Chateau Petrus 2002 Climbs to Record on Liv-Ex Market in London

Six bottles of 2002 Chateau Petrus, one of the two most expensive wine estates in Bordeaux, sold for 7,200 pounds ($10,970) on the Liv-ex market, a record high for the vintage and up 11 percent from the start of this year.

The price, the equivalent of 14,400 pounds for a standard 12-bottle case, compares with the level of 13,000 pounds at which it traded in both January this year and November 2012, and is more than triple the 4,075 pounds for which it sold in August 2003, shortly after its release to the market.

The Liv-ex Fine Wine 50 Index has risen 5 percent this year, with an 8 percent gain in the 10 weeks to mid-March pared by a 3 percent decline since then. While appetite has cooled for some wines following sales of 2012 futures in the past three months, rarer Bordeaux labels including Petrus remain in demand.

The 2002 vintage is the second-cheapest Petrus from the first 12 years of this century, level with the 2004 and ahead only of the 2011, according to merchant prices collated by Liv-ex on its Cellar Watch website. The vintage was awarded a 90 rating on a 100-point scale by U.S. critic Robert Parker, the lowest Petrus grade in the past two decades and reflecting cold, wet weather during the growing season.

Chateau Petrus has 28 acres (11 hectares) planted to red-grape vines, of which 95 percent are Merlot and 5 percent Cabernet Franc.

The vineyard is situated in the Pomerol appellation on the right bank of the Dordogne river, at an altitude of 40 meters (131 feet), the highest point in the district, on clay with an iron subsoil. Fermentation is in temperature-controlled concrete tanks and the young wine matured in 100 percent new oak barrels.

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