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The Liv-ex 1000 index – the broadest measure of the market – closed January on 244.58, up 0.8% on the previous month. All but one of the sub-indices rose, with only the Rhone 100 closing the month down, dropping 0.3% on December.
For the last two months, the Liv-ex 1000 has been buoyed by Bordeaux. In January, strong performance from a number of regions pushed the index level up. After two months of steady gains, the Bordeaux 500 gained only 0.04%. The steepest climber was the Bordeaux Legends 50 which gained 1.9%. The Champagne 50, which saw the greatest decline in December, also performed well, closing January up 1.8%.
自木桐Mouton Rothschild 2005年在12月得到帕克Parker的评分升级 (从96分升到99+分)后,一月份的波尔多2005年份随即成为市场焦点。帕克在木桐之前也先后公布了多个2005年份的评分升级: 如梦玫瑰Montrose 2005年 (从95分升到96分 - 2014年8月) 和高柏丽Haut Bailly 2005年 (从95分升到98分- 2014年6月的Hedonist's Gazette晚宴之后) 。事实上, 2005年份在1月的Liv-ex 100排行榜中称霸。正如我们上周的博客中提到, 也许因市场正期待着将会有更多2005年份的评分升级, 其他的2005年份波尔多葡萄酒也呈现涨价，这表明连锁反应已经展开。
同时，Liv-ex优质葡萄酒1000指数 (最广泛的衡量市场的指标指数), 本月收盘上涨0.76％; 我们将在明天再看看其分项指数的表现。
The Liv-ex Fine Wine 100 Index closed January up 1.9%: its highest month-on-month rise since February 2013. Prices also lifted for the Bordeaux First Growths, as the Liv-ex Fine Wine 50 Index rose 1.8%. This was also its highest monthly rise since February 2013, and the first time since then that it has climbed for two consecutive months. In the last six months, the Liv-ex 100 has risen 3.9% and the Liv-ex 50 has risen 3.2%.
The Bordeaux 2005s were in the spotlight in January, following Parker’s upgrade of Mouton Rothschild 2005 in December from 96 to 99+ points. This continued on from his upgrade of Montrose 2005 from 95 to 96 in August 2014, and Haut Bailly 2005 from 95 to 98 (on the Hedonist’s Gazette pages) following a dinner there in June 2014. The vintage dominated the Liv-ex 100 major movers’ table in January. As we discussed last week on this blog, there would appear to be a ripple effect with other Bordeaux 2005s moving up in price – perhaps in anticipation of further upgrades.
Meanwhile the Liv-ex Fine Wine 1000 Index – the broadest measure of the market – closed the month up 0.76%. We will look at the performance of its sub-indices tomorrow.
一月份强势结束，与前周比较, 上周的交易价值和数量同时有所增长。波尔多的交易份额结束了过去两周的游离, 再次回升到83％的水平。 Liv-ex优质葡萄酒50指数持稳，而买入与/卖出的比率则保持在0.5以上。
除了连续三个星期蝉联数量排行榜榜首的San Guido Guidalberto 2012年,波尔多同时在交易价值和数量排行榜中称霸。波尔多2005年份再次抢尽风头，白马Cheval Blanc和爱士图尔Cos d'Estournel都交易活跃。查看我们上周早些时候有关2005年份得到帕克评分升级后的连锁反应的博客, 请点击这里。
在过去的几个月, 木桐Mouton Rothschild已往往雄霸了波尔多一级酒庄的交易，而拉菲Lafite通常紧随其后。上周，物有所值(就价格与评分的比率而言) 的奥比昂Haut Brion突然迎头赶上, 占一级酒庄的交易份额高达24％ - 这份额水平不但可与拉菲膍美, 也是该酒庄16个月以来最高的。这是否显示买家开始看到奥比昂的优点？
January finished strongly, with last week’s trade increasing on both the value and volume of the previous week. Bordeaux’s trade share bounced back to 83% after having drifted for the last fortnight and the Liv-ex Fine Wine 50 held steady, while the bid/offer ratio remained above 0.5.
Bordeaux dominated the tables in terms of both value and volume, with the exception of San Guido Guidalberto 2012, which sits on the top traded by volume table for the third week in a row. For Bordeaux, the 2005 vintage once again stole the limelight, with Cheval Blanc and Cos d’Estournel seeing good activity. Click here to see our blog earlier this week on the ripple effect of Parker’s 2005 upgrades.
The last few months have seen Mouton Rothschild dominate trade for Bordeaux First Growths, with Lafite usually close behind. This week, Haut Brion - which we have seen offers value in terms of price and score - stepped up, accounting for 24% of First Growth trade. This was both as much as Lafite and also its highest share in 16 months. A sign that buyers are beginning to see its merits?
如下表所示，自夏季以来, 其中三款2005年份葡萄酒价格涨幅最大。木桐Mouton Rothschild一马当先, 在仅仅六个月内价格急升达24.8％。此外，靓次伯Lynch Bages、拉弗尔Lafleur和其他2005年份的波尔多葡萄酒也呈现涨价，这表明连锁反应已经展开。
下表显示了每瓶售价低于60英镑的2005年份。我们以葡萄酒的平均酒评得分 (三个最重要的波尔多酒评家- 罗伯特•帕克、James Suckling和Stephen Tanzer- 的平均评分), 相比它們的当前中间价格, 从而计算出其POP（价格与酒评得分的比率）分数，葡萄酒的POP分数越低, 显示其越物有所值。一般波尔多一级酒庄的POP分数介于200 至400之间。
如果2005年份葡萄酒的评分升级陆续有来，一些较低价格的葡萄酒看来有可能将更物有所值。如拥有较低POP 43分的巴顿Leoville Barton 2005年， 虽被Tanzer形容为该酒庄的“一个出色的年份”，但价格很大程度上仍只是持平。而最低POP得分的Lagrange Saint Julien, 自入夏以来, 价格也从没有反弹过。虽然Lagrange Saint Julien只获得帕克91分，但Suckling在2014年7月卻评它96分，并形容其为“当前惊艳 - 具有迷人的草莓、黑莓和黑加仑子芳香, 非常醇厚，与单宁完美结合, 余味悠长。” 已收成了近十年的2005年份，势必将成为市场关注的焦点。
POP得分是Liv-ex对葡萄酒的粗测价值计算方法, 它是葡萄酒的价格与其帕克得分的比率。计算方法是用九升葡萄酒的价格除以缩短了的20点帕克得分。依托于任何低于80分的葡萄酒是不大可能吸引二级市场的这一基础, 我们简单地把罗伯特•帕克Robert Parker、 James Suckling 和 Stephen Tanzer的评分减去80（而木桶得分则使用中点得分来计算) , 以得出缩短的20点帕克得分。从理论上讲，葡萄酒的POP得分越低，显示其越物有所值。
Last week we looked at how far the wines of the Bordeaux 500 index had moved since their peak in light of Robert Parker’s recent upgrades: in 2012 Parker conceded that he was “originally worried about the tannin levels in 2005, but the wines are so concentrated I think they will be just fine – they just need a lot of time.”
As the table below shows, it is the three upgraded 2005s that have risen the most since the summer, with Mouton Rothschild leading the charge by jumping 24.8% in just under six months. However, Lynch Bages, Lafleur and other Bordeaux 2005s have also seen gains, suggesting that a ripple effect has taken hold.
The table below looks at wines from this vintage priced at under £60 per bottle. We have taken their average score from three leading Bordeaux critics – Robert Parker, James Suckling and Stephen Tanzer – and compared this to their current mid price to produce a POP (price over points) score, where a lower score represents greater value. Typically, Bordeaux First Growths have POP scores of 200-400.
If upgrades continue to flow, it appears that there may be value to be found in these lower priced wines. Leoville Barton, which has a low POP score of 43, was described by Tanzer as “an outstanding vintage for this wine” yet has largely run flat. The wine with the lowest POP score is Lagrange Saint Julien, which has also failed to bounce since summer. Although only awarded 91 points from Parker, it was awarded 96 points in July 2014 by Suckling who described it as “Stunning now. A fabulous nose of currants, crushed raspberry and blackberry. Full-bodied, with perfectly integrated tannins and a long, caressing finish.” Ten years on from harvest, these wines are coming into sharp focus.
A wine’s POP score is its price-over-points ratio, our loose measure of value. It is calculated by dividing the price of a nine-litre case of wine by a shortened 20-point score. We have calculated this 20-point score by simply subtracting 80 from average ratings of Robert Parker, James Suckling and Stephen Tanzer on the basis that any wine under 80 points is unlikely to attract a secondary market. In theory, the lower the POP score the better value a wine is.
上周持续交易兴旺，交易价值和交易数量都很高 - 后者更创六个月以来的新高。尽管波尔多和一级酒庄的市场份额下降，Liv-ex优质葡萄酒50指数仍然持平。
上周意大利继续不断推进，占总交易价值达8.2％。三个地区的葡萄酒交易数量最高：一马当先的是San Guido Guidalberto - 西施佳雅的副牌酒，其2011年和2012年份的交易动都十分兴旺； 而勃艮第和香槟在上周的交易数量比份也有上升。
上周主要谈论的两个焦点都与波尔多有关。首先是2005年份的持续需求，主要是由得到帕克评分升级（从96分升至99+分）的木桐Mouton Rothschild 2005年所带动；2005年份的波尔多占上周的总交易达21％。另一焦点是金钟Chateau Angelus 2012年（我们在昨日的博客中也有讨论）。该酒的价格在七个月内已上涨了60％：每箱12×75的交易价格在6月时为1640英镑，升至昨天的2620英镑。金钟2012醒目的黑金瓶装广受亚洲市场的青睐，再加上中国新年的临近，似乎是促使其热卖的主要因素。
The Hill of Grace vineyard - one of Australia’s oldest and best known - has been in production since the 1860s when Nicolais Stanitzki, a German migrant, planted the first vines on the site. The land was purchased by Paul Gotthard Henschke in 1891 and after changing hands a number of times after his death, returned to the Henschke family in 1951. The vineyard takes its name from the English translation of Gnadenberg, a region in Germany, and also the name of the Lutheran church across the road from the site.
The first Hill of Grace Shiraz was produced in 1958 using the same vines planted by Stanitzki in the 1860s. These low yielding vines are now known as The Grandfather and are still used in the production of Hill of Grace to this day.
In 1996, Hill of Grace was classified as ‘Exceptional’, joining Penfolds, Grange in the top ranking of Langton’s Classification of Australian Wine: a system loosely modelled on the Bordeaux classification in 1855.
Several of Henschke, Hill Of Grace’s vintages have been scored in the high 90s by The Wine Advocate. The 2005 vintage has been the highest scoring, receiving 99 points from Lisa Perrotti-Brown who described it as, “Deep garnet with a hint of purple, [it] offers a wonderful perfume of kirsch, red currant preserves and raspberry coulis with hints of cinnamon stick, cloves and orange peel”. Another recent vintage that scored well was the 2002, which was awarded 98 points by both Perrotti-Brown and Parker.
Henschke was a new entrant into the 2014 Power 100, taking joint 54th place. The only other Australian brand in the table was Penfolds, Grange which came in at 17th. As shown in the chart below, both brands have demanded consistently high prices - comparable with the Bordeaux First Growths – though Hill of Grace has demanded the highest prices for each vintage. Only the 2008 vintage of Grange, with its 100 points, is more expensive than its Hill of Grace equivalent.