Chateau Beychevelle broke the silence this morning with the release of its 2011 at €45.50 per bottle ex-negociant. This represents a reduction of 15% on 2010 and translates to a London release price of £495 per case. (See the Liv-ex En Primeur Pages for full coverage of the 2011 campaign.)
At first glance, a cut of 15% seems conservative – particularly when the market is calling for First Growth reductions of up to 60%. But Beychevelle prices have risen so rapidly in the last three years that the new release is at least £50 cheaper than all other recent vintages, suggesting it is well priced.
Despite the 2011's positioning, demand so far appears to have been muted. The brand is particularly popular in China, but it would seem that the Chinese market has yet to swing into action.
