April 2014

Liv-ex Bordeaux 2013 Survey

Each year Liv-ex surveys the international wine trade upon their return from tasting the new Bordeaux vintage. The survey is designed to track the consensus amongst the best professional tasters of young Bordeaux. Liv exs membership numbers 440 of the worlds biggest buyers and sellers of fine wine.

In summary, as voted for by the Liv -ex membership: Yquem is the wine of the 2013 vintage. Grand Puy Lacoste tops the value for money category. Margaux was the most disappointing wine (but also the third favourite). The vintage scored 88 (out of 100) on average. The 2013 First Growths were voted worst out of 07, 08, 11 and 12. 78% of merchants expect significantly less demand (down >20% on 2012) for the 2013s. Release prices are expected to be down 10% on 2012 but still up 26% on 2008 in Euro terms.

1. List in order of preference your top 5 wines from Bordeaux 2013. 1. Yquem 2. Mouton Rothschild 3. Margaux 4. Ausone 5. Cos dEstournel =6. Pichon Lalande =6. Petrus 8. Latour 9. Haut Brion 10. Vieux Chateau Certan

The results above show the top ten wines of the vintage according to respondents irrespective of price. Wines ranked first were awarded 10 points, second were given 5 points, third 3, fourth 2 and fifth 1. Yquem was number one wine for the first time in the history of the Liv -ex En Primeur survey, with a fifth of respondents labelling it their top wine. After dropping off the table last year, Mouton is back in full force, occupying second place. Margaux has risen four places on last year to come third, but was also voted most disappointing wine of the vintageshowing the divisiveness of the 2013s.

2. List in order of preference your top 5 value wines from 2013 (value wines are wines with an expected release price of less than 500 per case) 1. Grand Puy Lacoste 2. Calon Segur =5. Leoville Barton 7. Leoville Poyferre

3. Dom. De Chevalier Rouge 8. Figeac 4. Batailley =5. La Chenade 9. Talbot 10. Du Tertre

For the fourth year in a row, Grand Puy Lacoste took the top spot in the value wines top ten. Calon Segur, which last year ranked among the most disappointing, takes second place, while Domaine de Chevalier climbs up one place to reach third.

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3. List your 5 most disappointing wines from 2013 with the most disappointing first. 1. Margaux 2. Lafite Rothschild 3. Cheval Blanc 4. Haut Brion =5. Lascombes =5. La Mission Haut Brion 7. Carruades de Lafite 8. Ducru Beaucaillou 9. Pontet Canet 10. Palmer

Despite being voted one of the top three wines of the vintage, Margaux was also voted most disappointing. Fellow First Growth Haut Brion is the other wine to make an appearance in both tables. Lafite, which has occupied the top place in this table for the last two years, returns this year in second, with its second wine Carruades de Lafite also ranking among the most disappointing.

4. Using the Parker scoring model, what score would you give to the Bordeaux 2013 vintage overall? 88 points (average out of 100) The average score attributed by the membership for the vintage was 88 points, with a range of 77 to 93. This is the same ranking that members gave the 2007 vintage and three points lower than that given to the 2008, 2011 and 2012.

5. Does it compare to any previous vintages you have tasted? 1. 2007 Only half of all respondents compared the 2013 to any vintage they had tasted previously, and half of those compared it to the 2007. Other replies were more sporadic; comparisons included the 2002, 2004, 1992 (often labelled one of the worst vintages in living memory) and 1997.

6. Considering only the First Growths, please rank 2007, 2008, 2011, 2012 and 2013 in terms of quality (1st being the best). 1. 2008 2. 2012 3. 2011 4. 2007 5. 2013 An overwhelming 51% of respondents voted 2013 the worst vintage in terms of quality, while 42% placed the 2007 bottom of the table. The 2008 was voted the best vintage by 57% of respondents.

7. At this early stage, what level of demand (by volume) are you expecting for the 2013 campaign? 1. More than last year: 2% 2. The same as last year: 6% 3. 0-20% less than last year: 14% 4. >20% less than last year: 78% Over three quarters of our merchants expected demand to significantly fall on the level for 2012. A few respondents reported no demand at all at present and possibly none to come, with prices once again a concern. One merchant stated that the only demand was for those wishing to commemorate the birth of their children, with no interest from consumers or investors. A couple anticipated some demand for Sauternes.

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8. At what prices, in Euros per bottle, ex-negociant, do you expect (not want!) the following wines to be released in Bordeaux?
2013 Average Prediction Range of predictions (Euros p/b ex-negociant) 78.1 53.4 211.4 55.5 76.7 24.9 300.0 160.2 138.5 1098.7 50-99 45-60 170-240 45-96 60-95 20-28 180-375 50-200 65-210 685-1403

Wine Cos d'Estournel Montrose Mouton Rothschild Pichon Lalande Leoville Las Cases Talbot Cheval Blanc Pavie Mission Haut Brion Total basket

vs 2012 release -12.2% -7.3% -11.8% -3.5% -9.9% -5.3% -11.8% -10.9% -7.5% -10.3%

vs 2008 release 20.1% 27.0% 76.4% 42.7% -3.1% 22.3% 0.0% 63.6% 26.2% 25.9%

To keep our members focussed we are offering a bottle of Montrose 1989 to the individual who comes closest to estimating the correct opening prices for the basket of wines listed above. Based on their expectations, prices will decrease by 10% on 2012 and be up 26% on 2008.

9. Briefly, how would you describe Bordeaux 2013 (eg overall characteristics, strengths / weaknesses, what's exciting / of concern etc)? Weak, disappointing, and lacking personality was how our respondents categorised the 2013 vintage. The reds were frequently criticised for being light and with high acidity, which was described as rasping by one respondent. Praise for the wines was limited but words that cropped up were charming, pleasant and fresh. Given the negativity that surrounded the vintage before the campaign had begun, a few merchants were relieved better than we had hoped for the very best estates and better than described by the media were two of the more positive comments. Others were less effusive: a difficult vintage, skeletal wines, no excitement. Two respondents expressed the opinion that the best thing about the vintage was the low yields, because the 2013s will be impossible to shift. The sweet and dry whites received a considerably more positive review, labelled as good to excellent and even superb by one effusive Sauternes drinker. Yet despite the praise, several mentioned the sadly limited audience for these wines. At best, 2013 for the reds was characterised as a vin de table, for early drinking and with potential appeal to the consumer. As one merchant put it, Strengths: Its a good restaurant year. Weaknesses: Its a good restaurant year. Despite the chateaux best efforts, and undoubtedly at great costs to themselves, 2013 was a battle against Mother Nature, with some merchants floating the opinion that it is only the advances in technology over the last few decades that made 2013 even possible.

Notes: Liv-ex (London International Vintners Exchange) is the global marketplace for fine wine, with members in 35 countries on six continents. Collectively, its membersincluding merchants, brokers, retailers, importers, exporters and wine fundsaccount for the vast majority of global fine wine turnover. Liv -ex is also the leading authority for fine wine prices and information. For further details, visit www.liv-ex.com.