Over the past three months, the 1999 vintages of the First Growths have seen spectacular price appreciation and have decisively outperformed all other recent physical vintages (1998-2007). Both Mouton and Margaux have risen in value by more than 16% since the beginning of July, whilst Lafite, Latour and Haut Brion have gained 14%, 13% and 7% respectively. By contrast, vintages 1998-2007 (excluding 1999) have risen by an average of 3% over the same period. Year-on-year, the 1999s are up 55% – and climbing.
By brand, Lafite (RP 95) has seen the most rapid ascent. The wine is currently available at £7,400 per 12x75cl case, up from £4,100 a year ago (+80% y-o-y). And though the Premier Crus were all awarded very similar Parker scores (between 93 and 95 points), Lafite is more than double the price of its peers, and triple the price of Haut Brion (RP 93; £2,446). Nonetheless, the rest of the Firsts have also seen notable increases, ranging from 48% to 52% year-on-year.
The graph below shows the price appreciation of the 1999 vintages of the First Growths over the past year.
Despite its strong price movement in recent months, Mouton (RP 93) continues to look relatively good value at £2,800 per case. The vintage is trading at the same price level as the chateau’s 2002 (RP 93; £2,800) and well below the 2003, (RP 95; £3,250), though it has already seen a number of years in bottle.
Scores from erobertparker.com.
