We’re now in mid-September and the trade are getting back into the swing of things. The value of bids this week increased by 10%, pushing the bid/offer ratio to 0.59: a level it hasn’t seen since April 2013. With more of the trade re-engaging after the summer, the volume of transactions continues to rise and activity on the Liv-ex exchange is strong.
Following a few positive weeks the Liv-ex 50 went slightly off the boil, dipping 0.45% on last week. This can be attributed to a lack of focus on Bordeaux: the region’s share was a significantly low 52% and the First Growths took just 20% of all trade. Italy was on the market’s mind, with the release of Masseto and Solaia 2011 through La Place in Bordeaux bringing the market’s mind back to the earlier 2011 releases Sassicaia and Tignanello. Italy's share was propelled to a record 24.5%. Tignanello looks particularly interesting: the wine has scored consistently well since the 2007 vintage and yet the 95 point 2011 trades for less than half the price of its fellow Tuscans.
With Christmas only three months away, the volume of trade rose for drinking wines. Interest for non-Bordeaux regions was strong and trade was spread across a broad base; signs of an engaged market as we move towards the final quarter of the year.