Tag: First Growths

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Bordeaux | Regional Report

Bordeaux regional report 2025

Bordeaux has long been the most important fine wine region in the world. Its rich heritage, high-quality production, and unmatched ability to cultivate globally-recognised brands have all cemented its position at the pinnacle of the fine wine world. Already in 1787, Thomas Jefferson noted the collectible potential of the region’s top wines.

Bordeaux is, thus, naturally the cornerstone of the wine investment market as we know it today. At its peak in 2010, Bordeaux accounted for a staggering 96% of the fine wine market by value. The First Growths – Château Lafite Rothschild, Château Latour, Château Margaux, Château Haut-Brion, and Château Mouton Rothschild – drove the lion’s share of that dominance.

Despite the recent broadening of the market, Bordeaux remains the most influential player, with its performance often setting the tone for global fine wine investment.

Our Bordeaux Report delves into the fundamentals of this fascinating region, including the evolution of its investment market, historic performance, and key players.

Discover more about:

  • The First Growths and their second wines
  • En Primeur 
  • Bordeaux’s key appellations
  • Bordeaux’s future in a diversified market
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Mouton Rothschild: 2022 label and market performance

Mouton Rothschild 2022 wine bottle label
  • The 2022 Mouton Rothschild label has been revealed. 
  • Mouton Rothschild is the best performing First Growth over the last decade. 
  • The wine has also outperformed the Liv-ex 100 and Bordeaux 500 indices.

Unveiling the 2022 label

Bordeaux First Growth Château Mouton Rothschild revealed its 2022 label design on December 1st.  Created by French artist Gérard Garouste, the original artwork commemorates the 100th anniversary of Baron Philippe de Rothschild’s leadership at the family estate. 

The label showcases the château’s iconic front wall and a grapevine, elegantly framed by a portrait of Philippe de Rothschild and a ram, his signature emblem.

The tradition of artist-designed labels began in 1945, when Baron Philippe de Rothschild marked the end of World War II with a special artwork featuring a ‘V’ for victory, designed by Philippe Jullian.

As previously explored, this practice has significantly enhanced Mouton Rothschild’s collectability, and the wine’s value has typically risen in the month following the label reveal. 

Mouton Rothschild 2022 wine bottle label

Mouton Rothschild: ahead of the pack

While the artist designed labels alone are not the key drivers of Mouton Rothschild’s investment performance, the wine does lead the way among its peers. It is the best performing First Growth over the last decade. 

Mouton Rothschild prices have risen 50.3%, compared to 42.3% for Margaux and 36.9% for Haut-Brion. Both Lafite Rothschild and Latour have increased by close to 30% over the same period.

Bordeaux First Growths Wine chart

From the market’s low in June 2014 to its peak in September 2022, Mouton Rothschild recorded a 76% increase. It was the first First Growth to recover from the correction following the China-driven wine boom. 

During the recent market downturn, Mouton Rothschild has exhibited relative resilience. Prices have fallen 13.8% since its peak. Only Haut-Brion has seen a smaller decline of 13.1%. The biggest faller has been Lafite Rothschild, down 22.8% since September 2022. 

Mouton Rothschild and the broader market

Mouton Rothschild is also nicely positioned in the broader wine investment market. It has outperformed the industry benchmark, the Liv-ex 100 index, which is up 40.9% over ten years. It has also fared better than the Liv-ex 50 (17.5%), which tracks the price movements of the First Growths, and the broader Bordeaux 500 index (27.8%).

Mouton Rothschild performance

Mouton Rothschild has demonstrated consistent strength in the fine wine market, supported by its established history and strategic positioning. The estate’s practice of commissioning artist-designed labels has enhanced its collectability, strengthened by its reputation for quality.

The release of the 2022 label marks another milestone in the estate’s history. Mouton Rothschild’s performance, both in terms of relative resilience during market downturns and long-term growth, highlights its role as a reliable component in a well-diversified wine investment portfolio.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Finding value in the Bordeaux second wines

Lafite Rothschild
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  • The average First Growth case price is £5,300, while second wines come in at £1,941.
  • Le Clarence de Haut-Brion is the most affordable second wine.
  • Le Petit Mouton has been the best performer over the last decade.

Following our article last week, which examined the performance and value of the Bordeaux First Growths, we take a look at the data behind their second wines.

What are second wines?

Most Bordeaux châteaux produce more than one wine each vintage, and some might make three or four. Each château’s second wine draws on the expertise and knowledge that goes into the Grand Vin. Generally, second wines are made with fruit from younger vines, or vines and parcels that are not quite up to the quality of the Grand Vin in any given year.

However, they are often produced using grapes from the same vineyards as the flagship wines, receiving the same technical treatment in both vineyard and winery. Considerably less expensive than their siblings,  second wines represent a particularly attractive and accessible option for investors.

Second wines – at what price?

Second wines prices and scores

White the average First Growth case price is £5,300, second wines come in at less than half the price (£1,941).

Interestingly, prices of the first and the second wine are not always rising in unison. For instance, Château Latour is the second most expensive Grand Vin after Château Lafite Rothschild. Les Forts de Latour, however, sits directly in the middle, with Le Petit Mouton and Carruades de Lafite being pricier.

When it comes to value for money, Le Clarence de Haut-Brion has the lowest price per point of £16, similar to its Grand Vin. As examined last week, Château Haut-Brion is the most affordable of the First Growths, while also boasting the highest average Wine Track score. Yet while Le Clarence is also the most affordable of the second wines, its Wine Track score is lower.

But looking purely at scores is not the best indicator of value when it comes to the second wines. Second wines differ from the Grand Vins, as the dominant relationship is between price and age, not price and quality. As time passes, their value rises, following the traditional wine investment dynamic.

Moreover, this group of wines is often bought by collectors and investors as they present access to a brand. Though suitable for aging, these wines are built for earlier consumption, offering an alternative to opening bottles of the Grand Vin as soon as they are delivered.

Performance of the second wines

In the last decade, Le Petit Mouton de Mouton Rothschild has been the best-performing second wine, up 111.9%.

The most affordable, Le Clarence de Haut-Brion, has delivered the second-best returns of 76.2%. It has been followed by Carruades de Lafite (64.7%) and Pavillon Rouge (63.1%).

Second wines performance

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Which Bordeaux First Growth has the lowest price per point?

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  • The price-per-point metric allows for a comparison of wines based on their market price and perceived quality.
  • This article examines the prices per point of the most liquid group of wines – the Bordeaux First Growths.
  • It also looks at their historic market performances.

Price per point is an indicator of value; it is calculated by dividing the average case price of a given wine by its average critic score. For some wines, prices and points line up. Typically, a 100-point wine will cost more than a 95-point one, though not always. The price-per-point metric allows for a comparison of wines based on both their market price and perceived quality, offering a nuanced view of their value.

Today we examine the price-per-point ratios of the most liquid and popular group of wines – the Bordeaux First Growths. Which Grand Vin has the lowest price per point and thus offers the best value as a brand?

First Growths – price per point

An average case price of £4,429 makes Château Haut-Brion the most affordable of the First Growths. Meanwhile, it has the highest average Wine Track score of 95.9 points. While there is divergence in prices and scores on a vintage-specific level, Château Haut-Brion has the lowest price per point among the First Growths overall.

First Growths average prices and scores

At the other end of the spectrum, Château Lafite Rothschild has the highest price per point of £64, owing to the highest average case price of £6,129 and a Wine Track score of 95.8.

What does this mean for the wines’ performance?

Historically, the First Growths have followed a similar trajectory of highs and lows. They all peaked during the China-led bull market (H1 2011) and experienced a subsequent downfall. Prices started to rise again following the Brexit referendum and have since largely maintained their level. They have fallen in the last year in line with the broader market (the Liv-ex 50 which tracks the First Growths is down 15.3% over one year – the same as the broadest measure, the Liv-ex 1000 index).

First Growths performance

Of the five First Growths, Lafite has risen the most, with our index peaking in February 2011. Recently, however, it has been the biggest faller, dipping 19% in the last year. Haut-Brion, which has been a more modest performer without delivering the same heights, has dipped the least of the First Growths (10%) during the same period. With a more stable market performance, Haut-Brion offers further opportunities for investors and collectors where the price per point remains comparatively low.

Wines that offer value perform the best

In the case of Haut-Brion, value plays an important role in market performance. POP wines (those with a lower price per point) have outperformed the rest over 15 years. These include vintages 2002, 2004, 2006, 2007, 2008, 2011, 2012, 2013, 2014, 2017 and 2019 (the only prime vintage among the POP wines).

The second-best-performing index comprises older ‘prime’ vintages – wines with high scores pre-2000. However, this index has shown higher volatility due to the limited availability and trading volumes of these wines.

The index comprising younger ‘on’ vintages like 2015, 2016, 2018 and 2020 has underperformed the rest of the pack. However, these wines have also had less time in the market and their evolution is yet to be seen.

Haut-Brion vintage performance

In conclusion, looking at price per point gives an indication of value and quality. However, historic market performance is telling for investors looking for stability or higher risk and potentially higher rewards.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Price ratio: comparing regional First Growths

  • We compare the price performance of Château Lafite Rothschild to other regions’ respective ‘First Growths’.
  • The rising ratio highlights the increased value to be had in the Bordeaux First Growths.
  • Today, one can get 29 bottles of Lafite for the price of Romanée-Conti and almost five for Pétrus and Screaming Eagle.

How many bottles of Château Lafite Rothschild can one get for the price of other regions’ respective ‘First’ wines?

With changing market dynamics at play that have seen the balance between Bordeaux and other regions change, we examine the price ratio between some of the most popular investment-grade wines.

Below we compare the performance of the Bordeaux First Growth Château Lafite Rothschild to Burgundy’s highest echelon Domaine de la Romanée-Conti, the Super Tuscan Sassicaia, the Right Bank Château Pétrus, the Californian cult wine Screaming Eagle, and the most in-demand Champagne, Dom Pérignon. These are all wines that symbolise and even transcend their geography.  In the same way that Lafite has long been the mainstay of Bordeaux, the other wines are bellwethers for their regions.

The ratio between these wines is somewhat reflective of broader trends within their respective regions. Over the last decade, the ratio has risen consistently, highlighting the increased value to be had in the First Growths, as other regions gather momentum.

How many bottles of Lafite for the price of DRC?

Today, one can get on average 29 bottles of Lafite Rothschild for the price of Romanée-Conti. The ratio has risen considerably since 2013 when one could buy just 14 bottles of Lafite for one DRC. It peaked in December 2022, when it stood at 30:1.

As the chart below shows, the Domaine de la Romanée-Conti index hit a record high in December last year. Meanwhile, the Lafite index has not seen any of the price volatility witnessed by DRC. Year-to-date, prices for both labels have dipped but the fall has been sharper for DRC.

The DRC:Lafite price ratio is somewhat reflective of broader trends within their regions. In the last decade, Burgundy emerged as Bordeaux’s main contender. After Bordeaux peaked at the end of the China-led bull market in 2011, buyers started to seek out other corners of the fine wine world and it was Burgundy that attracted the greatest attention. The allure of rarity and quality meant that demand quickly outstripped already tight supply. Prices for Burgundy peaked, while Bordeaux ran quietly in the background.

For Bordeaux, the period between 2013 and 2015 saw contraction at the tail end of the Chinese correction. The market turned again in October 2015, and since then, Lafite Rothschild has been the second-best-performing First Growth, with some vintages doubling in value. However, it has not managed to catch up with Burgundy’s stellar rise.

Left vs Right Bank

It is also interesting to compare performance within Bordeaux’s Left and Right Bank. Today 4.6 bottles of Lafite gets you a bottle of Château Pétrus, up from 3, ten years ago.

As the chart below shows, Lafite and Pétrus have followed a similar trajectory up to September 2021, when prices for the First Growth flattened while Pétrus continued its rise.

Similar to Burgundy, rarity plays a key role in Pétrus’ appeal and investment performance. Pétrus is produced in much smaller quantities (around 3,000 cases per year) compared to Lafite (around 25,000 cases). Despite commanding a higher price tag, the wine has considerably outperformed Lafite in the last decade.

Dom Pérignon vs Lafite Rothschild

Recent years have seen a surge in Champagne’s market share and price performance. This has been reflected in the performance of its most traded label – Dom Pérignon.

Produced in much larger quantities than Lafite and more widely available, Dom Pérignon has started to catch up with the First Growth. In the last decade, the ratio between them has doubled – from 0.2 to 0.4.

Champagne prices, with Dom Pérignon at the helm, have made considerable gains since the early 2020s. In the last decade, our Dom Pérignon index is up 120%, compared to 20% for Lafite.

Sassicaia vs Lafite Rothschild

Similarly, the Super Tuscans have been getting more expensive. The most liquid and heavily traded group of Italian wines, their performance has been further boosted by critical acclaim and brand strength, with Sassicaia at the helm.

The ratio between Sassicaia and Lafite has risen from 0.2 ten years ago to 0.42 today.

As the chart below shows, Sassicaia has seen stable and consistent growth. 2019-2022 was a period of upheaval for the brand, which benefited from excellent vintages that captured investors’ interest.

Screaming Eagle vs Lafite Rothschild

The price ratio between Screaming Eagle and Lafite Rothschild tells a story of increased volatility, which can largely be ascribed to the Californian cult wine. Screaming Eagle has seen bigger price rises, followed by sharper falls.

Today one can now get 4.8 bottles of Lafite for the price of Screaming Eagle, up from 2.7 a decade ago. The ratio peaked in February 2022, when it stood at 5:1.

California has enjoyed serious investment interest which has been reflected in its market share. Today the region holds around 7% of the fine wine trade by value and is the most important New World player.

While Lafite has come to represent better value when compared to other top wines, this is largely due to shifting regional market dynamics. The First Growth continues to entice buyers with brand strength, high-quality releases and returns on investment.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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The place of the Bordeaux First Growths in a changing fine wine market

  • Once the dominant force in the fine wine market, the Bordeaux First Growths have lost market share due to its broadening.
  • In the last decade, Château Mouton Rothschild has been the best price performer, up 43.2%.
  • Château Haut-Brion offers the best value, with the highest average critic score and the lowest average price per case.

The Bordeaux First Growths in a broadening market

The Bordeaux First Growths have long been the cornerstone of the fine wine investment market. Back in 2010, they made up close to 90% of all Bordeaux trade by value – at a time, when Bordeaux’s share of the total market stood at 96%.

With the broadening of the market, their share has decreased and they now regularly account for around 30% of all Bordeaux secondary market trade (which itself has fallen below 35% annual average).

This trend was also reflected in the 2022 Power 100 list, which offered a snapshot of the ever-changing landscape of the secondary market. For the first time ever, no Bordeaux wines featured among the top ten most powerful fine wine labels.

Even if trade for these brands remains consistent or increases, the First Growths are facing greater competition. Still, they are among the wines with the greatest liquidity, attracting regular demand and high praise from critics year after year.

First Growths’ price performance

In terms of price performance, the five First Growths have followed a similar trajectory (i.e. rising post-Covid and dipping in the last year in line with the current market reality). The relative outcast has been Château Latour, whose performance was impacted by the decision to leave the En Primeur system in 2012. The wine has been the worst-performing First Growth, up just 17.9% in the last decade.

The best performer has been Château Mouton Rothschild, with an increase of 43.2%. Recent releases have elevated the performance of the brand, like the 2020 vintage, which boasts 100-points from The Wine Advocate’s William Kelley, 99-100 from James Suckling, 98-100 from Jeff Leve and 99 from Antonio Galloni (Vinous). ‘Off’ vintages like 2011, 2013 and 2014, which have greater room to rise, have also fared well over the last five years.

The second-best performer has been Château Margaux, which is also the second most affordable First Growth. Similarly, its biggest price risers have been 2014, 2011 and 2013. Less classical years reveal the strength of these brands, as demand for the First Growths remains consistently high regardless of the vintage.

First Growths’ price and score comparison

The table below shows the average price per case and critic score of the First Growths for vintages since 2000.

Château Haut-Brion tops the list with the highest average score (95.9) and the lowest average price per case (£4,595). With a price per point of £48, the wine seems to offer the best value among the First Growths. Vintages that have received 100-points from The Wine Advocate include 2018 (LPB), 2016 (LPB), 2015 (LPB), 2009 (LPB) and 2005 (RP).

Looking at the average prices, Château Lafite Rothschild stands out as the most expensive of the First Growths. The wine has achieved 100-points from The Wine Advocate for its 2019 (WK), 2018 (LPB), 2010 (LPB) and 2003 (RP) vintages.

In conclusion, the First Growths remain an important part of the changing secondary market, offering brand strength, consistently high quality and stable growth.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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The legacy of the 1855 Bordeaux Wine Classification and global rankings

  • Wine classifications serve as guides to quality standards, geographical origins, and historical context.
  • The 1855 Bordeaux Classification continues to serve as a touchstone that has shaped not only Bordeaux but also global perceptions of what constitutes a ‘fine wine’.
  • Wine-producing regions worldwide have developed their own unique classification frameworks, based on quality, price, and terroir.

The classifications of fine wines provide an intriguing labyrinth of quality markers, geographic indicators, and historic relevance. Among the most iconic of these is the 1855 Bordeaux Classification – a system that has endured for over a century and a half. In contrast, the dynamic Saint-Émilion classification demonstrates the capacity for change within the realm of wine classifications. This article delves into these iconic French systems and other similar classifications in countries such as Germany, Italy, and Portugal.

The enduring legacy of the 1855 Bordeaux Classification

Commissioned by Napoleon III for the Exposition Universelle de Paris, the Bordeaux Wine Official Classification of 1855 set the gold standard for wine classifications. Designed to rank the finest wines of Bordeaux – from Médoc, Sauternes, and Barsac – the classification ranges from ‘First Growth’ to ‘Fifth Growth’, based on both quality and trading price. With only one significant modification since its inception – the promotion of Château Mouton Rothschild to First Growth in 1973 – the classification remains a cornerstone in the world of fine wine.

The classification has been both praised for its impact on the wine industry and criticised for its rigidity, given that it reflects a snapshot of quality from more than a century and a half ago. The global wine exchange, Liv-ex, has created a similar classification that uses price alone to determine a hierarchy of the leading fine wine labels in the market.

The Saint-Émilion Classification

In contrast to the static nature of the 1855 Classification, the Saint-Émilion region in Bordeaux has a more dynamic approach to ranking its wines. Established in 1955, the Saint-Émilion Classification is updated approximately every ten years. This system classifies wineries into tiers: Grand Cru Classé A, Grand Cru Classé B, and Grand Cru Classé.

Unlike the 1855 Classification, which is set in stone for the most part, the Saint-Émilion system allows for upward or downward mobility, giving wineries an incentive for continuous improvement.

Nonetheless, the classification has also faced controversy when three leading estates with ‘Premier Grand Cru Classé A’ status – Châteaux Ausone, Cheval Blanc and Angélus – withdrew from the rankings last year.

Classifications beyond Bordeaux 

Burgundy’s Cru System

Unlike Bordeaux, where the 1855 Classification ranks specific châteaux or estates, Burgundy’s Cru System classifies individual vineyards by assessing their terroir (Grand Cru, Premier Cru, Village, Regional).

Even vineyards that are right next to each other but separated by a road or a wall may be classified differently. The terroir is believed to impart specific qualities to the wine, with soil composition, slope, and sun exposure all playing a role.

While the 1855 Bordeaux Classification has changed very little since its inception, Burgundy’s Cru System is more fluid. Vineyards can be promoted or demoted based on ongoing assessments of quality, although changes are relatively rare and usually occur over long periods.

The Burgundy Cru System has been highly influential and is seen as a precursor to many New World terroir-based classifications. However, it’s not without its critics. Some argue that focusing solely on terroir might overlook the skills and contributions of individual winemakers.

Germany’s VDP Classification

The Verband Deutscher Prädikatsweingüter (VDP) has developed a system somewhat inspired by Burgundy. The top tier of this system, the Grosse Lage (Great Growth), designates vineyards with the highest quality potential, followed by Erste Lage (First Growth).

Italy’s Barolo and Barbaresco Cru vineyards

In Italy’s famed Barolo and Barbaresco regions, vineyards are often termed ‘cru’, reflecting the particular characteristics of the terroir. Unlike Bordeaux’s 1855 classification, there isn’t a formal hierarchy, but the cru system nonetheless signifies a level of quality and prestige.

Portugal’s Douro Classification

One of the oldest classification systems for wine comes from Portugal’s Douro region, known for Port wine. Established as early as 1756, this classification focuses on the quality of the grape-growing land, making it an early precursor to the concept of terroir.

Concluding thoughts

In the ever-evolving world of fine wine, the 1855 Bordeaux Classification continues to serve as a touchstone that has shaped not only the Bordeaux region but also global perceptions of what constitutes a ‘fine wine’. By contrast, the more dynamic systems like the Saint-Émilion rankings and Burgundy’s Cru system offer a flexible approach that accommodates change and encourages ongoing excellence. As the article explored, wine-producing regions worldwide have developed their own unique classification frameworks, each adding a different flavor to this complex narrative. Whether these systems will adapt to the challenges of climate change, evolving consumer tastes, and other modern factors remains to be seen, but what is clear is their enduring impact on how we appreciate, value, and ultimately, enjoy wine.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.