Things are looking up in the world of wine.
The industry’s leading benchmark, the Liv-ex 100 Fine Wine Index, rallied 5 per cent in August compared with the same period a month ago, to 225. The index has risen 10 per cent up year to date, but is 14 per cent down year on year.
This must be what those bankers who have had a ‘good recession‘ are spending their bonuses on. It’s more discreet than getting another car, after all.
What’s more, the 2009 Bordeaux vintage is expected to be another excellent one, following on from a highly rated 2008 and even more lauded 2005. As Decanter reported, the weather in the region has been perfectly warm and dry, and producers are hoping that September doesn’t bring too much rain.
Emmanuel Cruse, owner of Margaux property Château d’Issan, told Decanter:
So far it’s the greatest season since 2005. We are crossing our fingers September will be as good as last year.
At this point, we are obliged to point to Felix Salmon’s latest piece on a study by Bob Hodgson which appears to show that there is no correlation between the quality of a wine and its price.
Still, if you are investing in wine – as opposed to merely drinking it – this is all somewhat irrelevant.
Why? Because of Robert Parker, the wine guru who decrees what constitutes a good vintage and what doesn’t. Just look at the effect his 98-100/100 rating of 2008 Chateau Lafite Rothschile had on its price, as reported on FT Alphaville back in May:
Parker will rate the en primeur wines of the 2009 vintage in the April 2010 issue of the magazine, ‘The Wine Advocate’. In the last few years, he has recently been going against the opinions of other wine specialists. Let’s see what happens to the prices this time.
Related links:
Wine investment 2009 – FT Special Reports