Cos d’Estournel ’09 Drops to Two-Year Low of $3,390 on Liv-Ex

Three cases of 2009 wine from Chateau Cos d’Estournel, a second-growth Saint-Estephe estate, sold for 2,100 pounds ($3,390) each on Liv-ex in the past week, the lowest level for two years and 16 percent below a 2013 high.

The two trades, one on Oct. 25 involving two cases and another on Oct. 22 for 12 bottles, were the lowest since two cases of the vintage each sold for 2,100 pounds in September 2011, according to data on Liv-ex’s Cellar Watch website.

The Liv-ex Fine Wine 50 Index has risen less than 2 percent this year, with an 8 percent gain in the 10 weeks to mid-March pared by declines since then. Muted investor demand for top Bordeaux following two years of price declines has reduced the proportion of first-growth wines traded on Liv-ex and is weighing on prices of vintages across the region.

“Lately, the level has fallen to around 35 percent,” Liv-ex said in a market blog commentary on Cellar Watch. “This is close to the pre-bull market level of 2004. While this is an indicator of the negative sentiment that pervades the market, could it also be telling us that the bottom of this bear market is near?”

Cos d’Estournel 2009 has dropped 40 percent from its peak of 3,500 pounds a case on Liv-ex in March last year, and 7.5 percent from the 2,270 pounds at which it traded in June 2010 when it was released to the market.

Auction Market

In the international auction market, a single case sold at Acker Merrall & Condit in New York last month for $4,305.

The 2009 vintage is the most expensive Cos d’Estournel since 1982, according to merchant data collated by Liv-ex.

The 2009 Cos d’Estournel was given a perfect 100-point rating by U.S. wine critic Robert Parker, putting it at the top of all wines produced by the estate.

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.

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