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Château Cos
d’Estournel 2009
Overview
Owner |
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Michel Reybier |
President |
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Jean-Guillaume Prats |
Annual Production (Grand Vin) |
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15-18,000 |
Classification |
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2ème Grand Cru Classé |
Appellation |
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St. Estèphe |
Interesting Fact |
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In 19th Century majority of wine exported
to India |
History
The
Chateau is named after 19th Century owner Louis
Gaspard d’Estournel, whose travels in the Orient
influenced the design of the Chateau and cellars,
earning him the nickname ‘maharajah of St Estèphe’.
During these years, the majority of Cos d’Estournel
was exported to equally exotic locations with India
being one of the main recipients. The ‘Indian
elephant’ is still synonymous with Cos, a statue of
which greets you on entrance to the 21st Century
incarnation and is also symbolised within the
Chateaux branding. Influences from the Orient can
still be felt today even though the Chateau and
cellars have undergone a major transformation.
With India’s wine consumption steadily increasing,
it wouldn’t be a surprise if Cos d’Estournel lead
the way in this region with it’s obvious connections
to Southern Asia.
Michel
Reybier, the current owner who acquired the estate
in 2000, has tried to stay true to the avant-garde
style of Louis Gaspard and this is shown in the
recent overhaul to the Chateau, cellars and Vat
rooms.
The restoration work is incredible and it has the
feeling of a James Bond film set, with a dual level
stainless steel Vat system, glass display and
walkway over beautifully illuminated cellars which
contrasts against the original brickwork and
architecture.
The work, however, would have been undoubtedly
expensive and this cost will have to be recouped.
Thankfully the quality of the wine has matched the
size of investment and is seemingly already bearing
dividends. Since 2000, Reybier alongside proprietor
Jean-Guillaume Prats, have raised the quality of
this St. Estephe estate and are seemingly on course
for the estate’s first 100 pt score from Robert
Parker Jr for the 2009 vintage.
Brand
Since
Michel Reybier acquired the estate in 2000, brand
and image have been an integral part of the
development of Cos d’Estournel. From the
aforementioned renovation work to the stylised
labelling and subsequent release of the third wine,
Goulée – a special project between Reybier and Prats
– a conscious strategy to present Cos as not only
the leading St Estephe but to create a brand that
will be marketable to the emerging markets.
Discussions of a possible takeover of California
winery Chateau Montelena emerged a few years ago and
this seemingly underlines Reybier and Prats’
strategy to promote the Cos brand by following in
the footsteps of other left bank producers who have
developed projects in California and South America.
In November 2011, Cos d’Estournel was included in
Robert Parker’s ‘magical 20’ tasting in Hong Kong,
which took place to highlight 20 wines of high
quality outside the big names of Bordeaux. This
further underlined Cos’ reputation and enhanced its
image in the Far East.
As mentioned earlier, the historical links to India
as well as the strong Orient imagery running through
the ‘brand’ it can be argued that Cos d’Estournel is
well placed to take advantage of the burgeoning
interest in fine wine from both the Far East and
specifically India.
Critic Appraisal
CCos
d’Estournel has earned significant praise for its
wines over the last ten years and has enjoyed great
success under the joint stewardship of
Jean-Guillaume Prats and Michel Reybier. The Chateau
certainly takes its place as one of the leading
super-second’s and the last three vintages are
testament to the continued efforts to produce
first-growth quality wine on a consistent basis. The
wines have been described by the critic Clive Coates
as possessing ‘power and finesse’ and these
sentiments are reciprocated by both Parker and James
Suckling. The critical praise for Cos d’Estournel
style isn’t unmitigated and has in recent years
divided opinion.
The 2009 vintage was not without controversy. It has
very much split opinion and not for the first time
did Robert Parker find himself on one side of the
fence (Jancis Robinson even referenced Pavie 2003 in
her tasting note for Cos ’09). Parker and James
Suckling, however, were unanimous in their praise
for the 2009, declaring it to be one of the
finest efforts ever produced by the Chateau. In
contrast, Jancis Robinson (16.5+) and Neal Martin
(89-91) did not score the wine so favourably.
2009 Vintage Scores
The 2009 Cos d’Estournel is one of the greatest
young wines I have ever tasted ... in the world! An
extraordinary effort I tasted on two separate
occasions, this blend of 65% Cabernet Sauvignon and
the rest primarily Merlot with a dollop of Cabernet
Franc has a whopping 14.5% alcohol, but a remarkably
normal pH of 3.69. Kudos to Jean-Guillaume Prats and
owner Michel Reybier for this amazing wine made from
yields of 33 hectoliters per hectare. It will be a
legendary claret that should last for 50-60 years. A
black/purple color is accompanied by aromas of
graphite, ink, creme de cassis, blackberries, cedar,
and incense. Full-bodied and unctuously textured,
with an ethereal personality, tons of nuances, and a
burgeoning complexity, it is an enormously
well-endowed, fresh, perfectly balanced tour de
force in winemaking. As mentioned above, it should
drink well for 50-60 years. This wine possesses this
vintage’s classic characteristics of enormous power,
massive fruit, and extraordinary freshness and
precision - largely unprecedented, particularly for
Cabernet-based wines in the Medoc. (Tasted two
times.)
Score: 98-100 pts |
Robert Parker Jr,
April 2011 |
Classic Cos with so much spice and fruit, yet
refined and sexy. Powerful with super silky tannins.
Full bodied, yet incredibly compacted. This is so
tight and rich with layers of fruit and tannins and
a finish that last for minutes on the palate. I
asked the head of Cos, Jean-Guillaume Prats, what
the alcohol on the wine was, and he said 14.8%
alcohol and 3.58 pH. Fab. Try after 2021.
Score: 100 |
James Suckling,
November 2011 |
TThe re-tasting by both Suckling and Parker at the
Magical 20 in Hong Kong (although Parker hasn’t
officially released an in-bottle score) has
generated a huge amount of interest in this wine. As
detailed above, Suckling has given the ’09 a maximum
of 100 pts.
Although not providing an official score or tasting
note, Parker, said the following regarding the Cos
’09:
“This is the Chateau that looks down on Lafite
Rothschild…..The 2009 is one of the truly monumental
wines of Bordeaux. Extraordinary concentration,
richness and purity with decades and decades ahead
of it. Really quite magnificent. Just stunning,
stunning, stunning stuff. A wine of extraordinary
concentration and richness. The richest wine that we
have tasted here today in pure intensity.”
This alone has encouraged people to believe Parker,
who scored the wine 98-100 in barrel and who
highlighted Cos as one of his top four wineries of
2011, will follow suit and award Cos d’Estournel its
first maximum score.
Recent Performance
TThe
data provided by liv-ex, shows the average market
value since its release at en primeur. The graph
shows the price has stayed pretty flat, fluctuating
between a high of £2,780 and a low of £2,500.
Despite, the grand vin being released at the its
highest ever level the market has supported this
over the last 16 months. It hasn’t however shown any
significant growth to date, but the current
performance shows that this price level is
sustainable for Cos d’Estournel.
Whilst some 2009 wines have suffered in the last
quarter of 2011 as the market has seen prices soften
and the index drop off by some 18%, Cos 2009 has
resisted this downward movement. In part this has
been a result of the favourable tasting in Hong Kong
and the in-bottle score of 100 pts awarded by James
Suckling. With these factors in mind, it can be
deemed that speculation or investor confidence has
helped maintain the value of Cos ’09 in the current
market conditions.
Vintage Comparison
In terms of quality comparison, the 2009 is
unprecedented, so it is difficult to understand the
investment potential of the 2009 in comparison with
the ‘great’ vintages of 2005 (98 pts), 2003 (98 pts)
and 1982 (95 pts).
Cos d’Estournel |
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2009 |
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£2650 |
2005 |
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£1600 |
2003 |
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£1600 |
1982 |
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£3200 |
With the 2009 Cos d’Estournel a potential 100 pt
wine, one can read more into its intrinsic
investment potential value by comparing it against
other super-second or non first growth wines which
have also received 100 pts:
Wine |
Vintage |
Price |
L'Eglise Clinet |
2005 |
£4800 |
La Mission Haut
Brion |
2000 |
£5250 |
Pavie |
2000 |
£3600 |
Montrose |
1990 |
£4850 |
Clinet |
1989 |
£5200 |
La Mission Haut
Brion |
1989 |
£9000 |
La Mission Haut
Brion |
1982 |
£9000 |
Pichon-Longueville Comtesse de Lalande |
1982 |
£5400 |
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Average Price |
£5888 |
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(without LMHB) |
£4770 |
The table above shows that not only will Cos d’Estournel join a
small group of wines scored 100 pts by Robert Parker outside the
big 8, but the average price per case is just under £6,000. Even
if you take out La Mission Haut Brion, which as the sister
property to Haut Brion, and considered by many as a ‘sixth’
first growth the average price is just under £5,000 per case.
This underlines the affect a maximum score from Robert Parker
has and it also gives a clearer indication of the investment
potential of Cos d’Estournel 2009.
Outlook
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Strong Brand
Identity
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Growing Interest in
‘Super-Seconds’ in the Far East
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2009 vintage scored
100 pts by James Suckling and 98-100 by Robert Parker Jr
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Parker
recently described Cos 09 as one of the ‘truly monumental wines
of Bordeaux’
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Recent performance
has gone against the general market
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Price has been
sustained since release at en primeur
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100 point wines from
non-first growths average £5-6,000 per case
Taking everything into account we would expect that
Cos d’Estournel has the potential to trade at £5,000 per case in the
future. Over a 3-5 year investment hold we fully expect this wine to
achieve 15% per annum and with current market trends expected to see
demand for the top wines increase 10 fold over the next decade, it
could outperform these expectations. As a potential 100 point wine
from Parker, it will certainly hold its value and we consider this a
low risk stock. Furthermore as a part of a balanced wine portfolio
this will provide value, growth potential and low risk. |
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