Wine Investment Market Report November 2020

by Wine Owners

Posted on 2020-12-09


Miles Davis, Wine Owners December 2020

As we head into the final phase of this extraordinary year, the world of wine investment is a calm and beautiful little side water, gently ebbing and flowing with that serene feeling it knows where it is going.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. You cannot even hold, let alone drink, a bitcoin, a share, a derivative, an option or a future and a bottle feels good, especially in lockdown!

Wine Owners - WO150 vs Financials


Demand from Asia has increased and merchants trading the big names have been pleased with activity levels in recent weeks. There is almost a feeling there is an element of restocking going on after a quieter than usual period (in Asia) over the preceding months. This has happened in a period when the currency has gone against dollar buyers, although only marginally. Buying is very specific but certain names have moved up considerably since the middle of the year, Mouton ’09 and ’10, for example, are both up c.10%, the controversial ’03 c.14%. There does not appear to be any thematic buying, however, so it is not possible to call a vintage, or a certain Chateau or producer. Keep looking for the relative value is my suggestion and do not forget to make use of the useful tools we provide. See below for an example (if anyone would like a demo on how to use this, please ask):

Wine Owners - Relative Value Analysis - November 2020

In Burgundy, especially in the trophy sector, if it is not in its original packaging it is not going anywhere and vice versa. We have seen big ticket items in Leroy and Cathiard sell well recently. Provenance is key and is proving valuable.

Piedmont, Super Tuscans and Champagne remain firm, as does my conviction as areas for further purchasing.

We have had a lot of demand for Penfolds products; whether that continues given the newly slapped Chinese tax on Aussie wine imports will be interesting to observe but, in the meantime, we have plenty of two-way activity.

Personally, I have never been able to compute the prices of some of the ‘Cult Californian’ wines but, in fairness, I have rarely tasted them. Not so for that wonderful producer that is Ridge; the wines are lovely and the prices reasonable, in normal fine wine language, and a total give away compared to some of the ‘cult’ counterparts. We have offers of the flagship, Monte Bello, on the platform of the ’10, ’13 and ’17 that I would happily recommend, to anyone!


**************************


We have been busy at Wine Owners, with a lot more trades going through, spread amongst an ever-increasing group of followers. We are at record levels of new subscribers and have £300k of fresh offers in the last week alone. Notwithstanding the difficulties of some warehouse operations presented, our back office is working well, and our post trade analytics improve all the time.

On that bullish note, the team and I would like to thank everyone for their ongoing support. For those who have not yet fully engaged, we look forward to welcoming you soon.

Have a very happy Christmas, a wonderful new year, and drink as well as you can!

Miles Davis, 8th December 2020


December update - New home cellar management capability

by Wine Owners

Posted on 2020-12-04


Wine Owners is the market-leading collection management platform that provides instant valuations and connects you with a peer to peer trading exchange.

Today, we're very pleased to announce that our collection management platform just got even better - and now includes a fabulous new home cellar management capability.

Imagine knowing exactly where each bottle is stored down to a hole in a rack, and being able to effortlessly move cases from a stack in the corner into bins or racks. Home cellars constantly change and this new release helps make organising them a joy.


Easily catalogue and organise wines at home.

Wine Owners - Mixed cases racks and bins


Create new racks, bins and mixed cases

Wine Owners - Create new racks, bins and mixed cases

Move or add wines easily to your home cellar.

Wine Owners - Move wines to your home cellar


Save time by copying wines.

Wine Owners - copy wines in your home cellar


And create and update cellar references.

Wine Owners - update home cellar references


All this while getting the same high quality pricing data from our referential database.

Wine Owners - home cellar pricing data


If you want to start managing your home cellar, sign in to your account or create an account if you're not yet a member of Wine Owners.



Wine Investment Market Report October 2020

by Wine Owners

Posted on 2020-11-12



Miles Davis, Wine Owners November 2020

There is not much to report on for October. The market continues to be very steady, gently rising in fact, and lacking in volatility – we are leaving that for the traditional asset classes and for those with a strong constitution!

The Covid related news had been sending shivers down the spines of stock markets as we here in the UK were heading into our second full lockdown of the year, only for that to turn around swiftly on the good news on vaccines.

The platform was busy in October, however, with good demand from Asia. Bordeaux indices have even been positive although overall market share remains weak. Sterling had been a little weaker during the month and this normally speedily converts into demand for Bordeaux blue chips from Asia. We have seen continued demand for Italian wines and Champagne with red Burgundy more mixed. Top end white Burgundy priced sensibly soon disappears from the platform and liquidity in this sector is perhaps stronger than it has ever been.

Champagne is the focus of the month and there could even be unprecedented Christmas demand this year if lockdowns ease and families and friends are once again allowed to socialise!

The recent release of Taittinger’s Comtes de Champagne 2008, which receives a fabulous write up from William Kelley of the Wine Advocate and 98 points, was met with great interest. There’s plenty of supply right now but given time there is plenty of room for price upside given the level of the ’02 now. Here is the relative value chart:


Wine Owners - Taittinger Comtes de Champagne Relative Value Analysis - October 2020

Obviously ’06 is the cheapest here but that, nor the ’04 vintage, quite carries the same stature of the fabulous ’02 and ’08 vintages. Having said that and given the quality of the juice we are talking about, Relative Value Scores at 30 or above look good in any book!

Generally speaking, I like the lower production levels of Pol Roger’s Winston Churchill Cuvée. In fine wine terms, Dom Perignon and Cristal produce vast quantities but are truly international brands and therefore trade at premiums to other names. Comtes falls somewhere in between.

Here are some price and point comparisons of the names discussed here, from really good to excellent vintages.

Overall, I would not put anybody off buying these wonderful wines for the medium to long term, they have years of life ahead and plenty of upside potential as they become rarer and rarer – and more golden!


Vintage Price WA Score Price/Point (WA) VINOUS Score Price/Point (VINOUS)
Dom Perignon Champagne 2002 £127 96 1.32 97 1.31
Dom Perignon Champagne 2004 £107 92 1.16 95 1.13
Dom Perignon Champagne 2006 £108 96 1.13 95 1.14
Dom Perignon Champagne 2008 £110 95.5 1.15 98 1.12
Louis Roederer Cristal Brut 2002 £213 98 2.17 94 2.27
Louis Roederer Cristal Brut 2004 £160 97 1.65 96 1.67
Louis Roederer Cristal Brut 2006 £130 95 1.37 95 1.37
Louis Roederer Cristal Brut 2008 £158 97 1.63 98 1.61
Pol Roger Cuvee Sir Winston Churchill 2002 £167 96 1.74 96 1.74
Pol Roger Cuvee Sir Winston Churchill 2004 £127 95.5 1.33 93 1.37
Pol Roger Cuvee Sir Winston Churchill 2006 £117 95 1.23 96 1.22
Pol Roger Cuvee Sir Winston Churchill 2008 £140 97 1.44 95.5 1.47
Taittinger Comtes Champagne Blanc de Blancs 2002 £166 98 1.7 97 1.71
Taittinger Comtes Champagne Blanc de Blancs 2004 £96 96 1 96 1
Taittinger Comtes Champagne Blanc de Blancs 2006 £73 96 0.76 95 0.77
Taittinger Comtes Champagne Blanc de Blancs 2008 £117 98 1.19 96 1.22



Q3 Wine Investment Market Report September 2020 – the year so far.

by Wine Owners

Posted on 2020-10-06


Miles Davis, October 2020. 

7min read.

Given the lack of relatively significant news in the wine market, this is the first report since early in the second quarter of the year.                                                      

In fact, it is fair to say that the world of fine wine has been relatively boring, and in this world, boring is good! The lack of volatility has been impressive. The WO 150 index has (rather surprisingly) posted a gain of c.%5 this year but that should come with the caveat that the constituents are older vintages and not the most liquid.


Wine Owners - WO150 Index Sept 2020


In the aftermath of the 2008 financial crisis, the major wine indices (predominantly Bordeaux led) fell sharply (c.25%) as market players and stockholders marked down prices, desperately trying to reduce inventory. The relative newcomer, China, was busy buying all the Bordeaux it could at the time and was presumably a little surprised by this sudden easing of prices – after all, what did wine have to do with the financial markets??

Anyway, Bordeaux prices rebounded quickly and from early 2009 to mid- 2011 witnessed one of the biggest rises in prices this market has ever seen, followed by a sustained bull run for, the recently discovered by China, red Burgundy. Unlike 2008, the Covid-19 infested world of 2020 is yet to lead to a global banking crisis, but the economic effects will surely be felt for some time and some easing of prices would not be surprising; yet in the world of fine wine prices are not being marked down, and the indices are largely flat. There is no panic and this is good. As you would expect, liquidity isn’t great, spreads are wider, and there aren’t many merchants buying for stock. Overall, the volume of wine (number of bottles) traded has increased although there are widespread reports of the value being lower – hardly surprising.

Here’s the WO 150 vs. the FTSE in the last ten years:


Wine Owners - WO150 Index Vs FTSE 100 - Sept 2020


Other than a reasonably successful 2019 en primeur campaign, of which more later, Bordeaux has maintained its trend of recent years - its market share continues to slide. In August it hit a new all-time low of 35%, according to our friends at Liv-ex. Ten years ago that number was 95%! It is still easily the most liquid market, however, and that should not be forgotten in times of stress. Lafite and Mouton Rothschild still dominate Asian demand but long gone are the days when the prices just kept on rising; they are flat.

The 2019 Bordeaux en primeur campaign was highly unusual, in many respects. Not only did it happen in lockdown, it happened, apart from the locals, without any but the top wine journalists tasting any of the wines – unheard of! We decided to listen more to Jane Anson (Decanter) and James Lawther (jancisrobinson.com), both based locally, than other international critics after reports of samples being abandoned on melting driveways and being flown around the world in a rush; it just seemed more prudent. The consensus, however, or whatever, was that it was another fabulous vintage and even came out with the highest average scores in fifteen years – no mean feat. The other strange thing that happened was that some Chateaux priced the wine attractively. Prices needed to be 20-30% below 2018 prices to sell through and some were. The leading names for relative value and quality were the Lafite (including L’Evangile) and Mouton stables, Pontet Canet, Palmer, Canon and Rauzan Segla. The campaign came as a much-needed boost to Bordeaux’s flailing reputation, but it took some extreme circumstances to bring it about. In terms of wine, Bordeaux is doing nothing wrong, it is the pricing that is the issue.

The super-fabulous-amazing 2016 Piedmont vintage has been dribbling into the market, some via the grey market European trade and some from agent releases. Given the general mood, these have been easier to accumulate than in a non-virus savaged world and without an organised primeur release. Who knows how well these wines would sell if you had all the merchants shouting their virtues from the rooftops at the same time? Three wines, all with 98 points from Monica Larner that make sense and that I have bought are: Cavallotto Bricco Boschis (£260 per 6), Elio Grasso Gavarini Chiniera (£375) and G.D. Vajra Bricco delle Viole (£360). Luciano Sandrone’s Le Vigne 2016 was awarded the magical three-digit score (ML also) which sent the price from c. £550 to £1,250 before settling at around £1,100 now. From the same estate, Aleste (formerly Cannubi Boschis), with a mere 98 points, makes sense at £650. The official U.K. release from Roberto Conterno will be in October and although they are not yet scored, I have been accumulating in the grey market. They have decided not to make Monfortino in ’16 as it’s not the right style (!!??), which can only leave Cascina Francia as one of the buys of the decade, but what do I know?

As readers know, I am a keen fan of Italian wines for the portfolio, particularly Piedmont and Tuscany and wines from here can easily take greater supporting roles. The lead roles of Bordeaux and Burgundy have never felt more questioned. Super Tuscans are well developed in terms of the market and continue to do well, other Tuscan wines to a lesser degree. 2015 and 2016 were epic years in Tuscany, as we already know, but the ‘16 releases of Brunello are still to come and there will be opportunities ahead.

This interplays with the theme of new areas becoming more accessible and more interesting. The rise of the new world continues gradually as the depth of this market grows. Wine knowledge is on the up, price transparency and trading channels are ever more abundant, so competition from other areas is bound to increase. Quality from everywhere is on the up and the international market is flourishing.

The Champagne market deserves more on the limelight too. Here is the ten-year chart of the WO Champagne 60 index, a smooth 9% annualised, with barely a bump in the road:


Wine Owners - WO Champagne 60 Index - Sept 2020


Burgundy is in a funny place right now. The froth has definitely been blown off the top end of the market, even before the pandemic struck and the usual suspects do not just fly out of the door anymore. There is still demand for DRC, but it needs to be in OWC. Buying is to order, not for stock, and prices need to be sharp to attain a sale. The performance of collectable white Burgundies has been greater than their red counterparts recently and this is a very interesting area. Buy top quality producers at an early stage and do not hold on too long – the fear of premox has not disappeared entirely!

Keep an eye out for South African wines, mainly for the drinking cellar at the moment, but quality and media coverage are on the rise.

Any questions, please let me know.

Good drinking!

Miles


Bordeaux 2019: the spring of hope

by Wine Owners

Posted on 2020-05-20


“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.”  Charles Dickens.

18th May 2020 kicks off the Bordeaux 2019 en primeur campaign with the release of Chateau Angludet. They’ve partially gone down the amphora route to gain purity. It’s a great success, a very great Angludet, according to a number of merchant emails received today. Those same emails belie one small issue - that the wine has yet to be tasted. A reminder of the impact of Covid-19, the anxieties and emotions over this year’s releases dominated by hope and despair. So we have to take the Bordelais at their word that it’s a great vintage, fresher than 2018, in the same mould as 2016 or 2010. I’m sure producers are excited by what they have in cask or tank or whatever receptacle the juice is in these days. But it’s not unjustified to say that local opinion isn’t always entirely objective. So bring on those Chronopost and UPS samples and let us all taste...

We have to be honest, we’d have much preferred a deferral of the campaign to October after the harvest. We don’t agree that would have caused any issues with other regions’ releases. There is something very strange about releasing a futures campaign whilst so much of our economy is in deep purdah. But the die has been cast and June it is (for the 60-odd releases that the market chooses to focus on).

The choice of timing of the releases is significant. It is quite obvious that, just like the 2008 vintage release, there will have to be a very significant reduction in release prices for 2019 to find a market.  Those properties who have tended to use en primeur more as a marketing opportunity than a selling one will have to think about what it means to them: the prospect of a marketing campaign has more or less evaporated. For those properties who expect or need to sell a sizeable percentage of the harvest, only one one of the four marketing ‘P’s matter. It can be the best vintage in the world, it can garner (in the fullness of time) more 100 pointers than any of the last 40 years, but success will boil down to one thing and one thing only: price.

That decision will have ramifications on the whole of the Bordeaux global secondary market. A significant reduction of 30%-40% can ignite interest in the region’s great wines. It can draw in a new generation that has largely ignored the region, or doesn’t see the point of purchasing new releases two years before shipping. It can reward buyers of the last vintages who are under water and likely to remain so. A compromise that shows intent but brings us back to the levels of 2015 will consign Bordeaux to another year in the shallow quicksands of a secondary market lacking direction, fearful of the future, unwilling to commit cash, failing to see the point anymore. 

Ah, I hear you say, but the world is awash with cash desperately looking for a home, just as it was post-Lehmann - when the fine wine market benefitted royally. I disagree. We are entering uncharted waters and cash in the bank trumps FOMO, the fear of missing out. Warren Buffet can be wrong sometimes, but not all the time, and moving to an underinvested position does not seem completely crazy. 

So let’s say that 2019 is the equal of 2016, increasingly recognised as the greatest classic Bordeaux vintage in a generation. 2019 is likely not its older sibling’s equal (probably, but who knows) but let’s pretend it is for a second. Even on this most optimistic reading of the new vintage, would you rather buy into a vintage that has been tasted, re-tasted, evaluated ad infinitum and has withstood the scrutiny of the entire market, or roll the dice with a vintage that will be narrowly evaluated based on posted samples? Add to that 2016 prices that have barely moved or drifted down, and the comparative case for 2016 is about as strong as it gets.

Bring on June, and a prediction: either the most successful en primeur campaign since 2016 (notwithstanding Covid-19) or a non-event, determined purely by one variable - price.

Nick Martin

20th May 2020


Wine Market Investment Report November 2019

by Wine Owners

Posted on 2019-12-09


I have just finished reading the latest threats relating to U.S. trade tariffs. In response to France’s application of a 3% digital services tax on heavyweight U.S. tech companies (you know the ones), DT and his representatives are considering recouping $2.4 billion from France’s premium markets; namely handbags, make up, certain cheeses and sparkling wines made from grapes. These tariffs will not be introduced until the new year if at all, so Christmas is saved at least. These products are possibly facing a 100% tax penalty so it’s out with Vuitton, Chanel, Roquefort and Krug and in with Coach, Maybelline, Monterey Jack and Napa Mumm – maybe Brexit isn’t looking quite so bad for us Brits after all!

How these lists are drawn up I do not know; the cheeses include Edam, Gouda and Parmesan which, as we all know, are not known for their Gallic qualities. Unlike still French wines below 14.1% alcohol, Champagne dodged the tariff bullet in October but may now be hit four times harder. These tariffs are messing up our market and we don’t like it! Tit for tat exchanges cannot be the way forward, and we look and hope for more stable trade agreements globally, but we must live with them for now. We have heard of several ‘swerves’ so far; U.S. buyers storing in Europe in the short term, importers identifying the highest alcohol level of any of a producer’s wine and employing that number universally across the producer’s range and even producers being asked to mark 14.1% on the label!


Index Current Value MTD YTD 1 Year 5 Year 10 Year
WO 150 Index 315.67 -1.95% 1.44% 2.03% 62.62% 91.05%
WO Champagne 60 Index 493.15 0.77% 5.40% 7.02% 73.96% 166.01%
WO Burgundy 80 Index 744.26 -0.61% 6.08% 7.35% 147.25% 239.18%
WO First Growth 75 Index 274.38 -3.16% -2.76% -2.65% 48.45% 64.45%
WO Bordeaux 750 Index 366.5 -2.23% 8.20% 8.98% 69.82% 111.68%
WO California 85 index 679.17 -3.41% -0.14% 0.83% 98.95% 296.39%
WO Piedmont 60 Index 335.87 -1.70% 5.64% 6.32% 81.94% 125.17%
WO Tuscany 80 Index 312.88 -2.43% 6.86% 10.01% 61.16% 86.68%


As predicted last month, the indices are beginning to tell the story of recent headwinds. It is interesting to note that Champagne was bucking the trend - that will not continue now. All the other main indices drifted down; the Italian numbers surprise me as the wines we are currently seeking to accumulate have shown no weakness in price. Italy remains free of any U.S. tariffs although further scrutiny can be expected.

I expect there to be some continued easiness in the market in the short term, but I would not recommend selling now as I think it unlikely the market will retreat by 10% or more. Spreads have widened a little and bids are currently around 10% (or more) below the cheapest market price. There will indubitably be some very interesting buying opportunities in the coming months for those brave (and clever) enough and it is interesting to note rarer stocks already becoming available. Great 1990 Bordeaux is a perfect example; normally very scarce and difficult to buy, there is some volume available and it is a buyer’s market.

If some of the current headwinds, namely Hong Kong politics, U.S. tariffs and uncertainty surrounding GBP stemming from UK elections, and no deal Brexit fears, died down activity would increase, and the wine market would soon shore up. In the world we live in, with low (or negative) interest rates and where investors buy bonds for capital appreciation and equities for income, wine will make a lot of sense again soon. There needs to be a certain amount of unravelling of these issues first, however.


WO 150 Index - Wine Owners - November 2019


Please contact miles.davis@wineowners.com with any questions.


Wine Market Investment Report September 2019

by Wine Owners

Posted on 2019-10-08


Is it time to hit the bottle?

At the risk of sounding like a stuck record, the market mood is sombre. It does, however, remain reasonably steady amidst a turbulent sea of macro factors.

Hong Kong is an important market for wine and the ongoing protests are a concern. The original cause of complaint, an extradition agreement between the territory and the Chinese mainland, has long since been retracted but the protests continue, becoming ever more violent. This is about democracy and freedom and the eyes of the world are watching. It is an uncomfortable position for China who cannot afford to handle the situation as perhaps it might in its own provinces but in the long term, remains a very powerful parent. Already the economic effects are being felt; officially occupancy rates in Hong Kong hotels are currently running at about 20%, unofficially they are in single digits. A quick internet search found a room in the territory for US$9 a night, including breakfast!

As we know, Hong Kong, apart from having its own burgeoning wine scene, is currently the gateway to the wine market of China, legally or otherwise. We expect China will open new free ports in time, but the current troubles may just accelerate that process. We think this is a short term problem but in the meantime, trade form that corner of the world is quiet.

U.S./China trade negotiations and Brexit shenanigans continue, and emerging markets are threatened by contagion emanating from Argentina. Thrown in the unrest in various parts of the Middle East and various other more localised scenarios, it’s a right old mess. And what does well in right old messes – physical assets! Here is the Gold price performance so far this year against the WO 150 index.

WO 150 - Gold price performance

We’re not saying there is any correlation, delayed or otherwise, between wine and gold but recent financial history (since the last global financial crisis) has made physical and alternative assets increasingly popular.

We live in an era of negative real interest rates, where buyers of roughly a third of the world’s outstanding bonds will lose money if held to maturity and where even high yielding equities with strong balance sheets are not performing – all very sobering! With all this going on, is it time to hit the bottle?

Within the wine world, my investment themes remain the same; focus on regional allocation, combined with scarcity and relative value is the game.

Please contact miles.davis@wineowners.com with any questions.


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


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