Focus on: Bordeaux 2009

by Wine Owners

Posted on 2019-02-28

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Following recent ’10 years on’ tastings, one held at Bordeaux Index whilst the ‘Southwold group’ met at Farr Vintners, there have been various write ups, reports and blogs appearing. Jane Anson’s write up in Decanter can be found here, Farr Vintner’s Chairman Stephen Browett’s blog here and the mighty Joss Fowler on Vinolent here.

The initial reaction from the time, which can so often can be over-hyped, has now been confirmed (which is nice) – this really is ‘a vintage of the century’! Most people view it alongside the famous 2005 vintage in terms of overall quality although the ’05 is regarded as a rather more grown up vintage with the ’09 being a more confident and flamboyant younger sibling. In due course and following years of maturation, they will both have to overcome 2010 and 2016 for the absolute title and neither of these two are going to be pushed over lightly. As well as being exceptional, 2009 was a consistent vintage and did well on the left and right although it has now showed a tad disappointingly in Sauternes, certainly when compared to earlier indications.

The following wines have been mentioned in more than one dispatch from respected commentators so have made it into this condensed list of really top picks, with market price scores (MPS) and relative value scores (RVS) to follow:

St. Emilion: Ausone, Canon, Cheval Blanc and Pavie

Pomerol: Le Pin, Petrus, Le Gay

Pessac-Leognan: Haut Brion, La Mission Haut Brion, Fieuzal, Smith Haut Lafitte and Pape Clement

Margaux: Margaux, Palmer, Rauzan Segla (and 2nd wine Segla), Issan

St. Julien: Ducru Beaucaillou, Leoville Poyferré, St. Pierre (big surprise)

Pauillac: Latour (strong claims for WotV), Lafite, Mouton, Grand Puy Lacoste, The Pichons and Pontet Canet

St. Estephe: Montrose, Lafon Rochet, Les Ormes de Pez

Medoc: Cantemerle, Bernadotte

Broken into comparable peer groups, starting with the stratospheric right bank set:

The first growths are still below their release prices and continue to underperform both the WO150 index (not surprisingly, given Burgundy’s ascent) and the WO Bordeaux Index. They will outperform at some stage, but we don’t think it is yet judging by the supply side of the equation.

Generally speaking, a relative value score (RVS) in double figures for a first growth signals a buy, so nothing doing here.

And now on to the arguably more interesting second liners. It is interesting to note that they have not suffered from the over-priced releases (compounded by some crazy speculation shortly after) in the same way as the first growths and have performed much better in the secondary market as a result, many generating decent returns.

A lot of these wines have pleased the critics and are punching way above their £££ weight. Look how the relative value scores reach double figures and soar. A score of over 20 for this group should cause a loud bark of approval.

And now on to the real cheapies, which will make for exceptionally lovely wines at really attractive prices, mainly for the drinker but with some likely upside on the prices of the posher names to be enjoyed too!

A special mention should go to Grand Puy Lacoste (RVS 37.6), a Grand Vin from grand appellation (Pauillac) from a lovely branch of grand Bordeaux family. The wine came in first equal with Pichon Baron (21.3) and not that far behind Latour (4.3)! it even looks cheap in this ‘lowly group’ here!

We have covered the ‘marmite’ wine that is Cos d’Estournel ’09 here and have come down on the side of the .

You can argue the case to buy any of the wines listed in this post, given the quality of the vintage, but here is the Strong Buy list:

For drinkers:

Alter Ego

Bernadotte

Cantermerle

Croix de Beaucaillou

Fieuzal

St. Pierre

Segla

For drinkers and investors alike:

Canon

Grand Puy Lacoste

Rauzan Segla

Pichon Baron

Pichon Lalande

Pontet Canet

And if money is no object:

Ausone, Cheval Blanc, Le Pin and Petrus

Latour, Haut Brion and Margaux

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Bordeaux 2007 dinner club - Part 1

by Wine Owners

Posted on 2017-10-09

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The first of 3 dinners to taste through 61 red Bordeaux ‘Growths’ classified in 1855, the 2007 vintage had been kindly provided by 2 wine enthusiast brothers who were keen to share this extensive horizontal with fellow members.

The wines were cleverly organised into suitable flights to accompany each dinner course by Christopher Delalonde, resident Master Sommelier at The Don on St Swithins Lane, ensuring a peak was hit with the glorious venison main course, with further high spots to be enjoyed in the tail-end of supporting wines.

Given the less than enthusiastic press on the 2007 vintage, the wines showed a remarkable degree of consistency. 2007 was not a vintage to try to force, and the great successes at all levels of affordability and rank were those founded on balance and the natural aromatics of the vintage. Whilst bargains are far and few between, some of the lesser known Crus still represent good value for money. At the top end, the Firsts and most of the Seconds showed their class and the value of their top terroirs.

Cru	Note	NM Score
Croizet Bages, Pauillac, 5th	Fruit forward, spiced nose. Licorice leads the creamy attack, round supple mid palate. Fresh orange zest on the finish provides focus and suggests there's plenty of scope for near-term future development. Still young and promising.	92
Cos d'Estournel, St Estephe, 2nd	Cool nose, spiced and generously perfumed. Savoury with with a saline element, and a texture reflecting fine, grainy tannins on the already resolved attack. Lifted, sappy, fruity mid palate and a finish that ends on a sweet crescendo. Delicious already, with plenty of future potential, and avoiding the overextraction of 2009/2010 vintages.	95
Prieuré Lichine, Margaux, 4th	Cool, spiced nose with trademark Margaux perfume. Savoury attack and mid palate, with a blast of licorice. A little obvious and currently a disjointed finish. Mid weight, but this might just be a bit young and yet come together.	88
Pouget, Margaux, 5th	First time I've ever tasted this Cru? That I can recall. Lovely, sappy nose: a sense of freshness and vitality. Fruity, rounded attack with the dry character of the fruit lending firmness. Mid weight mid palate, with an intriguing orange zest twist to the finish. Balanced and attractive. One to seek out at a bargain price as a household staple for Sunday lunch, given it's anonymity (and relative lack of buyer interest) in the market?	91
La Lagune, Haut Médoc, 3rd	Perfumed nose betraying it's proximity to Margaux to the North and close to La Garonne. Energetic attack, meaty notes, and lightly spiced blend to create a strong appeal. Only a medium length finish lets it down, but still lots to like.	90+
Pedesclaux, Pauillac, 5th	Pre the recent renaissance under Lorenzetti, who since 2009 bought 12 hectares next to Lafite and Mouton to enlarge and improve this forgotten Cru. It needed rescuing based on this showing: Licorice infused nose, slightly bright point of attack, nice density but with a bright acidity that isn't integrated and overall paraxodically shows as rather neutral.	86
Dauzac, Margaux, 5th	Spiced nose, savoury and round. Rather dull and flat in character. Recalls the edgeless wine recipes made by producers for Naked Wine. Think Barry Manilow (unless you like Barry Manilow in which case think of someone else).	84
Chateau Batailley, Pauillac, 5th	White pepper seasoned nose, griottes and cedar. Attractive cedary attack too with enough acidity to be mouthwatering. Firm, classic claret with enough cut to accompany the foie gras. Being picky, the mid palate came across as hollow on this showing.	88+
Desmirail, Margaux, 3rd	Quite a neutral nose, on its reserve. Restrained. But the texture shows grainy tannins, offers an elegant intepretation of the appellation, and shows good persistence. The mid palate is dominated by its savoury character at present. Given it was part of the vast Rauzan estate in olden times (together with Rauzan Segla and Gassies), it probably should be offering more than is evident today.	88
Haut Brion, Pessac, 1st	Liquor-like aromas intermingle with perfume on the nose. There's a stunning, illuminated attack with crystalline red fruit predominating. Superb energy driving into the long, long finish. Primary for now, this is not yet showing any of the unique Haut Brion Graves character one might expect, of charcoal, smoke and stoney minerality. It will come in time - give it 15+ years. Demonstrating once again how good Haut Brion is in off-years (or average years to give 2007 its dues).	96
La Tour Carnet, Haut-Medoc, 4th	As ambitious as its master, Bernard-Magrez, this is a big wine. A liquory nose leads you in, where the palate is rich, with confit fruit leavened with cedar. Modern but nevertheless quite impressive, it offers value and should settle down with age into a gentler form with a little more refinement. Very recent vintages have pulled back are are a bit more restrained.	89
Pichon Baron, Pauillac, 2nd	Very creamy nose, anis seeds adding aromatic complexity to the dominant oak influence. Huge cedary attack., sweet fruited mid palate, where the spice and licorice kicks in. Creamy oak influence evident here too. Impressive in its style, but I personally would have preferred more elegance for a Super Second. Yet it's young, needs time, and is an engaging wine for those who are attracted to its powerful form.	92+
Calon Ségur, St Estephe, 3rd	Always a 'giving' Cru with a good dose of Merlot, the nose immediately shows off its fruit, which is shot through with graphite. Nice intensity to the attack, creamy yet balanced, with an underlying exuberance that's contained. Medium length to the finish which ends a little flat. The ending lets the whole down for now, but may well gain in energy and interest with age.	92+
D'Issan, Margaux, 3rd	Another estate owned by Lorenzetti, who has been making improvements here for longer than at Pedesclaux. Fruity nose, with gamey notes and a trademark D'Issan salinity. There's a super energy to the mid-palate, fruity then savoury and with great progression. Super-fresh, bright acidity is well integrated into the fruit, and is unforced in its style though I'd prefer a touch more finesse. This should develop very well with time, and should make finer old bones.	92
Lafite, Pauillac 1st	Creamy nose, black pepper, but very much on its reserve. Superb intensity and an aromatic, floral quality to the fruit. This is defined at this stage of its evolution by refined tannins, is very persistent on the palate and leads into a rich, confit lemon finish. Stunning but terribly young for now. Should be magnificant in 10-20 years.	96+
Beychevelle, St Julien, 4th	White pepper nose, a fine attack and a round mid palate, nicely integrated but a bit simple overall. For the cash, one expects more.	88
Kirwan, Margaux, 3rd	Perfumed nose, confit, sticky fruit on a rich attack leading to a thickly textured, disjointed mid-palate. I can't help feel it would be a lot more interesting if it followed the less interventionist approach of D'Issan. Disappointing.	88
Grand Puy Ducasse, Pauillac, 5th	Perfumed nose, licorice notes, Firm attack, medium weight fruity mid palate with the right amount of freshness to lend lift and definition, and a citric thread driving the finish. Surprisingly good. Perhaps we're so used to the excellence and consistency of Grand Puy Lacoste we're overlooked a 'value' Growth here?	91
Leoville Barton, St Julien, 2nd	Balanced, classy perfumed nose is a big step up. Very energetic attack leads to a mid palate showing real complexity, mixing savoury notes with licorice and creamy red fruits. Good length, lovely.	93+
Ducru Beaucaillou, St Julien, 2nd	Cedar and saline nose with a dash of perfume that adds complexity. Smooth entry, svelte fruit on the palate, giving the impression overall of a very polished wine. It's quite possible this is less mute on the palate than was my impression, and that the reserved nature of the fruit augurs well for the future. Somewhat worse for wear by this end point, the note was correspondingly short!	92+

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Chateau Pape Clément 2016 – for whom the frosts toll

by Wine Owners

Posted on 2017-05-15

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The release of 2016 of £775 (12x75cl) is a substantial jump up on the simply marvellous 2015. The previous (in our view better) vintage released at £615 (12x75cl).

So we are looking at a 21% increase YoY. Meanwhile the gap between the two vintages has since closed, with the best offer price of Pape Clément 2015 now trading at £720 (12x75cl).

Not only was 2015 a sound buy for those who jumped in this time last year, it remains an attractive hold, since the release price of 2016 and a rumoured reduction in release quantities attributed to the April 2017 frosts, will lend its price support and push it up to £800+ (2x75cl).

For whom do the frosts toll? Us, the consumer, wine lover, collector…those who buy. The reduction in production volumes now likely for 2017 are difficult for producers, especially in those areas most severely affected, parts of Pessac included. By far the worst affected were those in the lesser appellations on the right bank, St Emilion and Pomerol off the plateaux, and inland in the Medoc. For many of those producers the frosts really were a catastrophe.

As we described here the great estates alongside the Gironde were the least touched by the frost due to the warming effects of the river; those parts of their vineyards affected were on the whole those producing grapes destined for their second wines.

We need to bear in mind too that 2016 production volumes are up 10%-20%, in many instances offsetting the potential losses (subject to a faint possibility of second budding) relating to 2017.

So as consumers, we should sympathise and feel bad for estates such as Pape Clément for their loss of production. We should feel even sadder for producers’ losses in places like Fronsac, Lalande de Pomerol and Castillon, where there will be economic casualties. But it doesn’t mean we will consequently want to buy much more expensive wine.

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Bordeaux 2016 - our tasting notes

by Wine Owners

Posted on 2017-04-24

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For a detailed overview of the vintage, please see What you need to know about Bordeaux 2016 reds

This year’s Bordeaux 2016 en primeur tasting notes reflect the vintage and its character. You’ll see the same words come up again and again in our tasting notes.

For fruit character, that commonly includes "briar fruit", "cassis" or "blackcurrant" and "sherbetty fruit". Very few showed prune or confit fruit character, and we generally marked these ones down as potentially showing overripe characteristics.

For non-fruit character, it’s "licorice" and "cedar". An Interestingly definitional note: Licorice (or liquorice) is extracted from the root of Glycyrrhiza glabra, a herb whose extract is 50 times sweeter than sugar!

Many of the best wines have a "liqueur-like" refined nose and a similar mouth-feel.

Structurally, a "charge of tannins" is very evident on the attack, often accompanied by a "chewy" finish. This comes from the July/August drought when lack of water led to the plants shutting down and producing correspondingly higher tannins.

The long autumn hang-time with cool nights led to the sense of freshness in the wines. You’ll find lots of wines in my notes that are "mouth-watering", "sappy" and "threaded with acidity".

The finish of the wine is so important when evaluating young, fine (and expensive) wine and this year the finishes are typified by the word "controlled" whilst there was generally very good "insistent" length. It’s that sense of containment and balance on the finish that helps make the best wines so good and sets them apart from the rest.

Further tasting notes will release on the right bank in due course where I did the least tasting, and see these links for what the critics think of St Emilion and Pomerol.

DECANTER - Bordeaux 2016 Right Bank: Anson’s first impression

JANCIS ROBINSON - Bordeaux 2016 : the guide

SAINT ESTEPHE

Producer	Score	Favourited	Description	Price bracket	Appellation
Cos D'Estournel	98	*	Cedary, sweet nose. Then a charge of tannin. Firm fruit, progressively building from a cool mid palate to a powerful, broad finish - rather like a fan opening or a peacock's tail slowly revealing its intricate colours.	£££	Saint Estephe
Montrose	97		Liqueur like nose. Cassis and cedar notes in the attack then sweet mouthwatering, very balanced mid palate. Sweet finish. Very fine.	£££	Saint Estephe
Calon Ségur	97	*	Blackcurrant nose, airy, structured attack, liqueur-like texture, then rich summer fruits and a warmer than anticipated finish. Nice firm undercurrent nonetheless as the soft tannins push through and bring needed focus to the finale.	£££	saint Estephe
Le Crock	95	*	Refined nose, lovely attack, grainy fruit. Tremendous attack and energy. Dark fruit infused with licorice. Complete, large scaled and satisfying.	££	saint Estephe
Lafon Rochet	95	*	This is fine. Spiced, sweet fruit on the attack and mid palate, a big tannic charge and chewy finish. This is long term, big-scaled and really serious.	££	Saint Estephe
Chateau Phelan Segur	93	*	Svelte, dense, lots of freshness, spiced attack. Soyeux, with a point of freshness at the finish.	££	Saint Estephe
Cos Labory	93	*	Good density and attack. Very good complexity to the fruit. Mid weight. Super length. Quite clearly the best since the superb 1990.	££	Saint Estephe
Ormes de Pez	92	*	Seasoned nose, a touch of cassis and cream, glorious cassis fruit and blackcurrant leaf. Great freshness and zesty finish.	££	Saint Estephe
Pagodes	92		Gentle attack, a sweet flourish and a mouthwatering mid-palate. Attractive, if not the most impressive St Estephe this year.	££	Saint Estephe
Dame de Montrose	91		Lovely attack, good dry fruit, nice lift and fine finish.	££	Saint Estephe
Meyney	93	*	Liqueur-like in its texture, a super attack of cassis crème. Long, intense, well balanced and super-well integrated. I love St Estepehe in 2016	£	Saint Estephe
Chateau de Pez	92	*	Super-vibrant, a little sweeter than some, but nicely done and a great finish.	£	Saint Estephe
Marquis de Calon Segur	90		Evident structure, quite sweet mid-palate but lots of sap to it too to accompany the ripeness, hence the finish coats the lips with a dollop of cassis jam.	£	Saint Estephe
Capberne Casqueton	89		Savoury, attractive attack with good weight, a noticeable intensity, but just a little less energy for me than 2010. Second best ever vintage of this wine.	£	Saint Estephe
Tronquoy Lalande	89		Briar fruit, quite deep, merlot heavy and correspondingly plush.	£	Saint Estephe
Haut Marbuzet	88		It's fine, but in a veritable constellation of terrific St Estephe performances, this is closer to the back of the classroom.	£	Saint Estephe

PAUILLAC

Producer	Score	Favourited	Description	Price bracket	Appellation
Lafite Rothschild	99	*	Subtle, elegant, understated. Buffered tannins, very, very complex fruit with an illuminated fringe of acidity. It's an exercise in balance with a firm, insistent finish.	££££	Pauillac
Mouton	98		Aromatic, perfumed, sensual nose. Lush, huge, spiced with cloves. Powerful and dense. Very fine complex palate, anise seeds. Amazingly well-integrated tannins.	££££	pauillac
Latour	97		Restrained nose, fruit attack, buffered tannins, complex with an iron infusion and a touch a meatiness, leading to a firm finish.	££££	Pauillac
Carruades de Lafite	96	*	Mouthwatering attack, Covered, voluminous fruit. Powerful, serious wine. Licorice. Very, very long. Best ever.	££££	Pauillac
Pichon Longueville Lalande	99	*	Subdued nose, then a very refined attack, more backward than many, but there's evident intensity of fruit, a wonderful aromatic quality, with great prickly acidity throughout. Not showy, but extremely impressive in its reserved, elemental state. It feels like it could be a legend in the making.	£££	Pauillac
Pontet Canet	97	*	Saline, eucalyptus nose, powerful attack. Sweeter than some others. Unctuous but a beautiful balance. The sweet fruit submerges the considerable tannins. Then a sappy, mouthwatering lift. Pure, powerful and in line with the character of the vintage, a firm finish.	£££	pauillac
Pichon Baron Longeuville	96		Vinous nose. Fine attack and mid palate, showing balance and control. Super-refined. Aromatic, characterful and complete.	£££	Pauillac
Lynch Bages	96	*	Deep nose, packed with fruit. Energetic attack. A formidable charge of tannins; chewy, bright attack. Settled, calm finish.	£££	pauillac
Petit Mouton	93		Very fine nose, svelte, integrated, balanced powerful, long and large scaled.	£££	pauillac
Chateau Clerc Milon	96	*	Seasoned nose, restrained, quite high acidity. Very mouthwatering and dry. Vinous mid palate. Firm, damsons, réglisse, very svelte finish. Liqueur quality of texture. Very refined but not polished or made-up.	££	Pauillac
Grand Puy Lacoste	95	*	Rich and generous nose, with a touch of licorice. Smooth, supremely balanced wine featuring crystalline fruit. As good as 2010.	££	pauillac
Réserve de la Comtesse	94	*	Vinous nose, perfumed with myrrh, delightfully textured and delicious mid palate. It's hard not to fall in love with this.	££	Pauillac
D'Armailhac	94		Liqueur-like, fine nose. Good attack. Fine thread of acidity. Sweet mid palate and very controlled, sweet, sappy finish. Lots of tannin, very well integrated.	££	pauillac
Echo (Lynch Bages)	92		Large-scaled, aromatic fruit, nice grip, sappy, dry mid palate. Characterful.	££	Pauillac
Chateau Duhart Milon	91		Warm, vinous nose. Quite an overt palate. Slightly bitter twist to the fruit. Quite intense. Powerful tannic charge in the mid-palate. Reminds me of the 89s when they were babies. Ambitious.	££	pauillac
Chateau Croizet Bages	91		Covered, thickly styled fruit, cedary fresh and insistent, long finish. Cedary and good overall balance.	££	Pauillac
Chateau Lynch Moussas	90		Iron-infused fruit. A little fierce, but likely to settle down with a bit of bottle age. There is proper intensity there and it's certainly 'real' young wine; a bit disjointed but with the key elements in place.	££	Pauillac
Pedesclaux	93	*	Good concentration, fresh, with a taut citric core. Mouthwatering then the dense fruit kicks in towards the end. Very progressive and very good. Retested May 17: Classical and firm, fresh damsons, spicy, sweet.	£	Pauillac
Lacoste Borie	90		Nice density, good weight, freshness and very silky tannins	£	pauillac
Batailley	90		Pretty, confit fruit. Earlier drinking but delicious for what it is.	£	Pauillac
Grand Puy Ducasse	89		At the sweeter end of the spectrum in the vintage context.	£	Pauillac
Griffons	89		Dense and texturally interesting. Liqueur-like, fruity, and a charge of tannins, that perhaps prematurely curtail the finish.	£	Pauillac
Pibran	87		Slightly odd. A bit of fur on the fruit. A little savoury and wild for my taste.	£	Pauillac
Tourelles de Longueville			A bit dull. Uninteresting.	£	Pauillac

SAINT JULIEN

Producer	Score	Favourited	Description	Price bracket	Appellation
Leoville Las Cases	96		Super aromatic nose. Savoury. Finely crafted fruit, comprising redcurrants, briar and cherry. Cushioned tannins, and a very integrated finish, with an orange-peel lift.	£££	Saint Julien
Ducru Beaucaillou	95		Vinous nose of blackberry leaf and cedar. Bright attack, chewy without a tannic charge of the year seen elsewhere. Very covered in plush fruit, though fresh and with good energy. Blackcurrant and mint. Cushioned tannins. Lovely but perhaps a little polished for so early?	£££	Saint Julien
Chateau Leoville Barton	95	*	Lovely firm-fruited attack, intense but not huge. Very fine mid palate Sweet fruited and medium weight. Insistent and elegant.	££	Saint Julien
Chateau Gruaud Larose	94		Cool reserved nose, controlled, fine attack. Very fine tannins. Beautifully balanced.	££	Saint Julien
Branaire Ducru	94		Complete wine, great mouth-coating texture. Big but fine tannins.	££	Saint Julien
Beychevelle	94	*	Liqueur-like nose, vivid attack, rich progressive finish but reassuringly controlled. Excellent.	££	Saint Julien
Leoville Poyferré	94		Cedary, saline nose, big cassis and briar fruit, with a touch of warmth. Controlled progression, super-integrated tannins, then a dry tannic charge kicks in with chewy, fresh, matière.	££	Saint Julien
St. Pierre	94	*	Powerful attack and tannins but a sweet and long mid palate. Complete and long. Much better balance than the over-polished 2015. Much better and unforced in 2016.	££	Saint Julien
Langoa Barton	93		Round, sweet mid palate and a mouthwatering finish. Charm and character.	££	Saint Julien
Gloria	92	*	Cool nose, fine mid palate, good energy and a citrus lemony finish.	££	Saint Julien
Talbot	92		A bit bigger on the attack than some,  but certainly not too sweet, and although a little unknit at this stage, there's a fine sap to the finish and it could evolve into an excellent Talbot.	££	Saint Julien
Chateau Lagrange St Julien	91		Cool restrained nose, super charge of tannins, and a sappy finish. A little bit unknit at this stage to be hyper-critical, but the intensity is there, hence the positive score.	££	Saint Julien
Clos du Marquis	90		This is very good, peppery, reserved nose, mid weight. Crystalline, crunchy fruit.	£	Saint Julien
Moulin Riche	89		Rich, chewy, with a cocktail of cherry and briar fruit. Gives the impression of being more alcoholic than others. Good length.	£	Saint Julien
Petit Lion	89		Liqueur-like and refined on the palate, quite a bit of acidity and right now, not the longest finish.	£	Saint Julien
Lalande Borie	88		Mid weight, sappy and a reasonable finish. 2010 a better prospect at this level.	£	Saint Julien
la Petite Marquise	88		Cassis nose, creamy and field herbs, including anise on the palate. Approachable and well-balanced with an attractive fresh finish, that is nevertheless on the short side.	£	Saint Julien
Croix de Beaucaillou	88		Vinous, liqueur-like nose, sappy, sweet with soft, svelte fruit. Forward.	£	Saint Julien

MARGAUX

Producer	Score	Favourited	Description	Price bracket	Appellation
Palmer	98	*	Lots of energy, the attack is incredible. 29 ha/ha due to a mildew attack resulting from a miscalculation (too little) of copper treatment on this biodynamic estate. Creamy briar fruit in a mid-weight+ frame. So much more elegant than 2015. Classy firm fruit. Sweet sherbetty mid-palate and an interesting herbaceousness on the finish. Beautiful wine.	££££	Margaux
Margaux	96		Refined nose, faintly perfumed. Cassis and energetic attack. A less harmonious mid palate than 2015, but still with a at least a good dab of summer pudding emerging with air. More of a sappy character, firm tannins lurking in background but barely surfacing. This could be very good but is somewhat backward today.	££££	Margaux
Pavillon Rouge	92		Subdued nose, saline. Savoury palate, quite powerful attack. Rather unusual 84% cabernet composition, signaling the ongoing and increasing seriousness of Margaux's second wine, lending some support to its market price.	£££	Margaux
Ego (de Palmer)	94	*	Delicious! Croquant fruit, fine lingering finish, Evident purity.	££	Margaux
Chateau Durfort Vivens	93	*	Characterful and grippy. Quite crystalline, crunchy fruit, with black cherry infused mid palate. Chewy finish competes with persistence of fruit on a mid-weight frame. This is different to 2015, that came across as richer and more mineral (iron), but the minerality is still there. Time will tell which is the more satisfying, they are both excellent in their very different ways. Demeter certified this year (French biodynamic certification).	££	Margaux
Brane Cantenac	92		Rounded, showing as forward in the context of the vintage, back cherry infused mid-palate, lifted by freshness and with a very nice finish.	£	Margaux
Rauzan Segla	90		Very classy as always but it's not 2015.	£	Margaux
Lascombes	89		Nice attack, then mid palate fades away. Maybe just closed?	£	Margaux
Cantenac Brown	89-91		Very nicely balanced, mid weight, not a patch on the 2015. Retasted May 17: Ripe, progressive, spiced and very energetic. This has come on leaps and bounds in 6 weeks since previous tasting.	£	Margaux
Prieuré Lichine	88		Good energy, just lacking character.	£	Margaux
Malescot St. Exupery	88		I worry that there's a bit of a hole in the middle of the palate.	£	Margaux
Kirwan	88		OK, but not as exciting as the rather good 2015.	£	Margaux
D'Issan	88-91		A bit stalky? Not a patch on the marvelously saline 2015. Retasted May 17: lifted and fine.	£	Margaux
Ferriere	87		I love this Chateau for its direct character blending ripe fruit with a classic mould. I'm afraid 2016 isn't one of those vintages I can recommend. You'd be best looking backwards at least 5-10 years for value for money drinking.	£	Margaux

MOULIS EN MEDOC

Producer	Score	Favourited	Description	Price bracket	Appellation
Mauvesin Barton	92	*	Superb texture and good length	£	Moulis en Medoc
Chasse Spleen	92	*	Liqueur-like texture, solid mid-palate and a fine finish. Very good indeed, and this should be a sensible buy as it always performs in the secondary market.	£	Moulis en Medoc

LISTRAC

Producer	Score	Favourited	Description	Price bracket	Appellation
Forcas Borie	89		Superb, fleshy merlot. A lovely near-term wine that should drink on release but has the stuffing to last. A surprise and another good showing for Moulis in 2016.	£	Listrac

MEDOC

Producer	Score	Favourited	Description	Price bracket	Appellation
Les Grands Chenes	91	*	Juicy, fruity nose. Liqueur texture in the mouth with a controlled, fresh, mouthwatering finish. Young vines on what Bernard Magrez describes as a very impressive terroir with a little bit of gradient to it. This is not at all what I was expecting: classical and quite fine for what it is.	£	Medoc
Goulée	88		Quite rich, warm inviting nose, not the longest.	£	medoc
Chapelle de Potensac	87		Savoury nose. Approachable and easy, a certain density notwithstanding, then savouriness on the mid palate and a nice bright finish. Far less serious than Potensac but does that make it any the worse?	£	Medoc
Tour de By	86		No	£	Medoc
Tour St Bonnet	86		No	£	Medoc
Potensac	86		Aromatic attack, a tannic charge and a slightly rustic finish. This is an agitated wine. Big chewy end-game.	£	Medoc

PESSAC LEOGNAN

Producer	Score	Favourited	Description	Price bracket	Appellation
Mission Haut Brion	97	*	Vinous. Round, inviting nose. Aristocratic, juggling dense, firm fruit and a mid-weight+ stature. Fresh mid palate, mouthwatering, a fine thread of acidity coaxes the wine into a long, lingering finale. More approachable than Haut Brion and today all the better for it.	££££	Pessac-Leognan
Haut Brion	95		Floral notes precede a cool nose of ripe fruit. On the palate the fruit is firm, a little more withdrawn at first than MHB, showing a touch of oak, but the tannins are super-fine. Cool finish despite the obvious lurking size of the wine. Should show more in the future, for now probably quite impressive, and elemental just like 2015 was, not obviously showy. In terms of ranking I's suggest more like 1998 than 1989, and a notch or two below their super-serious and intense 2015. My guess is the quality of the Cabernet Franc last vintage was a step up.	£££	Pessac-Leognan
Carmes Haut Brion	95	*	Firm, proper and mouthwatering from partial whole bunches. Very good length. Classy and a standout in Pessac at this level.	££	Pessac-Leognan
Domaine de Chevalier	94	*	Lightly seasoned nose. Firm, fruit, bright aromatic mid palate and finale. Sherbetty and refreshing. Fine tannins. Nicely judged weight.	££	pessac-Leognan
Clarence de Haut Brion	90		Fruity accessible nose, touch of white pepper. Textured entry allied to a lightness of feel, then a touch of warmth and caramel on the finish.	££	pessac-Leognan
La Chapelle de La Mission Haut-Brion	90		Vinous, fine tannins, crystalline fruit, and a licorice twist towards the back of the mid palate. Mid weight and delicious.	££	Pessac-Leognan
Pape Clément	90		I fell in love with Pape Clément last year. It had such exceptional balance, lift and class. The terroir truly expressed itself combined with a velour quality to the fruit and great definition thanks to its freshness. 2016 is a step backwards, with hints of over-ripeness within the rich fruit, and (for me) missing a sense of place.	££	pessac Leognan
Malartic La Graviere	91	*	Superb, mid weight and moorish claret with gently sweet mid palate.	£	Pessac-Leognan
La Louviere	89		Good mid weight, with some intensity and charm	£	pessac-Leognan
Esprit de Chevalier	89		Aromatic character, present tannins and graves like dry finish.	£	Pessac-Leognan
Solitude	88		Mid weight and nicely balanced	£	pessac-Leognan
Espault Martillac	88		Padded savoury fruit.	£	pessac-Leognan
Chateau Carbonnieux	88		A bit rustic	£	Pessac-Leognan

SAINT EMILION

Producer	Score	Favourited	Description	Price bracket	Appellation
Cheval Blanc	96		Subdued nose, stony and earthy. Very fine mid palate, progressive, aromatic attack, juicy dark licorice and spiced finish.	££££	Saint Emilion
Figeac	99	*	Perfumed nose with jasmine. Energetic attack. Cedary mid palate. Fresh pithy attack. Then chewy bitter, dark cherry conclusion. This is excellent. A bit less of an eager labrador than 2015, it misses the rich summer pudding quality of last year but has greater elegance and is nigh on perfect.	£££	Saint Emilion
Petit Cheval	91		Liqueur textured elegance, leading to a dark, slightly pruney finish	£££	Saint Emilion
Quintus	91		Sweet fruited nose, good volume, nicely done.	££	Saint Emilion
Quinault L'Enclos	95	*	Great fruity nose, very aromatic. Lovely liqueur like mouth feel on a river of flavour. Effortless and fine. Highly recommended.	£	Saint Emilion
Corbin	93	*	Quite fat, red fruit predominate, super intensity, quite creamy. Bramble and sloe. Very good.	£	Saint Emilion
Destieux	92	*	Liqueur eau de vie nose, character and energy, good intensity and a properly chewy finish. This will be good value.	£	Saint Emilion
Fombrauge	89		Good intensity, tannic charge and grainy texture, with a slightly loose finish	£	Saint Emilion
Le Dragon de Quintus	89		Fruity nose, firm fruited palate.	£	Saint Emilion
Labergorce	87		Savoury, some intensity, cherry finish but slightly rustic	£	Saint Emilion
Saintayme	87		Powerful, lifted attach, with a very firm, slightly bitter mid-palate. (Was this a bad tasting moment of mine?)	£	Saint Emilion
La Dominique	87		Middle of the road, nothing to complain about - or to get excited about. 2015 considerably better.	£	Saint Emilion

POMEROL

Producer	Score	Favourited	Description	Price bracket	Appellation
Vieux Chateau Certan	97	*	Reserved nose, with a  lovely infusion of eau de vie. There is a very substantial tannic charge in the mid palate, with plenty of intense dark, covered fruit and licorice to compete. Impressive but my guess is that will be a pretty backward wine for years to come.	£££	Pomerol
Eglise Clinet	95		Intense, firm, backward, impressive.	£££	Pomerol
Conseillante	95		Seasoned nose, cool. Creamy and dense cassis fruit, the attack is rather aromatic. The expansive mid palate is spiced. Chewy but soft and silken tannins on the progressively rich finish. Rich yet there's a crystalline aspect; a control and focus that constrains the eager fruit.	£££	Pomerol
l'Evangile	92		Dark hued and correspondingly darker flavours than many in 2016. Cassis, mulberries and a hint of plum. There's a certain freshness that duels with a little warmth on the finish, like a welcome current of air alleviating an otherwise hot day. Those who enjoy bigger wines will attract to L'Evangile.	£££	Pomerol
Petit Villages	95	*	Cedar nose, cool. Liqueur like texture, the fruit infused with eau de vie. Super charge of tannins, racy balanced and elegant. Is this the best Petit-Villages ever?	££	pomerol
Vray Croix de Gay	92	*	Reserved, elegant with a fine finish. Good vinosity.	££	Pomerol
Chateau Rouget	92		Good definition, intensity and freshness	££	Pomerol
Petite Eglise	90		An exercise in restraint for the vintage, but for now it presents as a bit angular. (Was this a bad tasting moment of mine?)	£	Pomerol
Chateau Beauregard	89		Nice control on he finish though comes across as a little monolithic	£	pomerol
Chateau La Pointe	88		Big attack, sticky ripe fruit, quite monolithic	£	Pomerol

LALANDE DE POMEROL

Producer	Score	Favourited	Description	Price bracket	Appellation
Siaurac	92	*	Classy, balanced, controlled, rich and delicious.	£	Lalande de Pomerol
la Chenade	88		Mid weight, sappy, pure, grippy bitter fruit. Good length and satisfying finish. What I don't get is a specific character.	£	Lalande de Pomerol
Cruzelles	87		Bitter cherry, a little drying in the mid palate ((Was this a bad tasting moment of mine?)	£	Lalande de Pomerol

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Sometimes it pays to take the path less travelled….

by Wine Owners

Posted on 2016-07-25

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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…. 

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Bordeaux on the rise

by Wine Owners

Posted on 2016-03-10

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The Wine Owners First Growths Index is up 3.71% Year to date, whilst the Medoc Classed Growth index is up 5.1% for the same period.

The Wine Owners Libournais Index - comprising top Pomerol and St Emilion wines - is also up 4.24% over the last 3 months.

Buyers are coming back into the market in the last few weeks and early signs are very promising: this feels very different to the various short lived rallies since 2013, and is on the back of single digit, consistent quarter on quarter gains over the course of calendar 2015.

The Wine Owners First Growths Index had previously risen 4.6% in 2015. The Medoc Classed Growth index had gained 9% over the course of 2015, with rises dominated by the older back vintages tracked in the vintage range 1996-2006. At this level versus the First Growths it’s noticeable that 2009s are also on the move up.

What does 2016 hold for the collector?

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Reasons to be cheerful?

by Wine Owners

Posted on 2015-10-29

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Quite a lot of members we speak to these days assume that the market prices of Bordeaux are still stagnating or falling. The morosité that had descended on the region's finest wines in by 2012 does not appear to have lifted. 

Wine traders will point to volumes that are much reduced since the giddy heyday of 2009-2011, and that is of course true.

However, it does not mean that in aggregate, prices of Bordeaux have begun an upward trend.  In the last year, the Wine Owners Medoc Classed Growth Index is up 8.2%.

 

Whereas the Wine Owners First Growth Index has only managed half of that in the last year, up 4.1%.

That's still better than the performance of the FTSE100, which is fractionally underwater over the last year, and exactly where the S&P500 has clawed it's way back to after the summer's wobbles.

Wine Owners 150 = Turquoise

FTSE100 = Navy

S&P500 - Green

However, when looking at First Growth performance over the last 12 months, it is far from broad-based. 'The further they rise, the longer they fall' seems to hold true, with Lafite 1986 and 1989 performing the worst at -8% and -9% respectively.

Chateau Haut-Brion Pessac-Leognan Premier Cru Classe AOP	1999	-5.45%	£ 216.68
Chateau Latour Pauillac Premier Cru Classe AOP	2006	-5.75%	£ 286.67
Chateau Haut-Brion Pessac-Leognan Premier Cru Classe AOP	2009	-5.82%	£ 441.67
Chateau Haut-Brion Pessac-Leognan Premier Cru Classe AOP	1982	-5.92%	£ 436.68
Chateau Lafite Rothschild Pauillac Premier Cru Classe AOP	1982	-6.29%	£ 1,810.14
Chateau Latour Pauillac Premier Cru Classe AOP	1998	-7.15%	£ 270.83
Chateau Haut-Brion Pessac-Leognan Premier Cru Classe AOP	2006	-7.26%	£ 212.50
Chateau Margaux Premier Cru Classe AOP	1989	-7.59%	£ 250.10
Chateau Lafite Rothschild Pauillac Premier Cru Classe AOP	1986	-8.13%	£ 651.48
Chateau Lafite Rothschild Pauillac Premier Cru Classe AOP	1989	-9.11%	£ 395.92

Among the vintages populating negative territory, 1986 has suffered with the exception of the very great Mouton. The exceptional 1989s and 1990s have fallen, along with with the dull 1999s.

The risers are headed by Mouton, Haut Brion and Latour. The top 10 performers registering double digit growth are entirely accounted for by these three Châteaux.

Wine	Vintage	Change 1 year	Price
Chateau Mouton Rothschild Pauillac Premier Cru Classe AOP	2005	22.39%	£ 366.67
Chateau Mouton Rothschild Pauillac Premier Cru Classe AOP	2008	21.13%	£ 262.54
Chateau Haut-Brion Pessac-Leognan Premier Cru Classe AOP	2005	20.95%	£ 437.50
Chateau Mouton Rothschild Pauillac Premier Cru Classe AOP	1996	16.87%	£ 282.74
Chateau Latour Pauillac Premier Cru Classe AOP	1990	14.30%	£ 429.12
Chateau Latour Pauillac Premier Cru Classe AOP	2005	13.36%	£ 566.79
Chateau Mouton Rothschild Pauillac Premier Cru Classe AOP	2000	13.32%	£ 1,038.81
Chateau Haut-Brion Pessac-Leognan Premier Cru Classe AOP	2008	11.00%	£ 226.64
Chateau Haut-Brion Pessac-Leognan Premier Cru Classe AOP	1989	9.08%	£ 1,000.03
Chateau Latour Pauillac Premier Cru Classe AOP	1995	8.49%	£ 316.67

Crossing over to the right bank, predominant top performers over the last 12 months are St EmillMedoc Classed Growth Indexon 2005s and the 2001 Class A relative newcomers. Since March 2015 The Wine Owners Libournais Index is up 7%, coming off it's 3 year lows at that point.

Chateau Angelus Saint Emilion Premier Grand Cru Classe A AOP	2005	53.85%	£ 300.00
Chateau Angelus Saint Emilion Premier Grand Cru Classe A AOP	2001	48.07%	£ 176.57
Chateau Pavie Saint Emilion Premier Grand Cru Classe A AOP	2001	45.67%	£ 183.46
Chateau Angelus Saint Emilion Premier Grand Cru Classe A AOP	2000	37.16%	£ 301.79
Chateau Pavie Saint Emilion Premier Grand Cru Classe A AOP	1998	34.59%	£ 161.84
Chateau Larcis Ducasse Saint Emilion Premier Grand Cru Classe B AOP	2005	27.82%	£ 110.96
Chateau Pavie Saint Emilion Premier Grand Cru Classe A AOP	2005	26.84%	£ 232.57
Chateau La Violette Pomerol AOP	2009	26.67%	£ 208.33
Chateau Cheval Blanc Saint-Emilion Premier Grand Cru Classe A AOP	2005	24.71%	£ 433.34

What can we conclude from this? Some commentators are suggesting that value is returning to older back vintages on the back of 4 year declines. Relative value vs quality is likely to be a key driver of future value, for which we recommend you check out the new price per points builder on Wine Owners to which you'll need to subscribe.

Liv-ex have recently seen a predominance of trades of the 2010 vintage, and whilst there seems to be value returning selectively to the Classed Growths, one wonders if it's a little early yet the First Growths, whose starting release prices were in nose-bleed territory. Since 'the further they rise, the longer they fall' it may yet be a bit early to call.

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Top 3 most searched for wines

by Wine Owners

Posted on 2015-09-02

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Chateau Pontet Canet - 2009

Region: Bordeaux (Medoc)

Appellation: Pauillac

Classification: Cinquieme Cru Classe

'An amazing wine in every sense, this classic, full-bodied Pauillac is the quintessential Pontet Canet from proprietor Alfred Tesseron, who continues to reduce yields and farms his vineyards biodynamically - a rarity in Bordeaux. Black as a moonless night, the 2009 Pontet Canet offers up notes of incense, graphite, smoke, licorice, creme de cassis and blackberries. A wine of irrefutable purity, laser-like precision, colossal weight and richness, and sensational freshness, this is a tour de force in winemaking that is capable of lasting 50 or more years. The tannins are elevated, but they are sweet and beautifully integrated as are the acidity, wood and alcohol (which must be in excess of 14%). This vineyard, which is situated on the high plateau of Pauillac adjacent to Mouton Rothschild, appears to have done everything perfectly in 2009. This cuvee should shut down in the cellar and re-open in a decade or more. Anticipated maturity: 2025-2075.' - 100 points RP

Chateau Cos d'Estournel - 2009

Region: Bordeaux (Medoc)

Appellation: Saint-Estephe

Classification: Deuxieme Cru Classe

'One of the greatest young wines I have ever tasted, the monumental 2009 Cos d'Estournel has lived up to its pre-bottling potential. A remarkable effort from winemaking guru Jean-Guillaume Prats and owner Michel Reybier, this blend of 65% Cabernet Sauvignon and the rest Merlot (33%) and a touch of Cabernet Franc (2%) was cropped at 33 hectoliters per hectare. It boasts an inky/black/purple color along with an extraordinary bouquet of white flowers interwoven with blackberry and blueberry liqueur, incense, charcoal and graphite. The wine hits the palate with extraordinary purity, balance and intensity as well as perfect equilibrium, and a seamless integration of tannin, acidity, wood and alcohol. An iconic wine as well as a remarkable achievement, it is the greatest Cos d'Estournel ever produced. It is approachable enough at present that one could appreciate it with several hours of decanting, but it will not hit its prime for a decade, and should age effortlessly for a half century.' - 100 points RP

Chateau Montrose - 2005

Region: Bordeaux (Medoc) 

Appellation: Saint-Estephe

Classification: Deuxieme Cru Classe

'In 2005, a very serious drought year stressed most vineyards in Bordeaux, which are all dry-farmed. The volume of rainfall was less than half the average of the previous 30 years. The clay subsoils at Montrose have always played a major role in not only dry years, but also in extremely hot ones, such as 2003, as they retain more moisture. The grapes were harvested between September 23 and October 9. This is a very powerful, full-bodied wine that is quite tannic, but the tannins are relatively velvety. The wine is rich, complex, majestic, multi-dimensional and also avoids any of the austerity that some 2005s possess. It has done quite well in its bottle evolution and should turn out to be a great Montrose, capable of lasting 30 to 50 years.' - 95 points RP

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Top 3 Hot Markets

by Wine Owners

Posted on 2015-08-28

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1/ Grand Puy Lacoste 2010 is a great wine. 4 years after release, the price is £100 off its opening price. GPL 2010 is surely now one of the buys of that wonderful vintage. Rated 95 points by Robert Parker this will be a magnificent drink in years to come. We would not be surprised to see this rerated 97 points in due course.

'An absolutely magnificent wine from this very popular estate, which sits well off the Route du Vin, just to the southwest of the town of Pauillac, its classic creme de cassis and floral notes are well-displayed. The wine possesses supple tannin, a full body, voluptuous character and a layered, impressively textured mouthfeel. This is a brilliant effort from Grand Puy Lacoste that can be drunk in 4-5 years or cellared for three decades or more.' RP 95.

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2/ Montrose 2010 is another beauty, a perfect wine and less expensive than 2009, yet a seamless monument that is the equal of any of the First Growths. It’s hardly surprising this is a hot market: surely it’s only going to go one way from here?

'This is considered to be among the greatest vintages ever made in Montrose, right up with the 1929, 1945, 1947, 1959, 1961, 1989, 1990 and 2009. Harvest was October 15 to 17. The wine has really come on since I last tasted it, and it needs at least another 10 years of cellaring.' RP 100.

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3/ Ducru Beaucaillou 2011 is interesting. It wasn’t so long ago that top new vintages of this super-second were releasing at well into 4 figures. The unfashionable 2011 vintage provides the opportunity to buy in for just £660 per case of 12.

Exchange activity is suggesting this is a buy as top-drawer drinking claret. The latest Parker score surely reflects the a period during which the wine has shut down. Once this wine starts to open up again, could there be the potential for it to be rerated in the 93-95 range in line with the en original primeur rating? Neal Martin’s rating is 92-94.

'The 2011 Ducru Beaucaillou (which normally represents 1/3 to ½ of the entire crop) possesses a dense ruby/purple color along with a beautiful nose of sweet creme de cassis, crushed rock and spring flower aromas. This rich, medium to full-bodied St.-Julien is among the most concentrated wines of the Medoc. Moderate tannin is sweet and well-integrated. This beauty will benefit from 3-5 years of cellaring and keep for two decades.' RP 92+.

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Uncorrelated wine visions

by Wine Owners

Posted on 2014-10-17

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Treasure assets are uncorrelated. That’s part of the attraction to high net worth individuals (HNWIs) looking for suitable stores of value.

I use the phrase store of value purposefully. Wealth preservation and enjoyment of the fruits of success are arguably far more important to HNWIs than specific targeted annual returns.

Wine has appeared deeply uncorrelated since the financial crisis of 2008. The facts bear that out. Yet we mustn’t forget the power of externalities to distort underlying tendencies; such as insatiable demand from China up until mid-2011, or the flight from traditional financial instruments during periods of extreme market stress into all things tangible. It’s easy to forget that the wine market did suffer during previous economic recessions or shocks, whether the recession of the early 1990s or the Asian financial crisis of 1997.

Yes, of course we’re talking principally about Bordeaux, that behemoth of a region that produces unrivalled oodles of fine red wine. Paradoxically other regions of production may indeed be uncorrelated with Classed Growth Bordeaux as hot wine money searches for relative value, or where scarcity creates a rather different drumbeat.

With the current financial market turmoil; the sudden reawakening to the woes of Europe; the economic and political uncertainty of its recession-hit member states - what better moment to analyse the question of market correlation?

The wine market became quite excited by a small upturn that started in late July, continued during August and through much of September. A month on, and things aren’t quite so clear-cut, but in spite of plummeting stock markets, wine prices are not following suit.

The First Growth Index is up by 1.2% over the last 3 months whilst the FTSE has dived almost 8% - that’s roughly the same amount of value destruction as the First Growths experienced over the previous 12 months. The Bordeaux Index has followed the same positive (if tentative) trajectory (comprising Medoc and Graves Classed Growths and the top Libournais benchmarks). So has Northern Italy, only a whisker off its all-time highs, along with blue chip Burgundy and the effervescent Champagne market.

After a disappointing year so far for the wine market overall (represented by the WO 150 Index), the previously run-away Dow is within single-digit, fingertip distance of fine wine’s -2.7% fall.

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