After January's 1.39% gain, the first positive month end since March 2011, the leading fine wine index has posted another small rise, up 3.36 points at 293.66 (or +1.16%). This makes the index down 17.8% for the last 12 months, but maybe the re-building process is underway - next target is the 300 mark!

The Liv-ex 100 has powered its way back to an all time high at the end of March, surpassing the July 2008 figure of 264.14. April’s figures show even more positive growth closing at 281.21, a rise of 6.1% for the month, an 18.6% rise for 2010 and a staggering 31.8% increase for the year.

Although all the talk is of 2009s, there appears to be no let up in demand for older vintages of classified growth claret. And who knows, the current trend for record release prices from the Place could have a further drag effect on landed vintages...

In terms of the wider market, we are seeing some fairly bullish buying. This is backed up by the London based wine exchange, Liv-ex. The Liv-ex 100 had its best month for more than two years in August, gaining 4.6% to 225.5 and it’s the fifth monthly rise in succession. This is led by the Lafite stable. Insatiable demand in the Far East has pushed most vintages of Carruades towards the 2K mark, making it more expensive than many vintages of rival First Growths Mouton, Margaux and Haut Brion. The Grand Vin is enjoying similar success; we defy anyone to find a vintage of Lafite that starts with a two. Top vintages such as '82, '96 and '00 are reaching new highs and we think it won't be long before the '05 is back at 8K+ a case. Is this a bubble waiting to burst or is this just the start? Who knows? China is a huge market and maybe we are only scratching the surface…