Pontet-Canet ’09 Drops to Three-Month Low Amid Liv-Ex 50 DeclineGuy Collins
Five cases of 2009 wine from Chateau Pontet-Canet, a Pauillac wine estate north of Bordeaux, sold for 1,500 pounds ($2,420) on the Liv-ex market in London last week, reaching a three-month low as demand for Bordeaux wines slowed.
The transactions, involving four cases on Sept. 23 and a fifth Sept. 27, were 17 percent below the record 1,809 pounds reached in March 2012, according to data on Liv-ex’s Cellar Watch website. The vintage traded at 1,525 pounds a case to 1,545 pounds in mid-July.
The Liv-ex Fine Wine 50 Index has been falling since mid-March following a muted response to the sales campaign for Bordeaux 2012 wine futures. While gains in the first 10 weeks of the year mean it has still risen 2 percent since the end of December, wine investors have been looking beyond the core market of the Medoc, Saint-Emilion and Pomerol for price growth.
“While red Bordeaux dominates the fine wine market in terms of production, there is life outside it, where production is much smaller and recent performance a little healthier,” William Beck, partner of London-based Wine Asset Managers LLP, which has $20 million under management, said in a market report.
Pontet-Canet, a neighbor of first-growth estate Chateau Mouton-Rothschild, has 81 hectares (200 acres) of vineyards and traces its history back to the 18th century. It has been owned since 1975 by the Tesseron family, according to its website.
The vines, comprising 62 percent Cabernet Sauvignon, 32 percent Merlot, 4 percent Cabernet Franc and 2 percent Petit Verdot, have an average age of 40 to 45 years and are planted at a density of 9,500 per hectare.
Pontet-Canet’s 2009 vintage is the most expensive in the past half-century, ahead of the 2010, 2005 and 2000 wines, according to Cellar Watch data. It traded between 850 pounds and 1,140 pounds a case in June 2010 as it was first released to the market.
The 2009 wines were awarded a perfect 100-point rating by U.S. critic Robert Parker, making them along with the 2010 vintage the highest-rated wines from the estate.