For every action there is an equal and opposite reaction. Newton may not have had the fine wine market in mind when he penned the third law, but it seems particularly apt in light of the First Growths and the Super Seconds divergent fortunes. Over the past few months, First Growth prices (and those for their second wines) have been relatively static. But where demand for the First Growths has faltered, and buyers have been disinclined to invest in the top-tier (and most expensive) Left-Bank wines, the so-called Super Seconds have picked up the pace.
As you can see in the chart below, prices for the Super Seconds have risen by an average of 23 per cent in the year to date, compared to eight per cent for the First Growths (as measured by the Liv-ex Fine Wine 50 Index) and six per cent for their second wines.
The last ten vintages of Pichon Baron have led the charge, rising in value by an average of just under 40 per cent since the start of the year. Ducru Beaucaillou and Pontet Canet (considered a Super Second or Flying Fifth) have gained 37 per cent each, whilst Montrose and Cos d'Estournel are up 30 per cent and 25 per cent respectively. Despite their ascent, a number of vintages continue to offer strong value. A selection of these are displayed below. Liv-ex trading members can view live markets here.
All prices are for 12x75cl cases stored in bond.
