The Liv-ex Bordeaux Classification
Encyclopedia
The Liv-ex Bordeaux Classification is a classification
of Bordeaux wine
compiled by the British internet and phone-based wine exchange
, London International Vintners Exchange
(Liv-ex) in March 2009, with an aim to recreate the Bordeaux Wine Official Classification of 1855
in a modern economic context, 154 years after the original compilation. Two years later, the market has shifted and the classification has been updated to reflect current trading conditions in 2011.
) and be produced in quantities of more than 2,000 case
s, and not taking into account any second wine
s, the Liv-ex classification lists 60 estates, one fewer than that of 1855. The tiers were sectioned by the First Growth
s in the range of £
2,000 a case and above, the Second Growths from £500 to £2,000, the Third Growths from £300 to £500, the Fourth Growths from £250 to £300 and the Fifth Growths from £200 to £250. The price averages were calculated from the period 2005–2009.
among the First Growths, Château Lynch-Bages
elevated from the fifth tier to the second, Château Palmer
promoted a tier to become the top Second Growth.
Lafite retakes its position as the top wine of the Left Bank - a position it surrendered to Latour in 2009. Lower down the list, Duhart Milon, Beychevelle and Pontet Canet graduate to Second-Growth status. Leoville Barton drops down to become a Third Growth.
Jack Hibberd of Liv-ex stated that the second wines of the estates were a complicating factor, "They obviously didn’t exist in 1855, so we decided to classify each property on the basis of their first wine. It is interesting to note, however, that if they were included as separate chateaux, 12 would make the cut, with Carruades de Lafite and Forts de Latour reaching the level of second growths."
, which marketers and market makers would have a sense to control. Marketing can attempt to add value to brands. Some might consider good marketing the act of getting more than the commodity or product deserves from a controlled agricultural market. What is interesting about the original 1855 Classification is that it represents trailing average prices for Bordeaux ecosystems and subsystems. In summary, the 1855 Classification is something of an economic museum; and reflects valuations without modern marketing attempts to influence the market economy. Changes to the original classification might be warranted to reflect changes in the physical environmental factors in Bordeaux.
Classification of wine
The classification of wine can be done according to various methods including, but not limited to, place of origin or appellation, vinification methods and style, sweetness and vintage, or varietal used. Practices vary in different countries and regions of origin, and many practices have varied...
of Bordeaux wine
Bordeaux wine
A Bordeaux wine is any wine produced in the Bordeaux region of France. Average vintages produce over 700 million bottles of Bordeaux wine, ranging from large quantities of everyday table wine, to some of the most expensive and prestigious wines in the world...
compiled by the British internet and phone-based wine exchange
Exchange (organized market)
An exchange is a highly organized market where tradable securities, commodities, foreign exchange, futures, and options contracts are sold and bought.-Description:...
, London International Vintners Exchange
London International Vintners Exchange
London International Vintners Exchange is an exchange for investment-grade wine based in London. Liv-ex, which was founded in 1999, provides a marketplace where wine merchants are able to trade wine, and also publishes two wine price indices based on these transactions which are widely used to...
(Liv-ex) in March 2009, with an aim to recreate the Bordeaux Wine Official Classification of 1855
Bordeaux Wine Official Classification of 1855
The Bordeaux Wine Official Classification of 1855 resulted from the 1855 Exposition Universelle de Paris, when Emperor Napoleon III requested a classification system for France's best Bordeaux wines which were to be on display for visitors from around the world...
in a modern economic context, 154 years after the original compilation. Two years later, the market has shifted and the classification has been updated to reflect current trading conditions in 2011.
Criteria and Calculation
Based entirely on the level of prices, with the criteria of wines to be from the Left Bank (including Pessac-LeognanPessac-Léognan
Pessac-Léognan is a French wine appellation, within the Graves subregion of the Bordeaux wine region. Both red and white wine is produced within the appellation, which consists of 10 communes: Cadaujac, Canéjan, Gradignan, Léognan, Martillac, Mérignac, Pessac, Saint-Médard-d'Eyrans, Talence and...
) and be produced in quantities of more than 2,000 case
Case (goods)
A case of some merchandise is a collection of items packaged together. In the United States, typically a standard case contains a certain number of items depending on what the merchandise is. For consumer foodstuffs such as canned goods, soda, cereal and such, a case is typically 24 items,...
s, and not taking into account any second wine
Second wine
Second wine is a term commonly associated with Bordeaux wine to refer to a second label wine made from cuvee not selected for use in the Grand vin or first label...
s, the Liv-ex classification lists 60 estates, one fewer than that of 1855. The tiers were sectioned by the First Growth
First Growth
First Growth status refers to a classification of wines primarily from the Bordeaux region of France.-Bordeaux reds:The need for a classification of the best Bordeaux wines arose for the 1855 Exposition Universelle de Paris. The result was the Bordeaux Wine Official Classification of 1855, a list...
s in the range of £
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
2,000 a case and above, the Second Growths from £500 to £2,000, the Third Growths from £300 to £500, the Fourth Growths from £250 to £300 and the Fifth Growths from £200 to £250. The price averages were calculated from the period 2005–2009.
2011 Highlights
Among the chief differences from the 1885 classification is the placement of Château La Mission Haut-BrionChâteau La Mission Haut-Brion
Château la Mission Haut-Brion is a Bordeaux wine from the Pessac-Léognan appellation, classed among the Grand Crus in the Graves classification of 1953...
among the First Growths, Château Lynch-Bages
Château Lynch-Bages
Château Lynch-Bages is a winery in the Pauillac appellation of the Bordeaux region of France. Château Lynch-Bages is also the name of the red wine produced by this property...
elevated from the fifth tier to the second, Château Palmer
Château Palmer
Château Palmer is a winery in the Margaux appellation of the Bordeaux region of France. The wine produced here was classified as one of fourteen Troisièmes Crus in the historic Bordeaux Wine Official Classification of 1855...
promoted a tier to become the top Second Growth.
Lafite retakes its position as the top wine of the Left Bank - a position it surrendered to Latour in 2009. Lower down the list, Duhart Milon, Beychevelle and Pontet Canet graduate to Second-Growth status. Leoville Barton drops down to become a Third Growth.
Jack Hibberd of Liv-ex stated that the second wines of the estates were a complicating factor, "They obviously didn’t exist in 1855, so we decided to classify each property on the basis of their first wine. It is interesting to note, however, that if they were included as separate chateaux, 12 would make the cut, with Carruades de Lafite and Forts de Latour reaching the level of second growths."
1855 Classification | Agricultural Versus Market Economics
Original and new 1855 classifications are based on different market economics. 1855 Classification represents values of an agricultural economy, which winegrowers had a sense to, rightly, control. In great contrast any new classification occurs in a market economyMarket economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
, which marketers and market makers would have a sense to control. Marketing can attempt to add value to brands. Some might consider good marketing the act of getting more than the commodity or product deserves from a controlled agricultural market. What is interesting about the original 1855 Classification is that it represents trailing average prices for Bordeaux ecosystems and subsystems. In summary, the 1855 Classification is something of an economic museum; and reflects valuations without modern marketing attempts to influence the market economy. Changes to the original classification might be warranted to reflect changes in the physical environmental factors in Bordeaux.