May 1 (Bloomberg) -- Chateau L’Eglise Clinet, a wine estate in Bordeaux’s Pomerol district on the right bank of the Dordogne, cut the price of its 2013 wine by 15 percent from 2012 as regional growers pursued sales of a vintage hurt by cold, wet weather.
L’Eglise Clinet priced its 2013 wine at 106 euros ($147) a bottle from Bordeaux wholesale merchants, according to data compiled by the London-based Liv-ex wine market. That was 51 percent more than the 70 euros charged charged for the 2008 vintage, cited by critics as of comparable quality in the area.
Investors have been looking to so-called en primeur sales of 2013 wines, before they are bottled and delivered, for reasons to buy Bordeaux wine, which has suffered a price slide over the past three years. The Liv-ex Fine Wine 50 Index has dropped more than 4 percent since the start of this year after declines of 3 percent in 2013 and 10 percent in 2012.
“Value is clearly a driver,” Joss Fowler, Director of Fine Wine at London broker Fine+Rare, wrote in an online market report last week. “The rise and fall of Bordeaux prices over the past decade is well-documented.”
L’Eglise Clinet is a vineyard close to Chateau Petrus and Chateau Lafleur, two of the leading Pomerol estates.
Rival Pomerol grower Vieux Chateau Certan priced its 2013 wine at 90 euros a bottle, unchanged from 2012 and more than double the 38 euros it charged for its 2008, according to Liv-ex.
In contrast, Chateau Leoville Poyferre, a Saint-Julien producer from the left bank of the Gironde estuary, set its 2013 vintage at 38.40 euros a bottle, down 11 percent from the previous year.
Earlier this week Chateau Leoville-Las Cases, another Saint-Julien producer, cut the price of its 2013 wines by 7 percent from the previous year to 79 euros a bottle, according to Liv-ex. That left it unchanged from the its 2008 vintage.
Chateau Cheval Blanc and Chateau Ausone, two leading Saint-Emilion producers, both priced their wine at 300 euros a bottle, according to Liv-ex. For Cheval Blanc that was a 12 percent cut from the previous vintage, while for Ausone it was a 15 percent reduction.
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