Bordeaux en primeur 2012

Bordeaux 2012: Clinet, Montrose, Beychevelle, GPL, Leoville Barton & Pichon Lalande

Posted by WineInvestment.org on May 17, 2013
Bordeaux en primeur 2012, wine investment, Wine Market News / No Comments
CHAI niv -1


The last three days have seen a flurry of releases as this year’s campaign winds down, but as Liv-ex reported coming to the party this late especially with the first growths releasing so early, you better get the pricing right.

With around 20 wines released, we have cut this down and selected the wines which warrant the most attention:

Wine RPJ Release (ex-neg) RPJ (2011) Release (2011) % Diff.

16/05/13

Domaine de Chevalier 92-95 €30/bt 87-89 €30/bt 0%
Clinet 92-94+ €44/bt 92-94 €50/bt -12%
Montrose 92-94 €57.60/bt 91-93 €72/bt -20%

15/05/13

Pavie Macquin 92-95 €34.80/bt 92-94 €39.60/bt -12.1%
Beychevelle 89-91 €40.80/bt 87-89 €45.50/bt -10.3%
Grand Puy Lacoste 87-89 €32.40/bt 89-91 €38.40/bt -15.6%

14/05/13

Leoville Barton 90-92 €44/bt 90-92+ €45/bt -2.2%
Pichon Lalande 91-93 €57.60/bt 92-94 €72/bt -20%

 

Amongst these releases the clear winner is Pichon Lalande, coming out at a price not only less than flying fifth growth wines Lynch Bages and Pontet Canet but also at a price making it the cheapest available vintage  in the market. This has been the only strategy which brought any success, but unfortunately one that has only been followed by a handful of Chateaux.

The solid Parker score for right bank estates, Clinet and Pavie Macquin, make them attractive to collectors. The same however can’t be said for Leoville Barton or Montrose. The latter’s price only cementing our belief that the 2008 Montrose, which scored 95 points by Parker, is undervalued.

The table below shows a quick snapshot of how incredibly undervalued the 2008 vintage of Montrose is looking in comparison.


Wine/Vintage
RPJ Score Market Price
Montrose 1990 100 £5,000
Montrose 1989 96 £2,300
Montrose 2009 100 £2,150
Montrose 2003 97+ £1,400
Montrose 2000 95+ £1,200
Montrose 2005 95 £1,000
Montrose 2012 92-94 £650
Montrose 2008 95 £600

There are still a number of right bank estates to release their wines this year, most notably Eglise Clinet which was the only wine which received a potential 100 pt score from Parker for the vintage.

 

 

Bordeaux 2012 Releases: Pichon Baron, Smith Haut Lafitte, Clos Fourtet & Calon Segur

Posted by WineInvestment.org on May 13, 2013
Bordeaux en primeur 2012, Wine Market News / No Comments
Pichon Baron Wine Investment


We have had some new releases onto the market this morning including Pichon Baron @ £700 (90-93 pts), Smith Haut Lafitte Rouge @ £440 (92-94 pts), Clos Fourtet @ £485 (93- 95 pts) & Calon Segur @ £420 (90-92 pts)

Given the quality of the vintage and Parker scores, I don’t believe the Pichon Baron or Smith Haut Lafitte warrant much attention from an investment perspective although not priced badly.  The former for example is the same price as the 2006 vintage, which is scored at 92 pts and physically available with a number of years in bottle.

The right bank estate, Clos Fourtet however, which has been singled out by liv-ex in recent times as being one of the best performers in the market following some strong performances in vintages since 2001 looks an attractive proposition. The 2003 currently trades at c. £750 per 12 and is scored 94 pts, similar to the 2012 (93-95pts). As a small production wine, 2,500 cases, with a rising reputation and increasing quality this looks a very smart buy at £485 with potential of 50% growth in the unit price.

Château Calon-Ségur: with the Moueix stable now part owners, we expect this wine to be pushed onto the next level and the 2012 is a solid start to their involvement. With recent successes in the 09 and 10 vintages, Calon Segur is widely regarded as one of the best value for quality wines in Bordeaux and in comparison to neighbours Cos d’Estournel and Montrose – it has fantastic pedigree on which to build. With comparative vintages trading at £500-£600 per case, again this looks like a smart buy for a wine that offers value and growth potential.

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En Primeur Releases: Pontet Canet, Haut Brion, La Mission Haut Brion & La Mondotte

Posted by WineInvestment.org on May 03, 2013
Bordeaux en primeur 2012, wine investment / No Comments
project


Thursday Morning saw a flurry of en primeur releases as the Bordelais returned to their offices following a well deserved break to bombard smart phones with an alternative alarm! Of the releases the three major wines to take notice were Pontet Canet, LMHB and Haut Brion. For us the Clarence Dillon wines, tasted last during our time in Bordeaux, were a definite highlight with Haut Brion in particular impressing. Pessac was one of the best performing appellations in 2012, and we believe these two wines will develop into two of the best from this vintage over the coming years. At their release prices, they are reduced from their 2011 which is welcomed, and make them look good value for money.

Similarly, Pontet Canet one of the recent stars of the left bank was released at a 9% discount to the 2011 price (Unsurprisingly at the same ex-neg price as fellow ‘Flying Fifth’ Lynch Bages). Although this vintage didn’t quite find the same favour with Parker as their back to back 100 pt wines in 09 and 10, we were impressed with the precision and balance of this wine once again and equally critics seemed to favour the bio-dynamic and organic estate with solid scores from Suckling & Jancis Robinson. From a drinking perspective, Pontet always delivers, and from an investment point of view it’s our belief that as an estate the fifth growth is continuing to grow in stature and prices across the board are likely to increase, so to buy for less than £700 p/case in a few years may well look like a smart buy.

Offers subject to availability:

Bordereaux (RED)

2012 Pontet Canet    @ £640 per case (12)                                         RP: 91-94              JS: 94-95

2012 Haut Brion                @ £2,600 per case (12)                                  RP: 93-95              JS: 95-96

2012 LMHB                      @ £1,600 per case (12)                                  RP: 91-94                JS: 93-94

 

Winemaker of the Vintage: Denis Durantou Wines

Also released this week were the wines of Eglise Clinet’s Denis Durantou. If you are buying for drinking in 2012, I wouldn’t look past these wines, as they are fantastic value for money.

Les Cruzelles @ £75 per 6   RP: 90-92

La Chenade @ £55 per 6     JS: 88-89

Investment Recommendation: La Mondotte

This release has taken our fancy- La Mondotte, which was – very surprisingly – released at a hugely reasonable price. They only produce 650-1,000 cases per annum of this wine, which was elevated last year to St-Emilion Premier Grand Cru classé ‘B’, having previously been unclassified. In a vintage where the Right Bank wines excelled and crop yields were down, we expected this ‘micro-cuvee’ to release at a far higher price, especially when we saw the Parker score of 94-97 points a couple of weeks ago.

However, they’ve recognised the calls for lower pricing this year and come out at a hugely reasonable £575 per half-case (6x75cl). The table below compares the 2012 to other back vintages (we’ve highlighted those vintages which are comparable to 2012 in terms of quality):

 

Vintage RPJ-In Barrel/In-Bottle Current Price (£/cs)
2012 94-97 £1,150
2011 92-94 £1,110
2010 96-98+/99 £2,988
2009 95-98+/100 £3,200
2008 93-95+/96 £1,560
2007 90-93/91 £1,242
2006 93-96/97 £1,786
2005 96-100/99 £2,580
2004 93-95/93 £1,430
2003 92-94/95 £2,360
2002 88-90+/88 £1,351
2001 92-95/94 £2,460
2000 96-98/98+ £3,440

 

 

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Bordeaux 2012 Updated Offers

Posted by WineInvestment.org on May 01, 2013
Bordeaux en primeur 2012, Wine offers / 2 Comments
l'eglise clinet 2012 tasting


Following further releases this week and with a break in play whilst the French enjoy a bank holiday (one of many during the month of May!) below are our updated 2012 offers, all available, subject to:

And whilst perusing the list it might be worth considering the wise-words of Jancis Robinson:

“In general 2012 is offering much better value than any vintage since 2008…  If you did want to buy a first growth, this is a vintage to consider since prices have come down but quality has not.” 

Wine 2012 En Primeur RPJ JS WS Price Per 12 Enquire Price vs 2011
Lynch Bages 87-89 93-94 91-94 £665 BUY -13%
Mouton Rothschild 95-97 94-95 93-96 £2,900 BUY -33.30%
Valandraud 90-93 91-92 88-91 £850 BUY -46.20%
Lafite Rothschild 92-95 93-94 93-96 £3,900 BUY -21%
Carruades 87-89 88-89 91-94 £1,050 BUY -12%
Duhart Milon 87-89 90-91 91-94 £570 BUY -14%
L’Evangile 90-94 94-95 92-95 £945 BUY 0%
Angelus    94-96 93-94 ~ £1,900 BUY +30%
Bellevue Mondotte    94-97 91-92 92-95 £1,060 BUY -8.50%
Pavie    94-96+ 94-95 ~ £1,900 BUY +58% 
Troplong-Mondot    94-96 92-93 91-94 £575 BUY -6.70%
Gazin    93-95 ~ 90-93 £440 BUY -7.10%
Rauzan-Segla (Rausan-Segla)    93-95 92-93 89-92 £410 BUY -37%
Beau-Sejour-Becot    92-95 91-92 89-92 £340 BUY -14%
Chateau Margaux    92-94 93-94 93-96 £2,800 BUY -33%
Le Dome    92-94 92-93 ~ £745 BUY -1%
Palmer    92-95 92-93 90-93 £1,650 BUY  -1%
Pape Clement Rouge    92-95 92-93 89-92 £530 BUY -13%
Vieux Chateau Mazerat    92-94 ~ ~ £635 BUY ~
Les Asteries    91-93 ~ ~ £635 BUY ~

If you are looking for any of these wines or those not listed, please get in touch or submit a wishlist  - orders@cultwinesltd.com

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Robert Parker Jr releases his report on Bordeaux 2012 with Pomerol on top

Posted by WineInvestment.org on April 29, 2013
Bordeaux en primeur 2012, Cult Wines Ltd News / No Comments
Robert Parker Jr published his tasting notes and scores for Bordeaux 2012


Parker’s description of the 2012 vintage as ‘not great’ rings true in direct comparison to the recent back to back iconic vintages 2009 & 2010, but his ratings clearly acknowledge the fact that some very good wines were produced in 2012.

Pomerol was the clear winner with the only potential perfect wine of the vintage, L’Eglise Clinet (96-100pts) topping the scores closely followed by another two wines from the Right Bank commune Trotanoy (96-98pts) & Petrus (95-98+pts),  Pessac-Léognan & St Emilion also produced some excellent wines, with the top St-Emilion’s scoring very well & according to Parker offering wines that are ‘not far off the mark of 2010 and 2009’- quite the accolade. Pavie (94-96+pts) & Angelus (94-96pts) released their wines ahead of the Parker scores last week, offering the inaugural vintages to have Saint Emilion Grand Cru Classé (A) on their bottles at an increase on 2011 pricing, which was poorly received. Will the high scores ensure these wines find a market?

The Right bank dominated the top list of wines, leaving Mouton Rothschild (95-97pts) a forlorn figure as the only Left Bank wine in the top 20 rated by Parker. At under £3,000 per 12 the best scored First Growth 2012 looks a great buy, particularly encouraging as Parker proclaims this effort as ‘one of the few 2012s that comes close to equalling what was achieved in both 2009 and 2010’.

Lafite Rothschild (92-95pts) also scored well comparing the newest vintage to the 1998 which currently trades upwards of £6,000 per 12 ,  other strong Left Bank performers were : Haut Brion (93-95pts), Latour and Margaux (both 92-94) & Rauzan Segla (93-95pts).

The futures market for Bordeaux is undoubtedly ‘at a crossroads’ (RPJ) especially after prices failed to come down for the below average 2011 campaign. Parker has once again called for prices to drop and paid recognition to Christian Moueix, who released his 2012 stable of wines at a 20% discount on 2011. Credit must also go to Mouton & Lafite who came down substantially on 2011 pricing and have subsequently found an active market.

Now that all the scores are out, we are expecting a busy week of releases so please make sure to register your interest in order to ensure you receive an allocation of the unreleased wines.

Below is the list of the top rated 2012s.

2012 Haut Brion Blanc (98-100)
2012 La Mission Haut Brion Blanc (96-98+)
2012 L’Eglise Clinet (96-100)
2012 Trotanoy (96-98)
2012 Ausone (95-97)
2012 Mouton-Rothschild (95-97)
2012 Pape Clement Blanc (95-98)
2012 Petrus (95-98+)
2012 Angelus (94-96)
2012 Bellevue Mondotte (94-97)
2012 Cheval Blanc (94-96)
2012 Hosanna (94-96)
2012 La Fleur Petrus (94-96)
2012 La Mondotte (94-97)
2012 Pavie (94-96+)
2012 Troplong-Mondot (94-96)
2012 Beausejour (Duffau Lagarrosse) (93-95+)
2012 Belair-Monange (93-95)
2012 Climens (93-95)
2012 Clos Fourtet (93-95)
2012 Croix de Labrie (93-95)
2012 Domaine de Chevalier Blanc (93-95)
2012 Feytit Clinet (93-95)
2012 Gazin (93-95)
2012 Gracia (93-95+)
2012 Haut Brion (93-95)
2012 Larcis-Ducasse (93-95)
2012 Le Pin (93-95)
2012 Leoville-Las Cases (93-95)
2012 Rauzan-Segla (Rausan-Segla) (93-95)
2012 Smith-Haut-Lafitte Blanc (93-95)
2012 Beau-Sejour-Becot (92-95)
2012 Branon (92-94)
2012 Canon la Gaffeliere (92-94)
2012 Chateau Louis (92-94)
2012 Chateau Margaux (92-94)
2012 Clinet (92-94+)
2012 Clos de Sarpe (92-94+)
2012 Clos Dubreuil (92-94)
2012 Clos St Julien (92-94)
2012 Cos d’Estournel (92-95)
2012 De Fieuzal Blanc (92-94)
2012 Domaine de Chevalier (92-95)
2012 Fleur Cardinale (92-95)
2012 La Clarte de Haut-Brion Blanc (92-94)
2012 La Conseillante (92-94)
2012 La Fleur de Bouard Le Plus (92-94)
2012 La Fleur Morange (92-94+)
2012 Lafite-Rothschild (92-95)
2012 Lafleur (92-94+)
2012 Latour (92-94)
2012 Le Dome (92-94)
2012 Magrez Fombrauge (92-94)
2012 Montrose (92-94)
2012 Palmer (92-95)
2012 Pape Clement (92-95)
2012 Pavie-Decesse (92-94)
2012 Pavie-Macquin (92-95)
2012 Smith-Haut-Lafitte (92-94)
2012 Vieux Chateau Certan (92-94)
2012 Vieux Chateau Mazerat (92-94)
2012 Aile d’Argent Blanc (91-93)
2012 Bellevue (91-93+)
2012 Canon (91-94)
2012 Chapelle d’Ausone (91-93)
2012 Chateau Saint-Pierre (91-93)
2012 Clos du Marquis (91-93)
2012 Clos l’Eglise (91-94)
2012 Cos d’Estournel Blanc (91-93)
2012 Haut Bailly (91-93)
2012 La Confession (91-93)
2012 La Croix St Georges (91-93)
2012 La Fleur de Bouard (91-93)
2012 La Fleur de Gay (91-94)
2012 La Gaffeliere (91-93)
2012 La Mission Haut Brion (91-94)
2012 La Violette (91-93)
2012 Le Gay (91-93+)
2012 Les Asteries (91-93)
2012 Malartic-Lagraviere (91-93)
2012 Malartic-Lagraviere Blanc (91-94)
2012 Monbousquet Blanc 91
2012 Pavillon Blanc du Chateau Margaux Blanc (91-93)
2012 Pichon-Longueville Comtesse de Lalande (91-93)
2012 Pontet-Canet (91-94)
2012 Le Petit Mouton (90-92)
2012 Leoville-Barton (90-92)
2012 Les Cruzelles (90-92)
2012 L’Evangile (90-94)
2012 Pichon-Longueville Baron (90-93)
2012 Beychevelle (89-91)
2012 D’Armailhac (89-91)
2012 Les Forts de Latour (89-91)
2012 Alter Ego (88-90)
2012 Duhart-Milon-Rothschild (87-89)
2012 Goulee (87-90)
2012 Carruades de Lafite (87-89)
2012 Lynch Bages (87-89)

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Bordeaux 2012 Vintage Report ‘General Impression & Overview’

Posted by WineInvestment.org on April 24, 2013
Bordeaux en primeur 2012 / No Comments
Vineyards at Lafite


The wines of 2012 have been compared with those of 2008, neither iconic, neither straight-forward, but neither disappointing. I think it’s safe to say that 2012 needs to be approached judiciously, but that’s not to say that it doesn’t have plenty to offer. More than anything, it displays just how far Bordeaux has come. In days gone by, the resulting wine from a vintage such as this would have been drastically different, vignerons wouldn’t have gone to the lengths that they go to today, such as sacrificing yield to sustain quality. Since the mid-1990s, there has been a vast improvement in viticultural practices, today more producers are harvesting grapes at optimal ripeness, thanks to improved pruning throughout the year, higher trellising, more astute use of agro chemicals, and the implementation of canopy management.

Price is undoubtedly the major lynchpin dictating the overall success of this campaign. No one likes being overcharged, and that is precisely what happened last year. As a result, there was a very defensive air hanging over the campaign. This year, merchants, journalists and aficionados all clubbed together to echo the same message, that prices must be reasonable.

summ

The barrel room at ‘Cheval Blanc’

We received e mail confirmation on Friday morning advising us that first growth Chateau Mouton Rothschild had released their prices, which were considerably lower than last year; follow this link for more information: http://www.wineinvestment.org/wineblog/bordeaux-2012-releases-update/

The question is, will they be the first of many to release at a modest price? If so, the first hurdle will be potentially cleared, meaning that our attention can now focus on the price quality ratio of the wines.

Our overall conclusion was that for this so called ‘lesser’ vintage, vineyards on the best sites maintained quality through targeted wine making practices, whereas vineyards on slightly inferior sites perhaps didn’t fare so well.

For the wines of the Médoc, achieving ripeness for Cabernet Sauvignon and Cabernet Franc was the major preoccupation. Avoiding methoxypyrazine accumulation, which manifests itself in the wines as ‘greenness’, or ‘herbaceous’ character, was a paramount objective for producers.

Chateau Mouton Rothschild for instance sits smugly on the highest part of the gravel coupes of the Medoc (30 m high), and under the leadership of technical director Philippe Dhalluin has seemingly far from struggled this year. In an interview with James Molesworth of the Wine Spectator Dhalluin explained that: “Budbreak, the date of flowering, and of veraison and harvest, were all within the normal range.” He then went onto explain that: “It was the weather at that time of those events that was different. The vines did what they do normally and they ripened the fruit, but under difficult conditions. In the end, look at the blend of d’Armailhac, for example—it’s basically the same as always, including Cabernet Franc and Petit Verdot. So yes, we did get ripe fruit in the Médoc. But selection was critical.”

Dhalluin also stated that the due to the drought, the berries were very small, which helped ripening to occur. Ripeness here refers to the phenolic or physiological ripeness, which signifies a change in tannins occurring in the seeds, skins and stems, and the assimilation of acids and accumulation of sugars. On tasting the Chateau D’Armailhac, Clerc Millon and the grand vin, Mouton Rothschild, we would have to agree. In optimal years, Mouton gets described as almost exotic, in truth, the 2012 isn’t, and whilst we noted power it is a lot more graceful than the 2009 or 2010, expressing poised cassis, damson, and classic Pauillac cigar box notes.

Another major objective in Bordeaux this year was avoiding the autumn rain, which started on October the 18th, Mouton started on the 11th and had stopped picking by the 15th. Luckily for them, phenolic ripeness was achieved by this date. Optical sorting was also carried out in order to counteract any outstanding heterogeneity amongst the harvested grapes, resulting in harmonious wines, without a hint of over-extraction: (follow this link to read more about the definition of extraction in wine making).

The whites

The whites were an absolute pleasure to taste this year, expressing immense elegance and personality. The harvest in Pessac- Léognan and Graves was two weeks later than it was in 2011, conditions throughout the ripening period were perfect, warm sunny days, cool evenings and nights, which helped to preserve aromas and acidity. Grapes were harvested in perfect condition, without any sign of grey rot, sugar and acid levels were higher than they were in 2011. Hence, the whites at best were opulent and already harmonious, and more than anything we discovered that there is a tremendous amount of diversity. However, at worse, the wines displayed flabby oily characteristics, where the grapes had not been harvested in time to savour the acidity.

Semillion provides structure to the blend and makes the wine have more affinity with oak, whereas Sauvignon Blanc provides vibrancy, consequently a high proportion of Semillion results in a more full bodied wine with more propensity to age. Bordeaux whites are extremely versatile, working as an aperitif wine, and also matching anything from seafood to game. The table below details some of the our favourite whites from en primeur week.

 

Buying Advice whites:

We have tried to highlight wines that won’t break the bank and also ones that would be worth breaking it! Some of these have already been released and are available to buy.

Estimate Price: £ = less than £20 p/b ££ = £20 -£50 £££ = £50+

Chateau Cos d’Estournel Goulee £££

Pape Clémant Blanc- Pessac- Léognan £££

Smith Haut Lafite Blanc Pessac- Léognan £££

Chateau Monbousquet (£35 IB) ££

Domaine de Chevalier Blanc Pessac- Léognan £££

Clos des Lunes- Bordeaux Blanc – (£12.50) £

Buying Advice Reds:

We encountered some outstanding second wines this year, in fact certain members of the team consistently rated these wines in preference to the grand vins. However, there was a distinct degree of variability, and with yields being down on last year, there was a feeling that some of these wines were too heavily laden with the rejected grapes from the grand vin’s. However, through process of elimination we sought out the beauties amongst the beasts, gallantly tasting our way through, discovering some wines that offer spectacular value for money. Of which some of our favourites included:

Estimate Price: £ = less than £20 p/b ££ = £20 -£50 £££ = £50+

Pezat- Bordeaux Superieur (Ch. Teyssier) £ (less than £10)

Ch. Lascombes ££

La Conseillante £££

Le Carre (Ch. Teyssier) ££

Chapelle D’Ausone ££

Ronan-Clinet £

Château Capbern Gasquerton ££

Château Duhart- Milon (£47 p/b IB) ££

Alter Ego (£35 p/b IB) ££

Petit Cheval £££

Quintus £££

Clerc Milon (£28.75 p/b IB) ££

Château Bellevue Mondotte (£95 p/b IB) £££

Goulee (Cos d’Estournel) £

Chateau Gloria £

 

Investor & Collector Advice:

As previously mentioned inevitably this year the focus is very much on pricing with everyone in agreement that prices need to come down to generate buyer interest. Negociants described this as a ‘restaurant’ vintage and a ‘buy and sell’ vintage, but on closer inspection the quality in some cases was significantly better than expected. But regardless of the quality of the vintage for 2012 wines to sell and work there needs to be a real incentive for buyers, still it seems that both proprietors and merchants were on the same page, and this has already been in evidence with the early and well-priced release of Mouton Rothschild 2012 at a 33% decrease on 2011. At the market price for private customers at £2,750 it makes the 2012 the cheapest available vintage of Mouton on the market and significantly less than lesser vintages such as 2004 & 2007 (c. £3,150).

This will be a campaign of wait-and-see for investors and collectors. Historical data shows that some of the most speculative returns in the past have been generated from off-prime vintages such as 2008. Of course Parker scores could completely change the complexion of things but with many critics giving positive praise to the best performers, solid if not spectacular scores are expected.

It will be interesting to see how the other Chateaux react to the first week of releases but if wines are priced below any available vintage by 10-20% at least then it should capture people’s imaginations.

 

A strong case to buy?

 

First Growths: ex-chateau release price of 150-200 euros would merit investors and collectors attention.

Super Seconds/Flying 5ths: minimum of 10-20% below any available vintage should work. More than 20% and a definite buy recommendation.

Right Banks: good vintage for many of these wines and with much lower production than left bank counterparts hard to see significant price drops. Value versus Quality will decide investment merit.

 

View of the Le Pin Vineyards

View from the ‘Le Pin Vineyards’

CULT WINE TEAM – Favourite wines of the week

Helen Tate: Le Pin ‘The experience was undoubtedly enhanced by the rarity and the scale of the property, everything was miniature, from the tanks to the barrel room. But aside from the actual experience, the wine was unreal, very delicate and perfumed with astonishing length’.

Tom Turner: Le Pin ‘Hands down the top wine of the trip. Ausone not far off… But Le Pin just has a uniqueness, a smooth & full texture that makes you feel like you could drink a bottle on the spot. Unlike nearly all other 2012’s there’s plenty of ripe fruit there, leading into a delightful long finish – encore s’il vous plait??’

Philip Gearing: VCC ‘Always such a delight to visit VCC for the sheer quality of the wine and the pleasure of tasting with the Thienpont’s. The 2012 is has beautifully delineated layers of fruit, very elegant, very feminine style with a perfumed nose that will delight those who prefer subtle complexity. Bravo’

Tom Gearing: Palmer ‘A property known for its higher proportion of merlot in the blend really shone through. Furthermore with damage to the vineyard in 2011 reducing yields, it’s even more impressive they’ve turned out such a fantastic effort in this vintage. Powerful & elegant’.

Aarash Ghatineh: Pontet Canet ‘After producing perfect wines in 09/10 & one of the superstars of a below average 2011 campaign, Pontet 2012 had a lot to live up to… it didn’t disappoint. The 2012 represented one of the wines of the left bank for me and suggests that the recent great success of this estate is no accident. Biodynamic philosophy of the estate sets Pontet Canet apart in more challenging vintages & always a pleasure to discuss the vintage with the charismatic Alfred Tesseron’.

Jonathan Stevenson: ‘Cheval Blanc In the words of Cat Stevens ‘the first cut is the deepest’ and these words rang true for me last week at EP2012. Cheval Blanc was the first visit of the week and although many fantastic wines followed, none seemed to quite compare with this fabulous and refined effort from Saint-Emillion. Beautifully soft and long in the finish with a rich sweetness throughout that reminded me of my grandma’s jam…delicious!’

 

 

 

 

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Bordeaux 2012 Releases Update: Valandraud, Lafite, Duhart, Carruades & l’Evangile

Posted by WineInvestment.org on April 22, 2013
Bordeaux en primeur 2012, Wine offers / No Comments



Well only a week into this year’s en primeur campaign and we have already had two of the major releases, Mouton at the end of last week, and as anticipated Lafite Rothschild today. It came a few hours after right bank garage wine Valandraud was released early this morning at an attractive price. Following the major releases last week, today’s followed a similar pattern coming onto the market as the cheapest available vintage – will this be a common theme? We hope so. Prices whilst not drastically reduced, have sparked interest at their discounted prices and ahead of Parker’s report on Bordeaux 2012 being released on Friday (12pm EST) poses some interesting questions.

 

Wine RPJ JS WS Price per 12 Price vs. 2011
Lynch Bages 2012 n/a 93-94 91-94 £665 -13%
Mouton Rothschild 2012 n/a 94-95 93-96 £2,750 -33.3%
Valandraud 2012 n/a 91-92 88-91 £850 -46.2%
Lafite Rothschild 2012 n/a 93-94 93-96 £3,900 -21%
Carruades 2012 n/a 88-89 91-94 £1,050 -12%
Duhart Milon 2012 n/a 90-91 91-94 £570 -14%

Lafite Rothschild @ £3,900 per 12:

Trading on the market at 2/3 of the price of physical off-prime vintages which all sit around the £6,000 mark – it seems that Lafite have priced their 2012 well. It’s not a return to 2008 (154% more than the ex-neg price that year) but it’s definitely welcome and will generate interest. For further analysis and comparison below are the current Off-Prime Market Prices:

Wine Price RPJ JS WS
Lafite Rothschild, 2012

3,900

n/a

93-94 93-96
Lafite Rothschild, 2011

4,669

90-93

Lafite Rothschild, 2008

6,500

98

Lafite Rothschild, 2007

5,949

94

Lafite Rothschild, 2006

6,000

97

Lafite Rothschild, 2004

5,900

95

Lafite Rothschild, 2002

6,070

94

Lafite Rothschild, 2001

6,200

94

Valandraud @ £850 per 12:

With right bank wines faring best in 2012, the release price of Valandraud makes a case as a stong buy recommendation.

 

  • Price -46% on 2011
  • -65% on 2010
  • -66% on 2009
  • Average price for the last 5 vintages is over £1,660 per 12
  • 2012 scored 93-96 pts from Wine Spectator
  • Parker rated the 2011 at 92-94pts, expecting similar if not higher scores for the 2012

 

Wine Price RPJ WS
Valandraud, 2012

850

n/a

93-96

Valandraud, 2011

1,450

(92-94)

Valandraud, 2010

2,090

97+

Valandraud, 2009

2,850

96

Valandraud, 2008

1,050

94

Valandraud, 2007

850

(90-93)

Valandraud, 2006

1,250

92

Valandraud, 2005

1,800

95

Valandraud, 2004

1,235

91+

Valandraud, 2003

1,400

93

Valandraud, 2002

1,071

93

Valandraud, 2001

1,399

94

Valandraud, 2000

1,668

94

ave price

1509.416667

(off prime) ave price

1186.428571

2012 vs. off prime

28.3% discount

Carruades @ £1,050, Duhart @ £600  & l’Evangile @ £1,070

Similarly to Lafite – Carruades and Duhart were released down on their prices last year and again at market price represent the cheapest available vintage.

Looking primarily at the former, which at £1,050 per 12, is over £200 less than the 2011 and £500 – £1,000 less than the current prices of the rest of the other modern vintage – it looks like an enticing price. The same can be said of Duhart – which was roundly appreciated by the Cult Wines team at the recent tastings in Bordeaux. So it will be interesting to see the Parker scores on Friday and the affect that might have on demand.

Lastly, l’Evangile which was one of the most well-liked wines during the tastings by the trade came out at the same price as last year. Parker last week confirmed his preference for Pomerol in 2012 and some believe l’Evangile to be better than Petrus this year. At present the price looks quite heavy but post-Parker scores on Friday, it may look like a bargain at £1,070 per 12.

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Bordeaux 2012 Releases Update: Mouton Rothschild, Lynch Bages, Petit Mouton, Rauzan Segla

Posted by WineInvestment.org on April 18, 2013
Bordeaux en primeur 2012, Wine Market News / No Comments
Mouton Rothschild 2012 released 240 euros ex-negociant


So the En Primeur Campaign has swung into action with the release of first growth, Mouton Rothschild, at an extremely welcoming discount to their 2011 offering. Officially the wine was released at €200 ex-Chateau and c. €240 ex-negociant. As this is the first tranche release and with more expected, the London release price is yet to be finalised but it seems it will be around £2,800 per case (12). Their second wine, Le Petit Mouton, was also released this morning at €66 per bottle, which represented a slightly less significant discount on their 2011 of 8.3% but comparing against other ‘off-prime’ vintages where the average market price is over £1,000 per case – this looks like a very fair offering.

Mouton’s release has somewhat overshadowed the 2012 offering from Margaux cru classé Rauzan Segla, which was released 36.6% down on last year and again compared to available vintages looks well priced!

UPDATE: This afternoon, on an unexpected day where there has been a flurry of releases – Lynch Bages – another big name and ever popular wine with investors & collectors was released at €60 ex-negociant representing a 13% decrease on their 2011 release price. Whilst not huge, it means that the 2012 will be the cheapest available vintage of Lynch Bages on the market which should make it a good seller.

So a very optimistic and interesting start to the en primeur campaign: early releases, discounted prices and incentive to buy – WHAT EN PRIMEUR SHOULD BE? lets hope the others follow….

To enquire please call 0208 332 9386 or email orders@cultwinesltd.com 

Mouton Rothschild 2012

We can offer 6x75cl cases @ £1,375 (equivalent £2,750 per 12)  
 -33.3% on 2011 ex-negociant

“Wonderful beauty to this wine with currants, blackberries and flowers. Full body, with ultra-fine tannins and a long, long finish. Creamy texture with a minerally, almost salty undertone to the wine.” 94-95 pts James Suckling

Critic Scores:

Tim Atkin                            95

Jean-Marc Quarin            94-95

Matthew Jukes                 19

James Molesworth         93-96

James Suckling                  94-95

Average price of Mouton (lesser vintages) = £3,240
Cheapest vintage = 2007 @ £3,000

Lynch Bages 2012 @ £665 per 12

 -13% on 2011 ex-negociant

‘A fruity wine for the vintage with dense tannins. Full body, with impressive structure. Long finish. Generous and attractive. I like the balance and precision for the vintage’ 93-94 pts James Suckling

Critic Scores:

Tim Atkin                            91

Jean-Marc Quarin            92

Matthew Jukes                 17.5

James Molesworth         91-94

Average price of Lynch (off-prime vintages) = £725-£800

 

Petit Mouton 2012 @ £715 per 12 
 -8.3% on 2011 ex-negociant

Tim Atkin             timatkin.com    91

Average price of Petit Mouton (lesser vintages) = £1,130
Cheapest Vintage = 2011 @ £770

Rauzan Segla 2012 @ £420 per 12
–36.6% on 2011 ex-negociant

Balanced and structured with lots of polished tannins. Full and refined with a lovely core and length. Goes on for a long time.’
James Suckling  92-93

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Day 4: Bordeaux en primeur 2012 ‘Grape Britain Garagistes’

Posted by WineInvestment.org on April 12, 2013
Bordeaux en primeur 2012 / 2 Comments
jw-TEY


Not that we are patriots, but our man in Saint Emillion, Jonathan Maltus of Le Dome, was undoubtedly the host with the most. The most in terms of charisma, amusing stories and humility, as we discovered over lunch at Château Teyssier.  He took us through the range, which included some entry level wines that exhibited outstanding value for money such as the Pezat – a Bordeaux Superieur, which was complex and weighty wine with stunning packaging and retails at a mere £10 per bottle. Le Carre and the Vieux Château Mazerat (VCM), both were elegant and complex, the VCM was perfumed and smokey.

Maltus gave us a unique insight into life as a Château owner living in the Right Bank relayed using some killer analogies. Our favourite was one regarding wine critic subscription paid websites and free blogs. His point was that today there are a multitude of resources available to people wishing to learn about his wine, high-quality free blogs and social media. This discussion led onto the fact that Jancis Robinson repeatedly declines to score his wine, despite Maltus personally communicating with her. Whilst this isn’t problem per-se, because other critics jump at the chance to rate his wine, it raises the point that they can be unjustifiably fickle and get away with it. Plus as a winemaker he would rather have discourse and opposing opinions rather than no comment at all.

Maltus explained that he rather conveniently got badged as a garagistes right around the time when the whole world decided that this movement was ‘cool’, he speculated that it helped that the definition sounds like garage music. Michele Bettane actually coined the term, and it simply referred to the fact that the production levels are so small that they could be made in one’s garage. JCP Maltus has moved on from these early days, with significantly more hectares under his management and with plans afoot for further winery construction (a lot more space than a garage!).

garage

Le Dome has the highest Cabernet Franc content of any wine in Bordeaux, and is the most expensive wine of this variety in the world. Maltus explained that when Cabernet Franc is blended with Merlot it rounds off the blend, providing the full stop of the wine, without it there would be a lack of structure. We chatted about the 2010 that received 100 points from the Wine Advocate, and Maltus explained that Bob (Parker) had joked that it would be downhill from then on! Luckily Maltus isn’t the kind of guy to let the success go to his head or to get stressed by the pressure of trying to equal this perfect score.  He spoke of innovative wine making techniques, explaining that one factor has been using oak more judiciously. Other crucial factors included knowing exactly when to harvest, and in this case, that involves Maltus walking the vineyards himself and sampling the grapes, looking for that magical moment when phenolic ripeness occurs. After this he explained that the second critical point is having the ability to taste the juice and control the validity of the wine through creating a regime of wine making operations.  Le Dome ’12 will certainly rank alongside the other successes of this vintage, most of which have come from the right bank, but more importantly it showcased the level of consistency found at this estate.

For lunch we enjoyed poached salmon stuffed with Roquefort and mushrooms in a cream sauce to start, followed by veal for main, and strawberry sorbet, accompanied by his Bordeaux white – Clos Nardian, as good as a top northern graves, and the 2007 vintage (a classic vintage *cough) of another Maltus estate, Laforge and Le Dome.

Our second and last visit of the day was Château Haut Brion, the rumours circling about via Twitter were extremely positive, so we were eager to see for ourselves. The tasting room with its French rococo dream interior provided yet another contrasting approach to marketing and image you find across the Bordeaux Châteaux. Opinions varied in terms of the favourite wine, Le Dragon de Quintus was very good for a second wine, with distinctive savoury flavours whilst the grand vin of this newly acquired right bank estate clearly showed they are moving in the right direction with this project.

project

The Château Haut Brion and La Mission Haut Brion were everything you would expect, refined, elegant and structured. But in all honesty lacked the je ne sais quoi encountered in a spectacular vintage. The whites here did impress though, with the oily and seductive Haut Brion Blanc stealing the show and offering a last minute claim for wine of the week.

photo

With that, our week of en primeur tasting was over and we headed home to gather our thoughts and quickly reflect ahead of the first releases expected next week.

Please be aware we are in the process of compiling a comprehensive report on our overall thoughts, which will be e mailed out next week and uploaded to our Facebook and Twitter. Similarly if you would like to register your interest for en primeur 2012 please get in touch.

Day 3: Bordeaux en primeur 2012 ‘Magnifique Margaux’

Posted by WineInvestment.org on April 10, 2013
Bordeaux en primeur 2012 / No Comments
Left to right: Aarash Ghatineh (Sales Manager), Tom Gearing (Director) Philip Gearing (Director) Tom Turner (Head Buyer) Jonathan Stevenson (Senior Portfolio Manager) Helen Tate (Sales and Marketing Manager)


If we had a euro for every time we have been told that this year is a wine makers vintage and last year was a classical vintage we could probably buy a scarf from the Cos D’ Estournel gift shop or maybe even a polo shirt from Mouton.

But what exactly does that means? Wine maker’s vintage sounds like human intervention was necessary and success dictated by the dexterity of the wine making team. As opposed to classical, which insinuates that things went rather smoothly. In that case this year is arguably all about how much manipulation went on, and the quality of the grapes in the first place. But to what extent is grape quality quantifiable in this context from a scientific point of view? En primeur is all about making a stab at the potential evolutionary trajectory of the wine, and what this symbolises in terms of price. So what makes a wine age? One factor is the phenolic content, this includes the anthocyanins which are responsible for colour and the tannins and to some extent the mouth feel. They act as a sink for oxygen giving colours and aromas an extended lease of life. It is said that 2.5 g/l of phenolic content will render a wine as a potential ager. Unfortunately this isn’t the only pre-defining pre- requisite, pH for example is said to set the frame work for other reactions to unfold. Degree of Hydrolysis, the capacity of ethanol and acidity to break down and release volatiles making new compounds in the process is another fundamental reaction that will determine how age-able a wine will be. The catch 22 is that none of these chemical reactions can be accurately predicted, which is what makes wine so interesting …. Right?

This morning the team set off full of life on the way to Château  Leoville Las Cases, not really, we all felt exhausted from the night before, which had involved more wine tasting in Bordeaux city center, where famed oenologist Michel Rolland was hosting a party to showcase his portfolio of wines. It was useful to taste some international wines and interesting to speak to Rolland who explained that he spends a lot of time in Argentina, and is very excited about the new estates that he has invested in, one of which is 3,000 feet above sea level. We tried some superb wines from Argentina, France and South Africa, all of which were modern, fruit driven and vibrant.

mail.google.com

Le première degustation pour le jour was at Château Leoville Les Cases, when we actually managed to find it, we experienced some typical Saint Estephe wines, full of poise with clear evidence of longevity, firm tannins and lively acid.

Château Ducru Beaucaillou was a colourful and eccentric experience, just like its owner Bruno Borie. Another photo moment at the grape reception area that had been modified to resemble a film premiere red carpet scene, with a pop up studio to capture the team. Very original, except for the fact that Clinet clearly had the same brain wave! So after our photo shoot we hit the art embellished tasting room. The Grande Reserve Croix Beaucaillou really stood out for being extremely vibrant and forward. Jade Jagger designed the label in 2010, and even when with a wine like this, wine quality transcends the packaging, the gold embossed label looks pretty special, and adheres to the flamboyancy of the estate.

Next we headed to Château Saint Pierre in Saint Julien de Beychevelle, again not an easy place to locate, its lucky we speak such good French to ask for directions (yea right). We arrived at the office where we were greeted by the owner Jean Riaud, it felt just like another day for them, no photo shoots, strawberries or bottled mineral water, just a frank explanation from Riaud who explained that the vintage had been tough and despite the set-backs presented in the form of disease and climatic influence they remained positive about what they had achieved. This family run estate has only recently switched to temperature controlled stainless steel tanks, reinforcing the feeling that their philosophy is quite purist and back to basics. Riaud joked with us that he wouldn’t embrace a modern system which allowed him to control the temperate using his cell phone, just in case he was out on the town and made an inebriated adjustment!

IMG_9677

Château Belgrave was our next visit for the Dourthe tasting where we managed to squeeze in a quick pre-lunch flight of wines delivered straight to our table. This format was a bit of luxury as it allows you to focus more more intensely on the wines. But the Smith Haut Lafite Blanc stole the show for having incredible intensity and elegance. The Clos Lunelles (dry white Semillon/Sauvignon Blanc blend) described as a new sauternes and produced by the Domaine de Chevalier estate was also impressive, a wine that we intend to obtain allocation of as at the price point of less than £20 per bottle retail is very impressive indeed.

Lunch was delicious, oysters, vegetable and fish terrine, creamy mushroom cray fish to start, followed by roast chicken and mash potatoes for main, accompanied by Chateau Yquem 1996.

IMG_9690

After lunch we continued tasting at Belgrave, where we encountered some more absolute gems, again we feel that these wines deserve further coverage in the form of a dedicated blog post in the next few weeks. But Conseillante, Lascombes & Le Gay were three in particular that stood out with the former being a candidate for best wine of the week.

Feeling rejuvenated after lunch we headed for the illustrious Château Margaux. We all knew that we were in for a treat, and the twenty minute wait in reception actually felt sort of appropriate. We tasted the wines in amongst the tanks, despite this vintage being described as less than magnificent, it is still pretty amazing. The Pavillon rouge and the grand vin were already incredibly integrated and clearly capable of some serious aging. Perfumed and delicate, the 2012 wines will be ready for drinking in just a few years as the tannins are so soft. The only disappointment being Pavillon Blanc which despite 2012 producing some fine whites, was below par especially in comparison to their efforts in 2011 and 2010.

Our final destination was Château Palmer, an estate blighted by the weather in the last two vintages reducing crops but yet still maintaining fantastic consistency. The barrel room is transformed with spot light lit tables for each individual group. Our host, a member of the marketing team spoke frankly about the vintage, detailing the troubles they experienced with Coulure and shot berries, he also explained that this reduction in yield has resulted in more concentration. Despite our palates feeling slightly jaded, almost everyone felt that the Palmer wines were the stars of the day, superb finesse and complexity was found. Noting that Palmer is famed for their higher than usual Merlot compared to other left bank estates, its no surprise that 2012 has worked well for them.

Today has shown that whilst this year has been tough for the wine makers, it is a testament to the expertise found in Bordeaux. It has forced producers to be innovative and adapt their wine making practices, and will prove to expose the weak and highlight the strong.

Ce soir we are heading into town and tomorrow we finish with La Mission Haut Brion & Haut Brion as well as the other Clarence Dillon wines. In between we will get to enjoy a lunch with Jonathan Maltus at recently awarded 100 pt producer Le Dome in Saint Emilion and a visit to Pape Clement.

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