by Wine Owners
Posted on 2021-03-17
For just a moment, imagine no longer having to depend on a tedious cellar spreadsheet and instead being able to view your entire wine collection all in one place in an interactive way, bringing your portfolio to life?
Spreadsheets can be dull and relentless at the best of times. By consolidating piles of paper, spreadsheets, emails and invoices all into a well organised online portfolio, you can pull other valuable pieces of information together that lend a new dimension of enjoyment to organising your collection. Contrary to what you may think, managing your collection end to end, ensuring that all your wine acquisitions are accounted for, can be a fun process!
Cellar management software enables you to achieve this in 3 steps:
Step 1) Getting your collection organised.
Figuring out what wine you have may sound simple but it often isn’t. Wines are sourced from multiple merchants and stored in numerous locations. Although the majority of merchants are organised, not all can be relied on to remind you of your purchases.
An online cellar management platform enables you to track your entire wine collection in one place, both your professionally stored wines and those at home. Wine Owners’ home cellar functionality enables you to track the exact location of each bottle down to hole in a bottle rack, so that no bottle will be forgotten and ensures wines will be consumed within their drinking window (a window that you can edit according to taste).
Having been built by a fellow wine enthusiast, all functionality has been developed taking every part of the wine journey into consideration. All important information can be recorded: the wine name, vintage, format, where it was bought, purchase price, condition, quantity or a shipment date if it is incoming stock.
When you join, you have instant access to a pool of valuable information including drinking dates, critic stores, producer profiles and up to date pricing information and more, enough to keep any wine collector happy. Optimised for mobile and tablet access, you can access your collection wherever you are, whether on public transport, at work or abroad.
2) Rediscovering your collection.
Now that you have catalogued your portfolio and you know what you have and where it is, Wine Owners can help you make well-informed decisions around a) which wines to drink next and b) what you have too much of thanks to overzealous purchasing or a very good relationship with your account manager!
Lots of fun is to be had exploring the integrated analytical tools which include sophisticated pricing graphs and relative value score analysis. You can also review your portfolio by a range of filters, view values per category, total value and category performance over different periods of time.
Latest perspectives of the critics are also helpful to appreciate the quality of the wines you have bought, and you can add your own tasting notes as well.
3) Shaping your collection.
Once you’re clear on your inventory, it’s time to take key decisions around your collection.
You may wish to sell surplus stock back to the merchant who initially sold you the wine or, if they refuse, you’re only a few clicks from being able to offer your wine for sale in a vibrant secondary market, with trading desk experts available to help.
An easy to navigate, comprehensive digital overview makes it a lot easier to make decisions around which wines in your collection you’ll want to keep and the ones that are ballast. You’ll also be less likely to miss a drinking window. As a wine collector, the satisfaction of enjoying that glass of wine that has appreciated 10-fold since the date of purchase cannot be understated!
For those members who want to buy and sell, it’s super simple.
As it is integrated with a peer-to-peer trading exchange, you are joining a vibrant ecosystem of like-minded collectors as soon as you upload your collection.
In addition, by making purchases through the platform, every part of the settlement process is looked after by our logistics team.
If you are ready to upgrade your cellar management experience, we’re here to help. You can start by creating a free account HERE to organise, value and monitor price changes on up to 30 wines. If you have over 30 wines, our premium plans offer all the tools you will ever need to easily and successfully manage your collection.
by Wine Owners
Posted on 2021-03-04
Miles Davis, March 2021
In early December I wrote the following:
‘Traditional assets continue to bounce around, no doubt causing palpitations and stress. More than ever, this year has been about timing in the capital markets, and if you got that wrong, the chances are you got it expensively wrong. Not so for vino! Unlike after the global financial crisis, the wine market has held its nerve, merchants did not mark down prices and the market has been stable. Investors are about, and even Bordeaux prices feel like they are firming up. Collectible assets are in vogue and it is easy to see why given these circumstances.’
Not too much has changed since then although there has been plenty more talk about inflation, with the UK’s November numbers coming through much higher than anticipated. This can be viewed as a positive. There has also been the small matter of a new American President. This, in itself, should not have a direct influence on the wine market (!?) but a $1.9 trillion stimulus package and a clear signal that money is going to keep being pumped into the system might be!
So, the macro factors are looking stable and the index performances from last year are also looking sensible. There is no massive ‘feel good factor’ about, which often brings about a more boom-and-bust style dynamic, so this is beginning to feel like an old-fashioned wine market, steady as she goes, nice little earner, thanks very much.
Bordeaux First Growths continue to be the fly in the ointment, underperforming all the other regions with +2.8%, save California with -2%, and generally Bordeaux’s market share continues to slide and is now less than 40% (95% ten years ago!). Pricing from a few of the Chateaux meant the 2019 en primeur campaign awoke the old beast for a moment but otherwise, the top end wine market of Bordeaux continues to struggle. Interestingly, the much broader Bordeaux 750 fared far better with a nearly 10% rise.
Italy was the star of the wine market show in 2020, with Tuscany posting nearly 20% gains and Piedmont 6.4%, followed by Champagne with 12.7%. It is more than coincidence that these markets have been exempt from US tariffs in recent times. Italy has long lived in the shadows of France in terms of reputation and price in the fine wine world, but the gap is still vast, certainly pricewise. The super recognizable names of the Super Tuscans, which have recently benefited from the mega vintages of ’15 and ’16, consistently receive incredibly high scores.
The 2016 Sassicaia (100 points WA, 97 VM), one of the most expensive Sassicaias of all time, is £230 a bottle, Lafite Rothschild 2016 (99 WA, 97 VM) is £530 a bottle, and production levels are roughly twice as much at Lafite. Maybe this is not a fair comparison but given the price differential and the tariffs in place, I know which one I would be backing:
This is a short excerpt from Miles Davis' 'Wine Owners 2020 Wine Investment Report and a look ahead at 2021'. CLICK HERE to read the full report.
by Wine Owners
Posted on 2020-11-23
Krug is, surely, a Champagne that needs no introduction.
In all likelihood it is the first name to enter one’s head when considering the top names in the prestige Champagne bracket. It was the first thing I sought out on receipt of my first proper bonus! There are others obviously but Krug has carved itself a special niche of its own.
Krug, founded in 1843 produce a range of different cuvées ranging from the Grande Cuvée for everyday drinking (!) to the Clos d’Ambonnay for that very, very special occasion (at £2k+ per bottle it should be at least a very good excuse!). Here we are looking at Krug’s Vintage Champagne over some of the best vintages of the last two decades.
First, the market prices and scores:
And now the relative value score:
The mega vintage that is 2008 has not yet been released, so in the meantime I have no hesitation in recommending both the ’04 and the ’06 as very solid buys for the long term.
Banner Image: www.krug.com/the-house-krug
by Wine Owners
Posted on 2020-06-04
Chevalier is out this morning at £247 per 6, a perennial favourite and on the back of a seemingly great success in 2018. Hopefully in 2019 they’ll have tamed the merlot alcohols which hit 15 degrees in 2018. Bordeaux being blends saved the day and early pickings of Cabernet brought the assemblage down to under 14 degrees. Still, that kind of inherent excessiveness does make you wonder. Chevalier does age with unusually consistent grace no matter the kind of vintage.
Relative value analysis points to 2014 as being a rather decent pick of an excellent run of recent vintages. 2019 is fairly priced for collectors of this lovely estate but not to attract the short term profiteers.
Banner Image: http://www.domainedechevalier.com
by Wine Owners
Posted on 2020-06-03
Cos d’Estournel is out £684 per 6. -23% down on 2018. Great wine they say but is the price reduction enough?
The magisterial 2016 is hovering 10% above this release price, which is among the greatest young Bordeaux Lisa Perotti-Brown has ever tasted, it’s in bottle and widely available, so we think they needed to do a little more to make this really attractive. However good the 2019 proves to be, it does not prompt the same compulsion to buy this year as Pontet Canet and Palmer.
Prices and points (we have allocated 98 points)
Banner Image: www.estournel.com
by Wine Owners
Posted on 2020-06-02
Palmer was released this morning at £999 per 6, a 31% reduction from the (pumped-up) pricing levels of 2016 and 2018. We are back into rational release pricing territory.
Does it work? Absolutely. Note we have put in a placeholder of 18 points but it works at 17 points too.
At this rate, if the whole of Bordeaux rallies around the reduction level of -30% to -35% set by Pontet Canet and now Palmer (and rumoured to be the level of reduction that Lafite will apply), this’ll be the first en primeur campaign since 2014 where it would make sense to buy more broadly than the very specific, narrow range that we’ve suggested makes any sense at all in the last 3 campaigns.
Here’s the analysis of Palmer.
First pricing and scores:
And the relative value calculation. Note how much longer, and therefore better value, the 2019 bar is than any of the comparative vintages used for the analysis:
Banner Image: www.chateau-palmer.com
by Wine Owners
Posted on 2020-05-27
So Latour 2012 is out today at £350 a bottle. What’s that got to do with 2019 EP I hear you ask? Well coming as it does just before the releases of the 2019 big boys, and because it’s the first release from Latour that wasn’t previously released EP, it’s seen as a test of the market and what the consumer’s appetite is for laying out hard earned spondoolies in The Time of Covid.
I’ve seen emails from merchants this morning gushing that this is the cheapest Latour in the market today, and how they’ve got the pricing right.
The retail channel needs to see the 2019 releases come out minus 30% v 2018. That would put Lafite et al at around £2,000/ 6 and at that price it would sell. Plus it might just re-energise the Bordeaux secondary market with a dollop of positive sentiment.
However If we compare 2012 Latour to other comparable vintages of Latour, so say 2008, 2006 and 2004, which I think is rather realistic, we see a very different picture.
Here’s the market price and JR points plotted for 2012 and those benchmark vintages selected:
And here’s the weighted effect of that taking into account scores:
The longer the bar the better the value, the bigger the gap between the longest and the next, the more compelling the buy. Not much in it is there? Which says that Ch. Latour, far from doing their 2019 EP peers a massive favour, have given absolutely nothing away. There’s no Covid discount baked into this price. The best you can say is that there’s no guff about ex Chateau premium.
So, as a curtain raiser, it's a damp squib. But that’s their release model now and who’s to say they are wrong? At least we know what we’re drinking. The reply to this question, answerable only by Lafite et al, will come soon enough.
by Wine Owners
Posted on 2019-11-15
This article is a republished version of one that appeared earlier in the year. Why? Because there’s another reason to sing about the virtues of Italian wines; the Trump administration have recently introduced a 25% tariff on all wines from France, Germany and Spain below a 14.1% alcohol level (Champagne is exempt). This has caused a loss in confidence in the French heavyweights and Bordeaux and Burgundy prices are on the slide. Italy’s cheese industry was the one selected to take the hit in this particular trade war, leaving their wine sector sitting pretty. We’ve been bullish on Italy all year, this adds further grist to the mill.
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 (recent blog) 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 in its place, the smaller top-quality regions have been profiting. The indices for the last five years show Burgundy +120%, California +79%, Piedmont +76%, Tuscany +62% and First Growth Bordeaux +47%, the broad base WO 150 is +55% (all nice numbers!).
The reason for Burgundy’s performance is that old tried and tested wine world fundamental of genuine demand outstripping supply - who knew!? I think it is fair to say prices in Burgundy have been coming off the top for nearly a year now. Californian prices were a little more ‘forced’ and are in retreat now, but both these regions produce tiny quantities in comparison to the number of people looking to access these markets and gain exposure. Very widely held Bordeaux has been steady but is beginning to slide in this difficult environment. Piedmont and Tuscany are holding firm to gently positive.
The complex nature of Burgundy, California and Piedmont with their tiny (compared to Bordeaux) vineyards is attractive. This adds to the aesthetics, spurring on both the well-seasoned and newcomers alike, keen 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 special few producers, but the word is spreading and there are ‘new’ names coming through; 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.
Some of the bigger names like Giacomo Conterno famed for his Montfortino vineyard, Giuseppe Rinaldi, Bartolo Mascarello, Bruno Giacosa 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!), are less exciting right now overall but tend to deliver very steady returns.
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 although Soldera has been added to several portfolios already. There are many other less well-known names that have been attracting huge plaudits from the top critics that remain under the radar. This group haven’t matured into the darlings of the market, so far, and back vintages are cheap and well worth consideration.
There have been some excellent vintages in Italy in the last decade or so, attracting fantastic media coverage and now the battle-weary Bordeaux buyers and profit takers of Burgundy are moving in. Another reason for favouring Italian wines in the current climate is that the U.S. and Germany are the biggest export markets, so the market 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!
Miles Davis 15th November 2019
by Wine Owners
Posted on 2019-09-09
August was much like July with summer holidays being the prime concern for most people. The wider market has felt quiet, maybe because the Bordeaux market is still largely flat, but there are definitely pockets of excitement about and the broad-based Wine Owners Index was up 0.9%. Trade was brisk with Piedmont, Tuscany and Champagne dominating turnover at Wine Owners.
The solid, relative value investment case for the wines of Piedmont has created demand which, in turn, has led to us step up our sourcing efforts. Liquidity is tight, obviously one of the plus points in the investment case, but we have managed to unearth some lovely parcels, particularly some legendary Bartolo Mascarello vintages.
Sterling has remained weak due to the Brexit shenanigans, and this has finally translated into some positive moves for various wine indices. As we know, a weaker pound generally leads to increased demand in the sterling denominated secondary fine wine market, especially from U.S.$ based buyers. Little has come out of Asia, however, as continuing rhetoric surrounding the U.S./China trade wars rumble on and Hong Kong is still suffering from the most vocal political protests in its modern history. They (the people of Honk Kong) have even appealed to Mr. Trump to help!
The largest region within the wine market will always be Bordeaux and it is business in the wines of Bordeaux that is suffering the most from these continuing issues. Many of the other top wine regions are less affected by these global events and market conditions as the wines are less traded, and the supply and demand ratio in a different place. Bordeaux has been looking cheap versus its peers for some time now, and there’s a lot of bad news in the price but the stars need to start aligning. This can and will happen, but when is the big question!
by Wine Owners
Posted on 2019-08-20
A brief and holiday interrupted report for activity in July
The wine market continues to hold its breath. Boris fulfils (what somehow now feels like) his destiny and moves into Number 10 and the pound plummets. It has since recovered a bit but even so, the wine market didn't flinch. As we know, a weaker pound generally leads to increased demand in the sterling denominated secondary fine wine market, especially from U.S.$ based buyers, but maybe not during the hot days of summer? Certainly not when the U.S./China trade wars rumble on, the rhetoric becoming ever stronger, and most definitely not when Hong Kong explodes into the most violent scenes of pro-democracy protest in its modern history. The Brexit backdrop adds to the confusion, so no wonder little happens.
The largest market within wine will always be Bordeaux and it is business in the wines of Bordeaux that is suffering the most from this continued malaise. Many of the other top wine regions are less affected by these global events and market conditions as the wines are more scarce, with the supply and demand ratio is in a different place. Bordeaux has been looking cheap versus its peers for some time now, but the stars need to start aligning. This can and will happen, but when is the big question!
Despite these almost stagnant overtones, trade has never been brisker with July setting a record level of turnover. Numbers of users, bids and offers forever grow. Collectors looking to trim positions have been well accommodated by others adding and reorganising their cellars, something we are seeing a lot more of.
Burgundy continues to look for its feet, Champagne and Super Tuscans gently hum along nicely, and we’ve seen a little demand for some of the new world too.
Here at Wine Owners, Barolo dominated trading in July. Many vintages of Bartolo Mascarello changed hands, also many Bruno Giacosas, Riservas and otherwise. Fratelli Alessandria becomes ever more popular, as does Luciano Sandrone. And there were some big-ticket trades in Monfortino and Ca d’Morissio.
Miles Davis, 20th August 2019