The First Growths are always among the most sought-after wines each en primeur campaign. Both Château Lafite Rothschild and Château Margaux were named as two of the best wines of the vintage in this year’s members’ survey. 

Today we look at what price each release would offer relative value according to the Liv-ex’s ‘Fair Value’ methodology. 

Lafite has been released this morning for €470 per bottle ex-négociant, a 1.2% reduction on the 2020’s opening price. At £5,808 per case, it is the best value Lafite on the market. 

*Lafite’s best ‘fair value’ correlation is with scores from Wine Advocate rather than with our Benchmark Critic (Robert Parker & Neal Martin). 

Rising prices for back vintages of Lafite meant that a release at the same price as last year was likely to appear good value. The same is not quite true for Margaux. 

If Margaux releases at the same price as last year (€432 per bottle ex-négociant) it would be less expensive than the 2020, 2019 and 2018 vintages, at around £4,800 per 12×75 – those other three vintages all being over £5,000 per case. 

However, the 2017 vintage which has the same score as the 2021 from Neal Martin, currently has a Market Price of £4,170 per dozen. To truly represent Fair Value, the 2021 from Margaux would have to be less expensive on release than the 2020 was. 

A reduction of 7.6% to €399 per bottle ex-négociant would make a case around £4,100 when offered by merchants. This would bring it inline with the current price of the 2017, making it unquestioningly look Fair Value. 

Sticking with last year’s pricing would make the 2021 look overvalued on release, but if it remains under £5,000 per case and Martin scores it 96-points in-bottle that outlook would change.