Auction prices for premiere cru wines have dropped significantly since the beginning of 2009, but they have not reached 2004 levels. Post-1982 vintage Mouton Rothschild at auction at www.WineBid.com has dropped 10% in just the past five weeks. Some vintages have dropped more. 2004 Mouton Rothschild is still available at its release price of just under $200 (although a buyer at this price would want to be careful that these bottles have been stored correctly).
Other classified growths have shown similar declines, but nothing as dramatic or across the board. The drop in opening bid prices for Latour has been inconsistent. While prices for 1998 Latour remain high compared to 2004 levels ($200 versus $115) the opening price for 1999 has declined significantly in recent months.
Grand cru Burgundy has also showed significant drops. Original wooden cases of J.F. Mugnier Bonnes Mares are available for less than 50% off last year's lowest retail price. (I bought one myself - I just couldn't resist.) Prices for all of the wines from Dom. de la Romanee Conti, though, haven't come down much at all.
Likewise, prices for California Cult Wines have dropped, but with little consistency. Even good vintages like 2001 are under pressure, with some wines, like Sloan Estate, suffering 33% drops in opening bid prices, and still there are no bidders. 2003 Screaming Eagle can be had for $1000/bottle; the 2001 is still offered at over $1100, down from $1300. The trend is erratic, but angling down.
Two questions in my mind are: (1) When is it going to end? And, (2) What is reasonable?
I invite readers' comments and thoughts ...
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