THE LIV-EX FINE WINE 100 INDEX REPORTS YET ANOTHER DOWN MONTH (1.46% LESS), THE TWELFTH IN A ROW. BORDEAUX VINTAGE 2008 IS LOSING GROUND WHILE ORNELLAIA VINTAGE 2009 IS ONCE AGAIN THE STRONGEST: +8.5% AND 1.160 POUNDS STERLING PER CASE

The Liv-ex Fine Wine 100 (www.liv-ex.com), the most important index for wine in the world, reports yet another month in decline, the twelfth in a row. The index has been suffering for the entire year and the 1.46% less reported in March shows that average prices are close to 2009 levels. Yet, even in dark times there is a glimmer of light, led by the 2009 vintage of Ornellaia that continues to grind out records. The great Bolgheri red wine grew 8.5% in March at 1.160 pounds sterling per case.

The less expensive Bordeaux on the Liv-Ex, Leoville Poyferré 2003, did very well at 6.2% growth and now stands at a share of 1.025 pounds sterling. Among the leading wines in March, there is also Haut-Brion 2010, Armand Rousseau 2009 Clos St Jacques and Pétrus 2001.
On the other hand, lowering the level of average prices we have Haut-Brion 2008, Lafite 2008, Pontet-Canet 2009 and 2010 and Yquem 2007 that in a single month lost an average of 10.7% of its stock market index value. Most analysts however, had been anticipating the fall of the great 2008 vintage Bordeaux, as immediately following its marketing it reached extremely high prices due to the high quality of the vintage but a rebalancing to more "normal" levels had to come sooner or later. This is the same dynamic that has affected, or will affect, the Yquem vintages after 2004. The decline of Pontet-Canet instead is surprising as it had a period of strong performances with 2009 that increased 5.3% in January, and 2010 was up 4.2% in February. These earnings were however zeroed out by a disastrous March: 6.6% less for 2009and 9% less for 2010.