The two châteaux were the month’s major market movers on the Liv-ex fine-wine exchange, with several vintages from the two new premier grand cru classé A estates gaining impressive price rises.
While a 12-bottle case of the 2008 vintage of Château Angélus traded at £1,145 ($1835) in August, the price rose nearly 17 percent to £1,339 ($2145) the following month. The 2003 vintage witnessed a 15.5 percent rise, from £1,519 ($2434) to £1,755 ($2812).
Château Pavie, the other newly promoted estate, also experienced a boost on the secondary market following the publication of the reclassification. The 2001 and 2008 vintages both recorded 16 percent price rises. The 2001 is now trading at £1,628 ($2609) and the 2008 at £1,310 ($2099).
Pavie’s owner, Gérard Perse, anticipated the increase following the news of the reclassification. “The move up to A will no doubt increase the value [of our wines],” he said. However, he insisted that would not lead to a price rise ex-château. “It would be wrong to hurt our loyal customers, and a heresy, to put up our prices to the level of a Cheval Blanc or an Ausone. Consumers would not understand if the price went up fourfold in a year,” he added.
In total, Pavie and Angélus accounted for 8.1 and 7.8 percent respectively of all Bordeaux trading on Liv-ex, which was greater than any other wine except first-growth Lafite Rothschild. It continues to change hands regularly, accounting for more than 18 percent of all Bordeaux wine trades.
“All but three of the trades for Pavie and Angélus occurred after September 6, the date at which it was announced that the two wines had been promoted to premier grand cru classé A status,” said the exchange’s October Market Report. “Angélus saw trade for its 1995, 2001, 2004 and 2006–2010 vintages, and Pavie for its 2000 and 2003–2009.”
The rise in prices could well continue, with the pair’s premier grand cru classé A stablemates, Cheval Blanc and Ausone, trading at significantly higher prices: the report reveals that the past 10 vintages of Cheval Blanc trade on average at more than £3,500 ($5609), while Ausone is priced at £6,750 ($10,817).