Focus on: Bartolo Mascarello, Barolo

by Wine Owners

Posted on 2019-03-14


2007 £1,300 per 6 WO Score 96

2010 £2,100 per 6 WO Score 100

Bartolo Mascarello Bottle

Bartolo Mascarello is one of the true legends of Barolo, think Rousseau or Roumier in Burgundy terms, in case you’re not familiar with the ‘Knights of Nebbiolo’. And if that’s still confusing, think Liverpool (Football Club), but I would say that, wouldn’t I? In fact, to be drawn against Juve tomorrow morning could easily inspire a trip to Piedmont, with a bit more than hazelnuts to look forward to! I digress…

Maria-Teresa Mascarello took over from Bartolo, her father, in 1993, the estate having been founded in 1918. Beautifully simple in its creation, the wine is a blend of four of the top crus, or vineyards and has been consistently and spectacularly successful for decades.

Market price versus score

In the charts above and below we have compared various well-regarded vintages of a similar era. These vintages are very good and very scarce, two of the most important factors for investors as they are squirreled away by the canniest collectors and prices have been rising. They are still a fraction of their Burgundian cousins however and we have no issue with recommending a buy, particularly the ’07 and the ’10, the cheapest relative value bets here:

Barolo Relative value score

Tasting notes, courtesy of Vinous Media:

2007: Mascarello’s 2007 Barolo shows just how compelling this vintage can be, even now. Sensual, layered and totally voluptuous in the glass, the 2007 shows the more flamboyant side of Barolo. I find the wine’s voluptuous, engaging personality impossible to resist. Sure, 2007 is not a classic vintage, but when a wine is this good, I say: Who cares?

2010: The 2010 Barolo is one of the most striking, hauntingly beautiful wines I have ever tasted here. Mysterious and slow to show its cards, the 2010 impresses for its inner perfume, sweetness and exceptional overall balance. Today the striking fruit and classic, austere elements of the vintage take turns in dominating the wine's balance. The 2010 was always magnificent in barrel. It is equally spectacular from bottle. Readers who can find the 2010 should not hesitate. Ideally I wouldn't dream of touching a bottle until age 15 or so, although I doubt I will personally have the discipline to follow my own advice!

The 2007 is the cheaper option from a classic vintage and the 2010 is the turbo charge version from the all-conquering 2010 vintage. Both are recommended.


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: Petrus 1998

by Wine Owners

Posted on 2019-02-19


Petrus 1998


Price: £32,000 per 12

WO average score: 97

Robert Parker: 98

Neal Martin: 98+


There is a compelling case to be made for Petrus ’98. Petrus is Petrus and trades in a rarefied right bank bracket, with the only other occupant being Le Pin. Their following is immense, with prices to match yet these have now been sustained for decades. These are properly premium wines.


Petrus 1998 market price vs score


’98 was very much a right bank vintage and only 2,400 cases of Petrus were produced compared the normal 4,000. The wine is now approaching its prime and satisfies the most important of current investment criteria, namely scarcity, in spades.

Some of Neal Martin’s (admittedly more exuberant) notes:

"The 1998 Petrus is the best Right Bank of the decade and here, against the 2000 and 2001, there is no contest. The aromatics are a masterclass of control and precision, yet it is also one of the most intense bouquets that has ever been produced at the estate. This is a "complete" Petrus that is magnificent in every department."

It makes one wonder why it has not been accredited the full 100 points but maybe Neal has reverted to being more conservative in his scoring having left WA? Parker and Robinson are equally effusive about the wine at various points over the course of its development, but Martin’s notes are by far the most recent. The slightly ridiculous premium that the 2000 vintage enjoys means that Petrus ’00 currently trades at £45,000 per 12. It is interesting to note that since the summer of last year the ’98 has begun to outperform the ’00 and both the WO150 Index and the WO Bordeaux Index. We think this is set to continue.

The tasting notes and the scarcity together with the more regular analysis of MPS (market price versus score) and RVS (relative value score), as viewed in the charts above and below, further the investment case.


Petrus 1998 market price vs score


Recommendation: BUY


Focus on: Cos d’Estournel 2009

by Wine Owners

Posted on 2019-02-12


Cos d’Estournel 2009

Robert Parker: 100

Lisa Perrotti-Brown: 100

Neal Martin: 91

Jancis Robinson: 16.5,17,17.5


Price: £2,400 per 12


The crux of the matter here appears to be the U.S. of A. versus the U. of K. Big Bob wades in with the magic three digits (100 points) whilst Mr. Martin offers a much more modest 91 points. Our very own Mr. Martin’s words on this wine are not fit to publish. L. P-B. doffs her cap to her superior with another magic number whilst Jancis sways in a middle sort of division, yet she correctly describes it as famously controversial. So, it’s fair to say: the jury is out!

The early intelligence (thanks go to Bordeaux Index) and the biggest story from their last week’s ten years on tasting is that Cos was the big disappointment (Chateau Margaux was the star performer). Looking at the chart below there appears to be a huge amount more potential downside than upside, the ’09 being more expensive than anything in its peer group and what is the score?? Everyone seems to like the ’16, especially Mr. Martin, not best known and normally associated with magic numbers but attributing it to this vintage with gusto! Likewise, the ’10, not perfection but very highly rated. Both trading at close to £1,700 per 12- without the controversy.


Cos d'Estournel market price vs score”></div>
<div style=

The 2009 price has substantially underperformed the Wine Owners Bordeaux Index, perhaps because it has always split the camps:


Cos d'Estournel WO bordeaux index”></div>
<div style=

Tasting notes:

RP: One of the greatest young wines I have ever tasted, the monumental 2009 Cos d’Estournel has lived up to its pre-bottling potential. 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.

LP-B: Wow—the full-bodied palate bursts with powerful, hedonic black fruit preserves and spices, completely coating the mouth with decadent fruits that are perfectly framed by very firm yet very ripe, grainy tannins and bold freshness, finishing with a veritable firework display of floral, spice and red fruit notes. Just stunning.

NM: It is glossy, dare I say almost “slutty”. The palate is medium-bodied with grippy tannins on the entry. There is good weight and volume to this wine, the Merlot more expressive than elsewhere with a lovely rich, decadent, weighty finish that is a hedonistic treat, but chooses not to translate the terroir of this great property. I prefer the 2010!

JR (a selection gleaned from 3 different notes): A youthful wine still dominated by tannins. First-growth structure. Bone dry. Classic-issimo. Went downhill in the glass however. Exotic but overdone. Alcohol intrudes. Awkward tasting experience. The tannins stick out. This continues to be a difficult wine. Famously controversial wine, one of the latest picked. Hugely ripe on the nose with a streak of very astringent dryness on the end. Scrubbing brush effect. A very extreme wine that strikes me as pretty brutal at the moment. Doesn't follow through; just stops on the palate rather than delivering any lingering finish. But it may all come together eventually...?

Recommendation: Sell ’09 and switch into the far less controversial vintages ’00, ’05, ’10 or ’16.


Relative value chart with other highly rated vintages of Cos d’Estournel:

Cos d'Estournel Relative value score”></div></p>
<div class='text-right'><a href='/blog/Wine-Owners-research-note-cos-destournel-2009/pid/70647/' class='btn btn-primary btn-sm'>Read More<span class='icon-arrow-right'></span></a></div><hr><h2><a href=/blog/Wine-Owners-research-note-Lafite-from-good-vintages/pid/70646/>Research Note: 2010 Lafite</a></h2>
<p class='lead'> by <a href='#'>Wine Owners</a></p>
<p><span class='icon-calendar'></span> Posted on 2019-02-11</p>
<hr><p><p style=If you’re looking to buy some Lafite, the 2010 vintage looks like reasonable value, given we are talking the brand that is Lafite. It achieves the highest WO score of 98 (extraordinarily high given our rather ‘mean’ methodology) and it comes from the vintage that is establishing itself as the pinnacle of the modern era, perhaps to be challenged by ’16 but that hasn’t been confirmed as yet.


Lafite market price vs score”></div>
<div style=

If we brought the price down to the level we can actually offer at (£7,225 net per 12 as opposed to the chart price of £7,475), the Relative Value Score rises to above 6 – cheap for Lafite!


Lafite relative value score


Focus on: Sassicaia

by Wine Owners

Posted on 2019-02-11


Sassicaia 2006, 94 points £2,050 per 12

Sassicaia 2009, 96 points £1,590 per 12

Sassicaia 2010, 94 WO points £1,430 per 12

Sassicaia 2015, 97 points £1,750 per 12

Sassicaia 2016, 100 points (WA) £2,700 now, released yesterday at £1,270!

I am now editing this blog originally written on the 25th January as yesterday saw the release of Sassicaia ’16. Monica Larner of the Wine Advocate heaped the magical three digit score and a boat load of praise meaning it sold out in seconds (she does hold sway!). I would have enjoyed being a fly on the wall of Armit’s office yesterday as the phones must have been red (pun intended) hot! If, like she says it will, the ’16 turns out to be just as good and valuable as the ’85 vintage, 31 years from now, that would yield a most respectable 8% CAGR (compound average growth rate). One should take note, however, that the price of the ’85 more than doubled in the last three years so buyer’s beware! I repeat my recommendations from before.

Original post:

When we began researching Sassicaia for this post we began by thinking it would turn out be a good and solid egg. We were right. Other than the stratospheric and legendary 100 point ’85, now c.£30,000 per 12, up from £12,000 three long years ago, Sassicaia is a really steady holding. It’s a wine that gets drunk readily, is approachable at a younger age than most investment grade wines and doesn’t tend to get dumped in a downturn.

The 2015 is another exception to this generalisation, not least because last November it claimed the coveted Wine Spectator’s ‘Wine of the Year’ 2018, causing the price to do this:


Sassicaia WO index


It is interesting to note that the Wine Advocate’s upgrade from 91-93 to 97 points in February 2018 had no lasting impact on price – do they not influence this corner of the market, we wonder?



Sassicaia Wine Advocate index


In an efficient market, there’s a great short to mid-term switch play here, selling '15 and buying the cheaper and older ’09 or ’10 vintage where supply is shrinking faster. This is the wine market though, and trades like these not always play out. Judging from the price of the ’06, there is sufficient upside to these two vintages to suggest a purchase, especially if conservative is your thing!

The younger 2013 also looks cheap (but much more plentiful):


Sassicaia Relative value score


Buy: 2009, 2010, 2013

Trading sell: 2015


Focus on: Pichon Lalande 2010

by Wine Owners

Posted on 2019-02-05


Pichon Lalande 2010

WO Score: 94

Price: £1,300 per 12

Probably our most popular and current investment theme, derived from the outperformance generated by Burgundy in the last few years, is scarcity. This recommendation has not been generated as a result of scarcity, it comes from the old-fashioned premise that good old-fashioned merchants used to be famed for – this is bloody good stuff, it’s under-priced and it’s going up - trust us!


Pichon-Lalande 2010 Market price versus score

Looking at the chart below the relative value doesn’t appear out of kilter relative to its peer group but that is using a WO generated averaged score (of current ratings) of 94 points. Based on various tastings since the Wine Advocate et al rated this wine, members of the team here have consistently and with conviction rated this wine above its peer group and above its current critic scores. To be fair Mr. Parker, back in February ’13, allowed himself some room for improvement with a 95+. The WO team would apply the plus sign very happily.


Pichon-Lalande Relative value score

For the sake of argument if we were to award the Pichon Lalande a score of 97 and run that number through the relative value equation, the score would be a far more enticing 30, almost as cheap as Leoville Barton – and Pichon Lalande is never as cheap as Leoville Barton!

On top of this, 2010 is becoming widely accepted as the greatest vintage of the modern era. The five first growths from 2010 currently average £7,500 per 12 and Pichon Lalande ‘82, possibly the greatest vintage the estate has produced until this one, is £7,800 per 12, so there seems plenty of room for upside!


Market price versus score


2017 - the year in wine that was

by Wine Owners

Posted on 2017-12-21


Broadening interest

2017 was a fascinating year for the wine market: a year of solid growth, consolidation and even a flash of speculation!

It was also a year of broader consumer interest reignited.

Knight Frank’s global Wealth Report includes analysis of the fine wine market provided by Wine Owners. Wine was by far the best-performing collectible asset of 2016, up 24%. As a result, lots of positive press in 2017 brought plenty of new interest into the market.

Health

After the sharp price increases of 2016, when the Bordeaux market leapt as it rebounded off its 2014 lows following a couple of years of ticking up, 2017 was always going to be a less dramatic year for the classified and blue chip Bordeaux market.

It was encouraging to see a successful 2016 en primeur campaign that saw generally modest increases over 2015 in Euros, even if increases were more substantial for UK buyers due to the weakened currency. Overall gains in 2017 were low single-digit for First Growths (after the 30% readjustment seen in the previous year). Other Classified growths and Right Banks rose an average of 7%.

Such moderation was less evident in the primary or secondary Burgundy market, the latter up 14.5%. What happens next is anyone’s guess, but the top of the market is holding onto 5-year gains of 100%, thanks in part to enduring Asian interest.

Hard luck stories

Burgundy was really hard hit by frosts in 2016. It’s a super vintage, but with many producer cellars that are 2/3rds empty. Only Vosne-Romanée and parts of Morey-St.-Denis and Gevrey-Chambertin escaped the April ‘gel’. Pretty much everywhere else was heavily hit. The night-time freeze hit the Grand Crus and vineyards high up, the morning sun burned the buds of other premier crus and villages plots.

That big reduction in volume does add something to the intensity of the reds most noticeably. They are balanced, intensely redcurrant or blackcurrant in character, saline and fresh, with a vein of blood orange pulsing through them. The whites are fine but don’t quite have the extraordinary rich, bright core of the 2014s, although in their favour the whites show more site specific character at this very early stage.

In 2017 Burgundy narrowly missed a second successive year of April misery, with an abundant vintage of good quality. Instead, Bordeaux was badly affected by freezing night-time temperatures in the last week of April, after a warm spring had encouraged early growth. Some areas on the Right Bank, Graves and parts of the Medoc away from the warming waters of the Gironde were devastated. Chateaux de Fieuzel in Pessac isn’t making any wine in 2017.

What that will do to en primeur pricing next year remains to be seen, but widespread rises are on the cards, probably even those properties who emerged unscathed.

Notable winning regions

Champagne extended its run with top back vintages (where relative scarcity starts to play) racing ahead, up 13% in 2017. The world’s appetite for Champagne remains insatiable.

It was gratifying to see Northern Italy in rude health, with interest for Barolo Crus broadening significantly and prices of the best producers very sharply up this year on the back of a string of good vintages culminating in the highly sought after 2013s.

Speculation

Talking of that flash of speculation, Margaux 2015 announced in November that Margaux would release their 2015 as a special edition in honour of Paul Pontallier, the managing director of the estate who died in March 2016.

We saw the first release from the chateau, offered in individual single wooden cases, at a significant premium to the release price.

Based on the Chateau’s announcement, we saw speculative trading in the wine between EP club members rise and rise, with bids climbing from under £6,000 to £12,000, representing more than a 130% increase compared to the release price to UK consumers of £4,650.

The limited edition black bottles with a variation on the classic Margaux label in gold invited comparison with the 2000 Mouton Rothschild, which attracts a significant market following based on collectability, despite not being in the top flight of Mouton vintages or even one of the best wines of the vintage.

Looking ahead to 2018

If you're interested to learn more about the health of the fine wine market and are interested in our predictions for 2018, you can now download our Fine Wine Predictions 2018 report, a must-read for collectors, wine lovers looking for value, and investors searching for opportunities.


DOWNLOAD PREDICTIONS 2018 REPORT


* * *

We wish you all a very enjoyable festive season, and much vinous pleasure as you open great wine bottles to celebrate and see in 2018.

Best wishes for health and happiness from the Wine Owners team!




Transparency and its effect on market pricing

by Wine Owners

Posted on 2016-12-14


Two pieces of news caught my attention in December.

The first was Martin Brown, CEO of Wine-Searcher, speaking at a conference in California, noting that increased pricing transparency had not caused market prices of wine to fall.

He wasn’t referring to just fine wine or collectible wine, but rather the effect of his price comparison site on retail prices and the wine market as a whole. I’m paraphrasing, and you can read the whole of the discussion on their blog.

The second was the news that Stanley Gibbons, the stamp specialist and now owner of a group encompassing antiques specialist Malletts and auctioneer Drewetts, has seen it share price tank over the last year (see chart).

Let’s begin with Stanley Gibbons and the stamp market.

STANLEY GIBBONS GROUP PLC ORD 1P


The share price tanked in part because of how it reported revenues from the sale of ‘plans’ in investment grade stamps.

Like fine wine, stamps are a collectible. Unlike fine wine, there is a great deal less price transparency in the stamp market.

As a consequence, Stanley Gibbons used to offer collectible stamp buyers a buy back scheme, whereby the company itself guaranteed the purchaser 75% of their original investment back if the value of the stamps purchased through their Capital Protected Growth Plan fell over a 5-10 year period.

Since the repurchase scheme booked stamps onto their balance sheet at a discounted rate to their own retail catalogue rather than at cost, its auditor has estimated the potential balance sheet liability (and asset write-downs) to be £64M.

Collectible markets are relatively illiquid, in large part because the things that people collect are rarely fungible*.

But just because a market isn’t fungible or liquid doesn’t mean it can’t benefit from price and market transparency. Not to mention direct market access.

The nature of a trading collectible market, as the Stanley Gibbons example highlights, is that very rare examples are quite hard to estimate, whilst more liquid collectibles will tend to sell within or just below the lowest cluster of available market offers for sale.

Onto Martin Brown’s speech on price transparency

Wine-Searcher has done a great job of price comparison and substantially improving price transparency, so that no matter where in the world you are, it’s easy to get a price for and find the wine you want.

The key point is that price transparency has not driven down retail wine pricing, contrary to economic theory, but it has substantially reduced price outliers, both high and low.

Actionable data

Wine Owners works with Wine-Searcher, receiving tens of millions of price point as the building blocks of our Market Level price – the price at which it’s likely a wine will find ready buyers (or the approximate point of market liquidity). That data is combined with traded wine prices and for the rarest wines in the world we’ll be cross-referencing with auction data from the biggest Houses.

Blue chip fine wine behaves like collectible markets, not like CPG markets. Production and therefore supply is limited. Where there is no demand prices fall or stagnate, but where there is a ready market of buyers, prices rise. Just as you’d expect.

In fact, price discovery is the underpinning of all successful and proper-functioning trading markets.

Reliable, actionable pricing data supports buy and sell decisions. It informs counter parties. It breeds confidence, and confidence boosts sentiment.

Direct market access

Combine market transparency based on realistic selling prices with direct market access that allows all market participants to buy and sell on a peer-to-peer basis, and the effect is entirely beneficial. Consumers get the opportunity to sell through their wines across the entire spectrum from interesting drinking bottles to desirable blue chips. Buyers can buy the wines they love to drink or to accumulate as a store of value from fellow wine lovers and collectors with little added market friction due to modest commissions. Counter parties’ confidence to trade is assisted by price transparency and all the settlement and logistics support we offer through the platform.

- - - - - - - - -


* The word fungible is used in relation to a category of asset that is indivisible from each other. Pure gold and shocks and shares are indivisible. One of each is the exactly the same as the next. Collectibles are not fungible. In wine the things that make a difference are storage, fill levels, the condition of labels, capsules, and where the wine has been (wine that’s made the journey from Bordeaux to London to Hong Kong and back again doesn’t give buyers the same quality of juice as Bordeaux to Octavian for example).



What does Brexit mean for the wine lover and collector?

by Wine Owners

Posted on 2016-10-24


Market context and performance since June 24th

Serving as a general fine wine market tracker, the WO 150 gained 6% in the year to June (6.5% in the previous 12 months) but is now up 19.8% YTD.


Focusing on the all-important Bordeaux market, the world’s single largest region of fine wine production, the WO First Growth Index was up 8.7% year to date on 24th June, but is now up 23%.

As regards Bordeaux Firsts, this performance is on the back of 4 years of decline, following the bursting of a Chinese-inspired bubble in late 2011. The market in these blue chip Bordeaux bottomed in Q3 of 2015, and has soared since. Chateau Latour, released at £11,400 per case of 12 bottles, is now back within £100 per bottle of that release price.

The rest of the Bordeaux market had tested its lows the previous year, and so its performance year to June 2016 was a slightly higher 10.25%, reflecting the additional momentum gathered over the previous 18 months. Looking at all classified growths, the market is now up 22.5% YTD.


Whereas Bordeaux is a market driven by liquidity and large production volumes, scarcity-driven markets such as Burgundy, Piedmont and cult Californians, have enjoyed a long-term run stretching back 20+ years, and these wine markets have not suffered the roller coaster ride of Bordeaux.

The WO Northern Italy index is up 171% over the last 10 years, the WO Blue Chip Burgundy Index is up 311% over the same period, and the WO California index is up a whopping 427%.




What’s going to be the effect on new releases?

New releases are already more expensive to buy due to the pound buying less euros or dollars.

Brexit will cause new releases of two sought after vintages (Burgundy 2015 and Bordeaux 2016) to rise by 30%+, caused by producer increases of, say, around 10% compounded by the 20% effect of devaluation.

First in line: the impending 2015 Burgundies are due for UK release as futures in January 2017. With a compromised 2016 vintage assuring small production volumes, 2015s from some addresses will rocket to compensate for next years’ lower production.

Bordeaux will follow in April 2017.

Given the UK’s preeminent role in global fine wine trading, Brexit has turbo-charged market performance, and given the relatively recent recovery of Bordeaux markets a boost after a prolonged period of decline.

As the pound falls, assuming a rising fine wine market (key as it means there's strong global demand), the price of secondary market wines will rise since they are cheaper to buy for buyers holding currencies such as HKD or dollars.

This increases the value of collectors' current stock since the market is global. London is still one of the most important global trading hubs for fine wine, if not the most important.

Could price rises kill demand?

Because top burgundy from the best producers can double after first release it is unlikely to dampen initial demand – by much. And if it does there’s always the USA, Japan and other markets that’ll mop up the relatively small volumes.

Secondary market prices of older vintages may rise, pulled up by the higher new release prices. But as they rise, the number of potential secondary market buyers may decrease, causing these scarcity driven markets to become less liquid. As a result, it may take longer to sell your wines at these higher prices. The moral of the story is that scarcity driven markets are not for the impatient seller who needs cash tomorrow. These are better seen as long-term holds.

Bordeaux prices of the new vintage (2016) will also rise when they are released next year. Whether the UK Market chooses to buy or sits this one out remains to be seen.

However, the USA is more or less certain to be buying these futures aided by vintage character of ripe, powerful wines from a hot summer that will suit their palates.

As a consequence, enduring weakness of the pound will place further upward pressure on back vintages.

We predict that recent back vintages will increase sooner than is normally the case (1-2 years instead of the more common 5-7 years), as top Bordeaux producers are becoming principal stockholders in an attempt to capture more of the downstream value of their wines and increase the value of their balance sheet assets.

 


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