by Wine Owners
Posted on 2019-01-21
Latour ’82, Mouton Rothschild ’82, Mouton Rothschild ’82, ’86, Haut Brion ’89, La Mission Haut Brion ’89, Margaux ’90, Cheval Blanc ’90 and Pichon Baron ‘90
When managing two wine investment funds (2006-2016) we referred to this subsection of the portfolio as ‘the legends‘. They all received cast iron reviews from all the major critics and rock solid and multiple 100s from Big Bob. Cheval Blanc ’90 “unequivocally a brilliant wine” (Neal Martin) has slipped a little to a 98+, but otherwise these wines are confirmed as truly great – legendary in fact! As such, they don’t come cheap (prices in GBP per bottle in graphic below).
Latour and Mouton ’82, +46% and 38% in 2018 respectively, Haut Brion and La Mission ’89 +35% and +52% respectively and Margaux ’90 +35% have all broken out and have massively outperformed the index in the last few months. I believe they can continue to yield positive returns.
Scarcity has been the big driver of price rises in the last couple of years as demonstrated most ably by Burgundy (WO Burgundy Index +33% for 2018, +16% in 2017). This is a prime example of how the principle of good demand versus limited supply in the wine market can work. As a region Burgundy has thrashed others as production is so much smaller, especially with Bordeaux in comparison. Where Bordeaux has been able to compete is in these older vintages of legendary wines, where consumption has driven a scarcity of supply. Each case that is now opened will have a direct impact on that side of the equation.
Cheval ’90 has been volatile but is generally on the up and is well worth considering. I have included Pichon Baron ’90, only a 98+ according to Neal Martin but a Steven Spurrier legend, as it is so relatively cheap and has not broken out at all, so watch this space. The really obvious choice, however, is Mouton ’86. This wine at 32+ years is still a baby in terms of maturity but has an exciting life ahead. Its backwardness has had an impact on the wine’s supply but that will change. As ever good provenance is extremely important and as this is a wine that has been traded more than most so beware - we have seen many examples of poor condition. If this can be found in good nick, do not hesitate in acquiring it - it’s a legend!
Recommendation
Buy: Mouton ’86, Cheval Blanc ’90, Pichon Baron ‘90
Hold: if it’s a legend, continue to hold, for now at least…
N.B. Petrus ’89 and ’90 fall into the ‘legend’ definition but they are so expensive (c.£45,000 per 12) and rare, they have been excluded here.
Miles Davis - professional wine consultant working in the fine wine market. He has been a wine collector for thirty years and managed wine investment funds between 2006-17 for Wine Asset Managers LLP.
by Wine Owners
Posted on 2019-01-18
WO Score: 96
Price: £6,900 per 12
Margaux ’96 has always received rave reviews from the Wine Advocate, whether is was big Bob himself or Neal Martin who awarded it the full 100 in October ’16. Neal does not hand out the perfect score lightly – in fact, barely ever. Our own Nick Martin gave it the full three figures at the Wine Owner’s Margaux dinner last summer although his clout is not quite as heavy!
Left bank 96s deserve a decent allocation in any investment portfolio given their quality, liquidity and age profiles. You could argue the stars here are aligned. Margaux ’90, the only other confirmed 100-point Margaux from vintages still possible to source, enjoyed a chart break out starting last summer (see chart below). The ’96 is trading at a very attractive 47% discount to the ’90 suggesting a strong recommendation. The chart break out may not be around the corner but I’d want to be long when it does.
Recommendation: Buy as a core holding.
by Wine Owners
Posted on 2019-01-15
Chateau Margaux - ©Wine Owners Ltd.
WO Score: 95
Price: £4,675 per 12
Margaux ’89 has never received great scores from Robert Parker, with five tasting notes at either 89 or 90 points. His last post on the subject, however, was recorded in 2003. Neal Martin has always been more generous, rating the wine between 92 and 95, the last note dated 2010 – so, again, some time ago. In 2008 Jancis Robinson rewarded the wine with a generous 19 points which, as we know, is a high score from her.
The relatively low (and now aged) scores from Parker have probably always depressed the price performance of Margaux ’89. A more recent note from another critic a bit closer to home, from a dinner only a few months ago, yielded this review: “The generosity of the vintage is evident on the nose, yet the accomplishments of this wine are still hidden, and there’s a sense of more to come. That grainy texture and gorgeous spiced finish are surely harbingers of great things in store for future drinking. As a result, a decent investment to boot for a 10-year view: 94+.”
Margaux ‘89 has always been dwarfed by its much acclaimed sister from the ’90 vintage which currently trades at £13,000 per 12. 1989 and 1990 are often coupled for comparative purposes and have thrown up some intriguing pairs, both for tasting and trading purposes, Haut Brion and Petrus being the most fabled.
As the chart below demonstrates, the prices of Margaux ’89 and ’90 started diverging six months ago and the differential has never been wider. This, coupled with our own notes above, gives us good reason to recommend a purchase.
___ 1989
___ 1990
Recommendation: Buy.
by Wine Owners
Posted on 2018-10-16
We had the pleasure to share a wonderful Chateau Margaux dinner with our members and the estate's ambassador Thibault Pontallier at La Trompette last week. The line up encompassed Chateau Margaux 1983, 1986, 1989, 1990, 1996, 1999, 2004, and a surprise magnum of 2000, preceded by Pavillon Blanc 2015 and Pavillon Rouge 2000 and 2009.
Pavillon Blanc 2015
Mineral nose, chalky, white currants, and saline. In other words a lot going on! Bright attack, palate follows the profile of the nose with addition of seville oranges and attractively bitter pith, green guava, and a fruit bush leafiness before ending on a firm finish.
2022-2030
94
Wine Owners view
A great investment in future drinking - one of the most complex of white Bordeaux, with refinement and structure for the long haul, and will be impossible to find in the future.
Pavillon Rouge 2009
A controlled, spicy nose, intense cassis, fresh blackcurrant leaf. Surprisingly cool from such a warm vintage, great grain to the wine’s texture, full of future promise, with depth and focus.
2023-2035
93+
Wine Owners view
Hitting the level of a second growth, Pavillon rouge is a grand wine in 2009, more expressive than the Grand Vin at this stage, yet with the same sense of balance and poise. Chip off the old block.
Pavillon Rouge 2000
Complex pine infused nose. Dry aromatic attack, gorgeous definition and a fine persistence. A touch of gaminess, roses, and spruce tips on the mid palate, the fruit evolving into a broad savoury finish enlivened with sappy, uplifting acidity.
Now to 2025
95
Wine Owners view
Mature and exciting with lots of complexity within which it’s easy to pick out individual flavours. So plenty of wine to make a special occasion a bit more special.
Margaux 1983
Aromatically expressive, a spiced attack preludes a charming medium-weight classic claret of supreme elegance and harmony. A gentle finish that nevertheless remains very elegant and delightfully complete.
Now to 2023
93
Wine Owners view
A great drink for right now, majoring on Margaux’s famed subtlety. Still possible to find in the secondary market around £350-£400 per bottle, which given its age and refinement is something of a steal. Hard to think of better First Growth value for money.
Margaux 1986
Heady, spiced, with a touch of iodine creating an intoxicating blend. Resolved on the palate, very good intensity allied to racy acidity. Fine scale with oranges and cloves on the long finish.
Now to 2025
95
Wine Owners view
1986 was a happy surprise due to the energy and resonance of the vintage. We wouldn’t keep it much longer but another strong buy for drinking around £400 per bottle.
Margaux 1989
Gorgeous overt nose, great length and grain, sappy with rising aromatics, a twist of liquorice and a cloved finish.
2020-2035
94+
Wine Owners view
The generosity of the vintage is evident on the nose, yet the accomplishments of this wine are still hidden, and there’s a sense of more to come. That grainy texture and gorgeous spiced finish are surely harbingers of great things in store for future drinking. As a result, a decent investment to boot for a 10 year view.
Margaux 1990
Saline, gamey nose and an energetic and velvet-textured attack, counter-balanced and infused with blood orange. Great resonance and breadth, visceral, spiced finish, and a whiff of very attractive sweet chloroform right at the finish. Very, very long. A great wine.
Now to 2030
98+
Wine Owners view
The velour and silky density of this wine makes it a beauty for enjoyment right now, and sure enough it was wine of the night for the majority of attendees. There’s more to go but will it ever be as lovely as it is now? Expect to pay £720+ per bottle so one for the collector who is looking for the very best vintages of Margaux.
Margaux 1996
Svelte Nose, and then at the outset, so young and fresh. Tannins still present. A large scaled, monumental wine of extraordinary length yet extremely primary. An absolute baby in other words! With time in the glass the aromatics really open up. There is great intensity and a wonderful centre to this wine. Tonight 1990 gives more pleasure, but the sense of energy and drive in this wine along with all the other elements suggest a great, great Margaux in the making for 2025 onwards.
2025-2050
Wine Owners view
This is going to be mind-bendingly good. Though it lacks the resolution and some of the warmth of the 1990, it makes up for that in sheer energy, focus and intensity in its core. This elemental wine is still good value at around £500+ per bottle and would be an obvious choice as an investment, or buy now and wait 15 years to for a thrilling vinous experience as close as any gets to a concept of the perfect wine.
100
Margaux 2000 (Magnum)
A wine that is already resolved but at the beginning of its plateau. Spiced, cloves, sweet chloroform. Great energy, definition and depth on the finish, enlivened by a fine thread of acidity that uplifts the fruit. Very long and all the while gaining in energy through the impressive finish.
2018-2033
97
Wine Owners view
The overriding sense one has here is of harmony. Balanced and complete, spiced and heady with the signs of further maturity a short few years away. For many palates this is completely ready but an interesting addition to any Bordeaux lover’s cellar for its immediacy and near term potential.
by Wine Owners
Posted on 2018-05-04
by Wine Owners
Posted on 2018-04-10
Starting early, we hit the Monday-morning Bordeaux commuter congestion armed with laptops, phones and an excellent pain au chocolat. Day one launched us headlong into the Medoc grand crus, starting at Lafite, then moving through Mouton, Cos d'Estournel, Pontet-Canet, Calon-Segur, Montrose, finishing at Chateau Margaux.
©Jonathan Reeve / Wine Owners
Tongues still tingling from untamed tannins, we are now reviewing the day from the wine-free environs of our rented loft- conversion apartment. There is blue sky peeping through the skylights.
Three main themes emerged from today's en primeur 2017 tastings:
Cabernet Cornucopia
The most obvious pattern is that 2017 was clearly a Cabernet vintage in Pauillac and Saint-Estephe. Almost all of the wines we tried have a higher proportion of Cabernet Sauvignon in their blends than in 2016. The particular weather patterns of the 2017 growing season meant that Merlot was tricker in 2017, and Cabernet performed well. Lafite, Montrose and Calon-Segur particularly exemplified this - their wines glowing from the healthy Cabernet. The Calon tasting demonstrated this most clearly; comparing side-by-side the Marquis de Calon and the Calon-Segur (Cabernet was particularly higher in the latter) it became clear how a higher percentage of Cabernet has worked wonders in 2017. The Calon is fresher, brighter and more defined than the Marquis, has more-focused acidity, and will be by far the longer-lived wine.
A noteworthy exception to this pattern is the grand vin at Chateau Margaux, where the team are obviously very happy with their Merlot this year. In fact, their Merlot was apparently so good that it was used worthy of a greater dose in the grand vin this year - a move which brought production levels of the grand vin up to almost 2015 levels (impressive from the smaller 2017 vintage). This is an unusual moment of glory for Merlot, which is typically the ‘insurance policy' grape.
House Styles
One obvious pattern showing in day one's tastings was house styles. These are very much in evidence in 2017, and most obvious at the Mouton stable, where d'Armailhac, Petit Mouton, Mouton and Aile d'Argent all shared the house's exuberent, borderline-exotic richesse. This continues right down to the house's entry-level Baronarques brand from Limoux, which we were also warmly invited to taste. The four Cos d'Estournel wines also had a family feel about them, being clean, bright and focused, without being overly ‘new world'. The pattern was most pleasing, perhaps, at Montrose, where both the Dame de Montrose and the grand vin showed brilliantly, and shared a distinctive style; cool, fresh wines (yes, high Cabernet content) with lots of tightly wound potential, and a whiff of something herbal (along the lies of nettles and lavender) marking them out from the crowd.
©Jonathan Reeve / Wine Owners
Past and present
References to the past, as a means of promoting the present, were frequent in the presentations today.
Lafite's new director, Jean-Guillaume Prats (previously of Cos d'Estournel), pointed to technology as being significant in the quality of this 2017 vintage. Thirty years ago, he said, given the same vintage conditions, it would have been 'very tricky' to make a wine of such high quality as they have managed this vintage with both the Carruades and grand vin. Of course, his job is to say such things, but his demeanour was very real, honest and open. And the wines spoke for themselves; the Lafite was its usual elegant, impressive self even at this early stage in its life.
Also illustrating progress by pointing to the past was Thibault Pontalier of Chateau Margaux, who highlighted that the blend of Pavillon Rouge today is exactly the blend of the grand vin thirty years ago. A strong part of his reasoning for this was the ever- increasing quality of Cabernet Sauvignon that Margaux is able to produce, thanks to investment in technique and technology. This was in evidence for more than just the reds, however; Margaux's stunning Pavillon Blanc 2017 ended today with a refreshing flourish of beautifully concentrated, linear Sauvignon.
©Jonathan Reeve / Wine Owners
Comparing 2017 with 2016, the majority of wines from day one appear to be a notch less intense and refined than 2016. We're interested to see if this continues on the right bank.
Tomorrow we visit Nenin, Vieux Chateau Certan, Cheval Blanc, Gazin, La Couspade, Canon and Pavie. Watch this space tomorrow, for reflections on the right bank.
by Wine Owners
Posted on 2017-12-21
Broadening interest
2017 was a fascinating year for the wine market: a year of solid growth, consolidation and even a flash of speculation!
It was also a year of broader consumer interest reignited.
Knight Frank’s global Wealth Report includes analysis of the fine wine market provided by Wine Owners. Wine was by far the best-performing collectible asset of 2016,
up 24%. As a result, lots of positive press in 2017 brought plenty of new interest into the market.
Health
After the sharp price increases of 2016, when the Bordeaux market leapt as it rebounded off its 2014 lows following a couple of years of ticking up, 2017 was always going to be a less dramatic year for the classified and blue chip Bordeaux market.
It was encouraging to see a successful 2016 en primeur campaign that saw generally modest increases over 2015 in Euros, even if increases were more substantial for UK buyers due to the weakened currency. Overall gains in 2017 were low single-digit for
First Growths (after the 30% readjustment seen in the previous year). Other Classified growths and Right Banks rose an average of 7%.
Such moderation was less evident in the primary or secondary Burgundy market, the latter up 14.5%. What happens next is anyone’s guess, but the top of the market is holding onto 5-year gains of 100%, thanks in part to enduring Asian interest.
Hard luck stories
Burgundy was really hard hit by frosts in 2016. It’s a super vintage, but with many producer cellars that are 2/3rds empty. Only Vosne-Romanée and parts of Morey-St.-Denis and Gevrey-Chambertin escaped the April ‘gel’. Pretty much everywhere else was
heavily hit. The night-time freeze hit the Grand Crus and vineyards high up, the morning sun burned the buds of other premier crus and villages plots.
That big reduction in volume does add something to the intensity of the reds most noticeably. They are balanced, intensely redcurrant or blackcurrant in character, saline and fresh, with a vein of blood orange pulsing through them. The whites are fine
but don’t quite have the extraordinary rich, bright core of the 2014s, although in their favour the whites show more site specific character at this very early stage.
In 2017 Burgundy narrowly missed a second successive year of April misery, with an abundant vintage of good quality. Instead, Bordeaux was badly affected by freezing night-time temperatures in the last week of April, after a warm spring had encouraged
early growth. Some areas on the Right Bank, Graves and parts of the Medoc away from the warming waters of the Gironde were devastated. Chateaux de Fieuzel in Pessac isn’t making any wine in 2017.
What that will do to en primeur pricing next year remains to be seen, but widespread rises are on the cards, probably even those properties who emerged unscathed.
Notable winning regions
Champagne extended its run with top back vintages (where relative scarcity starts to play) racing ahead, up 13% in 2017. The world’s appetite for Champagne remains insatiable.
It was gratifying to see Northern Italy in rude health, with interest for Barolo Crus broadening significantly and prices of the best producers very sharply up this year on the back of a string of good vintages culminating in the highly sought after 2013s.
Speculation
Talking of that flash of speculation, Margaux 2015 announced in November that Margaux would release their 2015 as a special edition in honour of Paul Pontallier, the managing director of the estate who died in March 2016.
We saw the first release from the chateau, offered in individual single wooden cases, at a significant premium to the release price.
Based on the Chateau’s announcement, we saw speculative trading in the wine between EP club members rise and rise, with bids climbing from under £6,000 to £12,000, representing more than a 130% increase compared to the release price to UK consumers of
£4,650.
The limited edition black bottles with a variation on the classic Margaux label in gold invited comparison with the 2000 Mouton Rothschild, which attracts a significant market following based on collectability, despite not being in the top flight of Mouton
vintages or even one of the best wines of the vintage.
Looking ahead to 2018
If you're interested to learn more about the health of the fine wine market and are interested in our predictions for 2018, you can now download our Fine Wine Predictions 2018 report, a must-read for collectors, wine lovers looking for value, and investors searching for opportunities.
DOWNLOAD PREDICTIONS 2018 REPORT
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We wish you all a very enjoyable festive season, and much vinous pleasure as you open great wine bottles to celebrate and see in 2018.
Best wishes for health and happiness from the Wine Owners team!
by Wine Owners
Posted on 2017-10-09
The first of 3 dinners to taste through 61 red Bordeaux ‘Growths’ classified in 1855, the 2007 vintage had been kindly provided by 2 wine enthusiast brothers who were keen to share this extensive horizontal with fellow members.
The wines were cleverly organised into suitable flights to accompany each dinner course by Christopher Delalonde, resident Master Sommelier at The Don on St Swithins Lane, ensuring a peak was hit with the glorious venison main course, with further high spots to be enjoyed in the tail-end of supporting wines.
Christopher Delalonde
Given the less than enthusiastic press on the 2007 vintage, the wines showed a remarkable degree of consistency. 2007 was not a vintage to try to force, and the great successes at all levels of affordability and rank were those founded on balance and the natural aromatics of the vintage. Whilst bargains are far and few between, some of the lesser known Crus still represent good value for money. At the top end, the Firsts and most of the Seconds showed their class and the value of their top terroirs.
| Cru | Note | NM Score |
| Croizet Bages, Pauillac, 5th | Fruit forward, spiced nose. Licorice leads the creamy attack, round supple mid palate. Fresh orange zest on the finish provides focus and suggests there's plenty of scope for near-term future development. Still young and promising. | 92 |
| Cos d'Estournel, St Estephe, 2nd | Cool nose, spiced and generously perfumed. Savoury with with a saline element, and a texture reflecting fine, grainy tannins on the already resolved attack. Lifted, sappy, fruity mid palate and a finish that ends on a sweet crescendo. Delicious already, with plenty of future potential, and avoiding the overextraction of 2009/2010 vintages. | 95 |
| Prieuré Lichine, Margaux, 4th | Cool, spiced nose with trademark Margaux perfume. Savoury attack and mid palate, with a blast of licorice. A little obvious and currently a disjointed finish. Mid weight, but this might just be a bit young and yet come together. | 88 |
| Pouget, Margaux, 5th | First time I've ever tasted this Cru? That I can recall. Lovely, sappy nose: a sense of freshness and vitality. Fruity, rounded attack with the dry character of the fruit lending firmness. Mid weight mid palate, with an intriguing orange zest twist to the finish. Balanced and attractive. One to seek out at a bargain price as a household staple for Sunday lunch, given it's anonymity (and relative lack of buyer interest) in the market? | 91 |
| La Lagune, Haut Médoc, 3rd | Perfumed nose betraying it's proximity to Margaux to the North and close to La Garonne. Energetic attack, meaty notes, and lightly spiced blend to create a strong appeal. Only a medium length finish lets it down, but still lots to like. | 90+ |
| Pedesclaux, Pauillac, 5th | Pre the recent renaissance under Lorenzetti, who since 2009 bought 12 hectares next to Lafite and Mouton to enlarge and improve this forgotten Cru. It needed rescuing based on this showing: Licorice infused nose, slightly bright point of attack, nice density but with a bright acidity that isn't integrated and overall paraxodically shows as rather neutral. | 86 |
| Dauzac, Margaux, 5th | Spiced nose, savoury and round. Rather dull and flat in character. Recalls the edgeless wine recipes made by producers for Naked Wine. Think Barry Manilow (unless you like Barry Manilow in which case think of someone else). | 84 |
| Chateau Batailley, Pauillac, 5th | White pepper seasoned nose, griottes and cedar. Attractive cedary attack too with enough acidity to be mouthwatering. Firm, classic claret with enough cut to accompany the foie gras. Being picky, the mid palate came across as hollow on this showing. | 88+ |
| Desmirail, Margaux, 3rd | Quite a neutral nose, on its reserve. Restrained. But the texture shows grainy tannins, offers an elegant intepretation of the appellation, and shows good persistence. The mid palate is dominated by its savoury character at present. Given it was part of the vast Rauzan estate in olden times (together with Rauzan Segla and Gassies), it probably should be offering more than is evident today. | 88 |
| Haut Brion, Pessac, 1st | Liquor-like aromas intermingle with perfume on the nose. There's a stunning, illuminated attack with crystalline red fruit predominating. Superb energy driving into the long, long finish. Primary for now, this is not yet showing any of the unique Haut Brion Graves character one might expect, of charcoal, smoke and stoney minerality. It will come in time - give it 15+ years. Demonstrating once again how good Haut Brion is in off-years (or average years to give 2007 its dues). | 96 |
| La Tour Carnet, Haut-Medoc, 4th | As ambitious as its master, Bernard-Magrez, this is a big wine. A liquory nose leads you in, where the palate is rich, with confit fruit leavened with cedar. Modern but nevertheless quite impressive, it offers value and should settle down with age into a gentler form with a little more refinement. Very recent vintages have pulled back are are a bit more restrained. | 89 |
| Pichon Baron, Pauillac, 2nd | Very creamy nose, anis seeds adding aromatic complexity to the dominant oak influence. Huge cedary attack., sweet fruited mid palate, where the spice and licorice kicks in. Creamy oak influence evident here too. Impressive in its style, but I personally would have preferred more elegance for a Super Second. Yet it's young, needs time, and is an engaging wine for those who are attracted to its powerful form. | 92+ |
| Calon Ségur, St Estephe, 3rd | Always a 'giving' Cru with a good dose of Merlot, the nose immediately shows off its fruit, which is shot through with graphite. Nice intensity to the attack, creamy yet balanced, with an underlying exuberance that's contained. Medium length to the finish which ends a little flat. The ending lets the whole down for now, but may well gain in energy and interest with age. | 92+ |
| D'Issan, Margaux, 3rd | Another estate owned by Lorenzetti, who has been making improvements here for longer than at Pedesclaux. Fruity nose, with gamey notes and a trademark D'Issan salinity. There's a super energy to the mid-palate, fruity then savoury and with great progression. Super-fresh, bright acidity is well integrated into the fruit, and is unforced in its style though I'd prefer a touch more finesse. This should develop very well with time, and should make finer old bones. | 92 |
| Lafite, Pauillac 1st | Creamy nose, black pepper, but very much on its reserve. Superb intensity and an aromatic, floral quality to the fruit. This is defined at this stage of its evolution by refined tannins, is very persistent on the palate and leads into a rich, confit lemon finish. Stunning but terribly young for now. Should be magnificant in 10-20 years. | 96+ |
| Beychevelle, St Julien, 4th | White pepper nose, a fine attack and a round mid palate, nicely integrated but a bit simple overall. For the cash, one expects more. | 88 |
| Kirwan, Margaux, 3rd | Perfumed nose, confit, sticky fruit on a rich attack leading to a thickly textured, disjointed mid-palate. I can't help feel it would be a lot more interesting if it followed the less interventionist approach of D'Issan. Disappointing. | 88 |
| Grand Puy Ducasse, Pauillac, 5th | Perfumed nose, licorice notes, Firm attack, medium weight fruity mid palate with the right amount of freshness to lend lift and definition, and a citric thread driving the finish. Surprisingly good. Perhaps we're so used to the excellence and consistency of Grand Puy Lacoste we're overlooked a 'value' Growth here? | 91 |
| Leoville Barton, St Julien, 2nd | Balanced, classy perfumed nose is a big step up. Very energetic attack leads to a mid palate showing real complexity, mixing savoury notes with licorice and creamy red fruits. Good length, lovely. | 93+ |
| Ducru Beaucaillou, St Julien, 2nd | Cedar and saline nose with a dash of perfume that adds complexity. Smooth entry, svelte fruit on the palate, giving the impression overall of a very polished wine. It's quite possible this is less mute on the palate than was my impression, and that the reserved nature of the fruit augurs well for the future. Somewhat worse for wear by this end point, the note was correspondingly short! | 92+ |
by Wine Owners
Posted on 2017-04-24
For a detailed overview of the vintage, please see What you need to know about Bordeaux 2016 reds
This year’s Bordeaux 2016 en primeur tasting notes reflect the vintage and its character. You’ll see the same words come up again and again in our tasting notes.
For fruit character, that commonly includes "briar fruit", "cassis" or "blackcurrant" and "sherbetty fruit". Very few showed prune or confit fruit character, and we generally marked these ones down as potentially showing overripe characteristics.
For non-fruit character, it’s "licorice" and "cedar". An Interestingly definitional note: Licorice (or liquorice) is extracted from the root of Glycyrrhiza glabra, a herb whose extract is 50 times sweeter than sugar!
Many of the best wines have a "liqueur-like" refined nose and a similar mouth-feel.
Structurally, a "charge of tannins" is very evident on the attack, often accompanied by a "chewy" finish. This comes from the July/August drought when lack of water led to the plants shutting down and producing correspondingly higher tannins.
The long autumn hang-time with cool nights led to the sense of freshness in the wines. You’ll find lots of wines in my notes that are "mouth-watering", "sappy" and "threaded with acidity".
The finish of the wine is so important when evaluating young, fine (and expensive) wine and this year the finishes are typified by the word "controlled" whilst there was generally very good "insistent" length. It’s that sense of containment and balance on the finish that helps make the best wines so good and sets them apart from the rest.
Further tasting notes will release on the right bank in due course where I did the least tasting, and see these links for what the critics think of St Emilion and Pomerol.
DECANTER - Bordeaux 2016 Right Bank: Anson’s first impression
JANCIS ROBINSON - Bordeaux 2016 : the guide
Picture: Wine Owners Ltd.
SAINT ESTEPHE
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Cos D'Estournel | 98 | * | Cedary, sweet nose. Then a charge of tannin. Firm fruit, progressively building from a cool mid palate to a powerful, broad finish - rather like a fan opening or a peacock's tail slowly revealing its intricate colours. | £££ | Saint Estephe |
| Montrose | 97 | | Liqueur like nose. Cassis and cedar notes in the attack then sweet mouthwatering, very balanced mid palate. Sweet finish. Very fine. | £££ | Saint Estephe |
| Calon Ségur | 97 | * | Blackcurrant nose, airy, structured attack, liqueur-like texture, then rich summer fruits and a warmer than anticipated finish. Nice firm undercurrent nonetheless as the soft tannins push through and bring needed focus to the finale. | £££ | saint Estephe |
| Le Crock | 95 | * | Refined nose, lovely attack, grainy fruit. Tremendous attack and energy. Dark fruit infused with licorice. Complete, large scaled and satisfying. | ££ | saint Estephe |
| Lafon Rochet | 95 | * | This is fine. Spiced, sweet fruit on the attack and mid palate, a big tannic charge and chewy finish. This is long term, big-scaled and really serious. | ££ | Saint Estephe |
| Chateau Phelan Segur | 93 | * | Svelte, dense, lots of freshness, spiced attack. Soyeux, with a point of freshness at the finish. | ££ | Saint Estephe |
| Cos Labory | 93 | * | Good density and attack. Very good complexity to the fruit. Mid weight. Super length. Quite clearly the best since the superb 1990. | ££ | Saint Estephe |
| Ormes de Pez | 92 | * | Seasoned nose, a touch of cassis and cream, glorious cassis fruit and blackcurrant leaf. Great freshness and zesty finish. | ££ | Saint Estephe |
Pagodes | 92 | | Gentle attack, a sweet flourish and a mouthwatering mid-palate. Attractive, if not the most impressive St Estephe this year. | ££ | Saint Estephe |
| Dame de Montrose | 91 | | Lovely attack, good dry fruit, nice lift and fine finish. | ££ | Saint Estephe |
| Meyney | 93 | * | Liqueur-like in its texture, a super attack of cassis crème. Long, intense, well balanced and super-well integrated. I love St Estepehe in 2016 | £ | Saint Estephe |
| Chateau de Pez | 92 | * | Super-vibrant, a little sweeter than some, but nicely done and a great finish. | £ | Saint Estephe |
| Marquis de Calon Segur | 90 | | Evident structure, quite sweet mid-palate but lots of sap to it too to accompany the ripeness, hence the finish coats the lips with a dollop of cassis jam. | £ | Saint Estephe |
| Capberne Casqueton | 89 | | Savoury, attractive attack with good weight, a noticeable intensity, but just a little less energy for me than 2010. Second best ever vintage of this wine. | £ | Saint Estephe |
| Tronquoy Lalande | 89 | | Briar fruit, quite deep, merlot heavy and correspondingly plush. | £ | Saint Estephe |
| Haut Marbuzet | 88 | | It's fine, but in a veritable constellation of terrific St Estephe performances, this is closer to the back of the classroom. | £ | Saint Estephe |
PAUILLAC
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Lafite Rothschild | 99 | * | Subtle, elegant, understated. Buffered tannins, very, very complex fruit with an illuminated fringe of acidity. It's an exercise in balance with a firm, insistent finish. | ££££ | Pauillac |
| Mouton | 98 | | Aromatic, perfumed, sensual nose. Lush, huge, spiced with cloves. Powerful and dense. Very fine complex palate, anise seeds. Amazingly well-integrated tannins. | ££££ | pauillac |
| Latour | 97 | | Restrained nose, fruit attack, buffered tannins, complex with an iron infusion and a touch a meatiness, leading to a firm finish. | ££££ | Pauillac |
| Carruades de Lafite | 96 | * | Mouthwatering attack, Covered, voluminous fruit. Powerful, serious wine. Licorice. Very, very long. Best ever. | ££££ | Pauillac |
| Pichon Longueville Lalande | 99 | * | Subdued nose, then a very refined attack, more backward than many, but there's evident intensity of fruit, a wonderful aromatic quality, with great prickly acidity throughout. Not showy, but extremely impressive in its reserved, elemental state. It feels like it could be a legend in the making. | £££ | Pauillac |
| Pontet Canet | 97 | * | Saline, eucalyptus nose, powerful attack. Sweeter than some others. Unctuous but a beautiful balance. The sweet fruit submerges the considerable tannins. Then a sappy, mouthwatering lift. Pure, powerful and in line with the character of the vintage, a firm finish. | £££ | pauillac |
| Pichon Baron Longeuville | 96 | | Vinous nose. Fine attack and mid palate, showing balance and control. Super-refined. Aromatic, characterful and complete. | £££ | Pauillac |
| Lynch Bages | 96 | * | Deep nose, packed with fruit. Energetic attack. A formidable charge of tannins; chewy, bright attack. Settled, calm finish. | £££ | pauillac |
| Petit Mouton | 93 | | Very fine nose, svelte, integrated, balanced powerful, long and large scaled. | £££ | pauillac |
| Chateau Clerc Milon | 96 | * | Seasoned nose, restrained, quite high acidity. Very mouthwatering and dry. Vinous mid palate. Firm, damsons, réglisse, very svelte finish. Liqueur quality of texture. Very refined but not polished or made-up. | ££ | Pauillac |
| Grand Puy Lacoste | 95 | * | Rich and generous nose, with a touch of licorice. Smooth, supremely balanced wine featuring crystalline fruit. As good as 2010. | ££ | pauillac |
| Réserve de la Comtesse | 94 | * | Vinous nose, perfumed with myrrh, delightfully textured and delicious mid palate. It's hard not to fall in love with this. | ££ | Pauillac |
| D'Armailhac | 94 | | Liqueur-like, fine nose. Good attack. Fine thread of acidity. Sweet mid palate and very controlled, sweet, sappy finish. Lots of tannin, very well integrated. | ££ | pauillac |
| Echo (Lynch Bages) | 92 | | Large-scaled, aromatic fruit, nice grip, sappy, dry mid palate. Characterful. | ££ | Pauillac |
| Chateau Duhart Milon | 91 | | Warm, vinous nose. Quite an overt palate. Slightly bitter twist to the fruit. Quite intense. Powerful tannic charge in the mid-palate. Reminds me of the 89s when they were babies. Ambitious. | ££ | pauillac |
| Chateau Croizet Bages | 91 | | Covered, thickly styled fruit, cedary fresh and insistent, long finish. Cedary and good overall balance. | ££ | Pauillac |
| Chateau Lynch Moussas | 90 | | Iron-infused fruit. A little fierce, but likely to settle down with a bit of bottle age. There is proper intensity there and it's certainly 'real' young wine; a bit disjointed but with the key elements in place. | ££ | Pauillac |
| Pedesclaux | 93 | * | Good concentration, fresh, with a taut citric core. Mouthwatering then the dense fruit kicks in towards the end. Very progressive and very good. Retested May 17: Classical and firm, fresh damsons, spicy, sweet. | £ | Pauillac |
| Lacoste Borie | 90 | | Nice density, good weight, freshness and very silky tannins | £ | pauillac |
| Batailley | 90 | | Pretty, confit fruit. Earlier drinking but delicious for what it is. | £ | Pauillac |
| Grand Puy Ducasse | 89 | | At the sweeter end of the spectrum in the vintage context. | £ | Pauillac |
| Griffons | 89 | | Dense and texturally interesting. Liqueur-like, fruity, and a charge of tannins, that perhaps prematurely curtail the finish. | £ | Pauillac |
| Pibran | 87 | | Slightly odd. A bit of fur on the fruit. A little savoury and wild for my taste. | £ | Pauillac |
| Tourelles de Longueville | | | A bit dull. Uninteresting. | £ | Pauillac |
SAINT JULIEN
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Leoville Las Cases | 96 | | Super aromatic nose. Savoury. Finely crafted fruit, comprising redcurrants, briar and cherry. Cushioned tannins, and a very integrated finish, with an orange-peel lift. | £££ | Saint Julien |
| Ducru Beaucaillou | 95 | | Vinous nose of blackberry leaf and cedar. Bright attack, chewy without a tannic charge of the year seen elsewhere. Very covered in plush fruit, though fresh and with good energy. Blackcurrant and mint. Cushioned tannins. Lovely but perhaps a little polished for so early? | £££ | Saint Julien |
| Chateau Leoville Barton | 95 | * | Lovely firm-fruited attack, intense but not huge. Very fine mid palate Sweet fruited and medium weight. Insistent and elegant. | ££ | Saint Julien |
| Chateau Gruaud Larose | 94 | | Cool reserved nose, controlled, fine attack. Very fine tannins. Beautifully balanced. | ££ | Saint Julien |
| Branaire Ducru | 94 | | Complete wine, great mouth-coating texture. Big but fine tannins. | ££ | Saint Julien |
| Beychevelle | 94 | * | Liqueur-like nose, vivid attack, rich progressive finish but reassuringly controlled. Excellent. | ££ | Saint Julien |
| Leoville Poyferré | 94 | | Cedary, saline nose, big cassis and briar fruit, with a touch of warmth. Controlled progression, super-integrated tannins, then a dry tannic charge kicks in with chewy, fresh, matière. | ££ | Saint Julien |
| St. Pierre | 94 | * | Powerful attack and tannins but a sweet and long mid palate. Complete and long. Much better balance than the over-polished 2015. Much better and unforced in 2016. | ££ | Saint Julien |
| Langoa Barton | 93 | | Round, sweet mid palate and a mouthwatering finish. Charm and character. | ££ | Saint Julien |
| Gloria | 92 | * | Cool nose, fine mid palate, good energy and a citrus lemony finish. | ££ | Saint Julien |
| Talbot | 92 | | A bit bigger on the attack than some, but certainly not too sweet, and although a little unknit at this stage, there's a fine sap to the finish and it could evolve into an excellent Talbot. | ££ | Saint Julien |
| Chateau Lagrange St Julien | 91 | | Cool restrained nose, super charge of tannins, and a sappy finish. A little bit unknit at this stage to be hyper-critical, but the intensity is there, hence the positive score. | ££ | Saint Julien |
| Clos du Marquis | 90 | | This is very good, peppery, reserved nose, mid weight. Crystalline, crunchy fruit. | £ | Saint Julien |
| Moulin Riche | 89 | | Rich, chewy, with a cocktail of cherry and briar fruit. Gives the impression of being more alcoholic than others. Good length. | £ | Saint Julien |
| Petit Lion | 89 | | Liqueur-like and refined on the palate, quite a bit of acidity and right now, not the longest finish. | £ | Saint Julien |
| Lalande Borie | 88 | | Mid weight, sappy and a reasonable finish. 2010 a better prospect at this level. | £ | Saint Julien |
| la Petite Marquise | 88 | | Cassis nose, creamy and field herbs, including anise on the palate. Approachable and well-balanced with an attractive fresh finish, that is nevertheless on the short side. | £ | Saint Julien |
| Croix de Beaucaillou | 88 | | Vinous, liqueur-like nose, sappy, sweet with soft, svelte fruit. Forward. | £ | Saint Julien |
MARGAUX
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Palmer | 98 | * | Lots of energy, the attack is incredible. 29 ha/ha due to a mildew attack resulting from a miscalculation (too little) of copper treatment on this biodynamic estate. Creamy briar fruit in a mid-weight+ frame. So much more elegant than 2015. Classy firm fruit. Sweet sherbetty mid-palate and an interesting herbaceousness on the finish. Beautiful wine. | ££££ | Margaux |
| Margaux | 96 | | Refined nose, faintly perfumed. Cassis and energetic attack. A less harmonious mid palate than 2015, but still with a at least a good dab of summer pudding emerging with air. More of a sappy character, firm tannins lurking in background but barely surfacing. This could be very good but is somewhat backward today. | ££££ | Margaux |
| Pavillon Rouge | 92 | | Subdued nose, saline. Savoury palate, quite powerful attack. Rather unusual 84% cabernet composition, signaling the ongoing and increasing seriousness of Margaux's second wine, lending some support to its market price. | £££ | Margaux |
| Ego (de Palmer) | 94 | * | Delicious! Croquant fruit, fine lingering finish, Evident purity. | ££ | Margaux |
| Chateau Durfort Vivens | 93 | * | Characterful and grippy. Quite crystalline, crunchy fruit, with black cherry infused mid palate. Chewy finish competes with persistence of fruit on a mid-weight frame. This is different to 2015, that came across as richer and more mineral (iron), but the minerality is still there. Time will tell which is the more satisfying, they are both excellent in their very different ways. Demeter certified this year (French biodynamic certification). | ££ | Margaux |
| Brane Cantenac | 92 | | Rounded, showing as forward in the context of the vintage, back cherry infused mid-palate, lifted by freshness and with a very nice finish. | £ | Margaux |
| Rauzan Segla | 90 | | Very classy as always but it's not 2015. | £ | Margaux |
| Lascombes | 89 | | Nice attack, then mid palate fades away. Maybe just closed? | £ | Margaux |
| Cantenac Brown | 89-91 | | Very nicely balanced, mid weight, not a patch on the 2015. Retasted May 17: Ripe, progressive, spiced and very energetic. This has come on leaps and bounds in 6 weeks since previous tasting. | £ | Margaux |
| Prieuré Lichine | 88 | | Good energy, just lacking character. | £ | Margaux |
| Malescot St. Exupery | 88 | | I worry that there's a bit of a hole in the middle of the palate. | £ | Margaux |
| Kirwan | 88 | | OK, but not as exciting as the rather good 2015. | £ | Margaux |
| D'Issan | 88-91 | | A bit stalky? Not a patch on the marvelously saline 2015. Retasted May 17: lifted and fine. | £ | Margaux |
| Ferriere | 87 | | I love this Chateau for its direct character blending ripe fruit with a classic mould. I'm afraid 2016 isn't one of those vintages I can recommend. You'd be best looking backwards at least 5-10 years for value for money drinking. | £ | Margaux |
MOULIS EN MEDOC
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Mauvesin Barton | 92 | * | Superb texture and good length | £ | Moulis en Medoc |
| Chasse Spleen | 92 | * | Liqueur-like texture, solid mid-palate and a fine finish. Very good indeed, and this should be a sensible buy as it always performs in the secondary market. | £ | Moulis en Medoc |
LISTRAC
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Forcas Borie | 89 | | Superb, fleshy merlot. A lovely near-term wine that should drink on release but has the stuffing to last. A surprise and another good showing for Moulis in 2016. | £ | Listrac |
MEDOC
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Les Grands Chenes | 91 | * | Juicy, fruity nose. Liqueur texture in the mouth with a controlled, fresh, mouthwatering finish. Young vines on what Bernard Magrez describes as a very impressive terroir with a little bit of gradient to it. This is not at all what I was expecting: classical and quite fine for what it is. | £ | Medoc |
| Goulée | 88 | | Quite rich, warm inviting nose, not the longest. | £ | medoc |
| Chapelle de Potensac | 87 | | Savoury nose. Approachable and easy, a certain density notwithstanding, then savouriness on the mid palate and a nice bright finish. Far less serious than Potensac but does that make it any the worse? | £ | Medoc |
| Tour de By | 86 | | No | £ | Medoc |
| Tour St Bonnet | 86 | | No | £ | Medoc |
| Potensac | 86 | | Aromatic attack, a tannic charge and a slightly rustic finish. This is an agitated wine. Big chewy end-game. | £ | Medoc |
PESSAC LEOGNAN
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Mission Haut Brion | 97 | * | Vinous. Round, inviting nose. Aristocratic, juggling dense, firm fruit and a mid-weight+ stature. Fresh mid palate, mouthwatering, a fine thread of acidity coaxes the wine into a long, lingering finale. More approachable than Haut Brion and today all the better for it. | ££££ | Pessac-Leognan |
| Haut Brion | 95 | | Floral notes precede a cool nose of ripe fruit. On the palate the fruit is firm, a little more withdrawn at first than MHB, showing a touch of oak, but the tannins are super-fine. Cool finish despite the obvious lurking size of the wine. Should show more in the future, for now probably quite impressive, and elemental just like 2015 was, not obviously showy. In terms of ranking I's suggest more like 1998 than 1989, and a notch or two below their super-serious and intense 2015. My guess is the quality of the Cabernet Franc last vintage was a step up. | £££ | Pessac-Leognan |
| Carmes Haut Brion | 95 | * | Firm, proper and mouthwatering from partial whole bunches. Very good length. Classy and a standout in Pessac at this level. | ££ | Pessac-Leognan |
| Domaine de Chevalier | 94 | * | Lightly seasoned nose. Firm, fruit, bright aromatic mid palate and finale. Sherbetty and refreshing. Fine tannins. Nicely judged weight. | ££ | pessac-Leognan |
| Clarence de Haut Brion | 90 | | Fruity accessible nose, touch of white pepper. Textured entry allied to a lightness of feel, then a touch of warmth and caramel on the finish. | ££ | pessac-Leognan |
| La Chapelle de La Mission Haut-Brion | 90 | | Vinous, fine tannins, crystalline fruit, and a licorice twist towards the back of the mid palate. Mid weight and delicious. | ££ | Pessac-Leognan |
| Pape Clément | 90 | | I fell in love with Pape Clément last year. It had such exceptional balance, lift and class. The terroir truly expressed itself combined with a velour quality to the fruit and great definition thanks to its freshness. 2016 is a step backwards, with hints of over-ripeness within the rich fruit, and (for me) missing a sense of place. | ££ | pessac Leognan |
| Malartic La Graviere | 91 | * | Superb, mid weight and moorish claret with gently sweet mid palate. | £ | Pessac-Leognan |
| La Louviere | 89 | | Good mid weight, with some intensity and charm | £ | pessac-Leognan |
| Esprit de Chevalier | 89 | | Aromatic character, present tannins and graves like dry finish. | £ | Pessac-Leognan |
| Solitude | 88 | | Mid weight and nicely balanced | £ | pessac-Leognan |
| Espault Martillac | 88 | | Padded savoury fruit. | £ | pessac-Leognan |
| Chateau Carbonnieux | 88 | | A bit rustic | £ | Pessac-Leognan |
SAINT EMILION
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Cheval Blanc | 96 | | Subdued nose, stony and earthy. Very fine mid palate, progressive, aromatic attack, juicy dark licorice and spiced finish. | ££££ | Saint Emilion |
| Figeac | 99 | * | Perfumed nose with jasmine. Energetic attack. Cedary mid palate. Fresh pithy attack. Then chewy bitter, dark cherry conclusion. This is excellent. A bit less of an eager labrador than 2015, it misses the rich summer pudding quality of last year but has greater elegance and is nigh on perfect. | £££ | Saint Emilion |
| Petit Cheval | 91 | | Liqueur textured elegance, leading to a dark, slightly pruney finish | £££ | Saint Emilion |
| Quintus | 91 | | Sweet fruited nose, good volume, nicely done. | ££ | Saint Emilion |
| Quinault L'Enclos | 95 | * | Great fruity nose, very aromatic. Lovely liqueur like mouth feel on a river of flavour. Effortless and fine. Highly recommended. | £ | Saint Emilion |
| Corbin | 93 | * | Quite fat, red fruit predominate, super intensity, quite creamy. Bramble and sloe. Very good. | £ | Saint Emilion |
| Destieux | 92 | * | Liqueur eau de vie nose, character and energy, good intensity and a properly chewy finish. This will be good value. | £ | Saint Emilion |
| Fombrauge | 89 | | Good intensity, tannic charge and grainy texture, with a slightly loose finish | £ | Saint Emilion |
| Le Dragon de Quintus | 89 | | Fruity nose, firm fruited palate. | £ | Saint Emilion |
| Labergorce | 87 | | Savoury, some intensity, cherry finish but slightly rustic | £ | Saint Emilion |
| Saintayme | 87 | | Powerful, lifted attach, with a very firm, slightly bitter mid-palate. (Was this a bad tasting moment of mine?) | £ | Saint Emilion |
| La Dominique | 87 | | Middle of the road, nothing to complain about - or to get excited about. 2015 considerably better. | £ | Saint Emilion |
POMEROL
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Vieux Chateau Certan | 97 | *
| Reserved nose, with a lovely infusion of eau de vie. There is a very substantial tannic charge in the mid palate, with plenty of intense dark, covered fruit and licorice to compete. Impressive but my guess is that will be a pretty backward wine for years to come. | £££ | Pomerol |
| Eglise Clinet | 95 | | Intense, firm, backward, impressive. | £££ | Pomerol |
| Conseillante | 95 | | Seasoned nose, cool. Creamy and dense cassis fruit, the attack is rather aromatic. The expansive mid palate is spiced. Chewy but soft and silken tannins on the progressively rich finish. Rich yet there's a crystalline aspect; a control and focus that constrains the eager fruit. | £££ | Pomerol |
| l'Evangile | 92 | | Dark hued and correspondingly darker flavours than many in 2016. Cassis, mulberries and a hint of plum. There's a certain freshness that duels with a little warmth on the finish, like a welcome current of air alleviating an otherwise hot day. Those who enjoy bigger wines will attract to L'Evangile. | £££ | Pomerol |
| Petit Villages | 95 | *
| Cedar nose, cool. Liqueur like texture, the fruit infused with eau de vie. Super charge of tannins, racy balanced and elegant. Is this the best Petit-Villages ever? | ££ | pomerol |
| Vray Croix de Gay | 92 | *
| Reserved, elegant with a fine finish. Good vinosity. | ££ | Pomerol |
| Chateau Rouget | 92 | | Good definition, intensity and freshness | ££ | Pomerol |
| Petite Eglise | 90 | | An exercise in restraint for the vintage, but for now it presents as a bit angular. (Was this a bad tasting moment of mine?) | £ | Pomerol |
| Chateau Beauregard | 89 | | Nice control on he finish though comes across as a little monolithic | £ | pomerol |
| Chateau La Pointe | 88 | | Big attack, sticky ripe fruit, quite monolithic | £ | Pomerol |
LALANDE DE POMEROL
| Producer | Score | Favourited | Description | Price bracket | Appellation |
| Siaurac | 92 | * | Classy, balanced, controlled, rich and delicious. | £ | Lalande de Pomerol |
| la Chenade | 88 | | Mid weight, sappy, pure, grippy bitter fruit. Good length and satisfying finish. What I don't get is a specific character. | £ | Lalande de Pomerol |
| Cruzelles | 87 | | Bitter cherry, a little drying in the mid palate ((Was this a bad tasting moment of mine?) | £ | Lalande de Pomerol |
Picture: Wine Owners Ltd.
by Wine Owners
Posted on 2016-09-12
The WO First Growth Index showed price appreciation over the last 12 months pushed through the 20% threshold last week.
Haut Brion’s emergence as a wine that can now rivals its peers in the secondary market is clear, with 4 vintages in the top 10 movers, namely 2000, 2003, 2006 and 2008. Will we see Haut Brion close the gap where historically it would have sold at a discount to the other Firsts? The data seems to support the likelihood of this happening.
The top 10 movers have risen 23%-32% in the last year. Furthermore there has been just one faller out of the 75 constituents of the WO First Growth Index, namely Latour 2005.
Top 10 movers over the last 12 months
For the first time in years, we see a wine from the twin peaks of 2009 and 2010 in the top 10 movers, in the shape of the exceptional Margaux 2010. Scores from Robert Parker, Neal Martin and Stephen Tanzer oscillate in the 96-99 range, but the market is indicating it thinks that this could be a perfect wine. It’s now caught up with Haut Brion and Lafite at circa £540 per bottle.
Latour’s withdrawal from the en primeur business looks like paying dividends. Although the 2010’s value is far out in front of the field at £845 a bottle, it’s still not broken through it’s retail en primeur opening offer price of £950. Nevertheless it has performed well through the worst of the Bordeaux market’s 3-4 year slide, losing just 26% of its value by November 2015 before recovering, quite a decent performance compared with Lafite considering their similarly high release prices.
Can the Firsts continue this powerful recovery? Can they recapture the heights of their 2009 and 2010 release prices? If, so which will be the first ‘First’ to do so?
Least likely is Lafite, whose 2010 release price of £983 per bottle reflects a moment in time when Lafite was practically a Chinese barter currency, not to mention the 2009’s vertiginous release of £1,000. In each case there is a loss per per bottle of £440 versus en primeur retail.
Most likely to get back to even terms, in order of proximity of current market price vs opening retail offer price, is:
Latour 2010
Latour 2009
Margaux 2010
Haut Brion 2010
Confidence has returned and momentum is driving the market forward. If and when the current price of the above 4 wines exceeds their opening prices, and buyers of 2009 and 2010 First Growths no longer see a sea of red loss/gain percentages in their portfolios, confidence will be given a further boost.
