Decanter Fine Wine Index: Which vintages of Château Cheval Blanc offer value for collectors?

A venerable St-Emilion property, Château Cheval Blanc has long been considered one of the leading estates in Bordeaux.

This was recognised as far back as 1955, when it and Château Ausone were the two estates recognised as Premier Grand Cru Classé ‘A’ in the inaugural St-Emilion classification.

However, in 2021 both Cheval Blanc and Ausone excused themselves from the 2022 classification citing issues with the judging criteria; which had been a major bone of contention in 2012.

Both relinquished the top classification they had held for 66 years but it’s doubtful it has harmed either property’s standing in the eyes of collectors. Both properties are now classified as ‘St-Emilion Grand Cru’.

In recent years Cheval Blanc has deftly navigated the turbulent waters of en primeur, emerging as one of the more consistent sellers in a dwindling market.

It has fully committed itself to ‘l’agroécologie’, implementing numerous environmentally-friendly practices at the estate, such as encouraging a polyculture, practicing agroforestry and ending ploughing to reduce soil compaction.

Secondary market overview

Over its last 10 vintages, Cheval Blanc has an average Liv-ex Market Price of £4,243 (per 12x75cl) and an average score from Decanter of 97-points.

In this regard its averages compare quite favourably with the first growths of the Left Bank – which we looked at last year.

It is a key component of the Right Bank 500 index compiled by fine wine marketplace Liv-ex and its component wines have largely seen positive performances since the start of the year.

However, the fine wine secondary market as a whole has been in a severe downturn in recent years and many prices have softened from the heights they achieved in the frenzy of the lockdown-driven bull run of 2020-2022.

The index as a whole has taken a step back since it hit its peak in January 2023, declining by 30.8% to September 2025. It has rallied a little since then but is still 29.4% below where it was at its highest point.

Recent analysis published in Decanter, suggests the possibility of a limited market recovery in 2026. There were signs of stability in the second half of 2025 and prices have stabilised in many areas.

However, the recent US-Israeli military action in the Gulf, may yet send another spasm of uncertainty through a bruised market.

Iran's threat to close the Strait of Hormuz will have severe repercussions in oil markets, and that volatility usually spreads to stock markets and therefore assets.

Both the UK and US stock markets were in flux this week as oil prices spiked – though the jump was not as severe as it was after Russia's invasion of Ukraine.

A conflict with no foreseeable endpoint may put the brakes on even limited market recovery, but does potentially gift slow-to-act collectors an extended chance to keep scouring the secondary market for potential buying opportunities.

Cheval Blanc vintages

Looking at our chart above, we can see that there are two older vintages that weigh heavily on Cheval Blanc’s books: 2015 and 2016.

Both renowned vintages, they are priced well above the estate’s 10-year average: with a Liv-ex Market Price of £6,385 and £5,900 per case respectively.

However, although they are well reviewed wines, they are not the top-scorers according to Decanter.

Those honours go to the 2019 and 2023, which Bordeaux Editor, Georgie Hindle, both rated 99-points; the 2023 most recently at her in-bottle tasting of that vintage.

Both are currently available at considerable discounts to either the 2015 or 2016.

The 2019 was extremely well-priced on release and has gained 7.8% in value over the last five years according to Liv-ex. It currently has a Market Price of £4,850 according to Liv-ex, which is the third-highest, though still 20-30% less than the 2015 and 2016.

Therefore, the 2023 – at £3,779 per dozen – represents the best value by far, with a discount of 68% on the market price of the 2015 (97-points).

Another vintage of interest is the 2020. It has 98-points from Hindle – the same as the 2016 and 2022 vintages – but is currently available for £3,680 for a 12-bottle case, 60% less than the 2016.

According to Liv-ex, its price has also slipped -1.6% since the start of the year, which only helps to highlight the value it currently offers versus its peers.

Finally, for collectors perhaps merely seeking to get a foot in the door, the 2021 vintage presents a possible opportunity.

Rated 96-points – so just below the 10-year score average – its current case price of £2,835 is 50% below Cheval’s average price. The 2021 has also declined -5.5% in value year-to-date according to Liv-ex’s figures.

Château Cheval Blanc: Selected tasting notes

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