- 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.
The price-per-point metric offers a powerful way to compare wines based on their market price relative to critic quality scores. By dividing the average case price by the average critic score, collectors and investors can identify which wines offer the best value, regardless of prestige or brand strength. This approach is especially insightful when analysing the First Growth Bordeaux châteaux, the most liquid and historically significant group within the wines of Bordeaux.
The First Growths – Château Lafite Rothschild, Château Mouton Rothschild, Château Margaux, Château Haut-Brion, and Château Latour – were formalised in the official Classification of 1855, a system that still shapes global perceptions of quality today. These estates sit at the top of the Bordeaux hierarchy, alongside the region’s premier cru properties, commanding some of the highest prices in the fine wine market. Despite belonging to the same classification, their relative value differs substantially when measured through price per point.
First Growth Bordeaux – 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.
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.
Château Margaux, Château Latour, and Château Mouton Rothschild sit between these two extremes. Each offers exceptional critic scores and historic vintages, though their price-per-point efficiency varies depending on market cycles, En Primeur release prices, and vintage-specific trading volumes. Investors often compare these cru classé wines not only by absolute cost but by consistency of score relative to long-term performance.
What does this mean for the First Growths’ performance?
Historically, all First Growths have followed similar trajectories in terms of market highs and lows.
Key patterns include:
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A dramatic surge during the China-led bull market (H1 2011)
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A deep pullback in the years following
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A recovery after the Brexit referendum, stabilising at higher levels
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A recent decline in line with broader fine wine indices
The Liv-ex 50, which tracks the First Growths, is down 15.3% over the past year, mirroring the performance of the broader Liv-ex 1000 index.
Among the individual estates:
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Lafite Rothschild saw the sharpest rise during the 2011 peak
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It has also seen the largest recent fall (-19%)
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Haut-Brion, despite never reaching the same peaks, has been more stable – dipping only 10% in the last year
This relative stability reinforces Haut-Brion’s status as a high-value First Growth brand. Its lower price per point and historically steadier performance make it appealing to collectors seeking reduced volatility without sacrificing Bordeaux pedigree.
First Growth 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.
Historically, Bordeaux prime vintages often show accelerated growth after 10–15 years in bottle, meaning these more recent releases could see substantial performance shifts as they move further from their en primeur release period.
In conclusion, price per point offers an effective way to assess both value and quality, helping buyers look beyond brand prestige to uncover genuine opportunities. However, investors should also consider:
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long-term market behaviour
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storage and provenance
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volatility of older vintages
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the impact of global economic cycles
When combined with historical performance analysis, price per point becomes a powerful tool for building a balanced fine wine portfolio – identifying stable performers like Haut-Brion, premium prestige wines like Lafite Rothschild, and long-term growth opportunities across the First Growth category.
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