story: Guy Collins in London at guycollins@bloomberg.net

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