Author: Desislava Lyapova

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Neal Martin awards three Bordeaux 2022 wines potential 100 points

En Primeur Neal Martin Bordeaux 2022
  • Bordeaux 2022 is predestined for long-term ageing rather than drinking young.
  • Martin found little difference between the First Growths and ‘the others’ in terms of quality.
  • He singled out Saint-Julien as an appellation to seek out.
  • Leoville Las Cases, Cheval Blanc and L’Eglise Clinet received 98-100 points.

Yesterday, Vinous published Neal Martin’s much anticipated Bordeaux 2022 report, titled “You’re unbelievable”.

Vintage observations

Martin found some ‘snow-capped peaks’, ‘show-offs whose talent cannot be denied’ as well as some ‘caveats’ in Bordeaux 2022. Like other critics, he commented on the ‘unbelievable’ freshness given the heat of the growing season.

He remarked that in 2022 ‘there is partial flattening of the hierarchical pyramid’. While ‘release prices will inevitably amplify differences in ranking, in terms of quality, there’s little difference between First Growths and “the others”,’ he observed.

On the question of Right vs Left Bank, the critic said the ‘vintage is more evenly balanced’ but singled out Saint-Julien as an appellation to watch out for, noting that ‘this is as good as it gets’.

He mentioned the wines’ higher alcohol levels compared to the 2021s, that are ‘often above 14%’ but feel ‘less blowsy than in 2018’. He also said that ‘unlike 2019 and 2020, most wines, particularly within its higher ranks, are predestined for long-term aging’.

However, he advised ‘those with a penchant for drinking Bordeaux young [to] seek out another vintage’.

In terms of buying opportunities, he argued that ‘the question is whether initial prices make any purchase worthwhile vis-à-vis other vintages currently on the market’.

Top-scoring wines

Neal Martin's top-scoring Bordeaux 2022 wines

While Martin stated that En Primeur is more than just scores, it is important to note that three wines achieved his highest in-barrel range of 98-100 points.

Cheval Blanc 2022, which was among the first releases this campaign, is ‘a wine for those serious about their Bordeaux,’ according to the critic. Vinous’ Antonio Galloni also rated it 98-100 points, noting that ‘it is shaping up to be one of the wines of vintage’. It also makes an attractive investment, with Cheval Blanc prices rising an average of 22% over the last three years.

Cheval Blanc prices and scores

For Martin, Leoville Las Cases 2022 ‘surpasses the 2018-2020 trio and […] is a ‘tour de force’’.

He described L’Eglise Clinet as ‘a wine that may leave you spellbound’.

Martin also suggested some wines from the cellar which included Brane-Cantenac, La Conseillante, Léoville Barton, Phélan-Ségur, Pichon-Baron and Vieux-Château-Certan.

You can now explore the historic performance of these wines on Wine Track. Our tool provides a clear overview of a fine wine’s track record, including critic scores, average price and investment returns.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Banking failures and the fine wine market: Performance during economic uncertainty

Banking crisis
  • The US banking crisis has been the biggest since the 2008 financial crisis and has created uncertainty in mainstream markets.
  • Revisiting key moments in the history of fine wine investment offers valuable insight into the future of the market.
  • A key difference between fine wine and equities during the last financial crisis was the speed of recovery.
  • The fine wine market is braced for challenges due to its diversity as the performance of different wines and vintages can balance a portfolio.

The recent banking failures have been the biggest since the 2008 financial crisis. Since the beginning of March, regulators have shut down three mid-size US banks – Silicon Valley Bank, Signature Bank and First Republic. In Europe, Swiss giant Credit Suisse was rescued in an emergency deal with rival UBS, which purchased it at a fraction of its closing market value. UBS itself suffered losses during the acquisition – it slid 13% before making a recovery.

While the news echoes the last financial crisis, governments have been providing reassurance that this is not history repeating itself. The current turmoil is partly down to the sharp increase in interest rates, which was aimed to curb inflation.

Still, the banking collapse has had an immediate effect on investor confidence and mainstream markets. European bank shares remain volatile, while US stock markets opened flat this week. Alternative assets and safe havens such as gold and treasuries have enjoyed a boost, as investors have been considering low-risk assets to put their money.

Reflecting on how the fine wine market has performed during previous challenging macroeconomic events could offer valuable insights into what to expect in the current uncertain environment.

The fine wine market during the 2008 financial crisis

Like other markets, fine wine experiences cycles.

fine wine performance

During the previous financial crisis, the fine wine market suffered a downturn, but it fared better than some other traditional investments such as equities and real estate. Between June 2008 and June 2009, the Liv-ex 100 index, which was heavily weighted towards wines from Bordeaux, fell 18.8%.  Meanwhile, the broader Liv-ex 1000 index, which includes greater number of wines from other regions, dipped 7.4%.

The Knight Frank Luxury Investment Index, which tracks the performance of luxury assets including fine wine, recorded similar figures, with the value of investment-grade wine declining 15% in 2008. By comparison, the S&P 500, a benchmark index of US equities, fell over 37% the same year.

A key difference between fine wine and equities during the financial crisis was the speed of recovery. While the stock market took several years to recover to its pre-crisis levels, the fine wine market turned bullish relatively quickly. By the end of 2009, investment-grade wine had returned to its pre-crisis levels, and by 2010, it had surpassed its previous peak.

Moreover, the performance of fine wine during the financial crisis varied between different regions and vintages. While the Bordeaux market was hit particularly hard, Burgundy and the Rhône performed relatively well.

The fine wine market – braced for challenges

The fine wine market of today looks very different from the shape it had fifteen years ago. There are more investable wines than at any other point in history. If Bordeaux accounted for 90% of the market in 2008, today its share sits at 35%, due to the emergence and the proven investment potential of wines outside this dominant French region.

The diversity of this portfolio diversifier has helped it get through swiftly through other more recent challenges, such as Donald Trump’s 25% tariffs on most European wines, and the Covid-19 pandemic.

For instance, Italy and Champagne, which were exempt from the US tariffs, enjoyed steady price appreciation in 2019, while Burgundy suffered. Throughout and after the pandemic, Burgundy and Champagne turned into the top-performing regions.

California also enjoyed rising prices in 2021, and its index hit an all-time high in September last year.

Bordeaux has been moving quietly and steadily, and its relatively mild performance over the last five years has turned it into a region that can offer value for money, especially in ‘off’ vintages.

regional fine wine investment

Factors influencing the performance of fine wine

The fine wine market is different from other markets and operates with its own dynamics, such as rarity and exclusivity. Its unique characteristics make it less vulnerable to market shocks and economic downturns than financial markets.

Indeed, its historic performance has shown very low correlation to mainstream markets. As a tangible good that cannot be traded as quickly as stocks, fine wine is generally insulated from rapid price changes.

In general, prices move based on supply and demand, critics’ scores, vintage quality, age and brand appeal. Find out more about fine wine investment here, or explore the performance of individual brands on Wine Track.

 

WineCap’s market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Marchesi Antinori acquires iconic Napa Valley’s Stag’s Leap

Stag's Leap
  • Marchesi Antinori has taken full ownership of Napa Valley’s iconic winery Stag’s Leap.
  • Stag’s Leap laid the foundation for the emergence of cult wines after winning the Judgement of Paris in 1976.
  • Antinori’s innovations in the ‘Super Tuscan’ revolution of the 1970s and recent acquisition of Stag’s Leap position both for continued success in the fine wine investment market.

Marchesi Antinori, one of the oldest and largest wine companies in the world, has gained full ownership of the iconic Napa Valley estate Stag’s Leap. Wine Spectator has reported that the current sale includes ‘the winery, the brand and inventory, and close to 300 acres of Napa vines, including the Fay and S.L.V. vineyards’.

Antinori has held a minority stake in Stag’s Leap since 2007, when Ste. Michelle Wine Estates purchased it from founder Warren Winiarksi.

Some of the most prominent wineries owned by Antinori include the Super Tuscan Tignanello and Guado al Tasso, as well as Antica Napa Valley.

Stag’s Leap performance

Stag’s Leap was among the pioneering Californian wineries that laid the foundation for the emergence of cult brands.

It was its S.L.V. Cabernet Sauvignon 1973 – the winery’s second vintage, and first produced at the estate and in commercial quantities – that won the Judgement of Paris in 1976. Stag’s Leap put Californian wine on the map by winning over its French competitors, which included the First Growths Château Mouton Rothschild 1970 and Château Haut-Brion 1970.

In the fine wine market, demand for Stag’s Leap has grown considerably over the last decade, with prices for its Cask 23 increasing 59% and for S.L.V. – up 61% on average.

The brand has been helped by the relative value for money it offers compared to other Californian ‘cult wines’. The average price per point for S.L.V., for instance, is just £19, compared to £472 for Screaming Eagle Cabernet Sauvignon.

The 2014 vintage has enjoyed particularly strong price performance. Stag’s Leap S.L.V. is up 80.5% since release. Cask 23 has risen 77.4% over the past two years, placing it among some of California’s biggest risers.

Antinori’s overarching impact

If Stag’s Leap has greatly contributed to the emergence of California’s cult wines, Antinori’s innovations played a large part in the ‘Super Tuscan’ revolution of the 1970s. Both have managed to re-define ‘fine wine’ outside the confines of Bordeaux, in USA and Italy respectively.

With history that can be traced back to 1385, Antinori has been one of the most successful wine companies. Its Tignanello ranked as the 49th most powerful wine brand in the world, due to high trade volume and value. Liv-ex noted that it was helped by the remarkable value for money it offers being ‘the cheapest Italian wine in the top 100, with an average case price of £1,076’.

While it is yet to be seen how the full acquisition of Stag’s Leap will play out, it seems like both Antinori and Stag’s Leap are poised for continued success and reaching new heights in the fine wine market.

 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Jancis Robinson MW releases Bordeaux 2022 scores

Bordeaux En Primeur 2022
  • Jancis Robinson MW and James Lawther MW reviewed the 2022 Bordeaux vintage.
  • Both critics found the reds to be extremely impressive, with surprising freshness.
  • Mouton Rothschild, Lafite Rothschild, Cheval Blanc and Pétrus received the highest scores.

Jancis Robinson MW and James Lawther MW reviewed the 2022 Bordeaux vintage and released a series of articles, covering the whites, red-bank and left-bank reds.

Both critics found the wines to be ‘extremely impressive’, with ‘amazing freshness’ given the hot and dry growing season.

In terms of the En Primeur tastings, Jancis remarked on the ‘record number of visitors’, with ‘Americans and Asians back in force’. According to her, the numbers at the UGC tastings were ‘even higher than in spring 2019, when the 2018 vintage was presented almost a year before pandemic lockdowns’.

This gives greater confidence in the success of the En Primeur campaign, which commenced last week.

Left-bank reds

According to the report, the 2022 harvest was the earliest on record, with most of the Cabernet Sauvignon and Merlot on the left bank picked before the end of September. Despite the early harvest, the grapes’ maturity reached optimal levels. The sugar levels were similar to those found in recent years, while the phenolic ripeness was comparable to or even higher than previous vintages.

Alcohol levels on the left bank were on the high side, with 14% to 14.5% being a regular occurrence. However, the wines were often balanced with freshness.

Lawther wrote that he ‘found the characteristics of most of the appellations respected’, with Margaux being more varied.

Right-bank reds

According to Robinson, Merlot did exceptionally well in 2022, with high sugar levels, deep color and ‘no shortage of tannins for a long life lurking below the alluring surface’.

Lawther also proclaimed the grape variety to be ‘the star of the vintage’. He added that ‘Cabernet Franc was also successful on the right bank in 2022 adding colour, floral fragrance, freshness and length’. The critic claimed that ‘combined with Merlot it has produced some stunning wines, even away from the limestone plateau – witness Cheval Blanc, one of the wines of the vintage’.

White wines

The hot and dry growing season led to lower acidity levels in the whites, which translated to lack of freshness in some. Robinson further revealed that Sauvignon Blanc and Sémillon were picked earlier than ever before since Bordeaux University records began. Domaine de Chevalier Blanc stood out among the dry whites, while Château Suduiraut received the highest score of 18+ points among the Sauternes.

Top-scoring wines

The First Growth Château Mouton Rothschild topped the list of the highest-scoring wines from the 2022 vintage. Lawther described the palate as ‘truly amazing’ and questioned if this isn’t ‘a modern 1986’.

Château Lafite Rothschild, Château Cheval Blanc and Pétrus followed with 18.5-points.

So far, Lafite and Cheval Blanc have been two of the favourite wines of major critics, also boasting potential 100-points from Jeff Leve, Jean-Marc Quarin, and James Suckling.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Five low-risk assets to hedge against inflation

Low-risk assets against inflation
Low-risk assets against inflation

As purchasing power slowly drains, investors with low-risk tolerances are feeling the sting. At the time of writing (May 2023), UK inflation sits at an uneasy 10.1%. With the average savings account interest at a flimsy 0.23%, cash is going backwards. Meanwhile, high inflation munches away the future value of bonds and debt like a deranged Pac-Man. This represents a real problem for wealth managers. In a constantly shifting sea of interest hikes, inflation, and market shocks, how can they maintain and strengthen lower-risk portfolios without going too overweight on equity? How can they keep the cautious risk profile intact without endangering returns?

This article examines five overlooked assets for cautious investors, which have a history of punching back against inflation.

Gold

In the fight against inflation, physical gold is surely Mohammad Ali. Gold tends to increase in value as inflation rises. According to World Gold Council data from the past 50 years, when inflation is above 3%, the gold prices jump by 14%.

This asset class has the added benefit of being universally accepted. Unlike interest-generating assets or fine wine, precious metals can be included in Shariah portfolios.

Not only is gold inflation-resistant, but it is also classed as a low-risk asset, which must be a welcome relief for low-risk investors. Arguably, gold is even less risky than cash, as its value is intrinsic.

However, that doesn’t mean that there aren’t bubbles and market corrections. Over the past years gold’s performance has shown more volatility alongside the public markets.

Fine wine

There are several reasons why fine wine kicks back against inflation. It’s a physical asset. The market is global and wealthy, often relatively unaffected by market shocks. Plus, buyers are usually passionate, so they are unlikely to panic-sell. Perhaps most importantly, bottles are unique, and they deplete over time.

The steady returns can help to smooth overall portfolio volatility and reassure clients. According to an index that tracks the performance of 1,000 fine wines from different regions (Liv-ex 1000), investors have benefited from average returns of 40.3% over the past five years. By contrast, the FTSE 100 delivered just 4.8%. You can see the performance of your preferred wines here.

However, there are downsides. Although wine shields against inflation, it can be difficult to sell quickly. For clients who need to urgently access funds, this asset might not be ideal. What’s more, clients only realise returns after they sell. Unlike with bonds and shares, investors cannot enjoy gains and stay invested.

One solution for wealth managers could be to offer a mix of assets with different liquidity. For example, by combining fine wine, gold and inflation-linked bonds in one portfolio.

Sustainable energy

As the prices of raw materials tend to be the first to rise, commodities are often used to predict and hedge against inflation.

Traditionally this asset class includes oil and non-renewable energy sources. But with the rising regulations and scientific warnings, this may not be a wise or future-proof investment anymore. The EU, for example, is in the process of amending the Energy Efficiency Directive so that 45% of all European energy will be renewable by 2030. The Green Deal also imposes carbon taxes on dirty providers. Already, around 29% of the world’s energy comes from clean sources, and that figure is likely to increase over the long term.

While green energy can be higher risk, it’s not as precarious as non-renewables. In the same way that whale oil plummeted in 1860, investors left holding fossil fuel stocks in twenty years’ time could find themselves with stranded assets.

Inflation-linked bonds

Unlike other debt instruments, inflation-linked bonds are pegged to the recorded inflation levels. So, even in high-inflationary environments, they should retain their value.

A huge advantage of inflation-linked bonds is that they can usually be traded quickly. This could be helpful for wealth managers looking to balance out the illiquidity of fine wine or property.

However, the success of these assets hinges on the accuracy of the indices. Sometimes the consumer goods selected and measured can lead to artificial results. For example, the UK index contains DVD players and MP3 players. These are probably cheaper than they would have been a decade ago, but it is not because inflation is lower.

Affordable property

Property is a classic inflation-resistant investment. But what kind should today’s cautious investors go for? Property addressing the UK’s housing crisis could be fruitful. Despite strong demand, there is currently a shortage of over 4 million homes.

Another interesting area for low-risk investors to consider could be affordable student accommodation. Applications to universities tend to rise during recessions. After 2008, they increased 31% in the UK. And since 2020, they have reached record-levels. KPMG anticipate a 16% increase in the number of undergraduates searching for rooms by 2030.

The risk is relatively low, as in many cases, the accommodation will be handled and managed by the university itself. Yields for investors average at around 5% for London-based lets and 4% for accommodation outside the capital.

But a word of caution, the buy-to-let market is becoming less lucrative every day, with high interest rates and increasing regulations. In the current climate, some are wondering if the money would be better placed elsewhere.

Chartering a new course

Record-levels of inflation are transforming the investment landscape. What made sense yesterday no longer adds up today.

This article aims to help spark ideas for wealth managers. It presents five potential lower-risk investments, that also have famous inflation-shielding qualities.

As wealth managers re-balance portfolios and seek new assets, they can also make the world a better place. Now is the ideal time to incorporate social and environmental factors into the investment strategy. After all, to truly future-proof portfolios, we need a healthy planet.

Discover five ways fine wine investments are good for the environment.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

 

 

 

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Wine Advocate’s top-scoring Bordeaux 2022 wines

Wine Advocate Bordeaux 2022 - Château Canon
  • Bordeaux 2022 is a vintage of ‘potential greatness’ but also ‘heterogeneity’, according to the Wine Advocate’s En Primeur report.
  • The reviewers, William Kelley and Yohan Castaing, found potential for perfection in eight wines, and included a list of En Primeur recommendations.
  • Kelley noted that the second wines ‘merit more serious consideration than usual this year’.

Potential greatness and heterogeneity

During the En Primeur trade tastings last week, and following James Suckling’s report, another major publication released its assessment of the 2022 Bordeaux vintage – Robert Parker’s Wine Advocate. William Kelley and Yohan Castaing reviewed 459 wines ‘after several weeks of intensive tasting and hundreds of visits to wineries’.

The critics found ‘potential greatness’ in this vintage that has surprised many, but also ‘heterogeneity’.

Kelley explained that ‘Bordeaux has produced some monumental wines in 2022, but unlike many of the great vintages of the 20th century, the year was not a rising tide that raised all boats’.

He added that ‘at its best, this is a vintage of remarkable concentration, energy and harmony’. According to him, ‘the accumulated experience of 2015, 2018, 2019 and 2020 meant that intelligent winemakers were ready to harvest at the right time, a choice of decisive importance’. However, he noted that ‘the less-successful wines are jammy, astringent and rustic’.

The vintage heterogeneity means that buyers will have to be selective; 2022 ‘is not a year to buy blind,’ the critic argued.

Top-scoring wines

The critics found potential for perfection in eight wines, with Canon, Les Carmes Haut-Brion and Montrose coming on top (99-100 points).

Among the three, Les Carmes Haut-Brion has been the best performing investment wine over the last five years, up 56%, while also having the lowest average case price. Castaing singled it out as ‘a strong candidate for the title of wine of the vintage’.

One First Growth, Château Latour, was also among contenders for perfection, although the wine is not released En Primeur. Meanwhile, Château Mouton Rothschild, received 96-99 points. Kelley called it ‘a brilliant wine that likely sits somewhere between the 2019 and 2020 in quality’.

Kelley also noted that second wines ‘merit more serious consideration than usual this year’. In 2022, they ‘often exhibit similar structure and texture to their grand vin counterparts’.

Apart from their top-scoring wines, the critics made a list of En Primeur recommendations to buy, which included Branaire-Ducru and Langoa Barton.

En Primeur pricing

A great vintage usually translates to expensive releases.

However, Kelley suggested that there were grounds ‘for optimism with regard to pricing this year,’ if the chateaux take into account the global economic uncertainty and the state of the secondary market.

He remarked that ‘it is not always necessary to purchase great Bordeaux as futures,’ as sometimes older vintages might represent better value today.

To spot the best value opportunities and explore the historic performance of any fine wine brand, visit Wine Track. Our tool provides a clear overview of a fine wine’s track record, including critic scores, average price and investment returns.

 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Bordeaux 2022 – what to expect?

Bordeaux 2022
Bordeaux 2022

The first Bordeaux 2022 En Primeur releases are expected early next month. Ahead of the campaign, we examine the key factors that shaped the 2022 vintage and the current market for Bordeaux.

Vintage overview

Bordeaux 2022 is full of promise. Early critical reports suggest that the winemakers have overcome the challenges of the growing season, characterised by extreme heat and drought, and have achieved quality on par with the recent trilogy of great vintages, namely the 2018, 2019 and 2020.

Rainfall levels in 2022 were similar to one of Bordeaux’s greatest vintages, the 2010, although temperatures were higher last year. According to Bordeaux expert, Jane Anson, this led to ‘small grapes, thick skins, and clear concentration’.

While one might expect to find ripeness and boldness in the wines, the first En Primeur tasting report, published by James Suckling last week, suggested that the winemakers have prioritised freshness and lower alcohol, and that the resultant wines have fine structured tannins. Moreover, the critic noted consistent excellence from bottom to top.

However, the apocalyptic hailstorms in June devastated the crop at some estates but provided needed respite from the heat for others. As such, there will be variation in yields between the chateaux.

In terms of overall volumes, the 2022 vintage sits about 15% below the ten-year average but is up 9% on last year. It is also higher than the low-yielding 2013 and 2017 vintages.

Bordeaux – back in vogue

The 2022 vintage arrives in a market that is experiencing somewhat of a Bordeaux renaissance.

While on the surface Bordeaux might be losing market share to other regions, secondary market reports suggest that trade for the region has continued to increase in absolute terms: close to 50% since 2010.

Bordeaux has come to represent good value for money, in the context of Burgundy’s, and most recently, Champagne’s relentless price rise.

Moreover, as the bedrock of an investment portfolio, Bordeaux continues to offer the best liquidity in the fine wine market. There is consistent demand for the classed growths, across the full spectrum of vintages, both young and mature. As our Q1 report highlighted, some Bordeaux 2011s have broken pricing records since the beginning of the year, spurred by purchasing of ‘rabbit’ vintages for Chinese New Year. Bordeaux proves its relevance again and again.

En Primeur is only one of the ways in which the region cements its place in the world of fine wine. The annual campaign generates considerable attention from trade and critics, the volume and value of wine released is unmatched anywhere in the world, and the best releases offer excellent returns on investment – often at the lowest possible point of entry into a top brand.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

 

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Q1 2023 Fine Wine Report

Q1 2023 Report
Q1 2023 Report

Our Q1 2023 report has now been released. The report examines how the global financial turmoil of the first quarter impacted the fine wine market, the factors affecting demand, and the best performing wines and regions. Download your free copy today.

Key findings include:

  • Mainstream markets had a rollercoaster quarter, but fine wine remained relatively unaffected.
  • Fine wine prices have risen for two consecutive months after a slow start to the year.
  • Several Bordeaux 2011s enjoyed heightened demand and rising prices in light of Chinese New Year.
  • The Burgundy 2021 campaign was met with mixed sentiment from the trade due to low allocations and high prices.
  • Axel Heinz has left Ornellaia to join Château Lascombes and bring fresh life into the estate, which has been underperforming the Super Tuscan in recent years.
  • The spotlight is now on Bordeaux, with the En Primeur release of the 2022 vintage, which has been described as ‘very promising’.

Click below to download your free copy of our quarterly investment report.

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James Suckling releases Bordeaux 2022 report

‘A new benchmark’

James Suckling has released his report on the Bordeaux 2022 vintage ahead of the upcoming En Primeur campaign. The critic claimed that in the 40 years he has tasted Bordeaux in-barrel, he had ‘never come across anything like the 2022 vintage’.

2022 will stay in memory as one of the hottest years on record, featuring severe droughts and heatwaves. Despite the challenges, Suckling suggested that 2022 ‘gives us hope that both man and nature can adapt to these circumstance and produce outstanding wines, both red and white’.

He further observed that dryness and heat no longer mean bold ripeness in the resultant wines. Most winemakers have prioritised freshness and lower alcohol, ‘picking their grapes at optimal ripeness, with this “al dente” fruit giving a crunchy and clean character to the wines, with fine yet structured tannins’.

Suckling found the young wines to be ‘dynamic and fascinating’ and noted that ‘there was high quality from top to bottom’ – a sign of a great vintage.

Top-scoring wines

Suckling found nine candidates for perfection in Bordeaux 2022, awarding them a barrel range of 99-100 points.

Cheval Blanc stood out as his potential ‘wine of the vintage’, which ‘soars to new heights with its brightness and weightlessness’.

The critic was also full of praise for two Sauternes from Château Lafaurie-Peyraguey, calling the Crème du Tête ‘magical. The new 1929?’

Only one First Growth made the list, Château Lafite Rothschild, which Suckling described as ‘a classical Lafite that reminds me of something like the 1986 […] but it’s so today with its purity and precision’.

A white wine also featured among the top-scoring – Pavillon Blanc du Château Margaux. According to him, this ‘feels like a great Montrachet’ and is ‘one for the cellar’.

The question of pricing

Suckling’s verdict on the 2022 vintage is that the quality of the wines is ‘exceptional’ but ultimately ‘the market will decide’ the success of the new releases. ‘High interest rates, volatile stock prices and recent bank failures’ are some of the factors that will influence purchasing of young Bordeaux.

While the excitement of the new is guaranteed, high release prices might make older vintages look more attractive – especially if they offer value, and faster returns on investment.

 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

 

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Ornellaia’s Axel Heinz to breathe new life into Château Lascombes

Chateau Lascombes

Axel Heinz joins Château Lascombes

Longtime director and winemaker at Ornellaia, Axel Heinz, is leaving Tuscany to join the Second Growth Château Lascombes as CEO and bring the estate ‘to its full potential,’ reported The drinks business. After 18 years in Italy, Heinz will join Lascombes in time for the 2023 harvest.

Carlton McCoy, managing partner at Lawrence Family Wine, who own the Margaux property, said that the work Heinz ‘has done while overseeing Ornellaia and Masseto have taken this already heralded estate to new heights’.

Indeed, Ornellaia and Masseto have become established as two of the most prominent Super Tuscans, enjoying continuous demand and steady price appreciation. In 2020, they placed among the top ten most powerful wine brands in the world.

Investment performance of Ornellaia and Lascombes

The appointment of Heinz is intended to breathe new life into Lascombes, which has seen much slower growth than the Super Tuscan. Over the past five years, Lascombes prices have risen just 2.5%, compared to a move of 45% for Ornellaia.

Ornellaia and Lascombes

At present, the 2012 is Lascombes’ highest-scoring vintage, with 94-points from Robert Parker (Wine Advocate). It is also one of the best offerings on the market, together with the less expensive 2011 (RP 93).

With Heinz soon to be at its helm, Lascombes will be an estate to watch; one likely to generate more critical attention, and rising prices.

You can explore the price performance of both estates on Wine Track – our tool, which enables you to identify investment grade wines, spot trends and wine investment opportunities.

Stay tuned – this analysis and more is part of our Q1 2023 report, published next week.