Focus on: Luciano Sandrone, Le Vigne - Barolo

by Wine Owners

Posted on 2019-07-09


The reputation of Luciano Sandrone continues to grow and grow, in keeping with the popularity of Barolo. Not as famous as the very top tier of Bruno Giacosa, Giacomo Conterno or Giuseppe Rinaldi but nestling just in behind, at a far more attractive price point.

Here we consider Le Vigne cru although the story is much the same for the slightly more expensive Cannubi Boschis (renamed Aleste in 2013 – in classic, designed to confuse, Piemonte style!).The consistency of the scores is incredible - through a mixture of very varied vintages from ’06-’15 the average is 95.3 points (Wine Advocate). Very significantly, the estate releases a small amount of the exact wines (under the labels Le Vigne Sibi et Paucis and Cannubi Boschis Sibi et Paucis) after ten years of age and they consistently achieve greater acclaim at that point, the ’07 going from 96 to 99 points (WA) for example. The range of points scored would indicate these are very fine wines indeed and given the rarity, must be only affordable to only the mega rich. Not so, prices start at c. £60 a bottle, rising to c. £170 for the stonking 2010 vintage.

For comparison sake I looked at some other fine wines from Burgundy and Bordeaux over the same ten year time period. Obviously these comparisons will never be exactly like for like but the differentials are not that great either; brilliant producers from the top tier of their respective regions, producing internationally acclaimed wines from the best local grape varieties designed to take advantage of their particular terroirs and climates to the full. We have a decent premier cru Burgundy, Domaine Dujac Aux Combottes, a sensational Pomerol on top of its game, Vieux Chateau Certan, and the king, Chateau Petrus (just for fun):


Comparisons between ‘06-‘15 vintages:

Av. points

Av. Price

Highest price


Luciano Sandrone Le Vigne Barolo DOCG

95.3

£98

£170

Domaine Dujac Gevrey Chambertin Aux Combottes Premier Cru

91.6

£170

£234

Vieux Chateau Certan

94.1

£134

£220

Petrus

96.1

£2,200

£3,250


I suggest there is room for significant upside for this Barolo. And I am going to start selling the Combottes I own, the differential is absurd and further illuminates how crazy Burgundy prices have become. Production of fine wine in Barolo (and Barbaresco) is tiny compared to even Burgundy and completely miniscule in what we could consider the ‘investable’ candidates.

Please see charts for Market Price and Relative Value Scores for available vintage comparison.

Le Vigne Sandrone RVS

Le Vigne Sandrone MPS

Miles Davis

9th July 2019


The Wine Market Investment Report - June 2019

by Wine Owners

Posted on 2019-07-08


The highlight in June for the wine world was clearly the Daily Telegraph event ‘Wine; for profit or pleasure?’. A sell out crowd witnessed excellent talks from four leading experts from the wine world, including two of us from Wine Owners (Miles and Nick). Please contact us for a copy of the presentation.

Otherwise June was again tranquil with trade bobbing along just fine but with no particular surges or dips anywhere. Global stock markets enjoyed a rise after Messrs. Trump and Xi found some accord but this doesn’t seem to have inspired the wine market as yet! Wine stock levels are healthy amongst Asian traders so not even a continuing depressed sterling is bringing about much marginal demand from that corner although most indices are in positive territory in June.

The Bordeaux en primeur campaign came to an end with an almighty whimper. En primeur gets under the skin of the wine trade and all involved spend far too much time talking, writing and moaning about it…yet even so, I shall continue! Within the wine market(s) it has represented very poor relative value for a decade, prices are just too high, yet merchants don’t dare turn their back on this once great provider. It was a great system for all involved, including the man on the street. Now only a very few wines ‘work’ each year (whereby they make sense to the supply chain and the end buyer). And now, to compound the problems of high prices, the Chateaux have decided to retain more and more of their own stock. How this comes to market, when and at what price will fuel debate but based on the evidence of the mighty Chateau Latour, the market may just turn its back. The feeling of stock overhang may easily outweigh the feeling of short supply and it’s not as if the world is going to go thirsty, there will always be alternative choices.

If only our Italian friends came together with a synchronised offering, we could have a proper old school primeur market again. All the market players would have to be involved at the same time, jostling for position, scrapping over every six pack and would still be able to sell at a price that would make everyone happy. The hype that the merchants used to create in Bordeaux primeur markets, that we are still hungover from, could be regenerated. We all miss the hype and the excitement which created such fear amongst the white-faced, panic-stricken collectors and consumers who couldn’t possibly stand even the faintest whiff of FOMO (fear of missing out). 

As it is, Italian releases come to market in no organised way and importers and merchants release when they feel like it. It’s all very Italian really but it does make buying easier. We have been acquiring some 2015 Barolo new releases from Fratelli Alessandria, whose reputation is markedly on the up. Prices are very reasonable for these high scoring wines, ranging from c.£35 per bottle for their basic Barolo (94 Wine Advocate points) to nearer £60 for their top cru, Monvigliero (96+). Outside of the very top group, Luciano Sandrone is another producer worth mentioning - consistently high scores at affordable prices. Their equivalents in quality in either Bordeaux or Burgundy would be far more expensive.

Piedmont is easily our favourite region at the moment, due to the demand/supply equation and the blue chips remain well bid. Whilst Bordeaux and Burgundy remain lacklustre, Champagne and Rhone have attracted some attention. There is no question we would recommend the brilliant 2008 vintage in Champagne and the recently released Sir Winston Churchill looks a good bet with the ’96 being double the price.

Please see the Blog for more articles about the wine investment market.

Also, any enquiries about my Professional Portfolio Management services are most welcome.

Miles Davis

8th July 2019

miles.davis@wineowners.com


The May 2019 Wine Investment Market Report

by Wine Owners

Posted on 2019-06-07


The wine market in May was completely dominated by Bordeaux en primeur. Overall the market is steady but lacklustre, ongoing concerns over U.S. and China trade wars and boring old Brexit rumble on and even a weaker GBP hasn’t managed to inspire substantially more marginal demand from USD based buyers. The secondary blue chip Bordeaux market is solid but a little stodgy. The bids are there but nothing much is moving north. As a result it is little surprise that merchants’ 2018 Bordeaux offers, backed by some exuberant critic’s reports and scores, have been flooding the inbox.

For our Bordeaux 2018 ‘in a nutshell’ report on the 2018 vintage, please click here.

Obviously the more exuberant critic reports and scores, of which there are (too?) many, have been the ones used by merchants and their sales teams. Julia Harding MW, of JancisRobinson.com, provided the reviews most in common with our own team’s appraisal and her scores are more subdued than others. She lends perspective to a vintage that we do not regard as highly as 2016 and one that may turn out to be overblown in some quarters. Antonio Galloni of Vinous Media is another commentator in the less exuberant camp and we look forward to his colleague Neal Martin’s commentary when it arrives (Neal did not taste en primeur this year due to ill health – we wish him a full and speedy recovery).

A very important point regarding the ’18 vintage, largely ignored by the salesmen and one I would like to repeat, is that whilst certain wines are very impressive, incredibly concentrated yet well balanced, they are really, really BIG. Nearly all of the alcohol numbers are between 14 and 15%. The poor unsuspecting punters may get quite a shock when they sit down, sometime from now, to enjoy their excellent claret only to discover they have something they weren’t quite expecting in their glass!

It'll be fascinating to see how the wines from 2018 develop as wines, but also from a market perspective. The Chateaux are holding back more and more wine every year and in some cases, releases are up to 50% lower than last year. Will this drive some scarcity seekers to market or will it have the opposite effect of creating a nervy overhang? It is fair to say that so far, Latour has not exactly flourished since retreating from the age old system. En primeur to my mind, apart from a certain few every year, has not made clear financial sense for years and few releases have come close to our ‘proto-prices’ (where the price needs to be to make clear financial sense to buyers), more here on JancisRobinson.com.

Successful releases so far include: Calon Segur, Canon, Carmes Haut Brion, Lafleur, La Mission Haut Brion, Leoville Las Cases, Pichon Lalande, Pontet Canet and Rauzan Segla. The majority of releases have not sold through.

In other areas there is still plenty of demand for high end Burgundy, it’s just that the prices that are being achieved by sellers are well below advertised levels. Piedmont is in good health but in low supply, a good thing for holders! Champagne holds firm, so do Super Tuscans.


The April 2019 Wine Investment Market Report

by Wine Owners

Posted on 2019-05-13


This time of year in the wine trade is always dominated by the Bordeaux en primeur circus. Please see our 2018 ‘In a nutshell' report here. It’s strange really, as en primeur has not made commercial sense for the legions of the swirling and spitting wine trade, let alone the man on the street, for very nearly a decade. En primeur business has shrivelled like a drought savaged grape over the years and there are only a handful of opportunities each year that really make sense. At the time of writing only a few releases have made sense according to our ‘proto-pricing’ (please see jancisrobinson.com), Branaire Ducru, Duhart Milon and Quinault L’Enclos. Palmer sold out quickly (at 2,880 per 12), partly due its rarity (see blog), but also because they have built their brand so brilliantly under the guidance of Thomas Duroux. As a result, Palmer has a strong en primeur following.

In general, the Chateaux are releasing less than ever this year which makes this game ever more senseless. According to one highly experienced trade legend EP is all about building the client base for merchants and clearly the avalanche of similarly persuasive e-mails work to some extent. Experienced wine players are highly selective in the EP arena and returns in the short to medium term are very far and few between. Real scarcity is where it’s at, if you’re hoping for rising prices, and that doesn’t come from en primeur.


Level Month YTD 1 Year 5 Year 10 Year
WO 150 Index 303 -0.6% -2.0% 6.4% 57.4% 83.3%
WO Champagne 60 Index 462.61 0.9% -1.3% 5.0% 68.4% 154.9%
WO Burgundy 80 Index 691.36 3.7% -2.0% 25.7% 142.1% 233.2%
WO First Growth Index 75 Index 276.71 -0.5% -2.0% 2.6% 45.5% 71.2%
WO Bordeaux 750 Index 340.71 1.0% 1.7% 6.3% 57.5% 100.3%
WO California 85 index 669.86 -0.1% -0.4% 15.4% 106.4% 309.9%
WO Piedmont 60 Index 318.83 -0.3% 0.9% 9.2% 75.6% 126.4%


There were no new themes detected over the month and scarcity is still the biggest driver. Interest in Piedmont is still firm although the monthly movement of the index would suggest otherwise. The same can be said of Burgundy, which is still active but is trading below advertised offer levels, with buyers negotiating harder.

Brexit concerns seem to have been put on hold for now, more through ennui than anything else, which led to some increased activity from U.K. private clients but overall the market trundles along rather than powering up. It’s a time for gentle accumulation on the bid side of the market.

As an aside; several collectors have approached us about reviewing their cellars, mainly to consider what holdings are investment grade and which are not. This has led to most people making the realisation their collections lack structure. The combination of our expertise and the technological support from the platform is proving to be very valuable.


Focus on: Krug 2004

by Wine Owners

Posted on 2019-04-30


Research does not come any easier than looking at Krug 2004. Vintage Krug is an investment stalwart and the long-term numbers tell us it is a consistent performer. So, you key in the various available vintages into Wine Owners ‘Relative Value Analysis’ and ’04 comes out as THE pick of the bunch:

Krug Relative Value Analysis Wine Owners

Then you read the tasting note from Antoni Galloni:

Krug's 2004 Vintage is absolutely mesmerizing. Layers of bright, chiseled fruit open up effortlessly as the wine fleshes out with time in the glass. Persistent and beautifully focused, with a translucent sense of energy, the 2004 captures all the best qualities of the year. Moreover, the 2004 is clearly superior to the consistently underwhelming 2002 and the best Krug Vintage since 1996. Readers who can find it should not hesitate, as it is a magical bottle. 97+

Simples! But, as ever, it is not quite as simple as that; if we compare the returns over the last twelve months, performance across the vintages is far from consistent:


1996 7.50%
1998 -0.90%
2000 19.80%
2002 2.30%
2003 12.50%
2004 -6.00%

Krug price graph Wine Owners

It is difficult to explain the variances, especially the ‘98 but I take heart that the 2004 is yet to perform positively. It was a decent size crop and clearly there are plenty of merchants still holding their allocation but this means there is still time to accumulate before it starts appreciating – and it most certainly will! This is a buy on a long term basis.


The March 2019 Market Report

by Wine Owners

Posted on 2019-04-04


In the same way the media in March was completely dominated by Brexit, so was the wine market. Instead of permanent squabbling and jostling for position, however, the main players in the house of wine commons continued to sit on their hands. Fortunately, there was no squabbling, but U.K. merchants continued to be, unsurprisingly, risk averse; some are just not buying anything for stock currently, so the market has continued to ease. The good news is this easing is a result of apathy rather than volumes of stock hitting the market. There is nothing worse for markets than uncertainty and it feels like we are in the epicentre of that storm right now.


MTD YTD 1 Year 5 Year 10 Year
WO 150 Index 306 -0.25% -1.75% 6.93% 58.95% 89.23%
WO Burgundy Index 654 -2.81% -6.54% 21.66% 128.83% 220.77%
WO Bordeaux Index 336 0.27% -0.34% 5.14% 55.61% 103.50%
WO California Index 670 1.51% -1.59% 14.15% 98.52% 316.53%
WO Champagne Index 459 -0.29% -1.47% 4.50% 67.02% 160.82%
WO First Growth Index 278 2.79% 0.38% 3.03% 45.16% 74.95%


The Burgundy Index continues to slide from its Himalayan style peaks, unsurprisingly, but what is really interesting (to me at least!) is the performance of Bordeaux, especially the First Growths. This sub index gained 2.8% in March and is the only one of the indices above to be positive in 2019. Other than the post Brexit referendum and the weak sterling inspired rally of 2016, the First Growths have been in the doldrums for nearly a decade – is this the turning point we wonder? Market commentators have been saying that Burgundy was making First Growths look cheap again for a while now, yet so far there has been little stirring of the sleeping giant.

We have just returned from Bordeaux, having tasted some, but not all, of the 2018 vintage - more on that here separately and soon. A bad outbreak of mildew and a drought later in the growing season led to severely reduced yields in some properties (two thirds in the case of Pontet Canet) which could easily mean some aggressive pricing in some quarters – yes, again!

As usual, les Bordelais were not to be found suffering from modesty or understatement, many to be claiming another incredible success. The heat from the end of July onwards resulted in small, thick skinned berries delivering highly concentrated juice, resulting in well above average alcohol levels. There are few wines coming in at less than 14% alcohol by volume - Mr. Parker must be punching the air! It almost goes without saying but those who managed the vineyard well, picked in time and maintained acidity have performed the best. At a time when winemakers and consumers are reverting to fresher, more elegant styles the timing of this vintage is somewhat ironic. If Mr. Parker’s influence was still intact we may have been looking at Bordeaux ’18 being declared as the first ever Port vintage outside of Portugal!

Overall the 2018 vintage is patchy although there are undoubtedly some very impressive wines. Some prices may work, most will not, and it could just be that our favourite vintage of modern times, the 2016, is about to be made even more compelling than it already is!


Wine Owners wine market report


Why invest in wine? A potted history of the wine investment market part 1 (Feb. 2015)

by Wine Owners

Posted on 2019-03-25


The basic premise for investing in fine wine is a very simple one; you buy a truly great wine that is produced in a finite quantity and store it, carefully. So, whilst others are enjoying/drinking theirs, thereby reducing the supply of that wine, you enjoy the price appreciation that naturally results from the increased rarity value. The growth in global wealth and newly discovered riches help fuel the desire for these wines for added benefit. For example, Chateau Latour 1982 was released in 1983 at c. £400 per case of 12 bottles. That case could today be sold for £16,000, implying an annual growth rate of a little over 12% per annum over the course of its life (and it will continue to be enjoyable for another 50+ years).

So, it is easy then?

First a bit of background.

The investment market is dominated by the red wines of Bordeaux where production levels of top-quality wine far exceeds any other area of note. Other areas which spark interest include the finest wines of Burgundy, Champagne, Tuscany and Piedmont and to a lesser extent some of the trophy wines from the new world.

For decades, centuries even, ‘gentlemen’ have been investing in wine, maybe unintentionally, but certainly filling their cellars with good Bordeaux and Burgundy, Port and Madeira and the like. Auction houses commenced wine sales in England in the middle of the last century and now there are all manner of brokers, merchants, exchanges and on-line auctions in existence. The internet has lent transparency to what was an opaque market, brought an endless flow of information and with it various offerings from a wide range of ‘investment specialists’. Investing in wine has become a more commonplace activity. Very few of these specialists, however, are authorised by the FCA or an equivalent and, thanks to the great bull market of 2005-2011 a proliferation of new companies designed to take advantage of this phenomenon were formed.

Like all markets the wine market continues to evolve although the last decade has proved to be probably the most turbulent period in its history. Previously, wine price performance was generally very steady with long term returns going back to the seventies averaging just over double figures. Once a decade or so, a global crisis would cause a healthy reality check (the oil crisis of ’73, the stock market crash of ’87, the Asian currency crisis of ’97 and the Lehman debacle of ’08, although the latter turned out to be very short lived) and then things would revert to normal.

The great bull run that begun in 2005 was created by exceedingly high and new demand emanating from mainland China. The fast expanding Chinese economy created easy money that flowed through the hands of the relatively experienced Hong Kong based merchants all the way to London, the global centre of secondary market wine trading (the primary markets being located at the point of production). Prices were pushed higher and higher, no one wanted to sell as the value kept on going up, until one day it all stopped.

What had not been appreciated at the time, by either the market or its participants was that this money was not just coming from the newly wealthy and aspirational individual but mainly from officials and employees of state owned enterprises.

Their ostentatious extravagance was legendary – lavish dining in top class restaurants and hotels accompanied by lashings of fine first growth wines, the corporate gifting of wine that oiled the wheels of business and the need to be seen only drinking the very best.

The government had lost control – and that was not going to wash with the incoming new President, Xi Jinping. In mid-2011 all luxury items and their markets were knocked back as the new environment of anti-graft measures were introduced and these measures remain firmly in place today. Having risen c. 260% from ’05 to mid-2011, the Liv-ex 100 index, the leading market indicator, then fell by 36% between mid-2011 and mid-2014. Since then the market has stabilised and in recent weeks has started to appreciate once again. The natural order is returning, and the madness of this extraordinary period has receded, the river of cash from China has dried up and a lot of the new, often dubious, players have been washed up on that river’s banks.

Another major factor that came into play during this period of flux was the stratospheric pricing of two Bordeaux vintages of outstanding quality, 2009 and 2010. Not wishing to miss the party the Bordelais lost their heads; 2009 sold but the market just couldn’t stomach the prices from 2010. Subsequent vintages were not reduced to commercial levels and have also failed to sell.

Some readers will be familiar with en primeur, meaning the first release, which is the first opportunity to purchase wine from the new vintage. In the good old days this was the opportunity to get in on the ground floor and the majority of investors and consumers benefitted. That game is long gone and arguably the market has split between the recent vintages where the release price still influences and the older vintages where the secondary market controls pricing. The market for older wines is, in any case, more compelling as pricing is more logical, there is greater assurance of quality and the dwindling of supply has begun.

Opportunities abound, especially now we are ‘ex-China’. Pricing has never been more competitive and the information available have never been so sophisticated. So, yes, it is easy – if you know what you are doing!


Miles Davis, February 2015


The February 2019 Market Report

by Wine Owners

Posted on 2019-03-07


February was a relatively quiet month for the wine market. The month started with the Chinese New Year celebrations which meant Asia was quiet and it also contained a European half term break. Sentiment towards Brexit turned, meaning GBP strengthened towards the end of the month, which is never good for the wine market as US$ based bids (U.S. and Asia) automatically adjust downwards. The broad base WO 150 index fell by 2.4%, as did our Blue Chip Burgundy index. In fact, all the indices for the major wine producing regions came off by c.3%.

If recent discussions with the finance and new venture folk surrounding wine as an alternative asset class were anything to go by, this is beginning to look like a good time to buy. Following the Brexit inspired rise of USD and Euro against GBP in 2016, the Bordeaux market has done nothing for almost a decade. ‘Bordeaux bashing’ peaked years ago too - just resentful shrugging goes on these days! En primeur looms but is largely a dead duck, so that is unlikely to provide stimulus to the market but a wall of money certainly might do the trick… watch this space!

We were busy trading 2009 red Bordeaux following various reports published after ‘ten year on tastings’. We blogged about these in general and focussed on one wine separately, Cos d’Estournel. We concluded that, as it continues to split opinion, and received some pretty low scores (93 from Jane Anson of Decanter for example), coupled with challenging price levels why take the risk when there are so many less controversial and comparatively cheaper wines available? There are many names still available on the exchange, from the excellent Cantemerle at c.£300 to Haut Brion and Mouton Rothschild at the cheapest in the market prices.

If you’re looking for decent ‘drinking’ claret buying en primeur made very little sense even back in 2009 which blew apart every previous record ever held for wine sales, anywhere on the planet. Factoring in the cost of storage and capital and the effect of inflation, the very respectable names of Cantemerle, Capbern Gasqueton, Haut Bergey, Lafon Rochet, Ormes de Pez and Potensac are all better value today than they were then! All these names are available on the platform today.

Sassicaia was in focus with the release of the much admired 2016 vintage, Monica Larner of the Wine Advocate awarding the full 100 points and meaning Armit, the UK agent sold out in seconds.

Screaming Eagle ’16 was released and is now offered at £7,250 per 3 bottles in the U.K. market. Not altogether surprisingly, this is making some older vintages looking relatively cheap! The ’17 will not be sold under the usual label due to smoke taint from the Californian wildfires.

And finally, we learnt the sad news that Gianfranco Soldera passed away in the middle of the month. We are planning to honour the magician of Montalcino with a memorial dinner later in the year, possibly in May.



Focus on: Screaming Eagle 2009 - 2014

by Wine Owners

Posted on 2019-03-07


In terms of reputation Screaming Eagle is the ne plus ultra of American wines, the equivalent of Petrus on the Right Bank, Romanee-Conti on the Cote de Nuits and Conterno Monfortino in Piedmont.

The prices of the wine varies from £2240 per bottles up to £2600 per bottle for the vintages of 2009, 2011, 2012, 2013 and 2014, but over the last two years it has been the 2009 and 2011 that have made the greatest gains, with 37.9% and 42.7% respectively. Double digt growth seems to be the norm on a CAGR basis.

Screaming eagle index

The 100 point vintages of 2010 and 2007 are roughly £3600 per bottle, and have gown at a slower rate in the last two years, suggesting again that there is better vakue to be had in the 97 to 99 point bracket currently.

Screaming eagle Market versus price

Current market levels puts the 97 point ’09 at £2602 a bottle and the 94 point ‘11 at £2461 per bottle. These prices are at a premium of £350 and £200 respectively to the 97 point 2013 and 98 point 2014, which would seem a little illogical. Hard to see a justification for a discount for equivalently scored wines. As the chart below shows, the 2011 in particular seems over-priced and the more recent vintages would seem to offer greater upside potential.

Screaming eagle Relative value score

Trying to compare Screaming Eagles with other US wines is a rather thankless task as it operates on a different pricing level entirely to every other wine in California. There are several things you can say about it in isolation, however:

  • There is no vintage values at less than £2000 a bottle, and many tip the scales at over £3500 per bottle
  • Three pack OWCs are the norm – almost all stock available comes in this format
  • It has the highest average Parker score over the last twenty years of any wine in the world except Conterno Monfortino
  • No more than 700 cases (12 pack equivalent) are made in any vintage.

It would seem logical to suggest for the medium to long term that younger, higher point scoring vintages offer the greatest potential for capital growth. Not for the faint hearted, of course, but the fundamentals of extremely small production, a style that will see each vintage improve for a minimum of 25 years form bottling and a brand that has cemented itself as the epitome of great modern Californian wine making make this a wine that needs to be considered very seriously as an unavoidable component in any top drawer cellar…


Focus on: Bordeaux 2009

by Wine Owners

Posted on 2019-02-28


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:


Bordeaux 2009 market price versus score

Bordeaux 2009 relative value score

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.


Bordeaux 2009 - Wine Owners

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


Bordeaux 2009 - Wine Owners

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.


Bordeaux 2009 - Wine Owners

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!


Bordeaux 2009 - Wine Owners

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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