The latest weekly trade report highlights Bordeaux's dominant position, closely followed by Burgundy and Champagne. The most-traded wines hailed from Champagne, Bordeaux, Burgundy, California, Tuscany, and even included a notable whisky.
Bordeaux: The Dominant Force
Bordeaux remains at the forefront of the wine trade, accounting for a substantial 41.0% of total trade by value. The region's dominance was reinforced by active trading in back vintages as buyers weighed the merits of purchasing the 2023 releases against older, potentially better value vintages. Bordeaux’s share was also boosted by the trading of some 2023 releases, indicating strong interest and confidence in the region's recent offerings.
Burgundy and Champagne: Strong Contenders
Burgundy followed Bordeaux with 20.7% of the trade share, a slight increase from the previous week's 20.0%. The region's presence was marked by one wine each in the top-traded by value and volume, showcasing Burgundy’s consistent appeal.
Champagne secured the third spot with 11.0% of the trade share, significantly bolstered by Taittinger, Comtes de Champagne Blanc de Blancs 2008, which led in both value and volume. This particular Champagne highlighted the premium placed on large-format bottles, with 75cl bottles trading at GBP 1,680 (EUR 1,963) per 12×75 and magnums commanding GBP 2,412 (EUR 2,819) per 12×75.
Regional Trade Insights
The Rhone and Tuscany maintained steady trade shares of 2.0% and 9.8%, respectively, with little variation week-on-week. Piedmont saw a slight increase from 5.1% to 5.6%, reflecting growing interest in the region.
The USA experienced a dip in trade share from 4.2% to 3.5%, despite having one wine feature among the top-traded by volume. Conversely, the ‘Others’ category rose from 3.4% to 6.4%, driven by the trade of Hibiki (Suntory), Blended 30YO whisky.
Top-Traded Wines: Champagne Takes the Spotlight
While Bordeaux led the trade share, it was a Champagne that topped the charts in terms of value and volume. Taittinger, Comtes de Champagne Blanc de Blancs 2008 stood out, demonstrating the market's preference for premium Champagne.
Bordeaux was represented by Château Lafite Rothschild, which featured twice on the list of top-traded wines by value. The newly-released 2023 vintage traded at GBP 4,180 (EUR 4,885) per 12×75, 15.0% below its release price of GBP 4,920 (EUR 5,750) per case. This vintage was released 31.7% below the 2022’s ex-London price, making it an attractive option for value-conscious buyers. Château Lafite Rothschild 2000 also saw active trading, priced at GBP 13,000 (EUR 15,193) per 12×75.
Volume Leaders and Noteworthy Trades
In terms of volume, Bordeaux’s Château d’Armailhac 2021 traded at GBP 372 (EUR 435) per 12×75. This wine received commendable scores of 92 points from both Jane Anson (Inside Bordeaux) and William Kelley (The Wine Advocate), and 90 points from Neal Martin (Vinous).
Burgundy also made significant appearances on both the value and volume lists. Domaine de la Romanée-Conti La Tâche Grand Cru 2018 featured prominently, reflecting its high Market Price of GBP 79,980 (EUR 93,474) per case. Meanwhile, Domaine Gros Frère et Soeur, Bourgogne Hautes Côtes de Nuits Rouge traded at GBP 260 (EUR 304) per 12×75, showing the range within Burgundy’s market appeal.
Other Regional Highlights
California’s presence was marked by Ridge, Geyserville, Alexander Valley 2020, and Tuscany's representation came through Brunello di Montalcino, Valdicava 2013, completing the list of top-traded wines. These trades highlight the global diversity and dynamic nature of the fine wine market.
Conclusion
This week’s trade analysis underscores Bordeaux's continued leadership and the strong performances of Burgundy and Champagne. With significant trades in both back vintages and recent releases, buyers are actively seeking value and quality across various regions. As market dynamics evolve, these trends provide valuable insights for wine enthusiasts and investors alike.
The 2023 En Primeur Campaign So Far
En Primeur releases continue to unfold rapidly, fueling speculation of a concise and hopefully rewarding campaign. Last week saw the unveiling of several notable wines, including:
- Château Cheval Blanc 2023 at GBP 4,680 per 12×75
- Château Langoa Barton 2023 at GBP 350 per 12×75
- Château Léoville Barton 2023 at GBP 670 per 12×75
- Château Haut-Brion 2023 at GBP 3,780 per 12×75
- Château Haut-Brion Blanc 2023 at GBP 6,540 per 12×75
- Château La Mission Haut-Brion 2023 at GBP 2,220 per 12×75
- Château La Mission Haut-Brion Blanc 2023 at GBP 5,220 per 12×75
- La Chapelle de La Mission Haut-Brion 2023 at GBP 540 per 12×75
- Château Lynch-Bages 2023 at GBP 840 per 12×75
- Château Ormes de Pez 2023 at GBP 216 per 12×75
- Château Ducru-Beaucaillou 2023 at GBP 1,488 per 12×75
- Château Ausone 2023 at GBP 5,280 per 12×75
- Château Pape Clément 2023 at GBP 708 per 12×75
- Château Grand-Puy Ducasse 2023 at GBP 288 per 12×75
- Château Malescot St Exupery 2023 at GBP 390 per 12×75
- Château d’Issan 2023 at GBP 450 per 12×75
- Cos d’Estournel 2023 at GBP 1,440 per 12×75
- Château Saint-Pierre 2023 at GBP 410.40 per 12×75
Source: Liv-ex