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
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 2019-01-24
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 2019-01-23
WO Score: 96
Price: £3,500 per 12
Haut Brion 2006 is cheap, working relatively on a vertical basis by comparing it to other similarly rated vintages of Haut Brion and also on a horizontal basis, comparing it to its first growth peers. Its absolute relative score of very close to 10 is a leading indicator - anything in double figures for a first growth positively screams a buy. This falls marginally short of that magical figure but its consistent notes and firm scoring of 96 gives it a buy recommendation.
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.
by Wine Owners
Posted on 2018-05-17
An overlooked example of value for money here from the 100 point La Mission 2005. Compared to Domaine Clarence Dillon stablemate Haut-Brion, and the rest of the 2005 First Growths, 2005 La Mission is a clear winner in terms of value as is eminently clear from relative value analysis. The only other 100 point wine on the whole left bank is Haut-Brion, which trades at around £6,500. The other Mouton will cost £5,250, Latour £6,600, and Margaux £6,100, all on 98 points, while Lafite lags behind them all in relative terms, commanding £7,700 for 96 points.
Compared to other 100 point La Missions over the year, the 2005 wins out on relative value as well. Whether any of the 2009, 2005 and 2000 will hit the price highs of the legendary 1989 is a subject on which the verdict is very much out, and will depend on how reputation of the vintages develops. Nevertheless, all three look like relatively sound buys, and the 2005 at the offer price just beats the rest (assuming they can be bought at market level).
“The 2005 La Mission Haut-Brion is pure perfection. It has an absolutely extraordinary nose of sweet blackberries, cassis and spring flowers with some underlying minerality, a full-bodied mouthfeel, gorgeously velvety tannins (which is unusual in this vintage) and a long, textured, multi-layered finish that must last 50+ seconds. This is a fabulous wine and a great effort from this hallowed terroir. Drink this modern-day legend over the next 30+ years. Only 5,500 cases were produced of this blend of 69% Merlot, 30% Cabernet Sauvignon and 1% Cabernet Franc.”
100 points, Robert Parker
La Mission Haut-Brion 2005 is offered £4,300 on the Wine Owners Exchange (£4,435 including fees)
by Wine Owners
Posted on 2017-11-24
The Don, St Swithins Lane, London, a converted wine warehouse, was the venue for one of Wine Owners tasting evenings offered to its members – Trial and Terroir Dinner based upon the 2011 Bordeaux vintage. The evening was conducted in one of the Don’s private rooms with an earthy dinner by head chef Frederick Forster.
Lionel Dougnac, buying director for De Luze & Fils, one of Bordeaux’s most influential negotiants, helped us navigate the properties surrounding the waters of the Gironde estuary. Lionel has been in the Bordeaux trade for over 20 years, specialising in buying classified growths. He has also worked for the top barrel-maker in France. Oaking became an interesting discussion point half way through the evening.
The focus for the evening was to explore the concept of terroir through the different wines presented during the evening from the 2011 vintage in Bordeaux. A vintage which left many enthusiasts wondering if the so-called ‘harlequin’ year could justify its high prices at primeur. Not surprisingly, there was immediately an exchange over what terroir might mean and during the evening there was plenty of opportunity to plumb the depths of this compelling subject. Lionel was quick to point out that, in his view, terroir was not just about the weather and soils but also included other factors, and even the ambitions of the domain owner.
2011: for those that might have forgotten, it was an unusual year by any standard. The year started with a massive water deficiency in First floors, and an unusually warm and protracted Spring. This meant that the vines were well in advance over the average year. Average temperatures during this period were close to if not in excess of any records previously recorded. It culminated in two extremely hot days in June where the temperature exceed 40°C. Some exposed bunches of grapes, especially on gravel soils, were scorched and losses were considerable, as much as 20% of the crop in some instances. If vignerons were concerned that any continuation of the drought would decimate whatever crop remained they needn’t have worried as damp, cool weather set in for much of July, followed by a very hot August. The heat precipitated some substantial downbursts and overall precipitation was above average for the period. An Indian summer followed which provided optimum conditions for the harvest in September. A series of circumstances which profited the white wines of the region but the red wines were heterogeneous.
L’Evangile vs Vieux Château Certan: the expression of the two first wines on offer provided an interesting contrast. The owners at VCC, the Thienpont family since 1924, have always worn their heart on their sleeve combined with an increasingly obsessive focus on managing First floor at a micro level of geography – and an ambition to let the terroir speak for itself using minimum intervention in the wine making. L’Evangile, now wholly owned by Domaines Barons de Rothschild since 1999 (they had earlier acquired a majority a shareholding) is a neighbour from ‘Haut-Pomerol’ with an ambition to become one of the top Pomerol estates. The latter’s substantially higher Merlot in the blend offered a very round and pleasing profile – a whopping 94%, leaving little room for their Cabernet Franc. It was very elegant and restrained which contrasted with the beautifully defined structure of VCC. There were pleasing elements in both wines. Interestingly, guests were not to be tempted by the more voluptuous offer and unanimously preferred the ‘aesthetic values’ expressed in Vieux Château Certan 2011.
In Pessac, the contrast was even more stark. Haut-Bailly, as always, attractive and feminine, seduced much of the company with its approachable elegance based on a more merlotised style than usual - a statistical recognition, if nothing else, that its Cabernet Sauvignon suffered that year. The Cabernet Franc, already on the way out at the domain, hardly got more than a top-up role. Haut-Bailly have always acknowledged that their terroir has issues under dry conditions such as those experienced in 2011. La Mission Haut-Brion was altogether more muscular and intense. It possessed a complex tension which will be years in its evolution. Lionel had obviously selected the wines he felt would give us more to ponder. We digressed into a conversation about how artists’ materials are perhaps the elements of physical terroir; that artistic genius is the inspiration, imagination and ambition of an estate’s terroir interpreted by the owner. Whatever the canvas that year, Wine Owners terroirists’ marginally preferred the more ‘traditional’ yet polished properties expressed in the intense muscularity of La Mission Haut-Brion 2011.
The grand estates of Pauillac were represented by Pontet-Canet and Château Pichon-Longueville Baron. This gave us an opportunity to discuss the influence of biodynamic viticulture in the region and its impact on the wines of Pontet-Canet. Clearly something had separated the processes of these two estates which are largely comparable in terms of size and varieties. When it came down to it, Pichon Baron managed 82% Cabernet Sauvignon in their blend, whilst Pontet-Canet a mere 60%. Yields were disparate too – 39% in the case of Pichon Baron whilst at Pontet-Canet it was 32%. It’s worth just quoting from the specification sheet of Pichon-Baron 2011 to understand properly the enormous lengths châteaux had to go to preserve the quality in the bottle:
“Bespoke grape picking: the grapes were picked and brought in the vat-house plot by plot, in order of maturity, with particular attention to selection on the plots. Sorting in the vat-house was highly meticulous [their bold] keeping only the very best grapes. The grapes were sorted twice, both before and after de-stemming. Once de-stemmed, the selection of the grapes was fine tuned on two sorting lines, one manual and one using optic systems.”
This extensive and costly work appears to have been justified as the assembled company substantially preferred this wine. Perhaps the more laissez-faire practices of biodynamics don’t favour complicated years albeit it may be a more ‘authentic’ product.
Our final flight of the evening ended with a cheese plate and perhaps two of the most interesting wines of the evening – Chateaux Montrose and Calon-Ségur. Both estates in their own ways have seen major upheavals over the last 5-10 years. One could even be forgiven for thinking that terroir might the servant of the ambition of the two new owners. Certainly, the Bouygues have invested colossal sums in an estate which they were always destined to own. The recent vintages have all demonstrated that their terroir has justified the trust of its billionaire owners producing wonderful wines in supposedly less good vintages. 2011 was no exception. Montrose’s enhanced ‘environmental responsibility’ which the Bouygues have brought to the estate extends the work of one of its founders, Mathieu Dollfus, who established a programme of social care for his workers building them free housing in the ‘Montrose village’, included them in profit sharing and even offered free health care – making ‘unique contributions to the community’ of Saint-Estèphe. The windmill which stands on the property is a ‘symbol’ of his tenure and his fight against phylloxera – the windmill drew up water which flooded First floors – a practice which had some success in reducing the disease at the time. At Calon-Ségur, despite the death of its owner at harvest time, pulled off a stunning wine - contradicting received wisdom about yields (the estate had one of the largest yields of all the wines tasted) and demonstrated that even in turbulent times estates can pull something out of a hat. Triumph in adversity is part of the story of Bordeaux. Opinion was equally divided on their relative merits.
Lionel’s deft commentary on the wines permitted discussions on all other matters of interest to the guests. This wasn’t just a working evening – although there was much to delve into.
The evening conversation turned to a brief but informative discussion about the commercial prospects of ‘La Place’, advantages or otherwise of buying en primeur and discussions on some practices of specific châteaux to release wines as ‘library’ wines after primeur campaigns - subjects which Lionel was uniquely qualified to explain.
For those still with the will to carry on tasting there was ample opportunity with additional samples as backup. Overall, the unscientific assessment was that there were 3 stand-out wines – La Mission Haut-Brion 2011, Montrose 2011 and Vieux Château Certan 2011.
Broader definitions of terroir escape the confines of the tightly worded official description. The Australian economist David Throsby outlined the concept of a ‘cultural good’ (in his seminal book Economics and Culture, 2001) which might fit better to the breadth of considerations Lionel managed to convey during the evening. Throsby’s thesis is that a person’s preference for something would be based upon the characteristics of the good which contribute to its cultural value. Some of these are highlighted above in quotes but, in summary, they include aesthetic properties eg elegance and balance; spiritual value – emotional and inspirational attachment; environmental which includes PDO (L’Appellation d’origine protégée) and environmental responsibility; historical – evolution and tradition; symbolic, such as the name of ‘Bordeaux’ itself and what it inspires and among others one might conjure; and authenticity which is embodied in the unique character of a wine drawn from the local area where it is produced.
The WineOwners Trial and Terroir Dinner managed to elucidate these concepts and more.
by Wine Owners
Posted on 2017-09-13
After a busy summer including in August our most productive trading month to date, we thought it would be instructive to run some analysis of trading trends and movements, compared to the same quarter in 2016.
Market share between regions remains relatively stable despite a large increase in trading value overall, with Bordeaux holding first place with a 75.14% share of market compared to 78.15% in the same quarter of 2016. That there is a drop is interesting in its own right, perhaps pointing to greater diversity in wines offered for sale, as well as to diversifying demand in export markets.
Burgundy is the major winner in market share, extending from 11.78% in summer 2016 to 17.10% over the same period in 2017, and we’ve certainly seen an increase in Burgundy purchases from Far East markets, showing a 17% increase on 2016 numbers by value.
Other regions remain very much minority sports, with Rhone up to 2.03% from 1.8% and Italy, surprisingly, down from 4.85% to 2.5%.
Within Bordeaux, the share of the market taken up by First Growths has grown from 28.26% in 2016 to 44.05%, perhaps reflecting heightened interest in the top wines, though the real interest is in how the First Growths compare within their own category.
Haut Brion is the major winner amongst the Firsts, increasing its share of the Bordeaux market to 13.35% from 3.2%. As a proportion of the First Growth market, the share increased from11.31% to 30.3%, putting Haut Brion at the head of the market alongside Lafite.
Lafite moved up to a 13.34% share of the Bordeaux market from 11.62%, but lost ground against the other First Growths, slipping to 30.29% from 41.12%, exchanging a clear lead in the class for an almost dead heat with the progressive Haut Brion.
Mouton showed a similar fall-off in share, dropping from an 8.63% share of Bordeaux to 7%, and a 30.54% share of the First Growth market dropping to a 15.89% share. Market and trading values for Lafite and Mouton remain robust however, so this feels more like a positive story about Haut Brion than a negative for the two Rothschild properties.
Latour has benefited too here, growing a very small share of Bordeaux (1.18%) to 5.07%, and increasing its share of the First Growth market from 4.18% to 11.05%.
Margaux has the least movement to comment on, increasing its share of the Bordeaux market marginally to 5.29% from 3.6%, and falling from 12.84% to 12.01% in its share of the First Growths.
by Wine Owners
Posted on 2016-09-12
The WO First Growth Index showed price appreciation over the last 12 months pushed through the 20% threshold last week.
Haut Brion’s emergence as a wine that can now rivals its peers in the secondary market is clear, with 4 vintages in the top 10 movers, namely 2000, 2003, 2006 and 2008. Will we see Haut Brion close the gap where historically it would have sold at a discount to the other Firsts? The data seems to support the likelihood of this happening.
The top 10 movers have risen 23%-32% in the last year. Furthermore there has been just one faller out of the 75 constituents of the WO First Growth Index, namely Latour 2005.
Top 10 movers over the last 12 months
For the first time in years, we see a wine from the twin peaks of 2009 and 2010 in the top 10 movers, in the shape of the exceptional Margaux 2010. Scores from Robert Parker, Neal Martin and Stephen Tanzer oscillate in the 96-99 range, but the market is indicating it thinks that this could be a perfect wine. It’s now caught up with Haut Brion and Lafite at circa £540 per bottle.
Latour’s withdrawal from the en primeur business looks like paying dividends. Although the 2010’s value is far out in front of the field at £845 a bottle, it’s still not broken through it’s retail en primeur opening offer price of £950. Nevertheless it has performed well through the worst of the Bordeaux market’s 3-4 year slide, losing just 26% of its value by November 2015 before recovering, quite a decent performance compared with Lafite considering their similarly high release prices.
Can the Firsts continue this powerful recovery? Can they recapture the heights of their 2009 and 2010 release prices? If, so which will be the first ‘First’ to do so?
Least likely is Lafite, whose 2010 release price of £983 per bottle reflects a moment in time when Lafite was practically a Chinese barter currency, not to mention the 2009’s vertiginous release of £1,000. In each case there is a loss per per bottle of £440 versus en primeur retail.
Most likely to get back to even terms, in order of proximity of current market price vs opening retail offer price, is:
Latour 2010
Latour 2009
Margaux 2010
Haut Brion 2010
Confidence has returned and momentum is driving the market forward. If and when the current price of the above 4 wines exceeds their opening prices, and buyers of 2009 and 2010 First Growths no longer see a sea of red loss/gain percentages in their portfolios, confidence will be given a further boost.
by Wine Owners
Posted on 2016-07-25
It is fair to say that in the recent improvement of fortunes in Bordeaux prices, most focus is given to the classed growths of the Medoc on the Left Bank, and the top wines of Pomerol and St Emilion on the Right Bank. The recovery over the last 12 months has been significant, as seen below, with the Medoc Classed Growth Index (the turquoise line) rising by over 23% and the Libournais Index (purple line) up over 18%. Great news for all those people who have experienced the huge price correction of 2011 to 2014.
But, when looking at Bordeaux as a whole the focus should perhaps swing further south. See what happens when I add the Graves Classed Growth Index (the purple line in the chart, below) into the mix. Over the same time frame the wines of Graves, headlined by Haut Brion and la Mission Haut-Brion, have leapt up by over 30%, outstripping their neighbouring appelations.
Even when you take into account the Brexit effect, which has seen a weak pound in the past month provide a boost from sterling denominated stock as HK and US buyers pile in, this still represents a huge return to form. The lesson here is to realise that the 1855 classification (which ignores Graves, with the notable exception of Haut-Brion) and finest wines north of the Garonne are not the be all and end all. Look south, towards Graves, and you will find a raft of excellent wines that have improved dramatically in the last few years in many instances (think Smith Haut Lafitte, Haut-Bailly, Pape Clement), and which represent both great quality and great value. It is perhaps important that the gravelly, smoky, pencil lead and pencil shaving notes which characterise the best wines of Graves have few, if any, imitations around the world. Bordeaux blends from other continents tend to mimic the Medoc or the Libourne, and so the terroir-specific nature of Graves wines perhaps gives them a uniqueness that collectors ascribe value to in the same way as they do in Burgundy.
Sometimes it pays to take the path less travelled….
