In a recent Liv-ex survey, a majority of merchants named Tuscany and California as Bordeaux’s strongest competitors. The regions, which can also produce Bordeaux-style blends, are starting to offer more attractive returns on investment which only adds to their desirability.
As the table below shows, the average Market Price of a case of the Super Tuscans and the top Californian wines has increased more than the Bordeaux First Growths over the last year.
California in particular has enjoyed a rapid rise in both trade and price appreciation in recent years. The California 50 index has risen 34.0% over the past year, compared with 13.5% for the Fine Wine 50 index, which tracks the performance of the First Growths.
Prices have been boosted by high quality. The top wines of California have received the highest scores from The Wine Advocate on average. Screaming Eagle and Harlan Estate come on top with an average of 98 points across their last nine vintages.
The Super Tuscans have the lowest average Wine Advocate score but they also offer the lowest point of entry into the fine wine market, costing three times less than California’s finest labels. The wines attract consistent levels of demand and are among the most liquid along with the First Growths. Masseto has been the highest scored, with an average of 96.6 points.
Among the First Growths, Château Haut-Brion has received the highest praise from critics, with an average score of 97.4 points. The market currently has over 5,286 Bordeaux LIVE opportunities.
Buyers simply need to decide whether scores, price, liquidity or returns are their key purchasing factor. The great wines of Bordeaux, Tuscany and California seem to have it all.
Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real time activity of Liv-ex’s 560+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £100m of bids and offers across 16,000 wines. Independent data, direct from the market.