by Wine Owners
Posted on 2022-10-13
Today the wine part of the Wine Owners team, as opposed to the tech team who provide our best-in-class software solutions, tasted wines from one of the great sub-sections of the Union of Grand Crus; it is called the Bordeaux Grands Crus Classés - to avoid confusion!
Wines offered came from 2018-2021 vintages. What was abundantly clear was that 2019 has reconfirmed itself as the best of modern vintages. Also, 2018 is not for the faint hearted, especially Montrose, and also that second wines offer a lot of drinking pleasure at a diddly squat fraction of grand vin prices. La Dame de Montrose excelled, as did La Croix de Canon. The unpronounceable Chateau d’Aiguilhe from the Cotes de Castillon performed well, as usual (apart from the ’21), and at £150 per 12 in bond for the 2019 is remarkable value. Chateau Canon reinforced its ‘polished’ status and was probably the most consistent.
There were some volatile samples of ‘21s, which we imagine not to be representative.
To my mind, the question is not what to buy but when to buy, if you haven’t already - 2019 should be in everybody’s cellars.
Chateaux represented:
Smith Haut Lafitte
Gazin
Vignobles Comtes Von Niepperg - d’Aiguilhe, Clos de l’Oratoire, Canon La Gaffeliere, La Mondotte
Canon
Rauzan Segla
Branaire Ducru
Pontet Canet
Montrose
Guiraud
For enormous pleasure and for a twist on sweet wines, readers should definitely embrace the current trend of lighter wines from the region. Fresher and less sweet wines from Sauternes were particularly well represented by the second wines of Chateau Guiraud and these will make a very stylish aperitif. The dry whites of Smith Haut Lafitte were superb, and are so often overlooked for more obvious alternatives, Burgundy normally, as are most dry white Bordeaux wines - in the U.K. at least.
Miles Davis October 11th 2022
by Wine Owners
Posted on 2021-07-11
Will Cheval Blanc and Ausone no longer be Grand Cru Classé ‘A’ as from the 2021 vintage?
If so, it won’t be because of the Commission de Classement. The closing of the Saint-Emilion classification applications took place on June 30 and neither Cheval Blanc nor Ausone returned their copies.
Unlike the left bank classification system of 1855 that is pretty much immutable (with the exception of Mouton’s promotion to Premier Cru in 1973), the St Emilion classification is reviewed approximately once every 10 years, permitting a periodic revaluation of quality and performance. It’s not all been plain sailing; the 2006 reclassification was plagued by accusations of impropriety and was eventually annulled. Consequently, tastings conducted for the 2012 reclassification were outsourced to independent groups from across France to rehabilitate the process.
Cheval Blanc and Ausone, the first St Emilion producers to be awarded Classé A classification in 1954 when it was created, are effectively leaving the classification system.
The Classé A incumbents evidently concluded that the system is no longer sufficiently discriminating to reflect the ranking of their respective properties compared to their peers.
This bombshell threatens to undermine the kudos and financial benefits of promotion to Classé A, and in turn the market pricing potential of those that are elevated. Not to mention it raises questions of the credibility of the St Emilion classification system more broadly.
So what does the two colossus’s departure say about the process of decennial review? How does this reflect on the composition and process of the Commission de Classement?
Is Grand Cru Classé A about to lose its lustre; devalued by ambitious properties busy erecting glitzy edifices? Concrete and stone, some say, matter more than they ought to compared to the brilliance of the wines and their track record.
Or, is Classé A promotion a reflection of the qualitative transformation we see taking place in St Emilion - given the strongly weighted preconditions of a sustained track record of exceptional results and market recognition - and therefore are not elevations thoroughly deserved?
Let’s see what happens over the coming weeks. Can Cheval Blanc and Ausone be courted back into the fold, or is their departure (by omission of submission) a fait accompli? Assuming the latter, perhaps we'll see more promotions next year than we might have otherwise. What effect this all has economically on those producers who attain Classé A classification is now more uncertain than ever.
by Wine Owners
Posted on 2020-06-04
Chevalier is out this morning at £247 per 6, a perennial favourite and on the back of a seemingly great success in 2018. Hopefully in 2019 they’ll have tamed the merlot alcohols which hit 15 degrees in 2018. Bordeaux being blends saved the day and early pickings of Cabernet brought the assemblage down to under 14 degrees. Still, that kind of inherent excessiveness does make you wonder. Chevalier does age with unusually consistent grace no matter the kind of vintage.
Relative value analysis points to 2014 as being a rather decent pick of an excellent run of recent vintages. 2019 is fairly priced for collectors of this lovely estate but not to attract the short term profiteers.
Banner Image: http://www.domainedechevalier.com
by Wine Owners
Posted on 2020-06-03
Cos d’Estournel is out £684 per 6. -23% down on 2018. Great wine they say but is the price reduction enough?
The magisterial 2016 is hovering 10% above this release price, which is among the greatest young Bordeaux Lisa Perotti-Brown has ever tasted, it’s in bottle and widely available, so we think they needed to do a little more to make this really attractive. However good the 2019 proves to be, it does not prompt the same compulsion to buy this year as Pontet Canet and Palmer.
Prices and points (we have allocated 98 points)
Banner Image: www.estournel.com
by Wine Owners
Posted on 2020-06-02
Palmer was released this morning at £999 per 6, a 31% reduction from the (pumped-up) pricing levels of 2016 and 2018. We are back into rational release pricing territory.
Does it work? Absolutely. Note we have put in a placeholder of 18 points but it works at 17 points too.
At this rate, if the whole of Bordeaux rallies around the reduction level of -30% to -35% set by Pontet Canet and now Palmer (and rumoured to be the level of reduction that Lafite will apply), this’ll be the first en primeur campaign since 2014 where it would make sense to buy more broadly than the very specific, narrow range that we’ve suggested makes any sense at all in the last 3 campaigns.
Here’s the analysis of Palmer.
First pricing and scores:
And the relative value calculation. Note how much longer, and therefore better value, the 2019 bar is than any of the comparative vintages used for the analysis:
Banner Image: www.chateau-palmer.com
by Wine Owners
Posted on 2020-05-20
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.” Charles Dickens.
18th May 2020 kicks off the Bordeaux 2019 en primeur campaign with the release of Chateau Angludet. They’ve partially gone down the amphora route to gain purity. It’s a great success, a very great Angludet, according to a number of merchant emails received today. Those same emails belie one small issue - that the wine has yet to be tasted. A reminder of the impact of Covid-19, the anxieties and emotions over this year’s releases dominated by hope and despair. So we have to take the Bordelais at their word that it’s a great vintage, fresher than 2018, in the same mould as 2016 or 2010. I’m sure producers are excited by what they have in cask or tank or whatever receptacle the juice is in these days. But it’s not unjustified to say that local opinion isn’t always entirely objective. So bring on those Chronopost and UPS samples and let us all taste...
We have to be honest, we’d have much preferred a deferral of the campaign to October after the harvest. We don’t agree that would have caused any issues with other regions’ releases. There is something very strange about releasing a futures campaign whilst so much of our economy is in deep purdah. But the die has been cast and June it is (for the 60-odd releases that the market chooses to focus on).
The choice of timing of the releases is significant. It is quite obvious that, just like the 2008 vintage release, there will have to be a very significant reduction in release prices for 2019 to find a market. Those properties who have tended to use en primeur more as a marketing opportunity than a selling one will have to think about what it means to them: the prospect of a marketing campaign has more or less evaporated. For those properties who expect or need to sell a sizeable percentage of the harvest, only one one of the four marketing ‘P’s matter. It can be the best vintage in the world, it can garner (in the fullness of time) more 100 pointers than any of the last 40 years, but success will boil down to one thing and one thing only: price.
That decision will have ramifications on the whole of the Bordeaux global secondary market. A significant reduction of 30%-40% can ignite interest in the region’s great wines. It can draw in a new generation that has largely ignored the region, or doesn’t see the point of purchasing new releases two years before shipping. It can reward buyers of the last vintages who are under water and likely to remain so. A compromise that shows intent but brings us back to the levels of 2015 will consign Bordeaux to another year in the shallow quicksands of a secondary market lacking direction, fearful of the future, unwilling to commit cash, failing to see the point anymore.
Ah, I hear you say, but the world is awash with cash desperately looking for a home, just as it was post-Lehmann - when the fine wine market benefitted royally. I disagree. We are entering uncharted waters and cash in the bank trumps FOMO, the fear of missing out. Warren Buffet can be wrong sometimes, but not all the time, and moving to an underinvested position does not seem completely crazy.
So let’s say that 2019 is the equal of 2016, increasingly recognised as the greatest classic Bordeaux vintage in a generation. 2019 is likely not its older sibling’s equal (probably, but who knows) but let’s pretend it is for a second. Even on this most optimistic reading of the new vintage, would you rather buy into a vintage that has been tasted, re-tasted, evaluated ad infinitum and has withstood the scrutiny of the entire market, or roll the dice with a vintage that will be narrowly evaluated based on posted samples? Add to that 2016 prices that have barely moved or drifted down, and the comparative case for 2016 is about as strong as it gets.
Bring on June, and a prediction: either the most successful en primeur campaign since 2016 (notwithstanding Covid-19) or a non-event, determined purely by one variable - price.
Nick Martin
20th May 2020
by Wine Owners
Posted on 2019-04-29
MONDAY 17th JUNE
Some huge scores for Vieux Chateau Certan 2018 this year, including an impressive 18.5 from Julia Harding of JancisRobinson.com. VCC is on a massive roll and there is no disputing the quality - the scores from recent vintages are level pegging with their very much more expensive neighbours, Petrus and Le Pin. Released at £219 per bottle, a 20% premium to our proto-price, the 2018 is 10% cheaper than 2016 but more expensive than the ‘09 (12%) and the same price as the ’10.
We prefer the 2011, mis-judged by Robert Parker in many people’s opinion, and similarly loaded as the ’18 with Cabernet Franc. Julia scores it 18 and Neal Martin 96-8 and at less than £100 a bottle is less than half the price of the ’18 – go figure! See full note here.
99-100 Points - James Suckling
98-100 Points - Wine Enthusiast
97-100 Points - Wine Advocate
98-100 Points - Wine Cellar Insider / Jeff Leve
94-97 Points - Antonio Galloni, Vinous
98-100 Points - Decanter
FRIDAY 14th JUNE
Figeac has been released this morning at £181 per bottle, 46% clear of our proto-price of £124.22. There seems to be no doubt among critics that Figeac has produced one of the best wines in their history. The 2017, which is still languishing at release price, just takes the lead in absolute relative value (see chart), but isn’t really in the same league as the 2018, a vintage which may prove a qualitative milestone for Figeac.
Worth noting too that the relative value score is high at 20, and compares extremely favourably to similar quality wines from other St Emilion properties. Pavie, for example released at £292 per bottle, which makes the better scoring Figeac look quite exciting.
97-99 Points - Wine Advocate
18 Points - Julia Harding
96-99 Points - Antonio Galloni, Vinous
98-99 Points - James Suckling
97-99 Points - Jeb Dunnuck
Conseillante has also been released this morning at £168 per bottle, so 60% up on our proto-price of £105. This is 35% above last year’s release price, but there’s a palpable increase in quality, and still looks well-priced in comparison to top-flight Pomerol peers.
96-98+ Points - Wine Advocate
95-98 Points - Antonio Galloni, Vinous
97-98 Points - James Suckling
97-100 Points - Jeb Dunnuck
97 Points - Decanter
Cheval Blanc is also off and running this morning at £549 per bottle, a relatively modest 12% above our proto-price of £490.33.
Given the potential for a top score, it’s arguable that there’s value here, but many buyers would be forgiven for wondering whether back vintages may be the answer, with the 100 point 2005 readily available at around £560 per bottle.
97-99 Points - Wine Advocate
18.5 Points - Julia Harding
97-100 Points - Antonio Galloni, Vinous
98-99 Points - James Suckling
97-100 Points - Jeb Dunnuck
THURSDAY 13th JUNE
Ausone is the first of the big Right Bank releases, coming out this morning at £556 in London, so almost spot on our proto-price of £545. 2017 is still the winner on relative value at the moment, but even though well priced for Ausone it’s unlikely to achieve a perfect score. 2018 might just do that, and if it can be expected to follow the path of the 09s,(£725) 2010’s (£932) and ultimately 2005 (£900) in terms of price, it makes sense to buy on release.
Evangile is the second out of the stalls this morning at £180 per bottle against our proto-price of £151.48. 19% north of our proto-price, but one of the few chateaux not to increase prices from their 2017 release.
On relative value, given the high score and relatively reasonable pricing, we think this looks like one to buy if offered.
Lafite is one of the most hotly anticipated releases of the vintage, with near-universal praise from critics. If this wine doesn’t get Bordeaux lovers hearts' racing, nothing will, says the Wine Advocate’s Lisa Perotti-Brown. The question is, does the price engender palpitations of excitement or terror?
£428.32 was the proto price, so the release at £500 from UK merchants is 17% up on that ideal - not too ungenerous in a vintage that’s often been 20-30% over.
Relative value analysis suggests that the 2018 works pretty well. The contender in comparable vintages in 2017, which pushes ahead on absolute value, but probably doesn’t have the potential to be a top scorer, which the 2018 does.
On balance, a buy, if you can get some.
98-100 Points - Wine Advocate
19 Points - Julia Harding
99-100 Points - James Suckling
98-100 Points - Decanter
TUESDAY 11th JUNE
Margaux has been released this morning at £426, around 10% up from our proto-price of £386.41, so less ambitious than many so far.
Relative value analysis makes this look reasonably good, although in absolute terms behind the 2017. The gamble is this being re-scored in the upper limit of the ranges (i.e., 99-100), at which point it would clearly outstrip its rivals on value.
94-97 Points - Antonio Galloni, Vinous
97-99 Points - Wine Advocate
96-98+ Points - Jeb Dunnuck
18 Points - Julia Harding
100 points - James Suckling
Pavillon Rouge is released at £149 per bottle, bang on our proto-pricing - at last the Chateaux are listening! It works therefore and the Relative Value Score is attractive too.
94-97 Points - Antonio Galloni, Vinous
97-100 Points - Lisa Perrotti-Brown, Wine Advocate
98-100 Points - Jeb Dunnuck
17 Points - Julia Harding
98 - 99 points - James Suckling
Haut Brion joins the advance this morning too, releasing at £426 from London merchants, and like Mouton comes in 12% above our proto-price of £380.15.
Solid scores here, though Antoni Galloni, as for the La Mission, is a dissenter with a (relatively) meagre 93-96.
If we consider this a 99 point average, it pushes ahead of the pack on relative value, but only marginally. Again, a fairly fully priced offering that seems sensibly, if not compellingly, priced.
93-96 Points - Antonio Galloni, Vinous
97-99+ Points - Wine Advocate
97-99 Points - Jeb Dunnuck
18 Points - Julia Harding
98-99 points - James Suckling
WEDNESDAY 5th JUNE
Chateau Montrose just out at £130 per bottle, so about 25% above our proto price of £102.63.
It’s a good score, but Montrose has been consistently performing well recently, and the price seems too high here to make it truly compelling. The 96 point 2014 looks like incredible value if you can get a case under £90 per bottle which is easily achievable!
This morning sees a release from one of the most consistently outstanding wineries in the world - Chateau La Mission Haut Brion is out at £1,475 per 6 bottles.
There is no doubt one of the most historic sites in Bordeaux is basking in a true renaissance period, producing wines of incredible concentration and richness in recent years.
98-100 Points - Lisa Perrotti-Brown, Wine Advocate
97-99 Points - Jeb Dunnuck
97-99 Points - Jeff Leve, Wine Cellar Insider
97 Points - Jane Anson, Decanter
TUESDAY 4th JUNE
This afternoon’s first highlight is Haut Bailly, which was universally loved by member of the WO team when tasted over the last few months.
In a rare occurrence for this year, this has been released below our predicted proto price, at £87 per bottle v a proto price of £88.95.
The very high score puts this in a league with the 2009 and 2010, both of which it far outstrips on relative value, and makes it one of the most sure buys of the vintage so far.
Also released this morning is Pichon Baron 2018, at £117 per bottle, so a good 20% north of our proto-price at £98. Clearly a special wine, and receiving much critical acclaim, and the relative value score is good, though not 2015 and 2014 are ahead and 2017 not far away. On the other hand, the consensus seems to be that this is about the highest scoring Baron since the legendary 1990, which will clinch the deal for many buyers.
Cos d’Estournel out this morning at £148 per bottle. Although at a premium of c.22% to the 2016 release it is offered at a significant discount to the ’09 and ’10 vintages – unlike many others!
Cos 2016 is now trading in the secondary market at £150 per bottle, meaning that however great the 2018 is, it shows no discount to the current market of one of the greatest ever wines from Cos d’Estournel. This will be a hot issue however, the relatively understated Galloni stating:
A regal, soaring Saint-Estèphe, the 2018 Cos d'Estournel is also clearly one of the wines of the vintage. On the palate, the 2018 is dark and sumptuous, with striking aromatic presence and silky tannins that wrap around a rich core of exotic fruit. Black cherry, savory herbs, leather, spice and menthol build in the glass in a wine that is both aromatically intense and richly textured. The 2018 has been nothing short of breathtaking on the two occasions I have tasted it so far. Don't miss it.
97-100 Points, Antonio Galloni, Vinous
MONDAY 3rd JUNE
Ducru Beaucaillou 2018 is out at £144 per bottle versus a proto-price of £114. Another set of top-notch reviews from the critics and a very good relative value score to boot (see attached).
"This is so layered and beautiful with incredible tannin quality. Full-bodied with a caressing texture that reminds me of the finest cashmere. So layered. You want to swallow this. Brings a smile to the face. Wow. So well crafted." 98-99 Points, James Suckling
Pichon Lalande 2018 is released at £138 per bottle, our proto-price is £97.27, so a chunky premium but this is a Chateau on the up, with scores to match (see chart). James Suckling says “A deep and intense young red with blackberries and blueberries, as well as green olives and hints of fresh tobacco. But really black fruit. Full-bodied, tight and integrated with a refreshing and harmonious finish. Just floating on the palate. Great tannin backbone to this. A classic. Another flying carpet." 98-99 Points
Leoville Las Cases 2018 is released today at £179 per bottle. It is loved by the critics, a potential 100 pointer according to Perrotti-Brown, Suckling and Dunnuck, but a more conservative 95-8 from Galloni. It’s a fully charged, expansive wine with plenty of power (14.5%), expression and charm. It is, however, marginally more expensive than either ’09 and ’10 but a bit less than ’16….
WEDNESDAY 29th MAY
This morning also sees the releases from the von Neipperg stable, including Mondotte, and Canon la Gaffeliere, both well scored, but reasonably fully priced.
Canon la Gaffeliere comes out at £64 per bottle against a proto price of £54, so slightly closer, and much similar to recent vintages in terms of relative value.
Neverthless, the high score makes it relatively good value in comparison to other recent vintages and a definite improvement on the ‘16, with more consistent reviews. On balance, it’s a yes, if you can get a case...
Julia Harding: 16.5
James Suckling: 94 - 95
Wine Advocate: 94 - 96
Mondotte is £171 v. a proto price of £154.13, so not far off the mark. We’re calling this 96 points on average, although no Wine Advocate review available for this wine. At this price, relative value analysis prefers the 2017…
Julia Harding: 16.5
James Suckling: 97 - 98
Lynch Bages 2018 is this morning’s major release, one of the more hotly anticipated wines of the vintage. Pricing looks well above the proto-price threshold of £79.62, with a London merchant price at £92 per bottle.
Neverthless, the high score makes it relatively good value in comparison to other recent vintages and a definite improvement on the ‘16, with more consistent reviews. On balance, it’s a yes, if you can get a case...
Julia Harding: 17
Decanter: 97
James Suckling: 97 - 98
Jeb Dunnuck: 96 - 98
Wine Advocate: 96 - 98
Wine Spectator: 96 - 99
TUESDAY 28th MAY
A little closer to our predicted proto-price of £83.81 for Clos Fourtet. the offer from London traders is out at £504 per 6, so pretty much spot on. The property has gone from strength to strength in the last 10 years without pricing itself out of the market.
Relative value indicates we’re doing better than back vintages as the score is considerably better (another 96 average), even though the release is more expensive.
Score: 95-97, Jeb Dunnuck
Score: 94-97, Antonio Galloni, Vinous
Score: 95-97, Wine Advocate
Our proto-price calculation came in at £61.61 for Leoville Poyferre, so a price from London merchants at £408 is a little north of where we had hoped, but on the other hand the scores are high, averaging to a Wine Owners 96 points, better than anything in our comparable vintage list. In terms of relative value, it’s fine, lagging a little behind 2015, but probably nothing to write home about.
Score: 96-99, Jeb Dunnuck
Score: 94-97, Antonio Galloni, Vinous
Score: 94-96, Wine Advocate
Our proto-price calculation came in at £82.03, and the ex-Negociant price this morning is around EUR 86.80, so we’re well within the bounds of reasonable pricing. Coupled with some very high scores, and clear desire from the Chateau to reposition themselves as a top player we think, on balance, that it’s a buy.
Score: 94-96, Jeb Dunnuck
Score: 94-97, Antonio Galloni, Vinous
Score: 93-95+, Wine Advocate
FRIDAY 24th MAY
Pontet Canet ’18 is released today at £86.50 per bottle. It is a HUGE wine. With a proto price of £84.39 and with a 2/3 reduction in crop thanks to mildew, Pontet Canet could be accused of being generous – not something we’re accustomed to! The relative value score is also strong and the critics are mad about it. Monsieur Tesseron opened conversation when we were there with “clearly this is the best modern day vintage of Pontet Canet”. Buy some if you can.
Score: 96-98, Jeb Dunnuck
Score: 97-99, Antonio Galloni, Vinous
Score: 94-96+, Lisa Perrotti-Brown MW, Wine Advocate
The 2018 vintage has probably produced Phelan Segur’s highest ever scores; LP-B 93-5, JS 95-6 and AG 91-4. There is no doubt this is a Chateau on the up, with a new owner and under the beautiful directorship of Veronique Dausse this is one to watch. The Relative Value Score is good, the price is a not too taxing £35.41.
THURSDAY 23rd MAY
If you believe in the gospel according to Suckling, one must buy Domaine de Chevalier (rouge) at £65: "Wow. I can’t get over the pureness of fruit in this wine with so much currant, tar and wet-earth character. Flowers, too. So aromatic. Full body, yet pureness and brightness of fruit. Layered. Incredible depth and beauty. 65 per cent cabernet sauvignon, 30 per cent merlot and 5 per cent petit verdot. Greatest ever?" Score: 99-100
Scores from other critics are also very high and it was certainly one of the best wines this taster tasted in the primeur tastings. Is this a break out moment for this famous Domaine? Like the man from Del Monte, the price and the scores say YES!
Score: 94-96+, Lisa Perrotti-Brown MW, Wine Advocate
Score: 94-97, Antonio Galloni
Score: 96-98, Jeb Dunnuck
It’s the big blast – the Canon! One of the most fashionable Chateaux of Bordeaux have released at £87 a bottle, representing a 11.5% premium to our proto price of £78.04. It looks like relative value to recent vintages at current market levels and people will be fighting for allocation. Will it power up from here like the 2015 and ’16? Maybe not that much but it looks good nonetheless. BUY.
Huge points from the major critics:
97-99 Points, Lisa Perrotti-Brown, The Wine Advocate
94-97 Points, Antonio Galloni, Vinous
96-98+ Points, Jeb Dunnuck
98-99 Points, James Suckling
Another jewel in the Chanel crown and today as equally as fashionable as Canon, Rauzan Segla is out at £75. There will be equally as much bun fight over allocations for this one as well. The proto price is £63.80, so a premium of 17%, but one which will easily be achieved. Good relative value and with a slightly higher average score than Canon, it is a BUY.
Gruaud Larose has been released at £55.83 today. Our proto price is £45.31, nearly 19% lower. The wine split the critics with exuberance from Perrotti-Brown (95-7) and Suckling (95-6) and reservation from Julia Harding (JR.com) (16) and 89-92 from Galloni “For my taste, Gruaud is on the edge of being too much”. All vintages since 2010 are available today at less than this release price and 2014-2017 inclusive all have higher relative value scores.
WEDNESDAY 22nd MAY
Leoville Barton is released today at £66.16 per bottle. There is no question the wine is of a very high quality and the Chateau, quite rightly, has a devoted following based on its strong rapport qualité/prix. Our proto price is £58.51. Here is the relative value analysis.
Julia Harding (Jancisrobinson.com): 16.5
Lisa Perrotti-Brown (Wine Advocate): 94-96
Antonio Galloni (Vinous): 93-96
Also known for its excellent rapport qualité/prix, the popular Grand Puy Lacoste released today at £56 a bottle, a tiny premium to our proto price of £54.15. It is also a tiny premium to today’s market price of their ’09 vintage.
Julia Harding (Jancisrobinson.com): 17.5
Lisa Perrotti-Brown (Wine Advocate): 92-94+
Antonio Galloni (Vinous): 93-96
It’s rapport qualité/prix day from Bordeaux! Chateau Talbot is always commercial and is priced to sell well at en primeur when the vast majority of their wine is released. At £43.16 it looks decent value, especially looking at the Relative Value Score.
TUESDAY 21st MAY
At £35 per bottle Lagrange is a little over our proto price of £31.76 but follows a completely barren ’17 - most Chateaux would have been far more demanding price wise. We continue to recommend Lagrange as a good value wine for consumers.
Julia Harding (Jancisrobinson.com): 16.5
Lisa Perrotti-Brown (Wine Advocate): 93-95+
Antonio Galloni (Vinous): 92-95
Buy Lagrange 2018
FRIDAY 10th MAY
Duhart Milon has released at £54.66 per bottle, a very modest 11% premium to our proto-price of £48.46. The Wine Owners team were very impressed by it and many of the critics have asked the question of it being the best Duhart ever. Certainly the Rothschild family have been investing here and it’s bearing good fruit! A ‘modest’ 14% alcohol too! 17.5 (95) from Julia Harding and a lovely note. This is a Chateau on the up.
Lafite’s Technical Director, Eric Kohler commented, 'The Merlot performed very well—Duhart-Milon might just have better terroir for Merlot than Lafite'.
And the Relative Value Analysis screams BUY:
Clerc Milon was released at £61.65 per bottle, awarded 93-95 points by Lisa Perrotti-Brown (WA).
The bio-dynamic, certified organic estate that is Chateau Palmer released their 2018 wine today at £241. Our proto-price was £221.67. Following a heavy dose of mildew and the long hot summer the yield was a miserly 11 hectolitres per hectare, translating into 6,000 cases and no Alter Ego was made at all. This could turn out to be a unicorn wine it’s so rare and deserves to be treated as a special case. It receives amazing and interesting reviews, 18.5 (97) from Julia Harding, 98-100 from Jane Anson, 97-100 from James Molesworth (notoriously tight!) but, by his standards, a paltry 94-5 from James Suckling – I was expecting something in four figures! Like most 2018s, it comes with the usual 2018 caveat that it is strong in alcohol – 14.3%.
Market Price versus Score here:
Relative Value Analysis here:
Other releases include:
Chateau Gloria at £29
Chateau Lafon-Rochet at £32
Chateau Saint Pierre at £42
THURSDAY 9th MAY
Today sees an attractive release price from Bernard Magrez’s Pape Clement (red) at £66.16 ex London merchant. Our ‘proto-price’ is £75.13, so very nearly a 12% discount to that.
There are a wide range of scores for Pape Clement with Julia Harding of Jancis.Robinson.com scoring it 16.5 (converting to 91 on the 100 point scale), whilst Lisa Perotti-Brown of the Wine Advocate awards a much more optimistic 96-98, James Suckiling 98-99 but a more modest 93-96 from Antonio Galloni.
Using a generous 97 points, it’s looks like very good value:
But at 91 points, it’s a different story:
Our very own Fabian Cobb really liked the wine and gave it 95 but he’s notoriously mean with his scores. Elegance was his take, so clearly a different experience to that of Julia Harding who wrote a bit “a bit monolithic”.
Pape Clément Blanc was released at £98.66 (London price) - 16.5 from Julia Harding.
TUESDAY 7th MAY
Today's releases included:
Calon Ségur released at £72 per bottle.
A record release price for Calon Ségur at £864 per 12 in the London market. Significantly above our proto-price of £63.57 but the wine was very well received by most critics. The WO house view was a bit too full and sweet to be a masterpiece but undeniably impressive. Its high scores relative to previous vintages leads to an attractive Relative Value Score.
Pavie Macquin released at £52.7 (£632 per 12), the same as last year. Our proto price is £47.36, so 11% below the release. The RVS below uses a Julia Harding's score of 16.5 (equivalent to 91), significantly lower than some of the other critics, one of which went as high as 97-99. The jury is out.
Beychevelle released at £60 per bottle and Cantemerle out at £20.50.
Carmes Haut Brion was released at £69 per bottle.
THURSDAY 2nd MAY
Lafleur 2018 released at £483 per bottle, 10% above our proto price but it will sell out with Julia Harding’s big score and is still only half the price of the secondary market average of 09, 10, 15 16. The closest thing to a dead cert a wealthy collector can buy this year.
Fair price from Clinet - £64 per bottle. They are pricing 12.5% below current market for 2016 (£73). Just £2 per bottle above our suggested proto price. Are they listening?!
Gazin out - £62 per bottle EST (with negociants as we speak). No price advantage over the chasing pack of back vintages.
They are very pleased with it this year they say, but it doesn’t make sense as an EP buy on this basis, and it didn’t wow us.
TUESDAY 30th APRIL
Batailley 2018 released at £408 per 12 (London Merchant Price).
Relative Value Score, using a WO aggregated score of 93:
MONDAY 29th APRIL
Today saw the release of Branaire Ducru 2018 at £462 per 12 (London merchant price).
A higher release price than the last three vintages and 12.4% higher than last year. Our proto-price was £44.48 per bottle, so at £38.50 it looks interesting. Relative Value Analysis, however, indicates the 2016 being better value, a trend that we think is likely to continue.
by Wine Owners
Posted on 2019-04-08
To compare with the 2016 vintage in Bordeaux visit our post 2016 vintage conditions
Chateau Pichon Longueville Baron – 2eme cru classe ©Fabian Cobb / Wine Owners
Looking over the weather stats for the Bordeaux 2018 vintage one is struck by several positive features and, unfortunately, a couple which are likely to cause some difficulties for winemakers. There are certain key weather conditions which the vine needs to perform well. Bearing in mind, always, that generic weather data does not focus on an individual terroir and the way it might cope with the weather nor does it reveal winemakers’ attitudes and decisions.
Bearing in mind the chart above, there are 5 essential conditions for a good vintage:
A calm, warm and relatively dry period in the Spring to permit healthy flowering and
similar conditions for fruit set a little later;
Gradual introduction of dry summer conditions to induce hydric stress no later than veraison (when the grapes change colour)
Warm weather for even maturation with adequately dry (but not too dry) conditions in August and September, and
Optimum harvest conditions in September and October without rain.
Looking at the chart above one can see that many of these conditions appear to have been met except that although cumulative precipitation was beneficial in the first few months, the wet conditions in June and July plus the warm weather encouraged the onset of aggressive mildiou which provided very difficult conditions for many and particularly estates managed on biodynamic principles. It was an unusually sunny and dry summer fulfilling the criteria for a good vintage although a hail storm in late May affected a few properties in the Medoc. The resulting long period of hot and dry conditions might be referred to as a ‘drought’ – it hardly rained at all for 4 months. The year which had started late for vine development reversed itself and it became an ‘early’ vintage – a rare enough occurrence in Bordeaux.
Fabian Cobb
by Wine Owners
Posted on 2019-01-24
Haut Brion has always been referred to the connoisseur’s choice amongst the upper echelon and indeed it averages the highest scores across multiple vintages within its peer group. Yet strangely, and more often than not, it trades at a discount to its peers.
Looking at this Relative Value Score the 2006 (£3,500 per 12) stands out but good investment rationale can be argued for the ’90, ’95, ’96, and ’01 also.
The case for the ’90 (£8,900) is that it is currently trading at its widest ever discount to its chart-topping sibling of ’89 (£25,000) and the scarcity force is strong!
1995 (£4,300) because it’s getting on a bit now, is not that challenging in price terms and is drinking very nicely, as personally witnessed at Thanksgiving.
Last week the ’96 (£4,200), in my view a better wine than the ‘95, gave an effortless history lesson in classicism and has a long and charming life ahead. It was allowed five hours in the decanter which was richly rewarded and is a stupendous wine albeit not so overtly fruit driven as Mouton ’96, but that wine is £1,000 more per case at a similar rating level.
The ’01 is £3,700, so very low for a first growth and has been drinking well for some time. Its relative value score above 8 makes it look interesting.
The giants of ’05, ’09 and ’10 are exactly that and deserve to trade in another price bracket altogether. This commentator’s view, however, is that’s where they will stay for the time being and price performance in the short to medium term will evade them, as it has done in recent times:
Buy: Haut Brion ’90, ’95, ’96, ’01 and ‘06
Sell: Haut Brion ’05, ’09 and ‘10
Haut Brion 2000 will be included in a separate post.
by Wine Owners
Posted on 2019-01-21
Latour ’82, Mouton Rothschild ’82, Mouton Rothschild ’82, ’86, Haut Brion ’89, La Mission Haut Brion ’89, Margaux ’90, Cheval Blanc ’90 and Pichon Baron ‘90
When managing two wine investment funds (2006-2016) we referred to this subsection of the portfolio as ‘the legends‘. They all received cast iron reviews from all the major critics and rock solid and multiple 100s from Big Bob. Cheval Blanc ’90 “unequivocally a brilliant wine” (Neal Martin) has slipped a little to a 98+, but otherwise these wines are confirmed as truly great – legendary in fact! As such, they don’t come cheap (prices in GBP per bottle in graphic below).
Latour and Mouton ’82, +46% and 38% in 2018 respectively, Haut Brion and La Mission ’89 +35% and +52% respectively and Margaux ’90 +35% have all broken out and have massively outperformed the index in the last few months. I believe they can continue to yield positive returns.
Scarcity has been the big driver of price rises in the last couple of years as demonstrated most ably by Burgundy (WO Burgundy Index +33% for 2018, +16% in 2017). This is a prime example of how the principle of good demand versus limited supply in the wine market can work. As a region Burgundy has thrashed others as production is so much smaller, especially with Bordeaux in comparison. Where Bordeaux has been able to compete is in these older vintages of legendary wines, where consumption has driven a scarcity of supply. Each case that is now opened will have a direct impact on that side of the equation.
Cheval ’90 has been volatile but is generally on the up and is well worth considering. I have included Pichon Baron ’90, only a 98+ according to Neal Martin but a Steven Spurrier legend, as it is so relatively cheap and has not broken out at all, so watch this space. The really obvious choice, however, is Mouton ’86. This wine at 32+ years is still a baby in terms of maturity but has an exciting life ahead. Its backwardness has had an impact on the wine’s supply but that will change. As ever good provenance is extremely important and as this is a wine that has been traded more than most so beware - we have seen many examples of poor condition. If this can be found in good nick, do not hesitate in acquiring it - it’s a legend!
Recommendation
Buy: Mouton ’86, Cheval Blanc ’90, Pichon Baron ‘90
Hold: if it’s a legend, continue to hold, for now at least…
N.B. Petrus ’89 and ’90 fall into the ‘legend’ definition but they are so expensive (c.£45,000 per 12) and rare, they have been excluded here.
Miles Davis - professional wine consultant working in the fine wine market. He has been a wine collector for thirty years and managed wine investment funds between 2006-17 for Wine Asset Managers LLP.
