Fine wines made in 2011 are expected to be up to 42 per cent cheaper than their equivalents in 2010 in euro terms, due to a lacklustre vintage.

According to an annual Bordeaux survey conducted by Liv-ex, the fine wine exchange, Bordeaux wine from last year was labelled “variable” and even “disappointing” by a panel of tasters.

In Asia, investment in fine wine is becoming increasingly common, as high net worth individuals seek to store their wealth in tangible assets, providing an inflationary hedge with the added fillip of being a trophy. The auction houses Christies and Sothebys broke numerous records in Hong Kong last year with fine wine sales.

In the survey, price was felt by many respondents to be “by far and away the most important thing”. The biggest decreases are expected to come from those higher up the value chain. Nevertheless, even a reduction of this magnitude will equate to a doubling of prices on the 2008 vintages.

The panel, formed of members of the international wine trade who had just returned from tasting the new vintage, voted Latour the wine of the vintage in 2011.

In general, it was felt that Pomerol emerged as the strongest commune, while Margaux was highlighted as the least impressive. Grand Puy Lacoste tops the value for money category, while Lafite was the most disappointing wine.

The vintage scored 91 overall, the same as in 2008. An overwhelming majority of merchants are expecting significantly less demand than for the 2010s.

It is clear from this year’s results that price is the key concern. Although merchants predict reductions of around 42 per cent on 2010 release prices, the true test will be how affordable the wines are relative to the current trading prices of comparable vintages. Reductions of closer to 50-60 per cent may be needed to arouse buyer interest,” said Liv-ex Director James Miles.