Market spotlight: How are things looking for 2009 and 2010?

Market conditions
Year to date the 2009 vintage has taken 7.5% of all Bordeaux trade on Liv-ex by value, and 5.2% of trade by volume.

The 2010 has taken 8.5% by value and 6.0% by volume. This makes it the second most- traded Bordeaux vintage by value year to date, behind 2019 which has taken 9.7% of trade by value. 2016 is the most-traded Bordeaux vintage by volume year to date (11.8%).

Buyer geography of 2009 and 2010 Bordeaux
US buyers have accounted for the lion’s share of trade value for both the 2009 and 2010 vintages year-to-date (46.1% and 46.9% respectively). While US merchants have also contributed the largest proportion of total trade value on Liv-ex year to date (34.9%), the difference to other geographies is much narrower than with Bordeaux 2009 and 2010 purchases.

US and European merchants have bought similar amounts of both the 2009 and 2010. Meanwhile UK buyers have bought more of the 2010 by value (18.2% vs 14.0%). The opposite is true for Asian buyers.

Top-traded Bordeaux 2009s year-to-date
Lafite is the top-traded 2009 by value year-to-date. Pontet-Canet is the top-traded 2009 by volume year-to-date, its volumes helping it be the second top-traded 2009 by value.

Top-traded Bordeaux 2010s year-to-date
Mouton is the top-traded 2010 by value year-to-date. Pontet-Canet is the top-traded 2010 by volume.

First Growths Price Performance – year-to-date

Year to date, Latour 2009 is the only First Growth from the 2009 and 2010 vintages whose price has risen (5.6%). The Liv-ex Fine Wine 50 (which tracks the performance of the 10 most recent physical vintages of the First Growths) has fallen 8.7%. Lafite 2009 and 2010 have fallen 8.8% and 9.7% respectively, and have now retraced the gains they made during the 2020-2022 bull run. The 2009 is now trading at the same level as it did in mid 2016.