by Wine Owners
Posted on 2017-05-23
Early afternoon 22nd May word spread that Lafite was out. A few calls were made. But where was the wine? Allocations were down 50% but with the promise of another allocation in a week’s time at a premium of between 30%-40%. No prices, no offers.
Then, more than one of the smaller négociants decided to pull the trigger on releasing the première tranche, but estimating the cost of the second tranche and pricing at the intersect of the two. Perhaps guessing they were unlikely to get any more and taking attractive profits on the first tranche.
In UK terms the averaged, intersect price is £480 a bottle, which puts the first release at around £384 a bottle whilst the second release could be in the range £540-£575.
That compares to the 2015 release price of £358 per bottle, which in turn leads us to the conclusion that in euro terms the first tranche release price is likely to have been more or less flat year on year. But of course, we can’t be sure.
The rest of the supply chain is sitting tight. The majority of Lafite offers won’t now reach your inbox for another week. The channels of distribution are showing admirable sense and fair play in averaging the two release prices and treating their customers with the egalité most deserve.
So how about the wine? Lafite 2016 is glorious: one of a handful of wines that stand imperiously; pinnacles in this truly great left bank vintage. Is it worth £480 a bottle? A difficult question to answer, but surprisingly, it does look like acceptable value in the context of current market prices of prior excellent or great vintages.
Below is our relative value analysis. Based on our estimations of what’s likely to happen in the next week, 2016 is showing a small advantage over prior vintages. If you consider that 2009 and 2010 are well off their lows, and that the absolute low of Lafite 2010 was £446 a bottle, it indicates that 2016 has very limited downside, and might well run up to around £600 a bottle over the next 3 years.
Once selling commission of 5% inclusive is taken into account and an adjustment for storage fees, your net proceeds would be £567, or a return of £87 a bottle: a return or discount to future market value (depending on your perspective) of 15%. Based on the above illustration an en primeur purchaser will be therefore looking at growth averaging 5% per annum.
It’s tight. There’ll be buyers. Notwithstanding, if the averaged price per bottle shakes out around £450-£460 many more collectors would swing behind it.
by Wine Owners
Posted on 2017-04-24
by Wine Owners
Posted on 2016-04-11
POMEROL
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| | TOP 5 | VALUES | DISAPPOINT |
| Chateau Beauregard | Usually a favourite. I loved 2010. Not this time. | 85 |
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| 3 |
| Le Bon Pasteur | Nice grainy entry - warm finish though which spoils it. | 89 |
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| La Cabanne | Slightly funky mid palate nice bright finish. Overall it's no from me… | 86 |
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| Clinet | Rather good, dense, more to come, very controlled finish, but what I don't get is character. Will be adored by others no doubt. | 93 |
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| La Croix de Gay | Lush now, Big powerful flavours, red fruits but actually a proper slug of excitement, lovely concentration, and controlled finish. Yes this is good. | 95+ |
| 1 |
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| Gazin | Depth, grainy tannins, lifted mid-palate, nice intensity, firm finish good length. | 94+ |
| 4 |
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| Petit Villages | Nice density, vinosity, a touch of alcohol evident at this stage and soft tannins with a fresh finish. The alcohol marks it down. | 92 |
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| La Conseillante | Velvety texture. Gorgeous fruit on midpalate, lovely progression, extremely ripe, sweet tannins. Extremely silky finish, edgeless which worries me for its future, but overall there's a 3 dimensionality to it that will guarantee it has plenty of fans this year and could augur well. | 93-96 |
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| Duo de Conseillante | Cedary attack, nice length with a prickle of acidity. Yeasty, meaty midpalate. Tasty but a bit short on refinement, A Marmite wine? | 89 |
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| Vieux Chateau Certan | Refined nose, liquory, the structure of this wine creates a clear mental image when you taste it, this wine's all about transparency and a firm finish. No excess weight. Porcelain-like beauty. | 97+ | 2 |
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SAINT EMILION
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| | TOP 5 | VALUES | DISAPPOINT |
| Canon La Gaffeliere | Dark colour sweet fruit attack, good fresh progression. Decent, medium finish | 92-93 |
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| La Couspade | Porty nose, monster. | 82 |
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| La Dominique | Balanced fresh quite big middle. Not so long. Sunday lunch candidate. | 90 |
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| Clos Fourtet | Cedary nose slight touch of alcohol, liquory texture, round fruited entry, nice intensity, balance is there, good controlled finish. | 94 |
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| La Gaffeliere | Dark colour big nose . Good attack, slightly rustic finish. Nice though | 89 |
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| Berliquet | Vinous nose extracted attack, sticky fruit, grippy finish | |
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| Larcis Ducasse | Overpowering nose not attractive, more sticky fruit. Thick and sweet. | 86 |
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| Pavie Macquin | Macerated black cherries nose black cherries on palate very controlled finish, big but I like it. Freshness relieves a long finish, but not enough to lose some definition. | 91 |
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| Soutard | Lots of extract, bright concentration freshness and a focused finish. But alcoholic with a massive finish. Essence of wine. | 87 |
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| Troplong Mondot | Creamy, big too big, firm finish. Over extracted? | 89 |
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| 4 |
| Trottevielle | Flat. | 84 |
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| Chateau Villemaurine | Strangely aromatic and cheesy. | 83 |
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| Chateau Cheval Blanc | No Petit Cheval this year. All's in the Grand Vin. It was that good apparently. The wine is lovely but not 2010. Maybe they are preparing for a better release price EP? Aromatic fresh Gorgeous nose, smoky fine attack, great finish. Long of course. | 97 |
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| L'Angelus | Powerful attack but with lovely mid-palate finesse and a very good finish. | 95 |
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| Balestard La Tonnelle | Powerful nose of intensely aromatic fruit. Full-on sweet. | 86 |
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| Chateau Beau-Sejour | Super aromatic nose, powerful, ripe, big | 87 |
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| Canon | Cedary nose. Very intense, extremely ripe but not overdone, liquorish root, vinous mid palate. Fresh lift. Warm finish. Sweet tannic finish. Finish lingers, not in a linear way, but it's insinuating and utterly delicious. | 96 |
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| Chateau Figeac | Super aromatics, svelte, concentrated but not heavy. Character and depth. Great length. | 95 |
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| Dragon de Quintus | Intense, fresh, balanced with a dumb nose. Better than many of the hotter offerings | 89-91 |
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| Chateau Quintus | Cool nose. Integrated, alcohol is present, yet more restrained than many. | 91+ |
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PESSAC LEOGNAN
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| | TOP 5 | VALUES | DISAPPOINT |
| Chateau Bouscaut | Characterful nose with substance | 90 |
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| Chateaux Carbonnieux | Bright entry, grippy finish, not sure how long this is? | 88 |
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| Les Carmes Haut Brion | Beautiful vinous nose, fragrant palate, fine tannins. Very good. Exciting. | 95 |
| 5 |
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| Domaine de Chevalier | Fruity attack, pretty mid palate, aromatic lift, excellent intensity and a lovely sweet finish. | 94-95+ |
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| Chateau de Fieuzal | Vinous nose, a little rustic, good intensity but not such a great finish. | 88 |
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| Chateau de France | Pretty nose, agreeable with a ripe finish. | 89 |
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| Chateau Haut Bergy | Bright, a bit unknit. | 86-87 |
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| Chateau Larrivet Haut Brion | Fruit nose, integrated palate, touch of spice, grippy finish. | 91-93 |
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| Chateau Latour Martillac | Green finish | 83 |
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| Chateau La Louviere | Up front caramel flavours, modern, easy, not my style. | 83 |
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| Malartic Lagraviere | Attractive nose, lovely aromatic mid palate, very grippy finish. | 87 |
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| Chateau Olivier | Fragrant nose, powerful mid palate, not together at this stage. | 86 |
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| Chateau Pape Clement | Liquory nose, bright leafy fruit and intense finish. This is gorgeous, in a much more delieated style than I've experienced before from Pape Clement. | 97+ | 5 |
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| Chateau Pique Caillou | Pleasant. | 87 |
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| 5 |
| Chateau Smith Haut Lafitte | Vinous nose, powerful, unknit finish, serious. | 93+ |
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| Chateau Haut Bailly | Aromatic freshly spiced, liqorice, grainy, silky tannins. Fantastic. | 95+ |
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| La Chapelle de Haut-Brion | This seems to be trying quite hard. Firm entry. Herbaceous. But it improves with length and sweetens in the mouth. | 90 |
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| Le Clarence de Haut-Brion | Nice nose, lovely grainy entry, nice intensity, mouthwatering finish, with a pruney merlot finish spoiling the shape of the wne's progression…at this stage. | 92 |
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| Chateau La Mission Haut Brion | Aromatic, grippy, very cool and controlled. Licorice root and large scale fruity mid palate. Long. | 95 |
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| Chateau Haut-Brion | Great aromatics on the nose. Extremely controlled, tannic, dry and very serious. Very primary though. A tough one to taste, but there's nothing made up about this wine. Could be one to watch as it develops. I'd love to retaste this. Reminds me of the great 1986. Don't buy this to drink unless you know you'll be alive in 25 years.This is not a points-chaser. | 95-98 | 3 |
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MEDOC - HAUT MEDOC - LISTRAC - MOULIS
| | | | TOP 5 | VALUES | DISAPPOINT |
| Chateau Senejac | Pleasant with a slightly green finish | 85 |
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| Chateau Chassse-Spleen | Nice entry, firm finish, OK | 86 |
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| Chateau Cantemerle | Some substance to it, firm with a grippy finish. | 87 |
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| Chateau Sociando Mallet | Very firm, serious, possibly lacking a little flesh in the middle | 88 |
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MARGAUX
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| | TOP 5 | VALUES | DISAPPOINT |
| Chateau Brane Cantenac | Fragrant, firm, solid, fleshy middle with freshness and good build/ progression. Good substance, lovely finish. | 92-93 |
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| Chateau Cantenac Brown | This has energy and drives through a pure mid-palate. Light on its feet with a long finish. | 94 |
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| Chateau Dauzac | OK | 89 |
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| Chateau Durfort Vivens | This is lively, middle weight with nice intensity and is interesting to drink - savoury and balanced. The intensity v weight equation reminds me of Burgundy. Best here for ages? Could be a bargain. | 92+ |
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| Chateau Ferriere | Extract and elegance in equal measure with a slightly diffuse finish. | 90 |
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| Chateau Giscours | Powerful. Lovely intensity. Round fruited - meaning it's nice but could do with a touch of excitement. | 90 |
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| Chateau Desmirail | Substance and good grip. | 90 |
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| Chateau Kirwan | Lovely fresh nose, lively acidity and extremely good length. I'm impressed with this. | 93-94 |
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| Chateau Rauzan Gassies | Dry and deep with medium length. Classic. | 91 |
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| Chateau Malescot St Exupery | As always, denser, more spiced, layered and with nice sweet fruit. Notwithstanding a mildly lifted midpalate and some nice rigour to it. Overall, alluringly plush and homogeneously styled. | 92 |
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| Chateau D'Issan | Good intensity fresh, nice definition, much more direct than Brane Cantenac, and the acidity drives it forward. Mouthwatering end of palate. My sort of wine. | 93+ |
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| Chateau Rauzan Segla | Perfumed nose, as you'd expect from Chanel. Succulence and grip in the right proportions. Excellent intensity. | 94+ |
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| Chateau Lascombes | Dull. | 86 |
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| Ego de Palmer | Somewhat mute and fruity nose. Lovely density and aromatic profile. Grainy, cedary mid palate coated in sweet fruit. Nice lift and sweet, sappy quality. If only this wasn't going to be silly money. | 92 |
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| Chateau Palmer | Impressive nose, sweet aromatic profile on the nose. Lovely sweet fruit, touch of damsons, tannins very sweet, though pushing through and there are lots of them. Big wine but those tannins curtail the length for now. Iron fist in velvet glove. It'll be quite a long wait. | 96 |
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| Chateau Labegorce | Tannic and grippy but with the guts to make an interesting bottle in the future. | 89 |
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| Chateau Marquis de Terme | Don't know this wine but it was very pleasant. | 90 |
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| Chateau Prieuré Lichine | Mid weight | 88 |
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| Chateau Siran | Fragrant nose,middle of the road. I wanted more after that nose had led me in. | 88 |
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| Pavillon Rouge | Fabulous mid palate following a beautiful aromatic entry. stunning firm tarry silky tannins. Best second wine? | 94 |
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| Chateau Margaux | Elegant nose, crystalline, layered, very aromatic entry in the mouth. Stunning length. This is great. | 97+ | 1 |
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ST JULIEN
| |
| | TOP 5 | VALUES | DISAPPOINT |
| Chateau Gloria | Nice wine, good intensity and freshness. The Martin legacy continues. We approve of the surname and suspect we may not be alone. | 92 |
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| Chateau Lagrange | Good grippy mid palate, fresh and mouthwatering, well handled tannins. Nice surprise for me now the Lagrange style is back in the fold. | 93 |
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| Chateau Langoa Barton | Lots of fleshy middle, a bit angular but will be lovely if it can come together with age. | 92 |
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| Chateau Talbot | Medium full, spiced, open and pretty. Medium long. There's a definite Talbot style emerging since 2010 and it stands out. | 92-93 |
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| Chateau St Pierre | This is fantastic. Spiced, dense, freshly lifted mid palate and aromatics of the vintage. | 94-95 |
| 3 |
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| Chateau Beychevelle | Delicious mid palate, balance uber alles and a nice bright finish. Reminds me of the '14s in its un-extracted style | 93 |
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| Chateau Leoville Barton | Nice nose, good intensity, balanced and the progression is very pleasing. Classic style, but is it better than rather good? | 93+ |
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| Chateau Leoville Poyferré | Very consistent, quite grippy, mid palate is good but a little unexciting. | 92 |
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| Chateau Gruaud Larose | This is excellent. Good attack and medium weight. | 91-94 |
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| Chateau Branaire-Ducru | Good balanced wine. | 91 |
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| Chateau Leoville Las Cases | This is lovely, elegant and restrained wine. Antithesis of the bigger plush styled wines | 97+ |
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| Chateau Lalande Borie | Nice mid weight pepper and Merlot soft fruit - boring. | 86 |
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| Croix de Beaucaillou | More modern style, soft approachable sappy finish. Good in its way. | 89 |
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| Chateau de Ducru-Beaucaillou | Fine nose crystalline fruit nice controlled finish very silky tannins | 95 |
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PAUILLAC
| |
| | TOP 5 | VALUES | DISAPPOINT |
| Chateau D'Armailhac | Cedar and perfume nose. Generous attack, and a rather lovely mid-palate. Complete for this level. | 93 |
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| Chateau Clerc-Milon | Aromatic nose, fresher attack, nice definition, dark cherry mid palate. Builds. Long. Could be a bargain of the vintage. | 94-95 |
| 2 |
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| Petit Mouton | Reductive nose? Dry entry and mid palate, with silky tannins. Not showy but crystalline fruit. | 91 |
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| Chateau Mouton Rothschild | Vinous nose, refined, liqoury texture and a sappy mid palate. Gravelly notes, mouth-coating fruit. Massive tannic structure and they provide a bitter twist at the end that takes a little away from an otherwise beautiful wine. I think I prefer 2014 ultimately at the same stage of the game. | 96 |
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| Chateau Batailley | Middle of the road. | 88 |
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| Chateau Croizet-Bages | Nice density, liquorice note and tight finish. Real wine! | 91+ |
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| Chateau Grand Puy Ducasse | This is quite good. Lots of mid palate intensity. | 90 |
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| Chateau Grand-Puy Lacoste | Fresh, lifted and great mid palate. Lovely lift and it's long. Yes please. | 94 |
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| Chateau Haut Bages Libéral | OK, grippy finish. Angular. | 87 |
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| Chateau Lynch Bages | Mid weight. A disappointment given previous vintages and the lovely 2014. | 88 |
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| 1 |
| Chateau Lynch Moussas | Good wine, nice balance. | 90 |
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| Chateau Haut-Batailley | Nice sappy wine, pretty with a licorice finish. | 89 |
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| Chateau Pichon-Baron | Extremely good with an expressive nose and very integrated palate. Long. | 96 |
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| Chateau Pichon-Longueville | Fine, with lovely stuffing and a lifted mid palate. Its long and shapely. The less showy of the two Pichons. I like the restraint. Time will tell, for now it's all potential rather than what it is today. | 93-96 |
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| Chateau Pontet Canet | Perfumed, ripe nose with just a touch of caramel, fantastic weight, mid palate firmness and with the substance to coat the tannic structure that is clearly there. This is extremely well judged, lovely natural balance to it, and my favourite Pontet Canet for some time. It doesn't have the extraordinary levels of the elements that 2010 exhibited; this is a less elemental wines. Beauty rather than Beast. | 97 |
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SAINT-ESTEPHE
| |
| | TOP 5 | VALUES | DISAPPOINT |
| Chateau Lafon-Rochet | A success, fine and integrated. | 91 |
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| Chateau Ormes de Pez | Ok only. Something missing in the middle for now, insistent nonetheless. | 87 |
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| 2 |
| Chateau de Pez | This shows nice progression. Nicely judged. | 89+ |
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| Chateau Phélan Ségur | Bright attack, unknit for now, good weight though, fresh fruit, nicely textured mid palate. | 92 |
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by Wine Owners
Posted on 2016-03-10
The Wine Owners First Growths Index is up 3.71% Year to date, whilst the Medoc Classed Growth index is up 5.1% for the same period.
The Wine Owners Libournais Index - comprising top Pomerol and St Emilion wines - is also up 4.24% over the last 3 months.
Buyers are coming back into the market in the last few weeks and early signs are very promising: this feels very different to the various short lived rallies since 2013, and is on the back of single digit, consistent quarter on quarter gains over the course of calendar 2015.
The Wine Owners First Growths Index had previously risen 4.6% in 2015. The Medoc Classed Growth index had gained 9% over the course of 2015, with rises dominated by the older back vintages tracked in the vintage range 1996-2006. At this level versus the First Growths it’s noticeable that 2009s are also on the move up.
What does 2016 hold for the collector?
GET YOUR FREE REPORT TODAY
by Wine Owners
Posted on 2016-02-02
No, we’re not referring to an ancient Microsoft operating system release, but to a potential purchasing window for Bordeaux 2000.
Word on the street is that there could be a bumper set of new reviews released this year of 2000 claret on erobertparker.com – 15 years on.
And why not, it’s one of the 4 greatest last vintages, alongside or after 2005, 2009 and 2010.
The wines show effortless balance, are precise and richly fruited, and in the case of top classified crus, are still at a very early stage of their evolution, with their peak years still ahead of them.
Those wines that are re-rated positively this year will increase in value, in a vintage where there are still plenty of values to be had. With so many wines within a few points of perfect 100 scores, there’s plenty to speculate about which could be worthy of a rerating.
Take relative values, for example a number of wines that were last rated at 98(+) points. This is a helpful starting point for seeing where short-term opportunities may exist.
We’re inclined to rule out big and bouncy productions such as Magrez Fombrauge as the world swings away from extracted winemaking in favour of definition and a degree of finesse. We can all have our biases after all, market commentators and critics alike!
Once value relative to peers is established, it’s then worth cross checking value of a selected with other comparable vintages.
Now let’s take L’Évangile as a case in point:
Based on this analysis would you buy into 2000 or 2010? We’ve ruled out 2009 on the basis that a) it’s already 100 points and b) it’s an über-fruity 15° number.
The following table shows the scores, predominantly from the 20 years-on retrospective published in 2010.
Source: erobertparker.com
