by Wine Owners
Posted on 2020-11-23
Krug is, surely, a Champagne that needs no introduction.
In all likelihood it is the first name to enter one’s head when considering the top names in the prestige Champagne bracket. It was the first thing I sought out on receipt of my first proper bonus! There are others obviously but Krug has carved itself a special niche of its own.
Krug, founded in 1843 produce a range of different cuvées ranging from the Grande Cuvée for everyday drinking (!) to the Clos d’Ambonnay for that very, very special occasion (at £2k+ per bottle it should be at least a very good excuse!). Here we are looking at Krug’s Vintage Champagne over some of the best vintages of the last two decades.
First, the market prices and scores:
And now the relative value score:
The mega vintage that is 2008 has not yet been released, so in the meantime I have no hesitation in recommending both the ’04 and the ’06 as very solid buys for the long term.
Banner Image: www.krug.com/the-house-krug
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 2020-05-27
So Latour 2012 is out today at £350 a bottle. What’s that got to do with 2019 EP I hear you ask? Well coming as it does just before the releases of the 2019 big boys, and because it’s the first release from Latour that wasn’t previously released EP, it’s seen as a test of the market and what the consumer’s appetite is for laying out hard earned spondoolies in The Time of Covid.
I’ve seen emails from merchants this morning gushing that this is the cheapest Latour in the market today, and how they’ve got the pricing right.
The retail channel needs to see the 2019 releases come out minus 30% v 2018. That would put Lafite et al at around £2,000/ 6 and at that price it would sell. Plus it might just re-energise the Bordeaux secondary market with a dollop of positive sentiment.
However If we compare 2012 Latour to other comparable vintages of Latour, so say 2008, 2006 and 2004, which I think is rather realistic, we see a very different picture.
Here’s the market price and JR points plotted for 2012 and those benchmark vintages selected:
And here’s the weighted effect of that taking into account scores:
The longer the bar the better the value, the bigger the gap between the longest and the next, the more compelling the buy. Not much in it is there? Which says that Ch. Latour, far from doing their 2019 EP peers a massive favour, have given absolutely nothing away. There’s no Covid discount baked into this price. The best you can say is that there’s no guff about ex Chateau premium.
So, as a curtain raiser, it's a damp squib. But that’s their release model now and who’s to say they are wrong? At least we know what we’re drinking. The reply to this question, answerable only by Lafite et al, will come soon enough.
by Wine Owners
Posted on 2019-10-09
As we’ve written here before, we love Vieux Chateau Certan and we’re not the only ones. The wine has always been great, but it just seems to get better and better. The ’78 recently was sublime. It seems to be quite vintage proof too, producing a highly rated 2011 (96-8 points, Neal Martin), which we have commented on before (here). Neal’s comments on the ’04 also resonate: “this is a triumph of wine over vintage”.
So, a great wine with a limited production from 14 hectares of Pomerol, a popular family as owners, a rising reputation and prices that are manageable (in the context of very fine wine). A wine trade legend recently commented “I can’t understand why every vintage of VCC doesn’t start at £200 per bottle”.First floor is next to Cheval Blanc and like the St. Emilion Grand Cru Classé A powerhouse has a lot of First floor given over to Cabernet Franc. It is planted 60% Merlot, 30% Cabernet Franc and 10% Cabernet Sauvignon and the Chateau is not scared of big selection decisions for the grand vin to achieve the best results - the ’98, for example, was 90% Merlot. For the sake of comparison, Petrus covers 11.5 hectares and is 100% Merlot.
Here are the bottle prices of various older vintages (’95 - ‘06) with WO scores:
1998 was a brilliant right bank vintage and it stands out as such. 2000 was also excellent across the board and as a result, it is more homogenous in its appeal. It is interesting to note that these older vintages are much cheaper than the (admittedly higher rated) younger versions, (’08-’16 below). Whilst on ratings, there is no doubt VCC has been achieving greater things, but wine critic’s scores have also been on the up in the last decade, meaning a modern day 97 feels more like a 93 or 94 from the noughties.
I prefer older vintages because of the faster falling supply and favour the ’98 over the ’00 for investment purposes, just. Some outright value can be found in the ’04 at a little over £100 a bottle;
NM writes: “Alexandre Thienpont having to pass through First floor six times in order to pick the grapes. It was worthwhile because this is one of the outstanding wines of the vintage, driven by the Cabernet Franc (30%). A delectable nose with wonderful purity and exuberant, peppery Cabernet Franc with touches of tar and roasted chestnuts inflected the black fruits. Superb. Drink 2015-2030+.”
Here are the Relative Value scores for the older selection:
And now for younger vintages:
In the younger vintages, the ’11 stands out. I have edited the scores just to use Neal Martin’s 96-8 score as we believe the other critics, especially Monsieur Parker, have clearly missed the beauty of this wine which is commonly touted as the wine of the vintage. NM: “It has enormous length and it is one of the very few that could be on the same ethereal plateau as the 2009 and 2010 and perhaps one day...even better”
The other notable characteristic of 2011 is that 30% Cabernet Franc made it into the final blend, and was the last vintage that had such a high Cab Franc component prior to 2018. That means more floral and aromatic character. Given VCC can often be obdurate in youth and middle age, we like vintages like 2011.
Don’t imagine either that 2011 was a poor year climatically for VCC – the numbers tell a different story: high IPT of 83, moderate alcohol at 13.6 degrees, and a relatively low in acid PH of 3.6. All of which is borne out in the glass - plenty of stuffing for a very long drinking window, finesse, lovely balance and moderate alcohol. With LMHB the wine of the vintage.
The ’09 and ’10 receive massive scores from Mr. Parker, noticeably higher than his colleagues. ’15 and ’16 receive massive scores across the board but, as mentioned earlier, scores ain’t what they used to be! The less fashionable ’12 and ’14 vintages offer value with ’15 and ’16 looking fully priced for now although leading the way in terms of a re-rating perhaps? They are the most expensive vintages on the market.
VCC does not deserve to trade at such crazy discounts to Petrus, Le Pin and Lafleur. The ’16 vintage is used as an example below.
On the other hand, it provides an excellent opportunity to access a top terroir of Bordeaux in some of the best wine-making hands at ‘reasonable’ prices, certainly at a fraction of Petrus and Le Pin.
The last ten vintages of Petrus average a score of 96 points and a price of £2,333 per bottle against an average of 95.9 points and £151 for VCC. Put another way, you can drink nearly fifteen and a half bottles of VCC for every one of Petrus. Surely that’s enough to get you thinking!?
Please see live offers of VCC on the platform here. Other vintages are available, so please speak to Miles or Luke MacWilliam.
N.B. A new platform feature – there is no need to type out Vieux Chateau Certan any more – typing VCC will do the job.
Miles Davis, 11th October 2019.
miles.davis@wineowners.com
07798 732 543
by Wine Owners
Posted on 2019-06-17
Neal Martin Score: 96-98
Price: £1,150 per 12
Vieux Chateau Certan (VCC) needs very little introduction and in recent years it has been shooting the lights out. Its reputation as a superstar is confirmed yet it still seems to be going from strength to strength. This is clearly attributable to the stewardship of the popular and modest Alexandre Thienpont. The last ten vintages have averaged a score of 96 – that is remarkable in itself.
We have identified the 2011 as an excellent opportunity to achieve exposure to this magnificent estate at a really attractive price level (only the disastrous 2013 vintage is cheaper, and only just). The wine came to the market at £1,075 per 12 in 2012 and is now £1,150. Post release the price slid to c.£950 before moving up by c.20% between the between ’16 and ’18. The weak Brexit pound was responsible for c. 10% of that and in the last eighteen months the price has barely moved.
There is a reason for the cheap price, it was a difficult vintage and Mr. Parker scored the wine with a paltry 91 points. We think he’s got it wrong – and so do many others. Neal Martin scores it 96-98, James Suckling and Tim Atkin 96 and James Lawther MW 19.
The 2009 and 2010 vintages Parker scored 99 points and were presumably a bit more in keeping with his tastes. These vintages contained no Cabernet Franc, even though First floors are planted 70% Merlot, 25% Cabernet Franc and 5% Cabernet Sauvignon. The 2011 contains 29% Cabernet Franc and as Neal Martin comments “this is more what I consider to be a classic VCC nose, unlike those previous vintages (’09 and ’10) that gives you everything up front, this is far more intellectual and enigmatic.... and are perhaps one day, even better ”. Not bad at half the price!
This chart uses only Neal Martin’s scores – if you believe in the critic, the data does the rest of the talking for you:
2011 was not a great Bordeaux vintage and suffered as it came behind the (over- priced) blockbusters of ’09 and ’10. En primeur was not working at all at that time and to add to the woe, timing also coincided with the ‘Great Wall of China Corruption Clampdown’ meaning the market was already in an unusual state of flux.
Pomerol is widely regarded as the appellation of the vintage. VCC ’11 has been described by some as wine of the vintage and by others as wine of the right bank. Either way, a slice of a potentially great VCC for under £100 a bottle has plenty of upside potential. The ’10 and ’16 are both in excess of £220 a bottle.
Here are Nick Martin’s comments following a 2011 dinner last year:
Vieux Chateau Certan 2011 is the last vintage - prior to 2018 - with a substantial percentage of Cabernet Franc in the blend at a whopping 29%.
Alexandre Thienpont believes this to be a great vintage but in a less exotic, full-on style than 2010 or 2009.
Yet it remains properly intense and rich, thanks to low yields of 37 hl/ ha that contributed to a wine with a high IPT count of 83 (phenolics that give structure and colour...the guts of a wine), rivalling the IPT levels of producers’ wonderful 2016s. Furthermore it’s vibrant and mouthwatering with a conventionally fresh ph of 3.50.
Whilst initially tight, VCC 2011 unfurls with 3 hours in the decanter, has a beautifully harmonious mid palate that evolves in the glass quite dramatically, and sports a finish that goes on and on. It can be consumed with great pleasure at a leisurely pace now yet will continue to improve over the next 20 to 30 years.
Cedar, a medley of briar fruit and griottes, a vein of intensely fresh orange, mineral earthiness and background spice notes are elements of a kaleidoscopic tasting experience that segues between the myriad nuanced flavours and makes for a thril- ling experience.
Tasted comparatively with a dozen other top 2011 Crus, the only wine in the line up that got remotely close to VCC’s complexity and overall class was La Mission Haut Brion.
Neal Martin’s tasting note from the Wine Advocate:
The Vieux Chateau Certan was cropped between 6th and 7th of September and from 14th until 20th September. That's what you'll read everywhere, although I was filming Alexandre when he was picking the final Cabernet around the 29th September! Cropped at 37hl/ha, it is a blend of 70% Merlot, 1% Cabernet Sauvignon and (yay!) 29% Cabernet Franc. It delivers 13.6 degrees alcohol with a total acidity of 3.5gms/L and an IPT of 83. After the Cabernet Francless 2009 and 2010, this is more what I consider to be a classic VCC nose and as Alexandre, unlike those previous vintages that gives you everything up front, this is far more intellectual and enigmatic with hints of mineral laden fruit, limestone and small dark cherries. It is beautifully defined yet distant. The palate is succinctly balanced with crisp acidity, exceptional balance and superb backbone. There is an undercurrent of masculinity, a saline tincture, cru- shed stone and a touch of dried herbs and yet these are just fleeting hints. It has enormous length and it is one of the very few that could be on the same ethereal plateau as the 2009 and 2010 and perhaps one day...even better. Tasted April 2012.
by Wine Owners
Posted on 2019-04-30
Research does not come any easier than looking at Krug 2004. Vintage Krug is an investment stalwart and the long-term numbers tell us it is a consistent performer. So, you key in the various available vintages into Wine Owners ‘Relative Value Analysis’ and ’04 comes out as THE pick of the bunch:
Then you read the tasting note from Antoni Galloni:
Krug's 2004 Vintage is absolutely mesmerizing. Layers of bright, chiseled fruit open up effortlessly as the wine fleshes out with time in the glass. Persistent and beautifully focused, with a translucent sense of energy, the 2004 captures all the best qualities of the year. Moreover, the 2004 is clearly superior to the consistently underwhelming 2002 and the best Krug Vintage since 1996. Readers who can find it should not hesitate, as it is a magical bottle. 97+
Simples! But, as ever, it is not quite as simple as that; if we compare the returns over the last twelve months, performance across the vintages is far from consistent:
| 1996 |
7.50% |
| 1998 |
-0.90% |
| 2000 |
19.80% |
| 2002 |
2.30% |
| 2003 |
12.50% |
| 2004 |
-6.00% |
It is difficult to explain the variances, especially the ‘98 but I take heart that the 2004 is yet to perform positively. It was a decent size crop and clearly there are plenty of merchants still holding their allocation but this means there is still time to accumulate before it starts appreciating – and it most certainly will! This is a buy on a long term basis.
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 2019-04-24
Sotheby’s had announced it would auction 75 limited edition Versailles Celebration Cases which house 5 vintages of Chateau Mouton Rothschild to be given towards the restoration of the Palace of Versailles. Each beautifully crafted case honours the rich cultural history of the domain and the Palace of Versailles.
However, as a result of the terrible fire at Notre Dame on 15 April, 2019, yesterday Château Mouton Rothschild and the Palace of Versailles jointly announced that the sale proceeds of the 25 cases sold in London for in excess of £750,000 would be donated to efforts to rebuild Notre-Dame cathedral.
The cases offered in London realised £752,620 / US$983,148 / HK$7.7 million, bringing the combined total for the 50 cases sold in London and Hong Kong to £1.4 million / US$1.9 million / HK$14.8 million.
Proceeds from the final tranche of 25 cases to be offered by Sotheby’s in New York on 4 May will still go towards funding restoration projects at Versailles, as will funds raised from the first tranche of 25 cases sold by Sotheby’s in Hong Kong on 1 April.
Each case presents five Château Mouton Rothschild vintages with labels by outstanding contemporary artists who have also exhibited at the Palace of Versailles:
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Château Mouton Rothschild 2005 - Giuseppe Penone: Palace of Versailles, 2013
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Château Mouton Rothschild 2007 - Bernar Venet: Palace of Versailles, 2011
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Château Mouton Rothschild 2009 - Anish Kapoor : Palace of Versailles, 2015
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Château Mouton Rothschild 2010 - Jeff Koons: Palace of Versailles, 2008-9
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Château Mouton Rothschild 2013 - Lee Ufan: Palace of Versailles, 2014
The cases offered across a trio of international auctions at Sotheby’s throughout the Spring 2019, begun in Hong Kong on 1 April, followed by London on 17 April and concluding in New York on 4 May. Successful bidders will also receive an invitation for them and a guest to attend a private visit and tasting at Château Mouton Rothschild and an exclusive event, the Versailles Celebration Gala Dinner, at the Palace of Versailles on 21 September 2019, during which historic ex-cellar vintages will be served including Château Mouton Rothschild 1945 - one of the great vintages of the last century.
For a full list of the artists and labels visit: https://www.chateau-mouton-rothschild.com/label-art/discover- the-artwork
www.chateau-mouton-rothschild.com | Instagram: @moutonnechange
www.chateauversailles.fr | Instagram: @chateauversailles
by Wine Owners
Posted on 2019-04-08
Much has been said of the hot, drought conditions of 2018 from July onwards and the consequent high alcohols, higher than normal pHs and high polyphenols (colorants and tannins) that resulted in dense, rich, darkly coloured wines.
A warming planet we are told is likely to get warmer and wetter – in which case the sort of challenges posed by the weather in 2018 are likely to become a more common occurrence. Might whole bunch fermentation be a rational response to these increasingly extreme conditions?
Whole bunch fermentation is a bit of a nouveauté in Bordeaux, practised by producers with a leaning towards Burgundy style and weight.
There are a number of arguments in favour of whole bunch:
Stems act as a sponge in fermentation and leach colour out of the wine by absorbing some of the colorants. In a really hot Bordeaux vintage such as 2018 this helps make the wine’s robe less black and more attractive.
Stems in a very hot vintage are more likely to be fully lignified and a higher percentage can be used without imparting unripe flavours into the wine.
Stems give a perception of greater freshness, apparently because of additional molecules that have ‘attractively astringent properties’. In reality they don’t actually lower the pH; they tend to do the opposite since the pH of stems is higher than in grapes.
Stems marginally lower alcohol levels in the finished wine.
Two estates in Bordeaux stand out for their practise of vendanges entières:
Chateau Rouget in Pomerol is owned by Domaines Labruyère who famously own Jacques Prieur in Burgundy. The wine was exceptional, very rich yet beautifully balanced, a gorgeously controlled mid-palate and with alcohols of 14 degrees (low for 2018 given a 85% merlot dominant blend) and with a pH score of 3.62. That’s low for the vintage, where other Chateaux were boasting about how low their pHs were at 3.65-3.69. Small differences in pH can make a very significant perceived difference.
Chateau Carmes Haut Brion appears to also be a fan of Burgundian weight and style, and have used whole bunch for the last few vintages very successfully, having produced a shockingly good 2017. In a much hotter year than any of the preceding 4 vintages how would it fare? Very well, with a perfumed nose, croquant fruit, stacked for sure, yet with real presence and poise fin de bouche.
In our view both these Chateaux produced wonderful wines in 2018, and insomuch make an argument for how whole bunch can work well in a hot vintage where balance and constraint are the watchwords, and where finesse and focus are much harder to achieve than in a more normal, temperate year.
by Wine Owners
Posted on 2019-04-08
Given the climatic conditions of the Bordeaux 2018 vintage described in an earlier post here – what impact did this have on the wines produced?
The new chai in Beychevelle which was used for the first time in 2016 and which helped to manage the 2018 vintage.
©Fabian Cobb / Wine Owners
The generic statistics fail to reveal the arduous nature of the vintage for the vine growers and whilst the widespread difficulties left their imprint on the wines the essentially dry and hot summer which lasted through to the autumn brought a phenolic ripeness to the fruit and permitted the chateaux to harvest in conditions almost unseen for decades.
The three main issues in the Bordeaux 2018 vintage:
Devastating phenomena such as hail which continued late into the year
Mildew – a threat which persisted until early summer
Drought-like conditions in the summer and autumn
Hail, as large as tennis balls, arrived in Bordeaux in May. The devastation it wrought on some vineyards was total and some estates will produce no wine from this vintage. Others were luckier although it reduced their crop. Some vines, incredibly, although struck by hail, managed to repair themselves. For one estate this was only the third time in 30 years hail had struck First floors – not an easy phenomenon to manage.
Given the persistent rain the mildew was extensive in Bordeaux in 2018. The warm almost tropical weather in June followed by further outbreaks in July brought huge casualties across Bordeaux. This was a year of firsts. Managers had rarely if ever seen such extensive ground rot and one estate in Margaux lost two-thirds of their crop overnight. This reduced the remaining crop to one bunch per vine. A common way for estates to deal with the threat of mildew is to de-leaf the vine permitting air to circulate and dry out the plant. However, the canopy might be needed later (as it turned out) and if this effeuillage was too drastic the consequences would be felt later on. Maintaining a canopy might also help to maintain the freshness and fruit. As it turned out, the second half of the year needed to use the resources (water) of the first part. Without this water it would have been a very different vintage.
Once the anti-cyclone established itself over the region the grapes matured with a richness unseen before. This in itself meant additional care at harvest time. One estate manager commented that the change in conditions from the end of July to when people returned from their holidays in August was ‘spectacular’. Something he ‘had never witnessed in the 25 years or working on the estate’. Not only that but the meteorological forecast was ‘extraordinary’ – and was fulfilled.
Given the replenishment of the water table the remaining harvestable crop was of outstanding quality. Merlot berries were normal size because their growth cycle coincided more with the presence of water in the soil but the Cabernet Sauvignon were small and concentrated – but not ‘cooked’ nor ‘confit’.
Some estates might produce normal or near-normal yields but 20-30% less was common, 50% not uncommon, with some reduced to 10hl/ha - a volume not seen since the 60s.
Judging maturity is probably the most important factor to produce a good wine. Undoubtedly, given the richness of the grapes this was going to be another area of distinction for the various estates – when to harvest? Ironically, some estates decided to harvest early to preserve acidity (one source of freshness). But it’s not clear this was a functional objective. As one technical manager told us, ‘some estates near them were harvesting 10 days earlier than them, when normally they would be harvesting a week later. Clearly, a disparity in vision. When the harvest did come in, there were still summer conditions and, if they could, estates cooled the fruit down before it was processed. Realising the grapes were rich, extraction would need to be managed ‘almost by itself’. Reducing the temperature of fermentation was a more common technique along with less pigeage or remontage, for example, and other techniques often employed to extract more. This helped to preserve the fruit and freshness. Tannins dissolve more in higher alcohol solutions - extracting the polyphenols wasn’t going to be a problem in 2018. Some estates had the highest IPT (Indice de Polyphénols Totaux) of any year on record.
The successful red wines from the Bordeaux 2018 vintage (and there are a lot less of those than expected) are dense, deep coloured almost opaque in cases. The benchmark 2018 nose is red fruit driven with some chocolate and coffee aromas. The pallet is full and round, and the tannins have the potential to be silky. Surprisingly, the wines have maintained a degree of freshness. The wines are structured with unusual body. It is a good year for the dry whites which have preserved good acidity and are perfectly ripe. The sweet whites are concentrated and rich but lack the complexity of really good years due to the late arrival of botrytis – it was simply too dry.
A model of the new chais currently underway at Chateau Figeac
©Fabian Cobb / Wine Owners
