Market frustrated at pricing of Bordeaux 2018
Traders have found the release of Bordeaux's 2018 vintage "perplexing" and "frustrating", according to a report from Liv-ex.
The market view of the vintage, Liv-ex reports, is that it exceeds 2017 in quality, but does not match 2016, 2010 and 2009.
But the vintage has been widely hailed by critics, with James Suckling in particular believing it could prove "an all-time great vintage".
However, the critics have been less uniform in their judgement of specific wines. According to Liv-ex's fair value measure, which compares release price with the individual critic's ratings, over half of the 82 major releases represented fair value or better on the ratings of Suckling and Lisa Perrotti-Brown, while less than a third of them did so on those of Antonio Galloni.
The expectation among Liv-ex members was that the release would be priced at a 4.85% discount on 2016.
On average, however, the vintage was released at the same price level as the highly regarded 2016, with the average discount on current prices at a modest 2.6%.
The wines that saw the highest demand were priced markedly lower than the current sale price of their 2016 counterparts. Lafleur was released at a 45% discount to its current 2016 price, and Canon at a 25% discount.
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