Beyond the unusual nature of the Bordeaux 2019 En Primeur release, the campaign will be remembered for the quality of the wines that managed to capture the attention of the trade and critics alike – 2019 was Neal Martin’s highest rated vintage of recent times – and for a price that was, on average, 20% below the 2018 vintage.
Our Fair Value analysis showed that most releases were either fairly priced or offered very good value to the collector. So how do they look now that the market has been able to fully digest both allocations and prices?
Using the wines of the Bordeaux 500 and comparing vintages from 2006 to 2019 we see that the 2019 has nestled amongst 2006, 2008 and more recently, 2015. Prices for the newest releases are 2.6% higher than 2006, 2.7% higher than 2008 and at an 8.0% discount to the 2015s.
Although scored, on average, higher than the powerful duo of 2009 and 2010, the 2019s are available at a 28.5% and 25.9% discount on average, respectively.
But compared to the ‘off vintages’ collectors will still find wines at a significant discount to the newest release. Average market price discounts to the 2019s for vintages 2011-2014, are as follows: 14.8%, 11.5%, 19.8%, and 18.8%, respectively. 2017 sits at an 11% discount.
There continues to be trade around the 2019 vintage, most recently Chateau Angelus 2019, which traded this morning at a 14% discount to release. There are currently 90 active markets for the 2019 vintage, the majority of these are naked bids, awaiting the right offer.