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


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.


Bordeaux en primeur 2018 release prices

by Wine Owners

Posted on 2019-04-29


MONDAY 17th JUNE

Some huge scores for Vieux Chateau Certan 2018 this year, including an impressive 18.5 from Julia Harding of JancisRobinson.com. VCC is on a massive roll and there is no disputing the quality - the scores from recent vintages are level pegging with their very much more expensive neighbours, Petrus and Le Pin. Released at £219 per bottle, a 20% premium to our proto-price, the 2018 is 10% cheaper than 2016 but more expensive than the ‘09 (12%) and the same price as the ’10.

We prefer the 2011, mis-judged by Robert Parker in many people’s opinion, and similarly loaded as the ’18 with Cabernet Franc. Julia scores it 18 and Neal Martin 96-8 and at less than £100 a bottle is less than half the price of the ’18 – go figure! See full note here.

99-100 Points - James Suckling

98-100 Points - Wine Enthusiast

97-100 Points - Wine Advocate

98-100 Points - Wine Cellar Insider / Jeff Leve

94-97 Points - Antonio Galloni, Vinous

98-100 Points - Decanter

FRIDAY 14th JUNE

Figeac has been released this morning at £181 per bottle, 46% clear of our proto-price of £124.22. There seems to be no doubt among critics that Figeac has produced one of the best wines in their history. The 2017, which is still languishing at release price, just takes the lead in absolute relative value (see chart), but isn’t really in the same league as the 2018, a vintage which may prove a qualitative milestone for Figeac.

Chateau Figeac 2018 Bordeaux en primeur - Wine Owners

Worth noting too that the relative value score is high at 20, and compares extremely favourably to similar quality wines from other St Emilion properties. Pavie, for example released at £292 per bottle, which makes the better scoring Figeac look quite exciting.

97-99 Points - Wine Advocate

18 Points - Julia Harding

96-99 Points - Antonio Galloni, Vinous

98-99 Points - James Suckling

97-99 Points - Jeb Dunnuck

Conseillante has also been released this morning at £168 per bottle, so 60% up on our proto-price of £105. This is 35% above last year’s release price, but there’s a palpable increase in quality, and still looks well-priced in comparison to top-flight Pomerol peers.

La Conseillante 2018 Bordeaux en primeur - Wine Owners

96-98+ Points - Wine Advocate

95-98 Points - Antonio Galloni, Vinous

97-98 Points - James Suckling

97-100 Points - Jeb Dunnuck

97 Points - Decanter

Cheval Blanc is also off and running this morning at £549 per bottle, a relatively modest 12% above our proto-price of £490.33.

Given the potential for a top score, it’s arguable that there’s value here, but many buyers would be forgiven for wondering whether back vintages may be the answer, with the 100 point 2005 readily available at around £560 per bottle.

Chateau Cheval Blanc 2018 Bordeaux en primeur - Wine Owners

97-99 Points - Wine Advocate

18.5 Points - Julia Harding

97-100 Points - Antonio Galloni, Vinous

98-99 Points - James Suckling

97-100 Points - Jeb Dunnuck


THURSDAY 13th JUNE

Ausone is the first of the big Right Bank releases, coming out this morning at £556 in London, so almost spot on our proto-price of £545. 2017 is still the winner on relative value at the moment, but even though well priced for Ausone it’s unlikely to achieve a perfect score. 2018 might just do that, and if it can be expected to follow the path of the 09s,(£725) 2010’s (£932) and ultimately 2005 (£900) in terms of price, it makes sense to buy on release.

Chateau Ausone 2018 Bordeaux en primeur - Wine Owners

Evangile is the second out of the stalls this morning at £180 per bottle against our proto-price of £151.48. 19% north of our proto-price, but one of the few chateaux not to increase prices from their 2017 release.

On relative value, given the high score and relatively reasonable pricing, we think this looks like one to buy if offered.

Chateau L'Evangile 2018 Bordeaux en primeur - Wine Owners

Lafite is one of the most hotly anticipated releases of the vintage, with near-universal praise from critics. If this wine doesn’t get Bordeaux lovers hearts' racing, nothing will, says the Wine Advocate’s Lisa Perotti-Brown. The question is, does the price engender palpitations of excitement or terror?

£428.32 was the proto price, so the release at £500 from UK merchants is 17% up on that ideal - not too ungenerous in a vintage that’s often been 20-30% over.

Relative value analysis suggests that the 2018 works pretty well. The contender in comparable vintages in 2017, which pushes ahead on absolute value, but probably doesn’t have the potential to be a top scorer, which the 2018 does.

On balance, a buy, if you can get some.

Chateau Lafitte 2018 Bordeaux en primeur - Wine Owners

98-100 Points - Wine Advocate

19 Points - Julia Harding

99-100 Points - James Suckling

98-100 Points - Decanter


TUESDAY 11th JUNE

Margaux has been released this morning at £426, around 10% up from our proto-price of £386.41, so less ambitious than many so far.

Relative value analysis makes this look reasonably good, although in absolute terms behind the 2017. The gamble is this being re-scored in the upper limit of the ranges (i.e., 99-100), at which point it would clearly outstrip its rivals on value.

Chateau Margaux 2018 Bordeaux en primeur - Wine Owners

94-97 Points - Antonio Galloni, Vinous

97-99 Points - Wine Advocate

96-98+ Points - Jeb Dunnuck

18 Points - Julia Harding

100 points - James Suckling

Pavillon Rouge is released at £149 per bottle, bang on our proto-pricing - at last the Chateaux are listening! It works therefore and the Relative Value Score is attractive too.

Pavillon Rouge 2018 Bordeaux en primeur - Wine Owners

94-97 Points - Antonio Galloni, Vinous

97-100 Points - Lisa Perrotti-Brown, Wine Advocate

98-100 Points - Jeb Dunnuck

17 Points - Julia Harding

98 - 99 points - James Suckling


Haut Brion joins the advance this morning too, releasing at £426 from London merchants, and like Mouton comes in 12% above our proto-price of £380.15.

Solid scores here, though Antoni Galloni, as for the La Mission, is a dissenter with a (relatively) meagre 93-96.

If we consider this a 99 point average, it pushes ahead of the pack on relative value, but only marginally. Again, a fairly fully priced offering that seems sensibly, if not compellingly, priced.

Chateau Haut-Brion 2018 Bordeaux en primeur - Wine Owners

93-96 Points - Antonio Galloni, Vinous

97-99+ Points - Wine Advocate

97-99 Points - Jeb Dunnuck

18 Points - Julia Harding

98-99 points - James Suckling


WEDNESDAY 5th JUNE

Chateau Montrose just out at £130 per bottle, so about 25% above our proto price of £102.63.

It’s a good score, but Montrose has been consistently performing well recently, and the price seems too high here to make it truly compelling. The 96 point 2014 looks like incredible value if you can get a case under £90 per bottle which is easily achievable!

Chateau La Mission Haut Brion 2018 Bordeaux en primeur - Wine Owners - Market price versus score

This morning sees a release from one of the most consistently outstanding wineries in the world - Chateau La Mission Haut Brion is out at £1,475 per 6 bottles.

There is no doubt one of the most historic sites in Bordeaux is basking in a true renaissance period, producing wines of incredible concentration and richness in recent years.

98-100 Points - Lisa Perrotti-Brown, Wine Advocate

97-99 Points - Jeb Dunnuck

97-99 Points - Jeff Leve, Wine Cellar Insider

97 Points - Jane Anson, Decanter

Chateau La Mission Haut Brion 2018 Bordeaux en primeur - Wine Owners - Market price versus score
Chateau La Mission Haut Brion Bordeaux en primeur - Wine Owners

TUESDAY 4th JUNE

This afternoon’s first highlight is Haut Bailly, which was universally loved by member of the WO team when tasted over the last few months.

In a rare occurrence for this year, this has been released below our predicted proto price, at £87 per bottle v a proto price of £88.95.

The very high score puts this in a league with the 2009 and 2010, both of which it far outstrips on relative value, and makes it one of the most sure buys of the vintage so far.

Haut Bailly 2018 Bordeaux en primeur - Wine Owners


Also released this morning is Pichon Baron 2018, at £117 per bottle, so a good 20% north of our proto-price at £98. Clearly a special wine, and receiving much critical acclaim, and the relative value score is good, though not 2015 and 2014 are ahead and 2017 not far away. On the other hand, the consensus seems to be that this is about the highest scoring Baron since the legendary 1990, which will clinch the deal for many buyers.

Pichon Baron 2018 Bordeaux en primeur - Wine Owners


Cos d’Estournel out this morning at £148 per bottle. Although at a premium of c.22% to the 2016 release it is offered at a significant discount to the ’09 and ’10 vintages – unlike many others!

Cos 2016 is now trading in the secondary market at £150 per bottle, meaning that however great the 2018 is, it shows no discount to the current market of one of the greatest ever wines from Cos d’Estournel. This will be a hot issue however, the relatively understated Galloni stating:

A regal, soaring Saint-Estèphe, the 2018 Cos d'Estournel is also clearly one of the wines of the vintage. On the palate, the 2018 is dark and sumptuous, with striking aromatic presence and silky tannins that wrap around a rich core of exotic fruit. Black cherry, savory herbs, leather, spice and menthol build in the glass in a wine that is both aromatically intense and richly textured. The 2018 has been nothing short of breathtaking on the two occasions I have tasted it so far. Don't miss it.


97-100 Points, Antonio Galloni, Vinous

Cos dEstournel 2018 Bordeaux en primeur - Wine Owners - RVS
Cos dEstournel 2018 Bordeaux en primeur - Wine Owners

MONDAY 3rd JUNE

Ducru Beaucaillou 2018 is out at £144 per bottle versus a proto-price of £114. Another set of top-notch reviews from the critics and a very good relative value score to boot (see attached).

"This is so layered and beautiful with incredible tannin quality. Full-bodied with a caressing texture that reminds me of the finest cashmere. So layered. You want to swallow this. Brings a smile to the face. Wow. So well crafted." 98-99 Points, James Suckling

Pichon Lalande 2018 Bordeaux en primeur - Wine Owners


Pichon Lalande 2018 is released at £138 per bottle, our proto-price is £97.27, so a chunky premium but this is a Chateau on the up, with scores to match (see chart). James Suckling says “A deep and intense young red with blackberries and blueberries, as well as green olives and hints of fresh tobacco. But really black fruit. Full-bodied, tight and integrated with a refreshing and harmonious finish. Just floating on the palate. Great tannin backbone to this. A classic. Another flying carpet." 98-99 Points

Ducru Beaucaillou 2018 Bordeaux en primeur - Wine Owners

Leoville Las Cases 2018 is released today at £179 per bottle. It is loved by the critics, a potential 100 pointer according to Perrotti-Brown, Suckling and Dunnuck, but a more conservative 95-8 from Galloni. It’s a fully charged, expansive wine with plenty of power (14.5%), expression and charm. It is, however, marginally more expensive than either ’09 and ’10 but a bit less than ’16….

Leoville Las cases 2018 Bordeaux en primeur - Wine Owners

WEDNESDAY 29th MAY

This morning also sees the releases from the von Neipperg stable, including Mondotte, and Canon la Gaffeliere, both well scored, but reasonably fully priced.

Canon la Gaffeliere comes out at £64 per bottle against a proto price of £54, so slightly closer, and much similar to recent vintages in terms of relative value.

Neverthless, the high score makes it relatively good value in comparison to other recent vintages and a definite improvement on the ‘16, with more consistent reviews. On balance, it’s a yes, if you can get a case...

Julia Harding: 16.5

James Suckling: 94 - 95

Wine Advocate: 94 - 96

Canon 2018 Bordeaux en primeur - Wine Owners

Mondotte is £171 v. a proto price of £154.13, so not far off the mark. We’re calling this 96 points on average, although no Wine Advocate review available for this wine. At this price, relative value analysis prefers the 2017…

Julia Harding: 16.5

James Suckling: 97 - 98

Mondotte 2018 Bordeaux en primeur - Wine Owners

Lynch Bages 2018 is this morning’s major release, one of the more hotly anticipated wines of the vintage. Pricing looks well above the proto-price threshold of £79.62, with a London merchant price at £92 per bottle.

Neverthless, the high score makes it relatively good value in comparison to other recent vintages and a definite improvement on the ‘16, with more consistent reviews. On balance, it’s a yes, if you can get a case...

Julia Harding: 17

Decanter: 97

James Suckling: 97 - 98

Jeb Dunnuck: 96 - 98

Wine Advocate: 96 - 98

Wine Spectator: 96 - 99

Lynch Bages 2018 Bordeaux en primeur - Wine Owners


TUESDAY 28th MAY

A little closer to our predicted proto-price of £83.81 for Clos Fourtet. the offer from London traders is out at £504 per 6, so pretty much spot on. The property has gone from strength to strength in the last 10 years without pricing itself out of the market.

Relative value indicates we’re doing better than back vintages as the score is considerably better (another 96 average), even though the release is more expensive.

Score: 95-97, Jeb Dunnuck

Score: 94-97, Antonio Galloni, Vinous

Score: 95-97, Wine Advocate

Score: 96-97, James Suckling

Score: 97, Decanter

 
Clos Fourtet 2018 en primeur - Wine Owners - Relative value score


Our proto-price calculation came in at £61.61 for Leoville Poyferre, so a price from London merchants at £408 is a little north of where we had hoped, but on the other hand the scores are high, averaging to a Wine Owners 96 points, better than anything in our comparable vintage list. In terms of relative value, it’s fine, lagging a little behind 2015, but probably nothing to write home about.

Score: 96-99, Jeb Dunnuck

Score: 94-97, Antonio Galloni, Vinous

Score: 94-96, Wine Advocate

Score: 97-98, James Suckling

Score: 97, Decanter

 
Leoville P 2018 en primeur - Wine Owners - Relative value score


Our proto-price calculation came in at £82.03, and the ex-Negociant price this morning is around EUR 86.80, so we’re well within the bounds of reasonable pricing. Coupled with some very high scores, and clear desire from the Chateau to reposition themselves as a top player we think, on balance, that it’s a buy.

Score: 94-96, Jeb Dunnuck

Score: 94-97, Antonio Galloni, Vinous

Score: 93-95+, Wine Advocate

Score: 97-98, James Suckling

Score: 97, Decanter

 
troplong 2018 en primeur - Wine Owners - Relative value score

FRIDAY 24th MAY

Pontet Canet ’18 is released today at £86.50 per bottle. It is a HUGE wine. With a proto price of £84.39 and with a 2/3 reduction in crop thanks to mildew, Pontet Canet could be accused of being generous – not something we’re accustomed to! The relative value score is also strong and the critics are mad about it. Monsieur Tesseron opened conversation when we were there with “clearly this is the best modern day vintage of Pontet Canet”. Buy some if you can.

Score: 96-98, Jeb Dunnuck

Score: 97-99, Antonio Galloni, Vinous

Score: 94-96+, Lisa Perrotti-Brown MW, Wine Advocate


Canon 2018 en primeur - Wine Owners - Relative value score


The 2018 vintage has probably produced Phelan Segur’s highest ever scores; LP-B 93-5, JS 95-6 and AG 91-4. There is no doubt this is a Chateau on the up, with a new owner and under the beautiful directorship of Veronique Dausse this is one to watch. The Relative Value Score is good, the price is a not too taxing £35.41.


Canon 2018 en primeur - Wine Owners - Relative value score


THURSDAY 23rd MAY

If you believe in the gospel according to Suckling, one must buy Domaine de Chevalier (rouge) at £65: "Wow. I can’t get over the pureness of fruit in this wine with so much currant, tar and wet-earth character. Flowers, too. So aromatic. Full body, yet pureness and brightness of fruit. Layered. Incredible depth and beauty. 65 per cent cabernet sauvignon, 30 per cent merlot and 5 per cent petit verdot. Greatest ever?" Score: 99-100

Scores from other critics are also very high and it was certainly one of the best wines this taster tasted in the primeur tastings. Is this a break out moment for this famous Domaine? Like the man from Del Monte, the price and the scores say YES!

Score: 94-96+, Lisa Perrotti-Brown MW, Wine Advocate

Score: 94-97, Antonio Galloni

Score: 96-98, Jeb Dunnuck

Domaine de Chevalier 2018 en primeur - Wine Owners - Relative value score


It’s the big blast – the Canon! One of the most fashionable Chateaux of Bordeaux have released at £87 a bottle, representing a 11.5% premium to our proto price of £78.04. It looks like relative value to recent vintages at current market levels and people will be fighting for allocation. Will it power up from here like the 2015 and ’16? Maybe not that much but it looks good nonetheless. BUY.

Huge points from the major critics:

97-99 Points, Lisa Perrotti-Brown, The Wine Advocate

94-97 Points, Antonio Galloni, Vinous

96-98+ Points, Jeb Dunnuck

98-99 Points, James Suckling

Canon 2018 en primeur - Wine Owners - Relative value score


Another jewel in the Chanel crown and today as equally as fashionable as Canon, Rauzan Segla is out at £75. There will be equally as much bun fight over allocations for this one as well. The proto price is £63.80, so a premium of 17%, but one which will easily be achieved. Good relative value and with a slightly higher average score than Canon, it is a BUY.


Rauzan Segla 2018 en primeur - Wine Owners - Relative value score


Gruaud Larose has been released at £55.83 today. Our proto price is £45.31, nearly 19% lower. The wine split the critics with exuberance from Perrotti-Brown (95-7) and Suckling (95-6) and reservation from Julia Harding (JR.com) (16) and 89-92 from Galloni “For my taste, Gruaud is on the edge of being too much”. All vintages since 2010 are available today at less than this release price and 2014-2017 inclusive all have higher relative value scores.

Gruaud Larose 2018 en primeur - Wine Owners - Relative value score
Gruaud Larose 2018 en primeur - Wine Owners - Market price versus score


WEDNESDAY 22nd MAY

Leoville Barton is released today at £66.16 per bottle. There is no question the wine is of a very high quality and the Chateau, quite rightly, has a devoted following based on its strong rapport qualité/prix. Our proto price is £58.51. Here is the relative value analysis.

Leoville Barton Bordeaux 2018 en primeur - Wine Owners - Market price versus score


Julia Harding (Jancisrobinson.com): 16.5

Lisa Perrotti-Brown (Wine Advocate): 94-96

Antonio Galloni (Vinous): 93-96


Also known for its excellent rapport qualité/prix, the popular Grand Puy Lacoste released today at £56 a bottle, a tiny premium to our proto price of £54.15. It is also a tiny premium to today’s market price of their ’09 vintage.

Grand Puy Lacoste Bordeaux 2018 en primeur - Wine Owners

Julia Harding (Jancisrobinson.com): 17.5

Lisa Perrotti-Brown (Wine Advocate): 92-94+

Antonio Galloni (Vinous): 93-96


It’s rapport qualité/prix day from Bordeaux! Chateau Talbot is always commercial and is priced to sell well at en primeur when the vast majority of their wine is released. At £43.16 it looks decent value, especially looking at the Relative Value Score.

Chateau Talbot Bordeaux 2018 en primeur - Wine Owners - Market price versus score



TUESDAY 21st MAY

At £35 per bottle Lagrange is a little over our proto price of £31.76 but follows a completely barren ’17 - most Chateaux would have been far more demanding price wise. We continue to recommend Lagrange as a good value wine for consumers.


Chateau Lagrange Bordeaux 2018 en primeur - Wine Owners - Market price versus score

Julia Harding (Jancisrobinson.com): 16.5

Lisa Perrotti-Brown (Wine Advocate): 93-95+

Antonio Galloni (Vinous): 92-95

Buy Lagrange 2018


FRIDAY 10th MAY

Duhart Milon has released at £54.66 per bottle, a very modest 11% premium to our proto-price of £48.46. The Wine Owners team were very impressed by it and many of the critics have asked the question of it being the best Duhart ever. Certainly the Rothschild family have been investing here and it’s bearing good fruit! A ‘modest’ 14% alcohol too! 17.5 (95) from Julia Harding and a lovely note. This is a Chateau on the up.

Lafite’s Technical Director, Eric Kohler commented, 'The Merlot performed very well—Duhart-Milon might just have better terroir for Merlot than Lafite'.

And the Relative Value Analysis screams BUY:

Chateau Duhart Milon Bordeaux 2018 en primeur - Wine Owners - Market price versus score


Clerc Milon was released at £61.65 per bottle, awarded 93-95 points by Lisa Perrotti-Brown (WA). 

The bio-dynamic, certified organic estate that is Chateau Palmer released their 2018 wine today at £241. Our proto-price was £221.67. Following a heavy dose of mildew and the long hot summer the yield was a miserly 11 hectolitres per hectare, translating into 6,000 cases and no Alter Ego was made at all. This could turn out to be a unicorn wine it’s so rare and deserves to be treated as a special case. It receives amazing and interesting reviews, 18.5 (97) from Julia Harding, 98-100 from Jane Anson, 97-100 from James Molesworth (notoriously tight!) but, by his standards, a paltry 94-5 from James Suckling – I was expecting something in four figures! Like most 2018s, it comes with the usual 2018 caveat that it is strong in alcohol – 14.3%.

Market Price versus Score here:

Chateau Palmer Bordeaux 2018 en primeur - Wine Owners - Market price versus score


Relative Value Analysis here:

Chateau Palmer Bordeaux 2018 en primeur - Wine Owners - Market price versus score

Other releases include:

Chateau Gloria at £29

Chateau Lafon-Rochet at £32

Chateau Saint Pierre at £42


THURSDAY 9th MAY

Today sees an attractive release price from Bernard Magrez’s Pape Clement (red) at £66.16 ex London merchant. Our ‘proto-price’ is £75.13, so very nearly a 12% discount to that.

There are a wide range of scores for Pape Clement with Julia Harding of Jancis.Robinson.com scoring it 16.5 (converting to 91 on the 100 point scale), whilst Lisa Perotti-Brown of the Wine Advocate awards a much more optimistic 96-98, James Suckiling 98-99 but a more modest 93-96 from Antonio Galloni.

Using a generous 97 points, it’s looks like very good value:

Calon Segur Bordeaux 2018 en primeur - Wine Owners

But at 91 points, it’s a different story:

Calon Segur Bordeaux 2018 en primeur - Wine Owners

Our very own Fabian Cobb really liked the wine and gave it 95 but he’s notoriously mean with his scores. Elegance was his take, so clearly a different experience to that of Julia Harding who wrote a bit “a bit monolithic”.

Pape Clément Blanc was released at £98.66 (London price) - 16.5 from Julia Harding.


TUESDAY 7th MAY

Today's releases included:

Calon Ségur released at £72 per bottle.

A record release price for Calon Ségur at £864 per 12 in the London market. Significantly above our proto-price of £63.57 but the wine was very well received by most critics. The WO house view was a bit too full and sweet to be a masterpiece but undeniably impressive. Its high scores relative to previous vintages leads to an attractive Relative Value Score.

Calon Segur Bordeaux 2018 en primeur - Wine Owners


Pavie Macquin released at £52.7 (£632 per 12), the same as last year. Our proto price is £47.36, so 11% below the release. The RVS below uses a Julia Harding's score of 16.5 (equivalent to 91), significantly lower than some of the other critics, one of which went as high as 97-99. The jury is out.

Pavie Macquin Bordeaux 2018 en primeur - Wine Owners


Beychevelle released at £60 per bottle and Cantemerle out at £20.50.

Carmes Haut Brion was released at £69 per bottle.


THURSDAY 2nd MAY

Lafleur 2018 released at £483 per bottle, 10% above our proto price but it will sell out with Julia Harding’s big score and is still only half the price of the secondary market average of 09, 10, 15 16. The closest thing to a dead cert a wealthy collector can buy this year.

Fair price from Clinet - £64 per bottle. They are pricing 12.5% below current market for 2016 (£73). Just £2 per bottle above our suggested proto price. Are they listening?!

Gazin out - £62 per bottle EST (with negociants as we speak). No price advantage over the chasing pack of back vintages.

They are very pleased with it this year they say, but it doesn’t make sense as an EP buy on this basis, and it didn’t wow us.

Chateau Gazin 2018 en primeur release - Wine Owners


TUESDAY 30th APRIL

Batailley 2018 released at £408 per 12 (London Merchant Price).

Relative Value Score, using a WO aggregated score of 93:

Chateau Batailley Bordeaux 2018 en primeur release - Wine Owners


MONDAY 29th APRIL

Branaire Ducru Bordeaux 2018 en primeur release - Wine Owners

Today saw the release of Branaire Ducru 2018 at £462 per 12 (London merchant price).

A higher release price than the last three vintages and 12.4% higher than last year. Our proto-price was £44.48 per bottle, so at £38.50 it looks interesting. Relative Value Analysis, however, indicates the 2016 being better value, a trend that we think is likely to continue.

Branaire Ducru 2018 en primeur release - Wine Owners


Price Data, Critic’s scores & Research Tools

by Wine Owners

Posted on 2019-03-21


The Wine Owners platform is rich in data and content.

Pricing

Our proprietary algorithms process millions of rows of incoming pricing data to calculate a Market Level - the price at which a wine is likely to find a ready buyer - based on market supply and spread models. The more liquid the wine the more accurate the price will be. Small production wines from older vintages can be virtually impossible to value and although we try our utmost to find a reference point, sometimes it just isn’t possible. This is hardly a new phenomenon for the wine market.

Scores

The Wine Owners average score is the Mean of all scores analysed for a wine that are published by wine writers and critics. For details of the main wine writers' scores that feed into the Wine Owners average mean score, please see the page on wine critics.

The WO average comes in on the conservative side (think Burghound not Parker), so anything above a 95 is a brilliant score.

Research and analysis

If you subscribe to the Collector package (for privates) or the Professional package (for trade) it is possible to research present and historic pricing, produce charts and carry out your own relative value analysis. You will be able to build your own vertical and horizontal analysis using Market Price versus Score and Relative Value Score and/or compare different wines from different vintages on the same chart, some examples here:

Wine Owners Market Price - Haut Brion

The above chart is self-explanatory, the below less so. The Relative Value Score equation is this:

(WO score - 79) * (WO score - 79) * 10 / price

By using this tool, you soon become used to identifying ‘cheap’ opportunities. Any First Growth that registers a double digit score looks good (but will always need further scrutinization), a highly rated super second from a good vintage scoring 20 looks interesting.

Wine Owners Relative Value Score

Graphs

Generate your own fully customised graphs. Compare wine against wine(s), against wine indices and financial indices too!

Latour 1982


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.



The January 2019 Market Report

by Wine Owners

Posted on 2019-02-07


The broad-based WO 150 Index was flat for the month, as were nearly all the indices. The only real note of interest was the Burgundy Index, dropping by 0.7%. As you can see from the graph below it has been the stellar performer amongst the great wine producing regions of the world. It’s far too early to start calling a general cooling off period but as I have been arguing here it feels right to top slice some of the better performing names and start looking for some laggards.

The numbers in the box below are performance numbers over a five-year period, so all very respectable but nothing comes close to Burgundy. The consistency and lack of volatility must surely be a thing of beauty to the investor and connoisseur alike?


WO 150 index


January is a busy month in the wine world when the latest Burgundy vintage is sold ‘en primeur’. 2017 was a decent vintage (See WO Blog) and has sold through pretty well given another year of testing prices.

The ‘Southwold group’ met in January to review the now in bottle Bordeaux 2015 vintage and there are two excellent reports on the three day session to be found on Vinolent.net and FarrVintners.com. In brief summary, ’15 is maybe not quite the excellent vintage that was first pronounced, certainly when judged by ‘English’ palates but still pretty damn good with some show stoppers therein. At the end of the Farr report there is an interesting table of recent vintages in order of perceived quality.

Here at Wine Owners we are betting more heavily on the ’16 vintage (not yet included in the Farr report) which we believe will move very close to the top of the leader board. Messrs Martin and Galloni of Vinous Media have recently reviewed the 16s in bottle and are waxing lyrical. Our very own meteorology and Bordeaux expert called the ’16 vintage some time back - pre the en primeur tastings even! All subsequent tastings and encounters of the vintage have confirmed our views and we are confident enough to shout BUY. What and when is a much more interesting question - so please get in touch to hear our thoughts.


Focus on: Haut Brion 1990-2006

by Wine Owners

Posted on 2019-01-24


Haut Brion has always been referred to the connoisseur’s choice amongst the upper echelon and indeed it averages the highest scores across multiple vintages within its peer group. Yet strangely, and more often than not, it trades at a discount to its peers.

Looking at this Relative Value Score the 2006 (£3,500 per 12) stands out but good investment rationale can be argued for the ’90, ’95, ’96, and ’01 also.

The case for the ’90 (£8,900) is that it is currently trading at its widest ever discount to its chart-topping sibling of ’89 (£25,000) and the scarcity force is strong!

1995 (£4,300) because it’s getting on a bit now, is not that challenging in price terms and is drinking very nicely, as personally witnessed at Thanksgiving.

Last week the ’96 (£4,200), in my view a better wine than the ‘95, gave an effortless history lesson in classicism and has a long and charming life ahead. It was allowed five hours in the decanter which was richly rewarded and is a stupendous wine albeit not so overtly fruit driven as Mouton ’96, but that wine is £1,000 more per case at a similar rating level.

The ’01 is £3,700, so very low for a first growth and has been drinking well for some time. Its relative value score above 8 makes it look interesting.

The giants of ’05, ’09 and ’10 are exactly that and deserve to trade in another price bracket altogether. This commentator’s view, however, is that’s where they will stay for the time being and price performance in the short to medium term will evade them, as it has done in recent times:

Buy: Haut Brion ’90, ’95, ’96, ’01 and ‘06

Sell: Haut Brion ’05, ’09 and ‘10

Haut Brion 2000 will be included in a separate post.


Focus on: Haut Brion 2006

by Wine Owners

Posted on 2019-01-23


WO Score: 96

Price: £3,500 per 12

Haut Brion 2006 is cheap, working relatively on a vertical basis by comparing it to other similarly rated vintages of Haut Brion and also on a horizontal basis, comparing it to its first growth peers. Its absolute relative score of very close to 10 is a leading indicator - anything in double figures for a first growth positively screams a buy. This falls marginally short of that magical figure but its consistent notes and firm scoring of 96 gives it a buy recommendation.


Wine market report Q4 and review of 2018

by Wine Owners

Posted on 2019-01-11


In a year, and particularly the last quarter, of great uncertainty the wine market has proved to be a place of great refuge - the WO 150 increased by 10.3%. The wine market performance during the fourth quarter of 2018 was flat, having been gently on the rise until December when indices, including the red-hot WO Burgundy Index, came off a little, in line with a noticeable drop off in turnover throughout the market. In the context of all asset classes, this is another demonstration of the low correlation with more conventional investments the wine market enjoys. Ongoing trade wars between China and the U.S. continued to damage confidence across the board, hitting stock markets, both developed and emerging and depreciating the Yuan – a significant factor as we estimate 40% of fine wine by value lands there. As global markets faltered the wine traders of London, the epicentre of the fine wine trading world, were and still are, gripped in the throes of Mrs. May’s desperate attempts to pass her Brexit bill.

The main story of 2018, like 2017, was Burgundy, the index posting a gain of 33%. A combination of Asian-led demand and real scarcity is a powerful dynamic. The biggest names amongst the producers and the grandest crus still dominate; the usual suspects of DRC and Rousseau are still out in front and may always stay that way but Coche-Dury, Dujac, Leroy, Mugnier, Roumier, and Rouget, are some of the names that are hot on their heels and we suspect there are plenty more sitting in behind. Prices of some wines have skyrocketed and are, some may argue, fast becoming the preserve of the insane (or very brave) as they rush headlong into unknown territory! A lot of serious collectors we know have been taking profit in these sorts of examples and are looking for value elsewhere.

The WO Champagne index rose by 8.8% on a feeling of increased interest from investors. Italy and the Rhone both performed respectably. More for reference, as it is so difficulty to source efficiently in the U.K., but the California index was more than respectable with +17.2%




Wine Owners Indices

Dec-17 Dec-18 +%
Wine Owners 150 282 311 10.3%
WO Bordeaux 315 339 7.6%
WO Burgundy 528 701 32.8%
WO Champagne 429 468 9.1%
WO Italy 307 336 9.4%
WO Northern Rhone 300 320 6.7%
WO Southern Rhone 400 452 13.0%
WO California 580 680 17.2%



Bordeaux 2017 - Wine Owners' Proto-prices

by Wine Owners

Posted on 2018-04-19


Wine Owners created proto-prices (first published in this JancisRobinson.com article) to help consumers identify value among en primeur offers. The prices support consumers when buying en primeur, by providing a consistent baseline from which to make purchasing decisions. Confidence in en primeur has been damaged in recent years, by over-inflated release prices and by fraudsters posing as brokers (always check the data, and always check the broker!), so we saw a clear need for a remedy. Each proto-price is the price at which Wine Owners believes a wine should be released in order to make its en primeur offer attractive and worthwhile for the consumer. 


Wine Owners Bordeaux 2017 en primeur;
©Jonathan Reeve / Wine Owners


Symbiotic EP

En Primeur must be symbiotic to continue thriving; it must benefit both chateau and consumer. Chateau benefits from smoother cash-flow and up-front guaranteed sales. Consumer benefits from a better price – significantly lower than buying two years later at general release. The symbiosis has lost balance slightly in recent years, with release prices rising apparently out of control. We created our proto-prices to help restore some of that balance, by creating informed consumers and collectors. We can't (and shouldn't try to) control the chateaux; they must release their new wine at the price they think best reflects the market, and their position within the market. What we can do, though, is give consumers the data they need to make informed purchasing decisions.


Not If But Which

Proto-prices address each wine individually. The decision is not if to buy wines en primeur, but which ones. If wine X doesn't look like good value, move to wine Y (no, that isn't an encoded hint to buy premier grand cru Sauternes!). And if none of your favourite wines look like good value this year, see below...


Back Vintages to the Future

Proto-prices support en primeur purchasing, and will hopefully help the tradition continue (on a stable path which benefits everyone involved). But if the new vintage of your preferred wine doesn't offer good value this year, adjust your gaze slightly. Caught up in the excitement of buying the new vintage en primeur, many of us forget to check availability and price of back-vintages. The Wine Owners Exchange is brimming with back-vintages you can buy instead. And hopefully, next year, you'll find the 2018 vintage at a more attractive en primeur price (the likelihood of which will significantly increase if enough consumers follow the buying advice in this article).

Proto-prices are based on a combination of solid wine market data and fine-grained knowledge. Last week in Bordeaux, one half of our team tasted tirelessly (well, almost tirelessly) through hundreds of 2017 Bordeaux wines, while at London HQ the other half was busy crunching market data. The combined result of these two efforts is the below table of 2017 proto-prices, featuring the seventy(ish) Bordeaux wines most commonly bought en primeur.

Happy en primeur purchasing, and...let the games begin!


WINE NAME

2017 PROTO-PRICE 2016 EP (IB) btl % CHANGE 17 Vs. 16 V-AVG * Actual release price
Alter Ego de Palmer£46.6£46.600%£53.00£48.75
Angelus£232.05£298.00-22%£238.00 £280
Ausone £423.5 £590.83 -28% £385.00
Beausejour Becot £39.1 £52.00 -25% £34.00 £42
Beausejour Duffau-Lagarrosse £55.58 £85.50 -35% £57.00 £77
Belair-Monange £71.4 £115.83 -38% £51.00 £93
Beychevelle £56.3 £56.30 0% £68.00 £52
Calon-Segur £71.5 £78.30 -9% £65.00 £61.50
Canon £65 £90.80 -28% £50.00 £67.50
Canon La Gaffeliere £44.85 £64.17 -30% £46.00 £54
Cheval Blanc £344.3 £533.30 -35% £313.00
Clerc Milon £49.16 £49.16 0% £52.00 £52
Clinet Pomerol £49.73 £72.00 -31% £51.00 £57.50
Clos Fourtet £60.5 £91.67 -34% £55.00 £73
Conseillante £96 £155.00 -38% £80.00 £123
Cos d'Estournel £79 £110.00 -28% £79.00 £109
de Valandraud £87.75 £129.15 -32% £90.00 £100
Domaine de Chevalier £36.08 £53.50 -33% £37.00 £43
Ducru-Beaucaillou £92 £140.00 -34% £92.00 £124
Duhart-Milon £47.78 £53.30 -10% £49.00 £47
Durfort Vivens £34.65 £40.33 -14% £33.00 £38
Figeac Saint Emilion £113.4 £155.00 -27% £81.00 £123
Gazin £44.85 £60.50 -26% £46.00 £58.75
Grand Puy Lacoste £40 £60.83 -34% £40.00 £54
Gruaud Larose £40.95 £51.67 -21% £42.00 £52
Haut Bailly £52 £87.50 -41% £52.00 £74
Haut-Brion £310.2 £400.00 -22% £282.00 £355
Haut-Brion Blanc £583.33 £583.33 0% £557.00 £615
La Chapelle de La Mission Haut Brion £48.4 £63.33 -24% £44.00
La Fleur Petrus £129.68 £165.83 -22% £133.00 £149
La Mission Haut-Brion £184.6 £324.16 -43% £142.00 £245
La Mission Haut-Brion Blanc £451.43 £466.67 -3% £463.00 £490
La Mondotte £126.75 £199.00 -36% £130.00 £119
Lafite Rothschild £398.72 £491.66 -19% £498.40
Lafleur £348.075 £430.00 -19% £357.00 £445
Lagrange £29.25 £35.00 -16% £30.00 £31
L'Aile d'Argent Blanc £54.17 £54.17 0% £53.00 £56
Lascombes £47.78 £56.67 -16% £49.00 £52
Le Petit Mouton Rothschild £133.3 £133.30 0% £171.00 £149
Le Pin £1574.63 £2,083.00 -24% £1,615.00
L'Eglise-Clinet £115.5 £216.67 -47% £105.00
Leoville Barton £48.75 £62.50 -22% £50.00 £54
Leoville Las Cases £113.3 £175.00 -35% £103.00 £148
Leoville Poyferre £49.73 £67.00 -26% £51.00 £55
Les Carruades de Lafite £125 £125.00 0% £215.00 £135
l'Evangile £82.88 £131.67 -37% £85.00 £180
L'If £147.23 £175.00 -16% £151.00
Lynch Bages £74.1 £95.80 -23% £76.00 £74
Malartic-Lagraviere £33.6 £40.00 -16% £28.00 £33.30
Malartic-Lagraviere Blanc £41 £41.00 0% £32.00 £42
Margaux £351.9 £428.60 -18% £306.00 £360
Monbousquet £33.15 £36.67 -10% £34.00 £38
Montrose £72.6 £95.00 -24% £66.00 £98
Mouton Rothschild £334.43 £411.60 -19% £343.00 £360
Palmer Margaux £171.6 £236.60 -27% £156.00 £195.75
Pape Clement £88.73 £129.16 -31% £91.00 £63.30
Pape Clement Blanc £98.33 £98.33 0% £68.00 £100.45
Pavie Macquin £39.98 £58.33 -31% £41.00 £52
Pavie Saint Emilion £194.03 £298.00 -35% £199.00 £280
Pavillon Blanc £145.83 £145.83 0% £150.00 £147
Pavillon Rouge £133.58 £115.00 16% £137.00 £135
Petrus £1642.88 £2,666.00 -38% £1,685.00
Pichon Baron £79.2 £115.60 -31% £72.00 £98
Pichon Longueville Comtesse de Lalande £84.7 £122.50 -31% £77.00 £93
Pontet Canet £68.4 £111.67 -39% £57.00 £82
Quintus £58.5 £95.80 -39% £60.00 £93
Rauzan Segla £46.8 £61.30 -24% £48.00 £54
Smith Haut Lafitte £50 £78.00 -36% £50.00 £69
Smith Haut Lafitte Blanc £73 £73.00 0% £57.00 £83
Troplong Mondot £66 £100.00 -34% £55.00 £72
Trotanoy £119.93 £193.33 -38% £123.00
Vieux Chateau Certan £128.75 £196.67 -35% £103.00
AVERAGE REDUCTION FOR A SUCCESSFUL CAMPAIGN -23%


* V-AVG: avg current mkt value 04,06,08,12,14



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