The paucity of Bentley drivers in the wine trade suggests, if any proof were needed, that correctly predicting the next big thing in this industry – and then making a financial success of it – is an elusive talent. At the fine wine end of the market, any pockets of excitement in 2014 have been largely overshadowed by a third successive year in the doldrums for Bordeaux. After all, despite headlines touting a record breaking sale in Burgundy or growing interest in Piedmont, Bordeaux’s combination of volume and prestige makes it the staple diet of most fine wine traders. As we gaze towards the horizon of 2015, it is worth pausing to take stock of events or shifts that shaped this year and consider what glimpses they offer of the road ahead. Certainly the combination of inflated Bordeaux prices with a global economy that remains uncertain has not left the fine wine market unscathed. “When you have a market that has gone down four years in succession that has quite an impact on the people involved,” observes Justin Gibbs, director of Liv-ex. “We’ve seen companies go bust and funds close – there’s been a fair amount of pain. The market is stretched and stressed and that’s largely due to Bordeaux.” One area where Bordeaux continues to shift quietly is the auction sector, where Richard Harvey MW, global head of wine for Bonhams reports: “There are buyers for most things if the price is right, particularly in terms of younger vintages of Bordeaux where there is still stock on the market.” While confirming that the 2009 and 2010 vintages are moving through, he concedes: “You have to be realistic with estimates.” Indeed, remarks Harvey, “I suspect that the secondary market is maybe more realistic than the place de Bordeaux.”
