Cheval Blanc is calling for €470 per bottle of ex-négociant, the Liv-ex trading house announced, a 20.5% increase over 2021's opening price of €390 per bottle.
Château Angélus has recorded the highest price increase, with a rise of 32%, setting the new ex-négociant price at €350 per bottle, as compared to last year's price of €265. According to Liv-Ex it is also the highest price of the past 22 vintages. The second most expensive wine was the 2016 vintage at €294 per bottle ex-works.
"Some châteaux have produced one of the best wines in their history."
Most critics have highly praised the vintage, as subscription trader Michael Grimm of Bacchus-Vinothek confirmed to WEINWIRTSCHAFT: "Some châteaux have produced one of the best wines in their history."
Cheval Blanc approaches pre-Corona price level
Ahead of the opening, the Moët Hennessy - Louis Vuitton (LVMH) group, which includes Château Cheval Blanc, published a letter to the trade stating, "If you look at the current market prices for 2015, 2016 or 2019, without looking back to 2009 and 2010, you can expect a significant price change with the upcoming release in 2022 compared to the previous three. In line with our guiding principles, we believe that Cheval Blanc 2022 will be a compelling proposition for our distribution partners and their customers."
LVMH says it will release two-thirds of the total production of Cheval Blanc En Primeur, while the remaining third will not be made available until it reaches its drinking window after about 15 years. This strategy is a response to the critical tone of the wine industry, which responds to the restraint volume to ensure transparency.
Unhappy distributors
Critics complain that the withholding of wines contributes to a partially unprofitable situation for distributors, and especially for collectors, as pointed out in a report by Liv-ex. The price increase highlights that the prestige châteaux are unimpressed by the sales crisis of many wineries in Bordeaux. It remains to be seen how the trade will respond to the price increases. Many have considered the campaign overpriced.
In particular, Cheval Blanc had attracted attention in the past few years by significantly reducing its prices after receiving high price demands. The 2015 vintage was priced at €540, 50% more than for the 2014 vintage. In 2016, the previous highest price of 552€ was called, in the following year, the price was reduced to €432. After €528 for the 2018 vintage, the three subsequent vintages cost less than €400. It is unclear whether the price reductions were driven by low demand or by increased pricing. Over the past three years, the En Primeur market has also been affected by the economic impact of Corona and the war in Ukraine. ITP
