Wine Market News


Posted by on July 02, 2013
Cult Wines Ltd News, wine investment, Wine Market News / No Comments

Dear Investors,

In a month when there was wider financial market uncertainty, a standoff between China and the EU over solar panels and wine imports and a continued fall in the price of Gold – wine managed to hold pretty steady in comparison. This time last year, the disastrous 2011 en primeur campaign put paid to the first quarter gains as stock holders were forced into a sell-off to provide capital for EP allocations that weren’t selling. Many could be forgiven for expecting the same to happen this year, but in the month when one would expect the most damage to be done, it was in fact markedly flat and that’s a good thing considering how the financial markets in general have been behaving.

It seems that the sell-off that encompassed the general wine market last year, has only really affected the 2010 vintage this year. With stock of the 2010s still available in good enough quantities in Bordeaux a lot of the market plays this month have been in the sale of these wines to support the EP2012 campaign. As a result we have seen prices soften a little for the top 2010’s. Pontet Canet for example, despite being a double hundred wine (Parker & Suckling) has fallen to c. £1,525 per 12 from a high post-Parker scores in March of £1,650. This can be seen with Montrose, Pichon Baron, Pape Clement and Lafite to name a few. The good thing to take out of this, is the drops aren’t that significant and with the 2010’s long term investment potential assured it actually signals to us a strong buy play for those interested in picking up top quality stock. Furthermore, with their being a small number of genuine good buys from the 2012 vintage this year such as Lafite, Mouton, Pape Clement, La Mondotte, Lynch Bages, Rauzan Segla, Gazin – estates that priced their wines attractively – a repetition of last year hasn’t been forthcoming.

Elsewhere in June, there has been greater market focus on the 2003’s ahead of Parker’s annual 10 year Bordeaux retrospective that will see him re-score a lot of the top wines. This lead us to focus on Montrose 03 which is currently scored 97+, but has been scored 100 pts unofficially by Parker twice and 99 pts once, in his publication the ‘hedonists gazette’ over the past 5 years. This has lead us to believe it could be in line for an upgrade next month and if scored the ‘magical’ 100 – it will place it on the same level as the 2009 (£2,450) and 1990 (£5,250). Other top 2003’s worth looking out for are Pavie (98+), Leoville Barton (95+), Mouton (95 +), Petrus (95 +), Pichon Baron (94+) which were all scored with a plus point indicate they could be due an upgrade. Outside of these, perennial favourite Pontet Canet which Parker described as ‘One of the great successes of the vintage and certainly one of the most profound Pontet-Canets made over the last decade is the 2003’ could score favourably and following the Saint Emilion re-classification Angelus 03 could be one to watch.

Auction results over the month continue to point at increasing demand and interest from buyers for the premium vintages of mature first growth. Rare Burgundy has been leading the way in auction results over the past 24 months and continues to do well, but rare Bordeaux has seen renewed demand in 2013. Petrus, Lafite and Latour from the historic 1982 vintage have sold consistently over-estimate as have iconic vintages for Mouton (1986) and Haut Brion (1989).

Heading into the second half of 2013, again we find the wine market in an interesting position where it’s quite difficult to predict precisely where it will be headed. There are both positives and negatives to consider that would leave most bulls and bears sitting on the proverbial fence.

For the bulls, positive growth of 5% Year to date, with increased trade and a resilient market in the face of a potential sell-off following the 2012 campaign show that the wine market is in good health, and any short term softening represent good buy opportunities.

For the bears, the uncertainty of a China/EU trade dispute that could impact wine imports, as well as a lacklustre 2012 campaign and a potential stock-sell off looming suggest prices will soften.

As always though, with wine being a mid-long term investment, any potential short term volatility should be considered within this context and with positive data recently being published for fellow alternatives art and classic cars, as well as a growing number of millionaires in the Far East, one could expect this to be replicated in wine over a longer term horizon.

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‘Indian Wine Market and Industry’ by Dimple Athavia:

Posted by on June 24, 2013
Uncategorized, Wine Market News / No Comments

The Indian Wine Market is in its early stages of growth. The country has been stated as a potential emerging wine market for domestic wine production as well as imported wines. However, Wines in India are highly price sensitive products and hence affect the consumer’s purchasing behaviour.

Wine consumption in India can be divided among the different socio- economic classes, such as upper class, upper middle class and middle class. Due to various reasons, less than 1% of the population of upper/middle classes are possible imported wine consumers. Foreigners in India and Indians who have travelled in wine consuming countries abroad form a significant group of wine consumers. Labels with the words Champagne, Bordeaux and Burgundies are recognized by wine drinkers as regions in France which produce higher quality, expensive wines. However, due to the lack of availability and knowledge about these wines, consumers are unaware of the Chateaux names or their Growth Classifications viz. 1st, 2nd growths in Bordeaux. In cheaper markets; Spanish, Italian, Australian, Argentinean, Chilean and South African wines seem to have found their place. These International wines are priced half or twice as much as the domestic wines. Indians have a sweet tooth and prefer slightly sweet to lusciously sweet wines as they go well with the spicy and aromatic Indian food. Men seem more fascinated by red wines while women are comfortable with whites and roses.

The biggest consumption of wine (up to 80%) is confined to the major cities, of which the largest are Mumbai (39%), Delhi (23%), Bangalore (9%) and the foreign tourist dominated market of Goa (9%). Majority of affordable quality wines are found in restaurants and cafes in the cities and some rare wine shops. Recently, wines have been allowed to be sold as beverages in selective supermarkets. The supermarkets such as Westside Gourmet, Reliance, Big bazaar, Dolce Vita and many more try to have a respectable mix of domestic and imported wines. Majority of the imported wines found in Restaurants or wine shops tend to be big international companies such as Gallo, Yellow Tail, Oxford Landing, Wolf Bass, Moet & Chandon, Frexienet and many more. Importers struggle to find a market for smaller wineries producing quality wines and a range of grape varieties. The concept of online shopping for wines has not quite been accepted yet, however, online wine companies such as and Brindco seem to be doing well in getting more and more customers interested.

Advertising Wines via use of Television, mass media, street billboard or newspapers is inadmissible. Creating awareness requires various creative strategies which need to be lucratively targeted towards the upper/middle classes. Financial as well as marketing support is required from the International Wine companies, who would be interested in a durable position in the Indian Wine Market, for educating the consumers as well as the agent/distributors and funding promotional activities.

The Wine producing regions in India are the states of Maharashtra, Goa, Karnataka and Himachal Pradesh. Maharashtra produces more than 90% of all the wine made in India. The major grape growing regions in Maharashtra are Nashik, Sangli, Pune and Satara with a total of 64 wineries in the state. Karnataka is home to the leading domestic brand Grover Vineyards. Most of the domestic wine is consumed in India; however, small quantities are imported to UK, France, USA, Canada, Singapore and a few other Asian Markets.



Producing wine in India can be very expensive. Not only is the agricultural land pricey, the wine making machinery and equipment has to be imported from Europe and the import duties on these machineries are very steep. French and American barrels have to be imported since there is no wine industry specific cooperage. Sometimes basic wine making chemicals and micro organisms (yeast, malo bacteria) strains also need to be bought from foreign lands. All this makes domestic wines to be highly priced once they reach the market and hence has an acute contest with the cheaper imported labels.

Duties/ Taxes and Market Sector for Imported Wines

There are 27 states and 7 Union territories in India and states such as Gujarat allow no sale of alcohol at all; while Tamil Nadu and Andhra Pradesh allow no sale of imported liquor to protect their domestic market. Only States such as Punjab, Haryana, New Delhi, Maharashtra, Goa, Chandigarh, Uttar Pradesh, Madhya Pradesh, Jharkhand, Himachal Pradesh and Kerala are allowed sales of imported wines in Retail Sector.

Tax structure and duties imposed on Wines play a major negative role in advancement of the Indian Wine Industry. Buying and selling of imported wines is a complex and expensive procedure. The Government of India (central government) charges import levy and the State government charges additional taxes. These State taxes vary for every state and hence the permits and paperwork, labelling laws, registration fees etc. Furthermore, these taxes/laws are subject to fluctuation regularly. This limits the sales of wines between different states, restricting the availability of miscellaneous labels.

Hospitality sector of 5star Hotels and sumptuous restaurants buy 60% of the imported Wines. These 4 and 5 star hotels have the advantage of buying imported wines without paying taxes on their duty free licence. Importing wine directly from the Wine producers/wineries is logistically obscure and thus, these Hotels source their wines from importers and distributors. This makes it impossible to find a diverse range of wines from smaller producers and from different parts of the world even in the best of the Hotels. Retail sector accounts sales of 35-40% of imported wines which include wine shops and supermarkets. The sales of imported wines in India are controlled by individual state laws and regulations.


Reducing basic import duty (150%) would be extremely beneficial for the imported wines market in India. There is a considerable market for cheaper wines from the world and this would also provide a big boost in wine education and appreciation within the consumers. Domestic wines struggle to find their place in the highly price sensitive Indian market and have to constantly compete with the International labels. Domestic producers also have to pay the state taxes and adhere to the erratic regulation and registration fees limiting their exposure to the various states and hence also competing against other domestic producers. Putatively speaking, domestic producers would agree that they would suffer badly from any reduction in import taxes. Reformation of state laws and taxes would be beneficial and hassle free for sales of domestic as well as imported wines.

The biggest challenges faced by the Indian Wine industry are the complex tax structure, state-run variable laws and regulations and prices of domestic wines leading to competition. Indian Winemaker Kailash Gurnani from York Winery in Nashik says “Lack of knowledge of wine to the Indian consumer, affordability of wine, overhead costs in the distribution and retail channel due to demand of high schemes, different alcohol norms in different states, lack of support from restaurant and retail owners to push wine; are the major obstacles faced by the Indian Wine Industry”. Solution to these issues will improve the wine availability and diversity which will in turn open a bigger market to the wine consumers and help increase their knowledge and interest in the Wine World.

About the author:

Dimple Athavia is from Mumbai, India. She is a traveling winemaker who studied Bsc (Hons) Viticulture & Oenology  at the University of Brighton, Plumpton College UK.

She has completed wine making vintages in France, Cyprus, UK and New Zealand. As well as working in production and business areas for 3 wineries in India, namely: Viz. Sula, Grovers and Vallonne. She is about to begin studying Msc in International Retail Management at the University of Brighton, and has plans to work in the Wine Business in Singapore.


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‘China recognises Champagne as a protected Geographical Indication’

Posted by on May 29, 2013
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China have announced that they will recognise Champagne as a protected geographical indication, agreeing to reserve the use of the name solely for describing sparkling wine from the French region.

The Comité Interprofessionnel du Vin de Champagne (CIVC) greatly support this decision, as it enables them, as a trade body to seek action against mislabelled products more effectively.

Prior to this development, the Chinese have liberally utilised the name ‘Champagne’ for a wide range of products, including candles and toy dogs.

Sales of Champagne have risen in China, with volume sales up 19% last year to 1,317, 537 bottles, which enhances the need for recognition of the importance of origin in this promising market.

This is great news for the CIVC, however they continue to push for the USA and Russia to make the same decision. Recently, the Champagne Bureau in Washington attacked the serving of Californian “Champagne” at President Barack Obama’s inauguration lunch.




New wine club opens in Shanghai

Posted by on May 29, 2013
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One of Chinas largest importers ASC Fine Wines, has just opened a new club or ‘Wine Residence’ in Shanghai.

The club is open to the public for retail sales, however US$12,000 worth of wine will need to be purchased in order to obtain a membership.

The opening party earlier this week was attended by key industry figures including: Christophe Salin, CEO of Domaines Barons de Rothschild (Lafite), Jean-Philippe Delmas, managing director of Chateau Haut-Brion and David Dearie, CEO of Treasury Wine Estates.

The Wine Residence stocks ASC’s portfolio of fine wines, largely consisting of the world’s most illustrious brands. Educational sessions ‘wine themed fine dining’, wine and food pairing events, tasting room, bars and restaurant are some of the other exciting services being provided.

In 2011 ASC opened the Wine Gallery in Beijing and also runs a Wine Gallery in Hong Kong. ASC itself has 26 branches and 1,100 staff across Greater China. Its portfolio contains 1200 wines from Bordeaux, Burgundy, Tuscany, Stellenbosch and other fine wine regions.

The public will be able to buy wines starting at US$32 a bottle. There are also different levels of membership: US$12,000 provides members with discounts and other services, while ‘full membership’ of US$24,000 allows members to store their wines in the facility’s cellars.



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Burgundy reigns in NY and HK

Posted by on May 29, 2013
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Burgundy wines generated the highest sales figures at Acker Merrall & Condit’s New York sale and Christie’s Hong Kong auction last week.

Wines from the commune of Vosne-Romanée reportedly attracted the most interest.

Cases of 2009 Liger-Belair la Romanée, a collection of 1996 Domaine de la Romanée-Conti and six bottles of 1996 Henri Jayer Cros Parantoux tied for first place at US$29,520 apiece, while a three bottle case of 2004 Romanée-Conti went for $27,060.

Acker Merrall also observed that there was “ongoing diversification occurring in the marketplace.” Evident due to solid bidding for the Spanish and Italian lots.

CEO, John Kapon, commented “The 2013 auction market remains healthy, with collectors worldwide continuing to seek out Burgundy and Bordeaux’s great winemakers and vineyards. Another important trend this year is that both older and recent vintages are being sought after by clients worldwide.

“Our next Hong Kong auction is only a week away. We are thrilled to be celebrating our 5th Anniversary auction and have packed the sale accordingly with some superb collections.”

Elsewhere, in Hong Kong four Methuselahs of 1983 DRC went for HK$976,000 at Christie’s sale.

Six bottles of DRC Romanée-Conti 1997 (HK$854,000), a further six again of Henri Jayer Echézeaux 1978 (HK$854,000) and a six-pack of DRC Romanée-Conti 1999 (HK$793,000), securing Burgundy’s command over the distribution of sales.

Pétrus fared well at both auctions, where four cases of the 1982 were in the top lots at the Christie’s sale , generating over HK$500,000 each, superseding their estimations of HK$350,000.

Simon Tam, Christie’s China head of wine, said: “These results illustrate the wine market‘s continuing demand for Bordeaux and investible grades of wines from all over the world.


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Bordeaux 2012 Releases: Cheval Blanc, Ausone, La Conseillante, Cos d’Estournel, Ducru Beaucaillou, Beausejour Duffau, Lascombes & more

Posted by on May 23, 2013
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Bordeaux 2012 blog post

A very quiet last week has been followed by a stampede of releases in this one.

Things kick-started yesterday with five notable releases: Cheval Blanc, Ausone, La Conseillante, Cos d’Estournel, Ducru Beaucaillou and Lascombes.

The morning saw a deluge of emails from Negociants, with Ducru, Cos and Cheval Blanc dominating the subject lines. Recent reticence of buyers in the UK seemed to have had an effect on pricing, with the day’s six big releases priced an average of -18.08% compared with their 2011 release – very welcome indeed.

Cheval Blanc was obviously the big news of the morning @ €330/bt. A wine rated across the board very well – and not just by the Cult Wines team!!! 94-96 from Parker reaffirmed the quality that has been consistently associated with the top Right Bank estates this year. Unfortunately, it cannot be conveyed as the cheapest available vintage, but the price was certainly par for the course at this stage, with comparable recent vintages trading at a similar price level. Difficult to make a case for short-term price movement, but for those who like to buy Cheval for the long-term, it’s ticking a few boxes.

Next we looked at Cos and Ducru – both wines which have come under increased attention from prospective buyers following perfect scores for the ’09 vintage. Cos @ €89/bt was a welcome reduction on a very hefty 2011 price and the superior score from Parker makes this look like a reasonable buy this year. Bob was not the only critic impressed by the ’12 offering, with very consistent mid-nineties scores from many other major critics. Not to mention that it was one of our team’s most enjoyable tastings this year, with the Cos Blanc also leaving a lasting impression (a definite buy @ €42/bt for those who enjoy a crisp Bordeaux white). It is by no means the cheapest Cos vintage available, but similar to the Cheval, for those playing the long game it seems a reasonable buy.

Ducru Beaucaillou is always one of the team’s favourite tastings and this year was no exception. The Parker score came as somewhat of a surprise to us, as most of the team preferred the 2012 to the ’11 – we’re not market makers yet..! Given the score, we were expecting a slightly lower price than transpired, but then again, the general critic score for Ducru was higher than Parker’s. Priced above many other back vintages, it is difficult to make a case for the Ducru representing short-term value.

La Conseillante was one of our favourite wines during our Dourthe tasting at Belgrave. It’s one of those Pomerols that often flies below the radar due to the tiny quantity produced each year, but the consistency of quality in recent years, combined with the relative value has certainly caught our attention. Geographical neighbours include l’Evangile, VCC and Petrus as well as St. Emilion counterpart Cheval Blanc – terroir’s not bad then! Bar the inferior 2007 (89 pts, £560 per case) it is the cheapest available vintage and the cheapest of the comparable back vintages by some distance. With a minute production of less than 4,000 cases, it is a rare wine that can only benefit from diminished supply (likely in the short-term). Considering Parker’s recent comments that “…the Pomerols are really not far off the quality of blockbuster years just like 2009 and 2010…” the case for Conseillante is very strong in 2012. A definite buy for us.

We were intrigued by Margaux this year, as the all of the top wines we tasted were showing quality over and above initial expectations. Château Margaux and Palmer are the two that almost never fail, but Rauzan Segla and Lascombes were two wines we were very interested in when leaving Bordeaux, in terms of monitoring both the score and price. Parker favoured Segla with 93-95 points, but Lascombes did not strike the same chord. Realistically, it is a very promising drinking wine for those who like the approachable Margaux but little can be said for investment credentials.

Ausone 2012 was an exciting release given the price (€360/bt) and score (95-97 pts). The problem was in the release size – 1st Tranche allocations were extremely tight and only a tiny parcel of the c.1,500 case total were made available. It’s an estate that seems to excel in average vintages and 2012 was no exception, we were bowled over at the tasting for the second year running and the score certainly seems merited. The 2nd Tranche release at €390/bt still warrants consideration from buyers and this will almost certainly be one of the wines of the vintage in years to come, in a year where the top right banks thrived.



Release (ex-neg)

RPJ (2011)

Release (2011)

% Diff.

Beausejour Duffau












Leoville Poyferre













Cheval Blanc






Ducru Beaucaillou






Cos d’Estournel












La Conseillante






Today saw the release of three more big names, including two interesting Right Banks.

Figeac has undergone a few changes to management and winemaking over the past couple of years, with Michel Rolland now a consultant for the property – although he was only involved with the assemblage for the ’12, he will have full control over the 2013 vintage. In recent years, Figeac have failed to make an impression on Parker et al over at The Wine Advocate, although Suckling and some others have found reason to get behind it. In fact, out of 41 vintages he has tasted, Parker has only awarded a score of 90 points or above 11 times! Certainly one of St. Emilion’s underperformers and the ’12 offers little promise, but it will be interesting to see what happens with next year’s vintage.

The other big Right Bank release was Beausejour Duffau @ €48/bt. Another St. Emilion that could have previously been accused of underperforming, Beausejour Duffau have produced a string of quality wines over the past four years, since the installation of Michel Rolland as consultant oenologist. After the highly acclaimed 1990 vintage (RPJ: 100 pts), Beausejour produced a number of wines which failed to live up to expectations, consistently scoring high 80’s to low 90’s. This estate is a shining example of the effect new management can have on the right terroir with back-to-back perfect scores for the ’09 and ’10 vintages. The 2012 is a 93-95+ wine at around a fifth of the current price of the ’09 or ’10. With less than 2,000 cases produced, there is minimal risk of this micro-cuvee going down in value over any period. In Parker’s recent tasting notes on the perfect 2010: “Anyone who has read this publication or visited St.-Emilion knows that this is a magical terroir capable of great things. It was only fully exploited in the past in the 1990 vintage, but has reached more consistently great heights over the last three or four years. Kudos to the duo of Nicolas Thienpont and Stephane Derenoncourt for what they have achieved over the last few years at Beausejour-Duffau”. It’s not just Bob asserting Duffau’s rise in quality, last year’s St. Emilion reclassification saw the estate ranked St. Emilion Premier Grand Cru Classé ‘B’, the appellation’s second highest possible status. Another right bank with a sensible price tag, Beausejour Duffau is another recommended buy.

Leoville Poyferre ’12 saw the price drop 16.2% from the 2011 release. This sort of a drop is of course welcome, but was it enough? Looking at the score, it’s hard to understand why one would buy the ’12 (89-91) for c.£450 per case over a more favourably priced back vintage, say the ’07 (89) for £420. If you use a more comparable back vintage as comparison, such as 2006 (91) @£480 or 2008 (94) £500, then you start to see some potential for future price movement. The only stumbling black is that is still doesn’t look as promising as several other ’12’s at similar price levels.


Cheval Blanc 2012 @ £3,525 per 12

Cos d’Estournel 2012 @ £950 per 12

Ducru Beaucaillou 2012 @ £745 per 12

La Conseillante 2012 @ £615 per 12

Lascombes 2012 @ £410 per 12

Ausone 2012 @ £4,150 per 12

Figeac 2012 @ £510 per 12

Beausejour Duffau 2012 @ £510 per 12

Leoville Poyferre 2012 @ £460 per 12

*all cases available as half-cases (6x75cl) and cases (12x75cl).     

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Galloni launches new wine-review website

Posted by on May 21, 2013
Cult Wines Ltd News, Wine Market News / No Comments

Antonio Galloni, ex- Wine Advocate reviewer has launched his new wine-review website.

Galloni left the Advocate three months ago, since then legal action was taken against him, accusing him of ‘fraudulent and deceptive conduct’, as well as ‘non delivery of tasting notes’. However, the case has subsequently been dropped. Galloni stated that his new website will launch with a Champagne preview and reviews on the 2009 Barolo vintage. He also explained that he plans to make the website more interactive and engaging than most wine websites.

The subscription fee will be $120 for one year, or $200 for two years, more expensive than the erobertparker fee of $99 annually.

Since Galloni’s departure, Monica Larner formerly of the Wine Enthusiast has been recruited to cover Italy, Robert Parker will return to northern California, and Neal Martin will be responsible for Burgundy.

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Asian investors buying up more Bordeaux properties

Posted by on May 21, 2013
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Chateau LA Fleur

Chateau de Pic in the Cadillac Cotes de Bordeaux, Chateau l’Enclos in Sainte Foy la Grande and Chateau Patarabet in Saint Emilion have all reportedly been sold to Asian buyers.

Chateau LA Fleur in the Graves has also recently been sold to Chinese architect Wengcheng Li.

Chateau Patarabet’s which has been owned by the Gombeau-Bordas family since 1920, has announced the full sale of its stock ‘following change of owner’, however the final document is yet to be signed.

Chateau L’Enclos has allegedly been sold to Cheng Qu, owner of the Haichang Group, and the brains behind the Dalian wine festival in China.

Cheng Qu is already the owner of other Bordeaux estates including Chateau Baby (also in Sainte Foy), Chateau Chenu-Lafitte and Chateau Branda.

44ha estate Chateau de Pic in Cadillac has also recently been sold to Chinese industrialist Mr Wu, whose primary forte is the distribution of baiju alcohol in China has reported that at least two other transactions are set to take place next month, including one substantial property in Fronsac.


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Chateau Mouton-Rothschild magnums raise $3.96 million at auction

Posted by on May 21, 2013
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Mouton Magnums Back to 1945 Fetch $266,000 at Christie’s

Sixty-six magnums of Chateau Mouton-Rothschild dating from 1945-2008 were sold at a Christie’s International Plc auction in Geneva last week, fetching a total of $3.96 million.

Other wines auctioned included a case of Vosne-Romanee Cros Parantoux 2000 Henri Jayer, which made 64,350 francs, and 12 bottles of Le Pin 1989 Pomerol, which generated $46,800.

According to Christie’s online auction results, three magnums of Cros Parantoux 1995 Henri Jayer sold for 37,440 francs, as well as Domaine de la Romanee-Conti assortment case from each of the years 1985 and 1996 for 35,100 francs and 30,420 francs respectively.

Reassuringly the Liv-ex Fine Wine 50 Index is still up 5 percent since the beginning of this year, however a 3 percent decline was observed since mid-March due to investors focusing on the Bordeaux 2012’s.


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

Posted by 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.


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%


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%


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.

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.