The 2011 vintage in Bordeaux was never hailed as great but its performance on the secondary market has been stronger than one might expect.
- Prices of Bordeaux 2011 are increasingly on the rise as they reach their first decade.
- Of the wines included in the Bordeaux 500 index, just 12 wines from the vintage are below their initial release price.
- Wines on the index from 2011 have risen 31% on average since release.
The story of the 2011s is much the same as the 2017s, which we also examined this week. Both are a middling-to-good set of wines released in the wake of two blockbuster vintages and are generally not highly regarded.
One cannot argue that the 2011s have been over-looked despite solid scores either. When looking at the wines represented in the Bordeaux 500 index, the 2011s carry an average score of just 91-points from Neal Martin.
This certainly marks them as weaker than other ‘off’ vintages of the same era such as the 2014 and 2017, which have average scores of 93 and 92 respectively.
Nonetheless, the vintage is due an imminent review from Martin as it reaches its 10th birthday and perhaps time has added some polish to the better wines.
The table below shows Neal Martin’s top-scoring wines from the vintage, some which have not been re-scored since 2012.
Even if the wines do not boast solid scores, their performance in the secondary market has been stronger than one might expect.
As a group, prices for the Bordeaux 500 labels have risen 31% on average and only 12 wines currently have a Market Price below their initial offer.
In an odd twist, nearly half the wines languishing below their release price are actually among the better wines of the vintage according to Martin’s scores; such as Château Cheval Blanc which was rated 94-points as recently as 2019 but is down 10% on its release.
The 2011 La Mission Haut-Brion for example was recently rated 94, which makes it equal in rating to the 2017. Martin even called it a ‘gorgeous wine in the context of the vintage’. The 2017 has a current Market Price of £2,150 compared to the 2011’s £1,600.
The 2011s may not be ‘great’ wines but careful selection may yet yield some solid opportunities.
Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real time activity of Liv-ex’s 550+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £90m of bids and offers across 20,000 wine markets. Independent data, direct from the market.