Liv-ex Fine Wine Market Blog

New Liv-ex Website Launched Today

The new and improved Liv-ex website, www.liv-ex.com, went live this morning. Liv-ex users should log in with their details as normal. Cellar Watch users should go to the new standalone website http://www.cellar-watch.com/.

The Liv-ex product tour video is below.  Please take a look to find out more about  Liv-ex’s trading, data and logistic services, and to see the new website’s improvements and features.

Over the next few months we will be working hard to optimise the site and to resolve any errors. In the meantime, if you notice any bugs or problems we would be grateful if you could let us know by either getting in touch with your contact at Liv-ex or Vine, or emailing info@liv-ex.com.

Liv-ex will be unavailable this weekend

Please note that Liv-ex.com will be unavailable from Friday 25th May 6pm until Monday 28th May 8am (UK time). 

During this time, a new version of Liv-ex will be launched. Almost two years in development, this is a major update that will provide Liv-ex members with a faster and more flexible trading platform, designed to handle increased levels of trade. 

Improvements and changes to the current platform include: 

• Consolidated view of live markets across different pack sizes and contract types 

• Auto-updating of live markets (no more pressing refresh) 

• Improved pricing mechanisms (including a new "Market Price") and a new trade ticker

• An updated design and streamlined user experience 

• And many improvements to the Vine screens 

As part of the re-launch, our cellar valuation tool, Cellar Watch, will be moving to a stand-alone website. All cellars that have been uploaded on Liv-ex will be transferred over to www.cellar-watch.com, which will also be launching on Monday. 

We will be spending the upcoming months fixing, improving and optimising the site. Nevertheless, if you spot any bugs, or have any comments or questions, please discuss them with your contact at Liv-ex or Vine. 

Latour and Cheval release at €440

A late flurry of 2011s  were released today, among them the Bordeaux big guns Latour and Cheval Blanc.

Latour, in its last year of being sold en primeur, released without a recommended resale price, but its estimated  ex-negociant price is  €440 p/b. This seems reasonable (although volumes are again tiny). As such, Latour saw steady trade on the exchange at around £4,500 per case.

Cheval Blanc came to market at the same price, but this places the 2011 as the most expensive recent vintage outside of 2000, 2005, 2009 and 2010. Unsurprisingly, Cheval failed to garner much demand on the exchange. 

In contrast, Eglise Clinet's release at €102 per bottle - a large reduction from 2010's price of €276 (-63%) - was greeted enthusuastically. It was  among many critics'  favourite wines of the vintage (including a score 96 from Tim Atkin MW) and as one merchant wrote: "Eglise Clinet is one of the very few 2011’s that we can wholeheartedly recommend." 

A selection or today's releases are listed below and can also be viewed on twitter or the Liv-ex 2011 En Primeur Pages. 

With Vinexpo commencing on Sunday it seems surprising that so many chateaux are yet  to release. With just one working day to go before many of the trade head to Hong Kong, we are still waiting on Ausone, Carruades de Lafite, Ducru Beaucaillou, Duhart Milon, Evangile, Gruaud Larose, Le Pin, Leoville Las Cases, Petrus, Talbot, Yquem and Vieux Chateau Certan.

Can we expect to see a last rush of releases tomorrow, or perhaps, as Las Cases has done before, might some chateaux elect to not release until after the campaign proper has ended?

First Growth releases fail to spark trade

Mouton 2011 was released this morning at €360 per bottle ex-negociant. This translates to a London release of £3,800 per case, making the wine £1,100 more than the 2001 and around £1,000 more than the 2004. (See the Liv-ex En Primeur Pages for the latest prices and scores.)

Though four of the five First Growths have been released, Lafite is the only Premier Cru that has seen active trade on Liv-ex. With an opening price of £5,300 per case, the estate's 2011 replaced the 2004 as the most affordable vintage available. But the other First Growths have not followed Lafite's lead. Their 2011s are considerably more expensive than other recent vintages and seem to offer limited value for money. Will Latour provide some much-needed respite?

Pichon Baron closes the gap

Pichon Baron and Pichon Lalande were among the plethora of 2011s that were released yesterday. (See the Liv-ex En Primeur Pages for the latest prices, scores and news coverage.) Both wines came to market at €72 per bottle ex-negociant. Compared to last year's opening prices, this represents a 46% reduction for Pichon Baron and a 48% reduction for Pichon Lalande. 

Historically, Pichon Lalande has been more expensive than its fraternal neighbour. This can be seen from the chart below, which shows each label's release price history from 1997 onwards. From 2000 to 2004, the price difference between the estates ranged from 20% to 54%. For three of the last four vintages, however, it has been no more than 10%. 

Pontet Canet 2010 hits 11-month high

While prices for leading Crus Classes have fallen this month, some wines are beating the Bordeaux blues. Pontet Canet 2010 reached an 11-month high of £1,295 per case today - up from £1,075 in January.

The Fifth Growth's 2009 was among the 19 wines that received 100 points from Robert Parker in March. This has no doubt added to the appeal of the potentially perfect 2010, which is £350 cheaper.

The chart below shows the wine's price development since its release and is taken straight from the pages of Cellar Watch.

Penfolds Grange 2007 released

With the 2011 campaign on hold for the Ascension Day bank holiday in France, there is time to step back and consider a recent release from outside Bordeaux. Earlier this month, Penfolds released the 2007 vintage of Grange - Australia's most iconic label. Lisa Perotti-Brown of the Wine Advocate has assigned it a strong but unexceptional score, so it is somewhat surprising that the wine's opening price is up 35% on last year. As can be seen from the chart below, it is currently available from UK merchants at £1,550 per six pack - around the same price as the acclaimed 2004 (WS 98).

Wines from across the Penfolds stable have gained a large following in China. Could the release price of the brand's super cuvee reflect this positive momentum?

Calon Segur 2011 finds a market

With the Bordelais retiring for another long weekend in France, fewer properties released their 2011s this morning. The day's key releases included Haut Bailly at €54 per bottle ex-negociant (down 39% on 2010) and Domaine de Chevalier Blanc at €58 per bottle (down 7% on 2010). Visit the Liv-ex En Primeur Pages for comprehensive coverage of 2011 prices and scores.

Despite the dozens of releases that we have seen since Monday, only two 2011s traded on the secondary market today: Calon Segur and Pontet Canet. As we highlighted last week, Pontet Canet seems to offer relatively good value for money. The wine continues to generate strong volumes of trade on Liv-ex, although prices are beginning to edge lower. 

Calon Segur (released yesterday) also appears to be well priced. The table below compares the trading price of its 2011 to the current prices of other available vintages. Trading members of Liv-ex can view live markets here. 

Bordeaux 2011 release recap

The last two days have seen a flurry of 2011 releases, including First Growths Margaux and Haut Brion. But while the En Primeur campaign has finally picked up the pace, high release prices provide little incentive to buy the 2011s. 

Some of the week's key releases are shown below. (Visit the Liv-ex En Primeur Pages for full coverage of the 2011 campaign.) In most cases, older vintages are currently trading at more attractive prices. As such, demand for the newcomers has been subdued and they have yet to find a market on Liv-ex.  

May Market Report released

The May Market Report includes:  

• Trading Activity – Biding time

• Liv-ex Fine Wine Indices fall 

• Major Movers – The ripple effect     

• Bordeaux 2011 – A Right Bank vintage? 

• Final Thought – Latour quits En Primeur, but to what gain?

Please log in and find the full report under the Analysis menu. Those who have not yet subscribed can view the first page of the report here.