Haven't seen much mention on board of the 2005's easing in price.
Any thoughts?
This is from one of my suppliers:
"One of the key narratives of the past 6 months has been the downward
trajectory of most top 2005 Bordeaux in light of R.Parker’s lackluster in-bottle scores. Whilst 2005 retains very
positive approval ratings with consumers and critics it is increasingly clear that its peers in the 2003/2000/1996 vintages
are the real target of both consumption and investment demand and that the 2005 price premia will decline
markedly.
It is apparent that the heady periods of growth that characterized the fine wine market through 2005 and 2006 have
passed and that a period of more modest (trend) growth is to be expected. Yet, the difficult financial conditions alluded
to above have made a diversified assets, such as fine wine, arguably more attractive than ever. With the
broader wine market showing an 8+% increase for the year to date this compares very favourably with the declines
of between 15-50% for developed and emerging market equity indices. As such it is not surprising that the market is
continuing to attract interest from private and institutional investors. Indeed the recent Christie’s sale of almost £2m
of 2000 vintage Bordeaux (98% sold by value with high prices achieved on a number of lines—Lafite 2000
GBP11,000 and Latour GBP9,200) illustrates that even in the heart of a financial storm real demand for fine wine
remains exceedingly robust."
Note these are not my comments, with the inevitablly poor 2008 I can't see how most wines from earlier, better vintages can't increase in price - must be my economics training.