One lump or two?

by Wine Owners

Posted on 2019-04-17


A secret of the greatest wines of the world is their balance of glucose and juicy fruit, offset with a certain amount of balancing natural acidity. Perception of sweetness is affected by additional factors beyond fruit acidity, such as oak barrels and amino acids.

The French have a word for a sweet-fruited, succulent mid-palate – sucrosité.

Even the most classic palates enjoy wines that show a crunchy sucrosité. Cross the line in a hot vintage though, and that perfect pitch sweetness turns sugary.

So what are the challenges behind trying to preserve the all-important mid palate character and aromatic profile in a vintage that’s the hottest in more than 50 years?

Feel vs numbers

Extreme climatic conditions challenged the current winemaking playbook by numbers. We suspect looking at the numbers alone to decide perfect phenolic maturity this year will not have worked as well as trusting in human judgement based on daily tasting of berries from across the myriad plots that make up a typical Château’s vineyard holdings.

Tea bags

In 2016 Figeac’s stunning success was in part down to an ultra-gentle infusion to minimise extraction. It was a year, like 2018, where polyphenals (tannins and colorants referred to as 'IPT' for short) were huge and needed gentle handling. Combine high IPT numbers with high alcohols and the potential to create an out-of-balance wine increases.

Stuck fermentation

High sugar levels in super-ripe fruit can be a worry in a vintage like 2018. Fermentations are prone to stall where high sugar levels feed rapidly rising alcohol levels. In many instances stuck fermentations can be kick-started by tipping in musts from other vats where the fermentation has already successfully completed. But there’s no getting away from the atypical character of the resulting wine. Of course extra sweetness can be offset with acidification in the cellar - permitted in Bordeaux as elsewhere.

To the manor born

It’s a year where terroir appears to have played a significant part in cutting the grade. However unfair this may seem, the best soils and expositions tended to deliver the best wines. A bit like a heat sink regulates and dissipates excessive temperatures, somehow so do the greatest vineyards.

As reported by Jane Anson in Decanter, Eric Kohler put it like this: 'even after 25 years of working at Lafite I continue to be full of admiration for this terroir. Other plots that we own reacted to the heat at times, but Lafite just kept sailing on as usual'.

One lump please

Away from top terroir, there were a lot of sugary mid-palates in 2018. You either enjoy the extra sweetness or you don’t. We’ll be avoiding the wines with more than one lump.


Vine and winemaking, Bordeaux 2018



Focus on: Italia!

by Wine Owners

Posted on 2019-04-16


Italia! From the the country that has given us espresso and cappuccino, ciabatta and focaccia, minestrone and spaghetti, Maldini and Rossi, Pavarotti and Verdi, Canaletto and Leonardo da Vinci, Ferraris and Maseratis, Bunga Bunga, the Mafia and the Pope, we now have… un'opportunità di investimento – nel mondo del vino!!

Market price versus score

The Italians are not only the largest wine producing country in the world, they have been making wine for over four thousand years and cultivate over two thousand grape varieties on a multitude of different soils in twenty different regions! They are not bad at food either. Their climate seems to suit most of the finer things in life.

Italian wine being recommended is nothing new, but having it recommended as a collectable asset bearing an investment case is another matter. Ten years or so ago, a few canny collectors realised some of the ‘Super Tuscans’ (red wines typically made of a Bordeaux blend in Tuscany) such as Masseto, Ornellaia, Sassicaia (see recent blog post) and Solaia were ripe for decent returns. Traditionalists were a bit put out by these glossy new pretenders turning up on the Italian wine scene with their fancy French grape varieties and lots of marketing but it is fair to say they have helped the overall attention given to Italy and, as a result, the ‘Bs’ are blossoming – namely, Barolo, Barbaresco and, to a lesser extent, Brunello.

Wines from the best producers of Italy’s most venerable regions have been collected by the cognoscenti for years but now their appeal is becoming more widespread. The problems of Bordeaux, following an explosive China-driven period, have been well documented in the last decade and although we are quietly confident on a comeback from the sleeping giant, the smaller top-quality regions have been profiting. The indices for cult Californian (+98%) and beautiful Burgundy (+135%) have both gone berserk in the last five years, whilst Piedmont has gained a more modest 78%, with Tuscany posting +50%.

WO Piedmont 60 Indice

The reason for Burgundy and California’s performance is that old tried and tested wine world fundamental of demand outstripping supply - who knew!?? Both these regions produce tiny quantities in comparison to the number of people looking to access these markets and gain exposure. The complex nature of these regions with tiny vineyards, often co-owned by different families and winemakers, has added to the gloss and mystery, spurring on newcomers to learn more and invest time and money accordingly. More of the written word is more easily accessible to interested folk, and with platforms such as Wine Owners to trade on, the visibility of the product and the liquidity of the commodity has increased.

Grand Nebbiolo from Piedmont is yet to hit the big time, apart from a few, but there are more than rumblings in other names; dedicated collectors and the inquisitive are homing in. It is a Burgundian-like network of vineyards, producers, families and reputations and you need to know what you are doing. Famous names like Conterno, for example, have six listings in my favourite reference book: Aldo, Diego, Fantino, Franco, Giacomo (the big one) and Paolo.

Barolo MGA

Some of the bigger names like Giacomo Conterno famed for his Montfortino vineyard, Giuseppe Rinaldi, famed for Brunate and Tre Tine, Bartolo Mascarello and Gaja are already highly sought after superstars with prices to match but there are a host of others with reputations and demand beginning to swell; Brovia, Cappellano, Fratelli Alessandria, Sandrone, Voerzio and Vietti to name a few.

The ‘Super Tuscans’ of Bolgheri are much simpler to understand, like Bordeaux versus Burgundy, and are produced in larger numbers. The names mentioned earlier are virtually household names (in wine terms!) and are less exciting right now overall. Brunello di Montalcino, made from Sangiovese, is also comparatively easy to piece together in relation to Piedmont. Biondi Santi, Poggio di Sotto, Salvioni and Soldera are the big names with the fancy price tags. The secondary market for Brunello has not yet developed so, for now at least, it is a case of keeping a watchful eye.

There have been some excellent vintages in the last decade or so, attracting fantastic media coverage and battle-weary Bordeaux buyers. Another reason for favouring Italian wines in the current climate is that the U.S. and Germany are the biggest export markets, so unlikely to be affected by any potential fallout from Brexit. Most of all, however, these wines are barely scratching the Asian surface as yet and we all know what happens when that changes!

Italian flag


2018 Bordeaux and whole bunch fermentation

by Wine Owners

Posted on 2019-04-08


Much has been said of the hot, drought conditions of 2018 from July onwards and the consequent high alcohols, higher than normal pHs and high polyphenols (colorants and tannins) that resulted in dense, rich, darkly coloured wines.

A warming planet we are told is likely to get warmer and wetter – in which case the sort of challenges posed by the weather in 2018 are likely to become a more common occurrence. Might whole bunch fermentation be a rational response to these increasingly extreme conditions?

Whole bunch fermentation is a bit of a nouveauté in Bordeaux, practised by producers with a leaning towards Burgundy style and weight.

There are a number of arguments in favour of whole bunch:

  • Stems act as a sponge in fermentation and leach colour out of the wine by absorbing some of the colorants. In a really hot Bordeaux vintage such as 2018 this helps make the wine’s robe less black and more attractive.

  • Stems in a very hot vintage are more likely to be fully lignified and a higher percentage can be used without imparting unripe flavours into the wine.

  • Stems give a perception of greater freshness, apparently because of additional molecules that have ‘attractively astringent properties’. In reality they don’t actually lower the pH; they tend to do the opposite since the pH of stems is higher than in grapes.

  • Stems marginally lower alcohol levels in the finished wine.

Two estates in Bordeaux stand out for their practise of vendanges entières:

Chateau Rouget in Pomerol is owned by Domaines Labruyère who famously own Jacques Prieur in Burgundy. The wine was exceptional, very rich yet beautifully balanced, a gorgeously controlled mid-palate and with alcohols of 14 degrees (low for 2018 given a 85% merlot dominant blend) and with a pH score of 3.62. That’s low for the vintage, where other Chateaux were boasting about how low their pHs were at 3.65-3.69. Small differences in pH can make a very significant perceived difference.

Bordeaux 2018 - Chateau Rouget - Wine Owners

Chateau Carmes Haut Brion appears to also be a fan of Burgundian weight and style, and have used whole bunch for the last few vintages very successfully, having produced a shockingly good 2017. In a much hotter year than any of the preceding 4 vintages how would it fare? Very well, with a perfumed nose, croquant fruit, stacked for sure, yet with real presence and poise fin de bouche.

In our view both these Chateaux produced wonderful wines in 2018, and insomuch make an argument for how whole bunch can work well in a hot vintage where balance and constraint are the watchwords, and where finesse and focus are much harder to achieve than in a more normal, temperate year.


Bordeaux 2018 vintage – the character of the vintage

by Wine Owners

Posted on 2019-04-08


Given the climatic conditions of the Bordeaux 2018 vintage described in an earlier post here – what impact did this have on the wines produced?

Chateau Beychevelle - Wine Owners
The new chai in Beychevelle which was used for the first time in 2016 and which helped to manage the 2018 vintage.
©Fabian Cobb / Wine Owners

The generic statistics fail to reveal the arduous nature of the vintage for the vine growers and whilst the widespread difficulties left their imprint on the wines the essentially dry and hot summer which lasted through to the autumn brought a phenolic ripeness to the fruit and permitted the chateaux to harvest in conditions almost unseen for decades.

The three main issues in the Bordeaux 2018 vintage:

  • Devastating phenomena such as hail which continued late into the year

  • Mildew – a threat which persisted until early summer

  • Drought-like conditions in the summer and autumn

Hail, as large as tennis balls, arrived in Bordeaux in May. The devastation it wrought on some vineyards was total and some estates will produce no wine from this vintage. Others were luckier although it reduced their crop. Some vines, incredibly, although struck by hail, managed to repair themselves. For one estate this was only the third time in 30 years hail had struck the vineyards – not an easy phenomenon to manage.

Given the persistent rain the mildew was extensive in Bordeaux in 2018. The warm almost tropical weather in June followed by further outbreaks in July brought huge casualties across Bordeaux. This was a year of firsts. Managers had rarely if ever seen such extensive ground rot and one estate in Margaux lost two-thirds of their crop overnight. This reduced the remaining crop to one bunch per vine. A common way for estates to deal with the threat of mildew is to de-leaf the vine permitting air to circulate and dry out the plant. However, the canopy might be needed later (as it turned out) and if this effeuillage was too drastic the consequences would be felt later on. Maintaining a canopy might also help to maintain the freshness and fruit. As it turned out, the second half of the year needed to use the resources (water) of the first part. Without this water it would have been a very different vintage.

Once the anti-cyclone established itself over the region the grapes matured with a richness unseen before. This in itself meant additional care at harvest time. One estate manager commented that the change in conditions from the end of July to when people returned from their holidays in August was ‘spectacular’. Something he ‘had never witnessed in the 25 years or working on the estate’. Not only that but the meteorological forecast was ‘extraordinary’ – and was fulfilled.

Given the replenishment of the water table the remaining harvestable crop was of outstanding quality. Merlot berries were normal size because their growth cycle coincided more with the presence of water in the soil but the Cabernet Sauvignon were small and concentrated – but not ‘cooked’ nor ‘confit’.

Some estates might produce normal or near-normal yields but 20-30% less was common, 50% not uncommon, with some reduced to 10hl/ha - a volume not seen since the 60s.

Judging maturity is probably the most important factor to produce a good wine. Undoubtedly, given the richness of the grapes this was going to be another area of distinction for the various estates – when to harvest? Ironically, some estates decided to harvest early to preserve acidity (one source of freshness). But it’s not clear this was a functional objective. As one technical manager told us, ‘some estates near them were harvesting 10 days earlier than them, when normally they would be harvesting a week later. Clearly, a disparity in vision. When the harvest did come in, there were still summer conditions and, if they could, estates cooled the fruit down before it was processed. Realising the grapes were rich, extraction would need to be managed ‘almost by itself’. Reducing the temperature of fermentation was a more common technique along with less pigeage or remontage, for example, and other techniques often employed to extract more. This helped to preserve the fruit and freshness. Tannins dissolve more in higher alcohol solutions - extracting the polyphenols wasn’t going to be a problem in 2018. Some estates had the highest IPT (Indice de Polyphénols Totaux) of any year on record.

The successful red wines from the Bordeaux 2018 vintage (and there are a lot less of those than expected) are dense, deep coloured almost opaque in cases. The benchmark 2018 nose is red fruit driven with some chocolate and coffee aromas. The pallet is full and round, and the tannins have the potential to be silky. Surprisingly, the wines have maintained a degree of freshness. The wines are structured with unusual body. It is a good year for the dry whites which have preserved good acidity and are perfectly ripe. The sweet whites are concentrated and rich but lack the complexity of really good years due to the late arrival of botrytis – it was simply too dry.

Chateau Figeac - Wine Owners
A model of the new chais currently underway at Chateau Figeac
©Fabian Cobb / Wine Owners


Bordeaux 2018 vintage – ‘les cinqs’ (5 essential conditions for a good vintage)

by Wine Owners

Posted on 2019-04-08


To compare with the 2016 vintage in Bordeaux visit our post 2016 vintage conditions


Chateau Pichon Longueville Baron – 2eme cru classe
Chateau Pichon Longueville Baron – 2eme cru classe ©Fabian Cobb / Wine Owners


Looking over the weather stats for the Bordeaux 2018 vintage one is struck by several positive features and, unfortunately, a couple which are likely to cause some difficulties for winemakers. There are certain key weather conditions which the vine needs to perform well. Bearing in mind, always, that generic weather data does not focus on an individual terroir and the way it might cope with the weather nor does it reveal winemakers’ attitudes and decisions.

Bordeaux 2018 weather

Bearing in mind the chart above, there are 5 essential conditions for a good vintage:

  1. A calm, warm and relatively dry period in the Spring to permit healthy flowering and

  2. similar conditions for fruit set a little later;

  3. Gradual introduction of dry summer conditions to induce hydric stress no later than veraison (when the grapes change colour)

  4. Warm weather for even maturation with adequately dry (but not too dry) conditions in August and September, and

  5. Optimum harvest conditions in September and October without rain.

Looking at the chart above one can see that many of these conditions appear to have been met except that although cumulative precipitation was beneficial in the first few months, the wet conditions in June and July plus the warm weather encouraged the onset of aggressive mildiou which provided very difficult conditions for many and particularly estates managed on biodynamic principles. It was an unusually sunny and dry summer fulfilling the criteria for a good vintage although a hail storm in late May affected a few properties in the Medoc. The resulting long period of hot and dry conditions might be referred to as a ‘drought’ – it hardly rained at all for 4 months. The year which had started late for vine development reversed itself and it became an ‘early’ vintage – a rare enough occurrence in Bordeaux.


Fabian Cobb


Bordeaux 2018 – Wine Owners 'in a nutshell' review

by Wine Owners

Posted on 2019-04-05


Weather-wise the 2018 growing season was a game of two halves; the first half was excessively wet and was followed by a hot drought through to harvest.

As well as the drought, mildew pressure affected the left bank and Graves, in some cases wiping out 60-80% of the potential crop. The right bank fared better on this front as the clay soils had the upper hand on fighting the drought due to higher levels of water retention.

Merlot was always most likely to be affected by the vintage’s heat, with some properties seeing alcohols rise quickly through fermentation, topping out at 15-16 degrees. Because of this it is assumed that this is a left bank vintage. But merlot came in with the highest alcohols off warmer gravel beds of the left bank than it did on the predominantly cooler clay soils of the right bank.

2018 has produced a singular vintage and one of the most heterogeneous we have tasted en primeur. Estates that tamed the heat, sugar, pHs and tannins resulted in bold expressive wines with massive aging potential, the very best of which may well become legends. Concentration was the word most employed by scribes.

Maybe more than ever, it’s a year where terroir appears to have played a significant part in cutting the grade. However unfair this may seem, the best soils and expositions tended to deliver the best wines and the 1855 classification played out well. As such it’s a year in which Petrus, the First Growths and the best bit of the St. Emilion plateau (Canon, Cheval Blanc, Clos Fourtet) all excelled.


Wine Owners - Haut Bailly


As usual, there were plenty of superlatives being thrown around; Monsieur Tesseron of Pontet Canet claimed “this is clearly the best modern day vintage we have produced, better than ’16 which was better than ’10”. There is little doubt there will be some huge scores from the naturally ebullient.

There are also great disappointments and plenty to avoid. Margaux, Graves and St. Estephe were probably the most inconsistent appellations whilst the others all had their ups and downs.

It’s a hot vintage with big, bold and powerful wines: an absolute joy for some palates but maybe just too much for others. We look forward to the in-bottle tastings but in the meantime let us wait, with bated breath, for the prices!

Top picks by appellation followed by the ‘ones for the notebook’ wines:

St. Estephe: Cos d’Estournel, Montrose, Lafon Rochet

Pauillac: Grand Puy Lacoste, Lafite, Latour, Pedesclaux, Pichon Baron

St. Julien: Branaire Ducru, Gruaud Larose, Lagrange, Leoville Barton, Leoville Las Cases, Talbot

Margaux: Malescot St. Exupery, Margaux, Pavilion Rouge, Rauzan Segla

Graves: Carmes Haut Brion, Clarence de Haut Brion, Domaine de Chevalier, Haut Bailly

St. Emilion: Canon, Cheval Blanc, Clos Fourtet, Petit Cheval, Quinault L’Enclos, Villemaurine

Pomerol: Gazin, Rouget, Petrus, Vieux Chateau Certan

And ‘ones for the notebook’ (good value and/or under the radar): Chantegrive, Chateau de Pez, Croizet-Bages, La Dominique, Lagrange, Langoa Barton, Monbrison, Segla


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


7 records

Blog Search


Get a fully inclusive Robert Parker subscription

Robert Parker’s insights are an essential information resource if you have an interest in wine. We are thrilled to share that content with our Premium members, and offer the most complete experience for the collector and wine lover.

Normally $99/y, it is available free as part of the Wine Owners’ premium plans.

LEARN MORE

Subscribe to The Collector

Get market insight delivered directly to your mailbox by subscribing to our newsletter. Please complete the form below to request our free email newsletter.


Processing label...

Sorry, we could not process your request.

Try again Enter manually


Take Snapshot Cancel Cannot see an image?
If you cannot see an image coming up, please check your security settings of your browser. Blocking of the webcam can also be indicated by a red icon in your address bar.
Processing upload...
busy