by Wine Owners
Posted on 2017-09-13
After a busy summer including in August our most productive trading month to date, we thought it would be instructive to run some analysis of trading trends and movements, compared to the same quarter in 2016.
Market share between regions remains relatively stable despite a large increase in trading value overall, with Bordeaux holding first place with a 75.14% share of market compared to 78.15% in the same quarter of 2016. That there is a drop is interesting in its own right, perhaps pointing to greater diversity in wines offered for sale, as well as to diversifying demand in export markets.
Burgundy is the major winner in market share, extending from 11.78% in summer 2016 to 17.10% over the same period in 2017, and we’ve certainly seen an increase in Burgundy purchases from Far East markets, showing a 17% increase on 2016 numbers by value.
Other regions remain very much minority sports, with Rhone up to 2.03% from 1.8% and Italy, surprisingly, down from 4.85% to 2.5%.
Within Bordeaux, the share of the market taken up by First Growths has grown from 28.26% in 2016 to 44.05%, perhaps reflecting heightened interest in the top wines, though the real interest is in how the First Growths compare within their own category.
Haut Brion is the major winner amongst the Firsts, increasing its share of the Bordeaux market to 13.35% from 3.2%. As a proportion of the First Growth market, the share increased from11.31% to 30.3%, putting Haut Brion at the head of the market alongside Lafite.
Lafite moved up to a 13.34% share of the Bordeaux market from 11.62%, but lost ground against the other First Growths, slipping to 30.29% from 41.12%, exchanging a clear lead in the class for an almost dead heat with the progressive Haut Brion.
Mouton showed a similar fall-off in share, dropping from an 8.63% share of Bordeaux to 7%, and a 30.54% share of the First Growth market dropping to a 15.89% share. Market and trading values for Lafite and Mouton remain robust however, so this feels more like a positive story about Haut Brion than a negative for the two Rothschild properties.
Latour has benefited too here, growing a very small share of Bordeaux (1.18%) to 5.07%, and increasing its share of the First Growth market from 4.18% to 11.05%.
Margaux has the least movement to comment on, increasing its share of the Bordeaux market marginally to 5.29% from 3.6%, and falling from 12.84% to 12.01% in its share of the First Growths.
by Wine Owners
Posted on 2017-08-09
Caroline and Ludovic Decoster from Chateau Fleur Cardinale
Wine Owners: What is your greatest moment/regret as a winemaker?
Caroline Decoster: It’s a little bit sad to start this interview by a regret, but I have to say that we lost 95% of our vineyard in one night last April. It was heartbreaking. We’ve already invested in new machines, called Frostguards, for the end of the year, that will prevent us for this kind of catastrophe, but our main regret is not to have had them before.
WO: In what ways have your wine making changed over the last 10 years.
CD: The global warming has affected our wine making. We are located in the coolest part of the appellation of Saint-Emilion, which means that we have a late ripening terroir. Ripening the berries over the past decades could had been difficult in this part of Saint-Emilion, because of the lower temperatures during October - which is the moment of the year when we usually harvest. But nowadays, due to this global warming, we can benefit from Indian summers year after year, to reach the optimal ripeness effortlessly.
WO: What vintage are you proudest of?
CD: It’s very easy to be proud of a successful vintage. Like in 2010 and 2015, the wine growers were most of all very lucky, thanks to good conditions all year long. But in difficult vintages, all the right decisions that we took in tough moments were decisive to make a good wine in the end. Like in 2014 and 2016 : after months of rain and cold temperatures, the sun came back at the end of the summer, and everybody was so excited to finally have good conditions of ripening, that some vineyards completely de-leafe the bunches, which could be a mistake in some cases: the weeks after that we’d had the hottest temperatures for September since 50 years. We did not de-leafe completely, because we were sure that everything could still happen, and it was the right decision to take.
WO: If you had to define your wines/domaine in one sentence?
CD: Lots of wine owners will say how passionate they are about their wines : but we believe that passion can isolate you and make you blind. That’s why we rather prefer to talk about the « enthusiasm » that we have for our life, a positive and dynamic way of life that we want to share in each glass of Fleur Cardinale, with a lively fruit, and wine with a great energy.
WO: Tell us about your terroir & microclimate, and your approach to winemaking.
CD: The vineyard is located at the east of Saint-Emilion, on one of the highest points of the appellation, and is planted on clay-limestone soil in the middle of the hillsides. The planting is 75% Merlot with 20% Cabernet Franc and 5% Cabernet Sauvignon. Our aim, vintage after vintage, is to preserve the freshness of the fruit in the glass.
In terms of viticulture, it means for instance that we want each vine to be very healthy, and to express the full potential from its terroir. This year, we’ve been certified High Environmental Value (HEV). This certification is the highest level of a generalised scheme for the environmental certification of farms. It guarantees that the presence of factors of biodiversity (hedges, grass strips, trees, flowers, insects, etc.) is very widespread on our vineyard and that the pressure applied to the environment by our practices (on air, water, soil, climate, biodiversity and landscape) is kept to a minimum.
In terms of vinification, it means that the ageing time in barrels is perfectly well-managed : The wine is aged for 12-14 month maximum, in new French oak barrels. Our coopers provide us with barrels produced exclusively from wood of the 3 most qualitative French forests. A Burgundy toast has been adopted for all our barrels: this kind of toast is realized at a moderate high heat and for an extended period of time, so as to preserve the purity of the fruit and the silky touch of the tannins.
Thank you so much to Caroline for taking the time to answer our questions. All our best wishes to the entire team at Fleur Cardinale!
You can visit the domaine's website here and follow their dedicated work on Instagram, Facebook and Twitter.
by Wine Owners
Posted on 2017-08-08
Early afternoon 22 May 2017 word spread that Lafite was out. A few calls were made. But where was the wine? Allocations were down 50% but with the promise of another tranche in a couple of weeks’ time. Négociants waited, not wishing to be stuck with more highly priced second tranche releases.
In tandem the Chateau also attempted to revive its 2010 vintage strategy of tying other wines in the stable to allocations of Carruades and le Grand Vin. Either Rieussec and Carmes de Rieussec were being tied to Carruades, or Carruades was being tied with Duhart, or Duhart was being tied with Lafite.
As an aside, there was nothing subpar with Duhart this year, a properly serious wine in fact. But using it in a bait-and-switch move is unlikely to enhance the bait’s secondary market reputation.
Then, without waiting for the second tranche, more than one of the smaller négociants broke ranks on releasing the first tranche to customers, but estimating the cost of the second tranche and pricing at the intersect of the two. With lack of market transparency buyers were uncertain what fair value might look like.
In fact the majority of estimated intersect prices turned out to be the level of the second release price, handing merchants a handy profit of 20%, and suggesting Lafite were less aggressive with their second release pricing than they had previously signposted.
Thankfully, Lafite 2016 represents a big step up on the previous vintage, so the price increase will likely be justified in the medium term, if as expected, the secondary market adds 25% to its release price over the next few years. In fact Lafite 2016 is simply glorious: an absolute pinnacle of classicism in this great left bank vintage.
Notwithstanding, the Lafite release ‘strategy’ represents everything that is most unattractive about Bordeaux en primeur at its opaque worst.
None of which would matter, if it weren’t for the consumer. It wasn’t so long ago that the Bordeaux market was moribund: the market killed off by aggressive pricing of 2009 and 2010 vintages and a subsequent market collapse. As long as consumers end up nursing persistent losses, there is a high risk of a collapse in market confidence. Commodity-like collectible markets that wine epitomises are particularly sensitive to the maintenance of positive sentiment.
We’re certainly not back in territory as yet. Lafite 2016 released at almost 50% below that of 2010, whilst for UK buyers the collapse of Sterling has magnified price increases, whereas the strength of the US Dollar provides a tailwind for Bordeaux sales into the USA.
But the Bordelais need to be mindful of what happened following the mis-priced 2010 release. Lest we forget, it was barely 3 years ago that the Bordeaux secondary market was still in the doldrums. The remarkable market resurgence that started in late 2014 should not be taken for granted. The Chateaux have a profound responsibility to avoid the Dory Syndrome, named after the forgetful fish in the Disney film animation.
by Wine Owners
Posted on 2017-05-24
With the 2015 Burgundies arriving in the market these days and with more to come over the next period the market is showing mixed signals - some of continued excessive demand and some spell disaster for lesser producers trying to claim high prices.
The prices of the 2015 vintage
The price development for the 2015s shows a rather mixed picture at the primary level - some producers have showed great restraint and have in some cases kept the prices at 2014 level, whereas moderate increases have been seen even amongst the top producers in very high demand.
A lot of Burgundy producers are aware of the dangers of high prices even on village level, as these wines are now becoming very expensive in restaurants. If they want to maintain a good representation in restaurants the prices for a village level wine are near the limit - aside from the producers in extremely high demand.
Other producers seem not very aware of these dangers and have increased the 2015 prices by more than 20% - and while this may be viable in the very short run - I have talked to several wine bars and restaurants that have cut allocations already, and many will do so after the 2015 vintage. This will perhaps not have a huge effect on the 2016 vintage as the quantities are very small in some cases .. but in the long run some producers have priced themselves out of the market so to speak.
The 2016 vintage - what to expect
I have tasted some 2016s already and there are plenty of reasons to be optimistic, as quality looks very fine indeed. The wines are cooler than the 2015s, and in that way more classic. It's still too early to be very firm on the quality - but potentially a quite outstanding vintage - very well balanced and enjoyable for both the reds and the whites.
The quantities are very low due to the April frost, but also very uneven across the producers and appellations. My expectation would be that the low quantity will ensure a continued upward pressure on prices for the wines in demand, but the tendency could be trouble ahead for increases in prices for the wines with no real demand in the secondary market.
Francois Millet, Domaine Comte Georges de Vogüé - Picture: http://winehog.org/
The long-term effect of prices
In my view, we will see continued increases in prices on the wines in very high demand - i.e. wines getting high prices in the secondary market thus ensuring a margin for those who buy the wines in the primary market.
These wines will still be in demand, as many people will keep allocations as it's a good investment, but larger share will eventually end up in the secondary market. Some of these wines are now priced beyond the limits of the average quite well off consumer, and will be traded accordingly. Restaurants will do the same, and as it becomes more difficult to sell the wines at the tables - they will also cash-in offering wines on the secondary market.
The wines not in demand in the secondary market will eventually have problems, as consumers will cut allocations and move on to other products.
This is where Bordeaux was 15 - 20 years ago, and while the top Bordeaux wines have managed to increase prices the lesser wines from Bordeaux are struggling with low demand and low prices even though quality and the value of these wines often can be tremendous these days.
Take a look at the wine lists of today and note how limited the Bordeaux offerings often are these days - compared to 20 years ago.
Burgundy will prevail but demand will be more volatile
With the small quantities produced in Burgundy the risk of a full meltdown is not imminent even with the latest increases in prices. Some producers will struggle as they will be caught between the need or urge to increase prices and the restrain shown by some of the top estates regarding the prices on the low-level wines.
A good negociant will be facing the fact that their Vosne village will cost the same as the wines from a top end producer in the primary market. That is not sustainable in the long run - and these producers could well see a collapsing demand within a few years.
As prices go up I expect demand to be more volatile, as the focus on the great vintages will increase. This has happened in Bordeaux and with the globalisation and available price information around the clock this will also be the case with Burgundy.
So, I expect increasing and more volatile prices for the wines in demand, and a sluggish market for the producers with high prices without a good demand from the secondary market.
The calculative consumer
As the prices increase the consumers will be more calculative and look at the historic prices and the development in the prices and availability of back vintages. Is it the right time to buy, can the same wine in an equally good back-vintage be found on the market at a lower cost.
The conscious consumer will check these things, and will search for information, to ensure a good price and ensure a good investment, even though the wine is bought for pure pleasure. Importantly consistency in the prices seen in relation to back vintages will be needed at least for wines produced in relatively large quantities.
This will increase the focus on services that offer historic data on prices and the possibility to validate and research the “true” market price.
The rising stars will emerge and shine brightly
Furthermore, we will see new talented producers pop up - and become in fashion within a very short time - and achieve high demand for these wines in the secondary market very rapidly as the producers get the acclaim from the wine press. So, exciting times where buyers and investors must be on their toes to follow the trends in Burgundy.
As a wine writer, it's exciting times in Burgundy as new talents emerge all the time, and old somewhat lacklustre estates are transformed to a new star within a few years with the arrival of a new generation.
So, stay on your toes, stay tuned in and informed on winehog.org - a yearly subscription is only 29€ - sign up here
Chief Tasting Officer
The team at Wine Owners love Steen’s Burgundy reviews. Just like us, he was an impassioned collector, until he decided to pack in his day job and apply his palate to Burgundy for the good of mankind (and perhaps to gain a little personal enlightenment along the way).
An annual subscription with https://Winehog.org is a bit of a bargain; plus the reviews are accessible, and when we taste the wines that Steen’s tasted, we ‘get it’. Furthermore he’s a real discoverer, so if you're the sort of collector who loves the idea of buying into the next young Burgundy buck before the rest of the world catches on and spoils the price, you really should subscribe!
by Wine Owners
Posted on 2017-05-23
Early afternoon 22nd May word spread that Lafite was out. A few calls were made. But where was the wine? Allocations were down 50% but with the promise of another allocation in a week’s time at a premium of between 30%-40%. No prices, no offers.
Then, more than one of the smaller négociants decided to pull the trigger on releasing the première tranche, but estimating the cost of the second tranche and pricing at the intersect of the two. Perhaps guessing they were unlikely to get any more and taking attractive profits on the first tranche.
In UK terms the averaged, intersect price is £480 a bottle, which puts the first release at around £384 a bottle whilst the second release could be in the range £540-£575.
That compares to the 2015 release price of £358 per bottle, which in turn leads us to the conclusion that in euro terms the first tranche release price is likely to have been more or less flat year on year. But of course, we can’t be sure.
The rest of the supply chain is sitting tight. The majority of Lafite offers won’t now reach your inbox for another week. The channels of distribution are showing admirable sense and fair play in averaging the two release prices and treating their customers with the egalité most deserve.
So how about the wine? Lafite 2016 is glorious: one of a handful of wines that stand imperiously; pinnacles in this truly great left bank vintage. Is it worth £480 a bottle? A difficult question to answer, but surprisingly, it does look like acceptable value in the context of current market prices of prior excellent or great vintages.
Below is our relative value analysis. Based on our estimations of what’s likely to happen in the next week, 2016 is showing a small advantage over prior vintages. If you consider that 2009 and 2010 are well off their lows, and that the absolute low of Lafite 2010 was £446 a bottle, it indicates that 2016 has very limited downside, and might well run up to around £600 a bottle over the next 3 years.
Once selling commission of 5% inclusive is taken into account and an adjustment for storage fees, your net proceeds would be £567, or a return of £87 a bottle: a return or discount to future market value (depending on your perspective) of 15%. Based on the above illustration an en primeur purchaser will be therefore looking at growth averaging 5% per annum.
It’s tight. There’ll be buyers. Notwithstanding, if the averaged price per bottle shakes out around £450-£460 many more collectors would swing behind it.
by Wine Owners
Posted on 2017-05-17
Latour’s conversion to organically produced vines began almost 20 years ago when they stopped using chemical herbicides. Since then, they started experimenting with new techniques, and in 2015, 100% of L’Enclos was organic and 50% of it was biodynamic.
Producing according to biodynamic techniques is not new. This method applies ancestral practices of using only ingredients from the farm and maximising their impact. For example, fertilizing is from the manure from the cows and horses living on the estate, mixed in with different flowers of certain specific properties. This main idea is to create a sustainable and circular ecosystem aimed at protecting the earth and make it more fertile by freeing nature to multiply the microbial activity in the soil.
Pontet Canet can be considered as one of the pioneers. They did their first biodynamic trial in 2004 and the results turned out to be very positive: the vines were brighter and tighter. Alfred extended the test parcel and the vineyard became fully converted in 2006; a first for a Médoc Classified Growth. Ten year’s on, and their most recent vintages show an aromatic complexity that is quite clearly much more evident when compared to their wines from the mid 200s.
Now more and more vineyards use biodynamic practises to grow their vines and in the winemaking. After decades of intensive farming many of the top vineyards in Burgundy and Bordeaux, including Domaine Leroy and Domaine Leflaive, began looking for new options since their soils were being exhausted and couldn’t sustain healthy vines with good grapes.
The biodynamic label, Demeter, has recently gained popularity in the Bordeaux region. Chateau Durfort-Vivens has this year been fully certified by Demeter, with the designation proudly added to their bottling in the form of a strip label. In a variable year the Margaux appellation, Durfort-Vivens 2016 showed out of cask as a wine of character, with a lovely aromatic profile,crunch fruit and a chewy, black cherry infused finish.
But it’s far from a one-way argument. As weather patterns become more extreme, protecting the plant and its fruit from the element under a strict biodynamic regime can be risky.
A wave of quality obsessed Burgundy producers increasingly use biodynamic treatments in a mixed approach to vineyard husbandry where the focus is on the soil’s microbial strength. But with repeated hailstorms, and the risk of rot in a warm humid environment, it takes a brave man or woman to forgo other practical fall-back options.
It’s a rich man’s game. Small Burgundy producers cannot afford repeated losses to disease when conditions get really rough and biodynamics might not be sufficient without heavy and repeated doses of copper sulphate,something which producers adopting biodynamic viticulture are reluctant to do with concerns about creating copper residues in the soil.
Château Palmer is a leading proponent of biodynamics and has been undertaking a great deal of research on test barrels of recent vintages, both in the vineyard and in the cellar and reducing use of sulphur as a stabilising agent. In 2016 they misjudged with one too-few copper sulphate treatments resulting in an attack of mildew, reducing their overall production volumes to just 28hl/ha, a miserly figure for Bordeaux in a generous year where most quality producers cropped at 45-50 hl/ha.
Yet biodynamics is ‘back’ here to stay, even if those who apply for Demeter certification are likely to be outnumbered by those who simply practise biodynamic principles and use many of the treatments.
Further north in Saumur, the legendary Loire estate Clos Rougeard has been practising biodynamics for ever. In the 1960s and 1970s when their neighbours embraced synthetic fertilisers and chemicals, they were mocked for holding true to their ancestral principles practised since the time of their great grandfather.
The last word goes to Nadi Fourcault, the remaining brother of Clos Rougeard (only recently bought by the Bouygues family who also own Chateau Montrose). “The only thing that’s revolutionary about us is that we’ve never changed.”
by Wine Owners
Posted on 2017-05-15
The release of 2016 of £775 (12x75cl) is a substantial jump up on the simply marvellous 2015. The previous (in our view better) vintage released at £615 (12x75cl).
So we are looking at a 21% increase YoY. Meanwhile the gap between the two vintages has since closed, with the best offer price of Pape Clément 2015 now trading at £720 (12x75cl).
Not only was 2015 a sound buy for those who jumped in this time last year, it remains an attractive hold, since the release price of 2016 and a rumoured reduction in release quantities attributed to the April 2017 frosts, will lend its price support and push it up to £800+ (2x75cl).
For whom do the frosts toll? Us, the consumer, wine lover, collector…those who buy. The reduction in production volumes now likely for 2017 are difficult for producers, especially in those areas most severely affected, parts of Pessac included. By far the worst affected were those in the lesser appellations on the right bank, St Emilion and Pomerol off the plateaux, and inland in the Medoc. For many of those producers the frosts really were a catastrophe.
As we described here the great estates alongside the Gironde were the least touched by the frost due to the warming effects of the river; those parts of their vineyards affected were on the whole those producing grapes destined for their second wines.
We need to bear in mind too that 2016 production volumes are up 10%-20%, in many instances offsetting the potential losses (subject to a faint possibility of second budding) relating to 2017.
So as consumers, we should sympathise and feel bad for estates such as Pape Clément for their loss of production. We should feel even sadder for producers’ losses in places like Fronsac, Lalande de Pomerol and Castillon, where there will be economic casualties. But it doesn’t mean we will consequently want to buy much more expensive wine.
by Wine Owners
Posted on 2017-05-11
The tasting event in Westminster for the trade in early May provided an opportunity to re-taste a number of 2016 Bordeaux comparatively with their 2015 and 2014 equivalents.
The conclusions reinforce to a large extent the general impressions we formed in Bordeaux at the start of April, but the comparison also showed it’s not one size fits all.
Starting with the one wine tasted from the right bank, Canon 2016 is showing more aromatics than 2015, very silky, integrated tannins and is thicker-styled, with riper fruit. Canon 2015 showed greater intensity, with a stunningly pure mid-palate of ripe, sticky fruit, and a prolonged finish. Canon 2014 is more classically styled, with a cedar nose and liqueur-like mouth feel, this is lovely now and looks like much earlier drinking.
No doubt there are glorious wines from the Libournais in 2016, but both St Emillion and Pomerol do not conform to a vintage stereotype in these two vintages, and you will have preferences for individual wines from one or other year.
Smith Haut Lafitte
Jumping down to Pessac-Léognan, Smith Haut Lafitte (SML) 2016 is firm and properly dry, with crystalline fruit. Very intense and just on the right side of focus, with a very grippy, licorice finish. SML 2015 has a very energetic attack, sweet, refined tannins, a warm, fruity mid-palate and an aromatically spiced finish. SML 2014 was delicious but not in the same league as the other two vintages.
2015 was a stellar vintage in Pessac and Graves across the board. The same is not true of 2016 but SML showed (along with Haut Bailly, Chevalier and Carmes Haut Brion) that the best 16s are superlative and brilliantly architected for the long-term.
Rauzan Ségla 2016 is refined, with a liqueur-like mouth feel, and a hint of prunes. It’s less pure than Rauzan-Ségla 2015, with its fine nose, superbly energetic attack, refined mid palate and liquorice infused, fruit-driven finish. Rauzan-Ségla 2014 is dry, mid-weight, unforced and classic, with appealing grip, and a great, insistent finish.
Margaux was a star appellation of 2015, and this wine confirms how relatively disappointing the commune'’s wines are in 2016. They remain fine claret from a good vintage, but they miss out on the excitement of the ‘15s.
Our Pauillac representative of the comparative tasting stood out for its increasingly aromatic character, a factor that Justine Tesseron attributes to the growing influence that biodynamic farming is having on the fruit.
Pontet Canet 2015 was one of the most refined and silky examples of the appellation, yet today it just didn't cut it in the company of the glorious 2014 and deeply serious 2016. Pontet Canet 2016 displayed a fine nose, wonderfully textured fruit, a really firm mid-palate with bitter-edged fruit before sweetening into the long finish. Serious, long-haul stuff – and I suspect might become a legend 50 years hence. Pontet Canet 2014 is extremely aromatic, sweetly imbued with angelica flavouring, and with proper, grainy tannins on the finish.
Montrose 2015 is delicious and aromatic: a fine showing for the vintage, yet seemed to lack a bit of structure. St Estephe in particular produced some of the best wines in a generation in 2016, and Montrose shows up that difference as does almost every wine from the appellation. Montrose 2016 is equally as expressive as 2015, but feels like a wine for the longer term, with more serious structure and vital freshness. What impresses here is the focus and elegance, which make this one of the stars of the vintage.
Picture: Wine Owners Ltd.
by Wine Owners
Posted on 2017-04-28
27th April is a date with heart-rending connotations. On that night last year (2016), the vast majority of the Cote D'Or was affected by a really hard frost. The rising sun the following morning burned the vines and a high proportion of the young plant growth was irrevocably damaged, reducing the size of the harvest by up to 80%-90% in the worst affected vineyards.
Much of the month of April 2017 has been unseasonably warm. In Bordeaux en primeur week of 3rd April saw temperatures in the mid to high 20s centigrade, and that warm weather held for a good 3 weeks, encouraging bud break and a significant amount of plant growth 2-3 weeks ahead of the normal cycle.
But during the night of 27th April, temperatures dived as low as -4c, and in certain sectors a large proportion of the potential crop has been lost.
The best terroirs next to the Garonne were largely if not entirely unaffected, thanks to the warming influence of the river. But away from the river, and near woodland, this year's hard frost hit hardest. That means some areas of Margaux were badly affected, the Haut Medoc, Listrac and Moulis, with bits of lower lying areas of St Julien also touched.
Significantly there has been widespread damage across the right bank including in St Emilion, aside from the Plateau which was spared. Pomerol is said to have also been affected. The right bank satellite appellations have been hit very hard. South of the city certain parts of Pessac and the Graves have been affected, where the damage is said to have been patchy.
Low lying areas have been most affected, which means a lot of second wine from some top estates will have been much reduced if not entirely wiped out.
Fears were that the early hours of the 28th April would create more devastation. The weather forecast did not augur well. And as painful as it is to say, that's exactly what happened. Our hearts go out to all those affected. Like a boxer flat out on the ropes at the bell yet with the prospect of having to go back in the ring to receive more punishment the following round. No doubt low lying areas and estates near woods or forests were once again worst affected. We pray that overall it won't be as bad as 1991.
Aside from the terrible blow the frosts have wreaked, the commercial implications are threefold: there will be less 2016 wine offered at first release than would have been the case, certainly in the worst affected sectors; what is released might be more expensive than it would otherwise have been; and it could slow down the en primeur releases, resulting in a longer campaign.
The best second wines in 2016 could be worth extra focus if you are intending to drink at that level, as there will be proportionally much less next year.
by Wine Owners
Posted on 2017-04-25
Cos d’Estournel was truly fabulous in 2016 and shows a decisive shift of style away from over-extracted to an elegant, dare we say, powerful aristocratic style – the archetypal iron hand in velvet glove.
The great news is that the release price is the same as 2015, with a small increase due to currency exchange.
The price per points analysis shows 2016 to be a rather sensible buy in the context of comparison with the best vintages of the last 17 years.
Comparison with 2010 suggests a modest 10% upside, or a 75% upside versus the 100 point 2009. But, what price per points doesn’t show is the move to elegance, something that’s been applauded by the critics. But in our view, it’s a better wine than both those vintages and arguably at least the equal of Chateau Montrose.
"This is one of the best Cos d'Estournels that I can remember trying at this early stage, it really does have every hair standing up on end. Powerful and deep, with a clear intensity but such delicacy; this is fresh, beautiful and succulent. It moves effortlessly through the palate without ever letting you forget that it's there. Deep black cherries, touches of dark chocolate and graphite are driven forward by a pulse of energy. From a blend of 76% Cabernet Sauvignon, 23% Merlot and 1% Cabernet Franc aged in 60% new oak"
Jane Anson, Decanter Magazine
"Energy and raciness on the nose. Gentle and lifted. And then lots of tannins underneath. Fresh almost sandy tannins. Good energy and tea-leaf sensation. Excellent freshness. Long. Restrained. Elegant."