The second wines have been outperforming the First Growths, thanks in part to their ability to offer access to these big brands at lower price points. Petit Mouton in particular showed a strong performance: in 2015 it was the biggest riser of the Bordeaux 500 index, gaining 8.3%, no doubt benefitting from ‘brand Mouton Rothschild’ – number one in the Power 100 – of which it forms a part.
The table below shows the price movements of the ten most recent physical Petit Mouton vintages. Only one of the ten declined last year, with half gaining more than 8%. There appears to be little correlation between scores and performance: the 86-point 2003, “Lacking a bit of backbone but decent enough” (Neal Martin) gained 20.6% while the 90-point (Robert Parker) 2012 ran flat. Instead buyers are seeking wines with bottle age, and prices are being driven up by scarcity: older vintages are increasing in value as the wine is being drunk.
With this pattern evident, the lower priced recent vintages might present opportunities for those looking to hold onto the wines for several years. The 2003 is priced 61% above the 2012. A sign of what is to come?
Originally published: Liv-ex BlogLiv-ex, petit mouton, second wines