Unlike Bordeaux En Primeur campaigns of the recent past, the 2019 release has seen an active secondary market develop – putting the 2019 at the top of the leader board in terms of Bordeaux market share. As of this moment the 2019 EP secondary market trade is more than 3 times that of 2018 and climbing. Our most recent En Primeur report Bordeaux 2019: The magic is back takes a look in some detail as to what made 2019 a success, given the challenges put before it.
Of the 36 Bordeaux 2019 wines that have seen secondary market trade, half have risen in price, as highlighted below.
Two of the four First Growths released, Mouton Rothschild and Margaux have risen in value – Haut Brion and Lafite Rothschild have drifted at touch – down 1.2% and 2.5% from their London release, respectively. Mouton Rothschild and Haut Brion were the most aggressive in their pricing, releasing their wines 30.8% down on 2018.
The best performing wine has been Carmes Haut Brion – up 30.4% from its London release (£816 per 12×75). The chateau has been in focus for some time. It was a top mover in the 2019 Power 100 rising from 105th to 61st place. Jane Anson, one of the few major critics to review the 2019, awarded it 96 points, potentially putting it on a par with the 2016 (NM96), but released at a 41.7% discount to the current 2016 price. Buyers needed little persuading. The wine is currently the 5th most traded by volume for Bordeaux 2019.
The most traded Bordeaux 2019 En Primeur wine by volume is La Mission Haut Brion edging out both Chateau Beychevelle and Carruades de Lafite, in second and third. Mission Haut Brion has risen 21.4% from its London release. According to our fair value analysis it was the 3rd best value wine of the vintage. Even with its impressive performance of late, the wine still has upside.
Top of the value charts was Clinet. The wine was released just 18.8% down on the 2018, slightly below the vintage average, but was awarded a 97-99 from Neal Martin, the highest he has ever scored the wine. At £650 a case upon release the wine offered terrific value – it has since risen 29.2% and sits just outside the top 10 in terms of volume traded.
Our full analysis on Bordeaux 2019 can be found in our En Primeur closing report Bordeaux 2019: The magic is back, made exclusive to Liv-ex members.