A waiter is pouring generous rations of wine in the private dining salon of Chateau Margaux on the left bank of the Gironde estuary in southwestern France. Baccarat crystal schooners are filled to the brim with one of the world’s rarest liquid investments. The costly history of downing Chateau Margaux unfolds.
A 10 percent price cut on the 2013 vintage from both Chateau Haut-Brion and Chateau Margaux this week followed reductions from rival first-growths Chateau Lafite Rothschild and Chateau Mouton Rothschild as top Bordeaux estates tested market demand.
Bordeaux estates Chateau Pichon Longueville Comtesse de Lalande and Chateau Ducru-Beaucaillou released prices for 2013 wines in the past week, confirming growers’ resolve to hold close to 2012 levels amid low yields.
Mature vintages dating back to the 1990s from top Bordeaux estates are among wines offering the best opportunities for gains after a three-year market slump, according to a manager at The Wine Investment Fund.
The 2001 vintage of Chateau Margaux, a Medoc first-growth wine estate, fell to a 14-month low of 2,900 pounds ($4,850) a case on Liv-ex yesterday as the London- based market’s Fine Wine 50 Index extended its decline.
A case of 1996 Chateau Margaux, a Bordeaux first-growth wine estate, sold for 4,600 pounds ($7,060) on the Liv-ex market, a six-month low and down 7 percent from its high for this year as demand weakened.
Three cases of 2008 Chateau Margaux, a first-growth wine estate in the Medoc region north of Bordeaux, sold for 2,850 pounds ($4,680) each on Liv-ex in the past week, taking the vintage to a 13-month low amid selling pressure on the region’s top wines.
The 2005 vintage of Chateau Margaux, a Medoc first-growth wine estate, fell to a 17-month low of 5,200 pounds ($8,600) a case on Liv-ex in the past month as the London-based market’s Fine Wine 50 Index extended its decline.
Twelve bottles of 2004 Chateau Margaux, a first-growth wine estate in the Medoc region north of Bordeaux, sold for 2,920 pounds ($4,740) on Liv-ex, reaching a five-month high after selling pressure since June.