Pavie ’03 at $3,320 Shows 14% Gain on Year, Beating Liv-Ex 50

Two cases of 2003 Chateau Pavie, a wine estate promoted in the 2012 Saint-Emilion classification, sold for 2,050 pounds ($3,320) each this week on Liv-ex as the grower outperformed a benchmark Bordeaux index.

The transaction yesterday was 14 percent up from the 1,800 pounds at which the vintage traded in December, and within 2.5 percent of the record 2,100 pounds it reached in April, according to data on Liv-ex’s Cellar Watch website.

Pavie prices have risen since its elevation to the ranks of the top four Bordeaux growers in Saint-Emilion in September last year. It now rates as a Premier Grand Cru Classe A alongside Chateau Cheval Blanc, Chateau Ausone and Chateau Angelus in the classification, which replaced one dating from 1996. The vintage’s gain this year compares with a decline of 0.7 percent in the Liv-Ex Fine Wine 50 Index.

“Angelus and Pavie have enjoyed increased activity this year, benefiting from their elevation,” Will Beck, partner of London-based Wine Asset Managers LLP, said in a market report. The fund has $20 million under management.

The 2003 vintage of Pavie has risen 32 percent since August 2012, when it traded at 1,550 pounds a case prior to its promotion, and has more than doubled from the 825 pounds at which it sold on Liv-ex in June 2004 after it first came to market, according to data on Liv-ex’s Cellar Watch website.

The Liv-ex Fine Wine 50 index of Bordeaux wines from the past 10 years has fallen more than 8 percent since mid-March after gains in the first 10 weeks of this year, and is heading for its third straight year of decline.

Merlot Grapes

Chateau Pavie, on the right bank of the Dordogne, was acquired by Gerard and Chantal Perse in 1998 and has about 35 hectares (86 acres) under vines, predominantly Merlot with some Cabernet Franc and Cabernet Sauvignon.

The 2003 Pavie was awarded 98+ points by U.S. critic Robert Parker, putting it among the estate’s top five vintages of the past 15 years, according to data on the website.

The wine ranks as the estate’s fourth-most expensive vintage in the past 10 years, according to merchant data compiled by Liv-ex.

Earlier this month, three cases of Pavie’s 2001 vintage sold for a record 1,900 pounds each on Liv-ex. The trades on Nov. 11 and 12 were 2.7 percent up from the 1,850 pounds at which it traded in September and 23 percent up from 1,550 pounds in June, according to data on Liv-ex’s Cellar Watch website.

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